Page 38 - Rbi

Applying for a digital loan? Stick to loan apps on RBI's white list

The name of the bank or NBFC on whose behalf the app lends should be mentioned on the former's website

Rupee breaches 81 vs USD before RBI steps in; FX reserves at near 2-yr low

So far in 2022, the local currency has depreciated 8.2 per cent versus the greenback

Will exit reconstruction scheme after lock-in period ends: YES Bank

The RBI has set three parameters for YES Bank before it can leave the reconstruction scheme

Rupee Cooperative Bank set to explore merger proposal, SFB conversion

On August 8, the RBI had ordered cancellation of the banking licence of the ailing UCB from September 22. The high court will take up the matter on October 17

M&M Financial tanks 14% as RBI bars third-party services for loan recovery

In a circular, the RBI said that the non-banking finance company may continue to carry out recovery or repossession activities, through its own employees.

Rupee falls to fresh low on relentless strength in dollar after Fed hike

Forex traders await cues on RBI's intervention strategy post the recent slump in rupee

India, US 10-year yield spread at its lowest in 12 years, shows data

The current spread is nearly 142 bps lower than the 10-year average spread of 518 bps, and 66 bps lower than the 20-year average spread of 442.3 bps

'Can't outsource recovery agents': RBI cracks the whip on M&M Financial

This is probably the first time the regulator has cracked down on lenders on recovery by coercive methods, which is typically a hallmark of outsourced recovery agents

RBI orders M&M Financial to stop loan recovery via third party

The shadow lending arm of the Mahindra Group can continue recovery or repossession activities through its own employees, the RBI said in a statement

Solapur-based Laxmi Co-op Bank loses licence after failing RBI norms

Depositors to get insurance claim, amount of Rs 193.68 cr already paid out

UCO Bank becomes first lender to get RBI's approval for rupee trade

Many banks in India are planning to open such special vostro accounts for settling trade transactions with other nations

RBI cancels licence of Solapur-based Laxmi Co-operative Bank

The Reserve Bank of India on Thursday said it has cancelled the licence of Solapur (Maharashtra) based The Laxmi Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. As per the data submitted by the cooperative bank, more than 99 per cent of the depositors are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement. As of September 13, 2022, the DICGC has already paid Rs 193.68 crore of the total insured deposits, it added. "The bank does not have adequate capital and earning prospects," the RBI said while announcing that The Laxmi Co-operative Bank ceases to carry on banking business, with effect from the close of business on Thursday (September 22, 2022). As per the statement, the co-operative bank has failed to comply with the requirements the Banking Regulation Act, 1949 and its continuance is prejudicial to the interests of its depositors. "The bank

Delisting of lending apps will be an ongoing process on Google Play Store

Verification involves manual interventions that can be quite complex

After US Fed's hike, RBI action in the next two days to decide rupee's fate

The rupee has been one of the best performing currencies and the RBI will be setting the goal post by its actions

Rupee slumps to new low as Fed hikes rates, signals longer tightening cycle

The rupee hit a new low of 80.47 versus the US dollar in the first few minutes of trade on Thursday.

Why are government and regulators uneasy about fintech's rise?

Rise of the fintech sector is posing a two-fold challenge before regulators and the govt: To turn India into a fintech superpower while ensuring consumer safety by firms. Our next report tells more

Gap widens between US, India on interest rate hikes since pandemic low

US has hiked rates by 75 basis points on Wednesday to help keep inflation in check

Idea is to generally link credit cards with UPI: RBI executive director

There was lack of clarity on whether the RBI will extend this facility to credit cards of other card networks, such as Visa, Mastercard, etc

A woman's death in Jharkhand brings loan recovery agents to notoriety again

Court warnings and RBI's circular prohibit lenders and their agents from harassing or threatening debtors

Google asks loan apps to display link to partner bank, NBFC: Report

Google also said that the digital lending apps that fail to comply with the rules, will be deleted from the Google Play Store