[ad_1] RBI on Monday warned lenders to not levy interest from the date of loan sanction, instead of actual disbursement. In a home loan or other loans, there is often a lag between sanction and disbursement and charging it from the date of sanction imposes additional interest cost on the borrower.Charging interest from the date…
[ad_1] NEW DELHI: Private banks are experiencing a significant increase in information technology expenses as most transactions are now conducted digitally. Unlike the one-time capital expenses incurred when they migrated to core banking, IT is now becoming a recurring cost accounting for up to 10% of operating expenses.Bankers have responded to queries about their level…
[ad_1] Mumbai: The Reserve Bank of India has updated its guidelines for web aggregators of loans to ensure that consumers get a fair and transparent deal. The RBI has also clarified guidelines on loss default guarantees that can be provided by fintechs to lenders on personal loans they distribute.The draft norms require that loan service…
[ad_1] MUMBAI: The Madras HC has asked RBI to carry out a valuation of shares and assets of DBS Bank India and Lakshmi Vilas Bank as on the date before their amalgamation in Nov 2020. RBI has been asked to take a fresh decision on reduction of the value of shares and writing off the…
[ad_1] MUMBAI: RBI has outlined the eligibility criteria for small finance banks (SFBs) to become a universal bank. This transition will enable them to provide loans to larger businesses and offer the full range of financial services and banking products.To apply for conversion to a universal bank, the SFB must have been operating satisfactorily for…
[ad_1] MUMBAI: For big banks, a penalty slapped by RBI for violations had as much impact as a traffic violation fine for a BMW owner. The fine did not impact senior management compensation, the share price did not budge and the penalty was a rounding sum in the bank’s balance sheet.In the past, in addition…
[ad_1] MUMBAI: Central govt has re-appointed T Rabi Sankar as deputy governor of RBI for one year, effective from May 3, 2024, or until further orders.Sankar, who holds an M Phil in economics from Jawaharlal Nehru University, assumed the position of deputy governor in May 2021. Prior to his appointment, he served as executive director…
[ad_1] The Reserve Bank of India (RBI) has instructed Kotak Mahindra Bank to immediately stop onboarding new customers through its online and mobile banking channels and cease issuing new credit cards. This regulatory action was taken due to concerns about the bank’s compliance and risk management practices.However, RBI has directed Kotak Mahindra Bank to continue…
[ad_1] BENGALURU: Prosus-backed PayU Payments said on Tuesday it had received the Reserve Bank of India’s in-principle approval to operate as a payment aggregator and onboard new merchants onto its platform. The approval comes days after the RBI took steps to tighten scrutiny of the payments sector, asking online payment firms to monitor transactions-related activities…
[ad_1] NEW DELHI: Investment banking firm Morgan Stanley citing strong domestic demand kept a positive forecast on India’s growth. It expects India’s GDP growth to reach 6.8 per cent in the ongoing fiscal year 2024-25 and 6.5 per cent in 2025-26.The firm forecasted inflation to remain around 5 per cent in the second quarter, before…
