Reserve Bank of India (RBI), has directed Kotak Mahindra Bank (KMB) to cease and desist, with immediate effect from onboarding new customers through the Bank’s online and mobile banking channels; and issuing fresh credit cards. “These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the … Read more
Observing that right to a speedy trial is a fundamental right of an undertrial prisoner, and no one should be detained without trial for an indefinite period, in a 70-page detailed order granting bail to Yes Bank founder Rana Kapoor (66) in the last of eight cases against him, the special judge said further incarceration … Read more
Poonawalla Fincorp (PFL) has announced hiring of HDFC veteran, Mr. Arvind Kapil as MD & CEO of the Company. Arvind is currently the Country Head Mortgages at HDFC Bank and has been with the group for 25+ years. He played a key role in HDFC’s mega merger and now handles a mortgage book of over … Read more
Aditya Birla Finance (ABFL) is a 100% subsidiary of Aditya Birla Capital (ABCL). ABFL is a non-listed NBFC whereas ABCL is a listed holding company. The proposed merger is to ensure compliance with with Scale Based Regulations of RBI which require mandatory listing of ABFL by September 30, 2025. There is not much else to … Read more
RBI barred JM Financial Products (a subsidiary of JM Financial) from extending loans against shares, including financing subscriptions to IPOs of shares and debentures, with immediate effect over irregularities and corporate governance issues. An RBI statement said the “action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company … Read more
Reserve Bank of India (RBI) has found various significant lapses in IIFL Finance‘s (IFL) Gold Loan business. It has consequently, directed the Company to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans. (The Company can continue to service its existing gold loan … Read more
\RBI has penalised three major lenders – SBI, Canara Bank, and City Union Bank – for violating RBI norms. These fines come after an inspection of their books as of March 2022. SBI has been fined Rs 2 crore for holding shares exceeding 30% of certain companies’ paid-up share capital, violating RBI regulations, and for … Read more
Axis Bank, which claims leadership in the merchant acquiring space, is in talks with Paytm regarding partnerships across business lines. The bank, which has partnered with Paytm earlier, is now discussing newer areas for collaboration following RBI’s action against Paytm Payments Bank in Jan. Axis Bank MD & CEO Amitabh Chaudhry told reporters that any … Read more