RBI reviews regulatory structure for HFCs

The Reserve Bank of India (RBI) on Monday took another step to harmonize regulations applicable to mortgage financiers and other non-bank lenders, proposing higher liquid assets to back deposits at housing finance companies, smaller aggregate deposits as a proportion of their own capital, and allowing them to issue co-branded credit cards. These are part of … Read more

Reserve Bank of India tightens connected lending norms

The Reserve Bank of India has decided to tighten the connected lending norms to prevent instances where persons in power who influence lending decisions have close connections with borrowers. The regulator has also decided to come out with a unified regulatory framework on connected lending for all the regulated entities to avoid gaps in regulation. … Read more

RBI stops BoB onboarding new customers on Mobile App

The app in question is Bob World. “This action is based on certain material supervisory concerns observed in the manner of onboarding their customers onto this mobile application,” the RBI said. “Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening … Read more

RBI retains India’s growth forecast at 6.5% amid global turbulence

The Indian economy is on a roll amid global turbulence, the Reserve Bank of India (RBI) said, retaining the growth forecast at 6.5% and inflation projection at 5.4% for the fiscal year. “In contrast with global trends, domestic economic activity exhibits resilience on the back of strong domestic demand,” RBI governor Shaktikanta Das asserted while … Read more

RBI sounds alarm bells over strong personal loan growth

The RBI is concerned about the strong growth in some personal loans and is watching out for any stress in that segment, asking banks, NBFCs and fintechs to strengthen their surveillance mechanisms. “Certain components of personal loans are recording very high growth… These are being closely monitored by RBI for any signs of incipient stress,” … Read more

RBI asks banks to remain extra careful and vigilant, focus on governance

Reserve Bank Governor Shaktikanta Das Tuesday asked Indian banks to be extra careful and vigilant in view of the adverse global developments while strengthening corporate governance. The governor held meetings with the MD and CEOs of public sector banks and select private sector banks in Mumbai. The meetings were also attended by Deputy Governors, M. … Read more

Fintech companies need a self-regulatory body: RBI deputy governor MK Jain

Reserve Bank of India (RBI) has said that the financial technology, or fintech, sector should organise itself under a self-regulatory organisation that can monitor the conduct of member fintech entities. Addressing an international research conference on fintechs on Friday, co-organised by IIM-Ahmedabad, RBI deputy governor MK Jain said that a self-regulatory approach could also help … Read more

RBI to pay Rs 30,307 crore dividend to govt for FY22

Reserve Bank of India (RBI) on Friday said its board has approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22 while deciding to maintain the Contingency Risk … Read more