The Reserve Bank of India (RBI) on Wednesday said regulated entities have to release original property documents to retail loan borrowers within 30 days of full repayment, and any delay would attract a penalty. This would include consumer credit, education loans, loans given to create or enhance immovable assets and loans for investment in financial … Read more
Reserve Bank Governor Shaktikanta Das on Tuesday said the central bank has a commitment to reducing inflation to a target of 4 per cent. Additionally, it will maintain a vigilant stance in monitoring potential risks, particularly as frequent global supply disruptions can significantly impact price management. Shaktikanta Das while delivering a lecture at the Delhi … Read more
Self-regulation is the way to regulate fintech companies, according to Reserve Bank of India (RBI) deputy governor T. Rabi Sankar. Speaking at the Global Fintech Fest on Tuesday, Sankar said that fintech companies are not strictly financial entities and, therefore, the current model of regulation may not apply to these companies. “Regulators and fintech firms … Read more
Monetary policy — and interest rates — are near-synonymous. But going by the central bank’s surprise choice of price-taming instrument Thursday, they need not be so in the next few quarters. Whenever monetary authorities wanted to influence price levels for goods and services, they resorted to the popular tool — interest rates that make money … Read more
Reserve Bank of India on Thursday said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks. As of February this year, about Rs 35,000 crore of unclaimed deposits were transferred to RBI by public sector banks in respect of deposits … Read more
Microsoft co-founder Bill Gates and Reserve Bank of India (RBI) Governor Shaktikanta Das met in Maharashtra’s capital city Mumbai on 28 February. AN official statement by RBI informed that Gates held ‘wide-ranging; discussion with Das on Tuesday. Bill Gates had in his blog “Gates Notes” has recently said that India gives hope for the future … Read more
The modified guidelines on digital lending by the Reserve Bank of India (RBI) will come into effect from Thursday, 1 December. The digital lending modified guidelines aim to protect customers from exorbitant interest rates and keep a check on unethical loan recovery practices. As per the new norms, all loan disbursals and repayments are to … Read more
Paytm Payments Services Ltd (PPSL) is a subsidiary of One97 Communications Ltd (OCL), the parent of Paytm. OCL had proposed to transfer the payment aggregator (PA) services business undertaken by it to PPSL in December 2020 to comply with the guidelines of the banking regulator. However, the RBI had rejected its application. The company had … Read more
Terming cryptocurrencies a “clear danger”, Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name. “While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial … Read more