Page 26 - Rbi

RBI floats draft scheme for amalgamation of PMC Bank, Unity SFB

In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions

With Rs 7,000 cr stuck, over 20k PMC Bank depositors play waiting game

The amount stuck is Rs 7,126 crore, which is 60 per cent of the total Rs 11,800-crore in deposits

Co-operative societies can't use 'bank' in their names, says RBI

The RBI on Monday cautioned the public against co-operative societies using 'bank' in their names as well as accepting deposits from people who are not their members.

RBI issues draft scheme for PMC Bank's takeover by Unity Small Finance Bank

USFB, promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as 'joint investor', was granted banking licence in October 2021

RBI panel recommendations will promote growth of digi-lending: Industry

The recommendations made by the RBI working group on digital lending, including lending through online platforms and mobile apps, will promote orderly growth of sector, industry players said. In a comprehensive report, the Working Group constituted by the RBI has made several recommendations, including a separate legislation to prevent illegal digital lending activities, subjecting digital lending apps to a verification process by a nodal agency and establishing a self-regulatory organisation (SRO) covering the participants in the digital lending ecosystem. Emkay Global Financial Services in a note said the proposals appear to be largely constructive for the digital lending space and are on expected lines. That said, the introduction of regulations may moderate the growth rate of digi-loans, which have seen strong growth in a short term in countries like China and India (P2P), it said. "However, the regulations would facilitate orderly growth in the long run, similar to MFIs post .

RBI group's suggestions will boost digital lending, say experts

Industry players say the new norms will enhance how lending apps and platforms ensure customer safety and move away from unethical conduct

RBI's retail direct, integrated ombudsman schemes off to a good start

Over 35,000 registrations on retail direct platform; complaints under new ombudsman rise steadily, some coming via emails

Top headlines: RBI cautions firms on digital lending; Udaan eyes funding

Online retail B2B unicorn Udaan is planning to go for a fresh round of funding in the next two to three quarters. More on that in our morning wrap.

RBI panel suggests separate law to prevent illegal digital lending via apps

Seeking to safeguard the interest of customers, a Reserve Bank working group has suggested enactment of a separate legislation to prevent illegal digital lending through apps. The other suggestions of the working group include subjecting the digital lending apps to a verification process by a nodal agency and establishing a Self-Regulatory Organisation (SRO) covering the participants in the digital lending ecosystem. "The thrust of the report has been on enhancing customer protection and making the digital lending ecosystem safe and sound while encouraging innovation," RBI said in a release. The RBI had in January 2021 constituted the working group under the chairmanship of Executive Director Jayant Kumar Dash on digital lending, including lending through online platforms and mobile apps. The working group was set up in the backdrop of business conduct and customer protection concerns arising out of the spurt in digital lending activities. The stakeholders can send their comments

RBI report urges new nodal agency, SRO, law to ban illegal digital lending

Says balance sheet lending through DLAs should be restricted to entities regulated by RBI or entities registered under any other law for specifically undertaking lending business

Modi asks nations to ensure cryptocurrencies don't fall into wrong hands

Last week, an India parliamentary panel favoured regulation rather than imposing an outright ban on the digital assets.

Pilot launch of RBI digital currency set for Q1 of FY23: Senior official

RBI is checking if intermediaries can be bypassed totally, and is also exploring the level of centralisation or decentralisation of the technology

More room likely for states to borrow as FM presents budget next Feb

The Centre has already begun to rejig govt savings market, reviving RBI window for retail investors, the Retail Direct Scheme this month

Why RBI retail direct is not an attractive investment option for common man

One of the main concerns of the RBI retail direct scheme is liquidity

Banks' strategies, business models under RBI lens: Shaktikanta Das

Boards' role in challenging management proposal critical: Das

When RBI warns about something, listen: Governor Das on cryptocurrencies

In his speech, the RBI governor had alarmed a few bankers, especially the private ones, by stating the RBI is watching closely banks driven solely by profit motive

Unnecessary intervention

No tax benefit needed for retail bond investors

Markets dip over fears of policy rollback, RBI caution on equity valuations

Benchmark indices shed about 0.6%; RIL, SBI drop by over 2% each

India better positioned to face external shocks: RBI deputy governor Patra

India is better positioned to face external shocks emanating from increasing geopolitical tensions, the aftermath of the Covid and the inevitability of climate change, Michael Debabrata Patra said

RBI unions to step up stir with mass casual leave on Nov 30 over wage deal

In its communication, the unions said they have "exhausted all avenues of peaceful solution", and unanimously decided to start their agitation process from Tuesday