The Reserve Bank of India (RBI) has issued the framework for recognition of self-regulatory organisation (SROs) in financial markets. This framework released on Monday was done in the aftermath of ‘Omnibus Framework for recognition of SROs’ which were issued early this year in March, 2024. It is noteworthy that RBI recently invited applications for recognition … Read more
The Reserve Bank of India (RBI) on Thursday said 97.92 per cent of the ₹2,000 banknotes in circulation have been returned to the banking system. The total value of ₹2,000 banknotes, which was ₹3.56 lakh crore on May 19, 2023, when the withdrawal was announced, has declined to ₹7,409 crore, the central bank said. For … Read more
The Reserve Bank of India (RBI) penalised five banks including Punjab National Bank (PNB) with various RBI directions, reported The Economic Times. RBI imposed a penalty of ₹1.31 crore on PNB, which became the fifth bank for getting the wrath of the banking regulator. Other banks fined by the RBI are The Gujarat Rajya Karmachari … Read more
Restrictions have been implemented by the Reserve Bank of India (RBI) to protect consumers from unsolicited credit cards. This law was put into effect by the RBI to safeguard you against unsolicited credit cards and the risks associated with them, such as Unwanted debt: Since you did not budget for the credit line, unanticipated debt may … Read more
Missing personal loan payments won’t land you in jail, but it can cause significant financial stress and damage your future credit opportunities. Here’s what can happen: Credit score damage: Late payments can significantly damage your credit score, which is a numerical representation of your creditworthiness. Negative marks from late payments indicate to lenders that you … Read more
The Indian economy has been doing well, with three consecutive quarters of 8%-plus growth so far in FY24. During this period, the banking sector’s credit growth has increased nearly 17% to ₹160 trillion, according to data from the Reserve Bank of India (RBI). Credit card debt has risen by 23% to ₹2.5 trillion, which is … Read more
This is believed to be either the last or perhaps second last meeting before the interest rates are eventually slashed after a long hiatus. A Reuters poll predicted that the RBI is expected to cut rates in the Sept quarter. Notably, the banking regulator had raised the repo rates by a cumulative of 250 basis points … Read more
The Reserve Bank of India (RBI) is expected to cut the interest rates later this year, thus kicking off the rate cut cycle in the market. However, RBI in its Feb 2024 monetary policy meeting (MPC) kept the interest rates unchanged for the sixth time in a row. But this is expected to change as the banking … Read more
Digital banking has brought a paradigm shift to the way we carry out financial transactions. The collateral damage, however, is the spate of frauds that accompany it. To minimise these frauds, the banking regulator has taken a number of steps so that banking remains safe and secure. Deputy governor of Reserve Bank of India (RBI) Swaminathan … Read more
Mumbai: IIFL Finance has taken several corrective measures to set its house in order after Reserve Bank of India’s diktat to stop disbursing gold loans. The non-bank lender has announced a capital raising plan to boost its capital adequacy and also changed its board and management to improve governance and compliance. In an exchange filing … Read more