Co-lending models are an exception: Yet another exception under the DL guidelines is for co-lending models, allowing the use of pool accounts for the flow of money between multiple co-lending REs here to continue. This allows some flexibility with structuring here. Regardless, the co-lending ...
Reserve Bank of India (RBI) Governor Shaktikanta Das on January 11saidthat the central bank shared a list of official digital lending apps with the Ministry of Electronics and Information Technology (MeitY) and the Ministry has published the same on its website.We were, however, unable to loc...
The Ministry of Finance has proposed a draft bill to ban unregulated lending practices, particularly targeting digital lending platforms. Amongst various provisions, it authorises police to conduct warrantless searches, seize assets, and freeze accounts tied to illegal activities. Penalties include signif...
The digital lending apps cannot store the biometric information of the borrower. The regulated entities have been given time till 30 November 2022, to implement the guidelines. The main objective of these guidelines is to protect borrowers from unscrupulous lending practices. As per the guidelines, ...
(UPI), regulatory sandbox, and co-lending models, among others. With the synergies provided by mobile phone penetration, internet availability, reoriented payment systems, and the multitude of customer data points, lending institutions, as well as financial markets, have been able to leverage up...
The licences ofNBFCshave been cancelled for violating RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations. As per RBI, these five NBFCs will not carry out the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45...
The RBI annually publishes the applicable guidelines for FFMC in the form of a master circular called the Memorandum of Instruction on Money Changing Activities. What are the Types of Money Changers? The different types of authorized money changers or dealers are the businesses granted Full ...
In view of the ongoing stress and the heightened uncertainty on account of COVID-19, it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. In order to further strengthen the banks’ balance sheets while at the same time supporting len...
IRDA: issues Master Circular on Insurance Advertisements. The guidelines have been issued with the intention of protecting the interest of the insuring public, enhance their level of confidence on the nature of sales material used and ultimately encourage fair business practices. They are to be consi...
HousingFinancereferstothefinanceprovidedtoindividualsorgroupsofindividualsincludingco-operativesocieties.2.2BanksarefreetoevolvetheirownguidelineswiththeapprovaloftheirBoardsonaspectssuchassecurity,margin,ageofdwellingunits,repaymentschedule,etc.2.3OtherGuidelinesThefollowingtypesofbankfinancemaybeincludedunderDirectHousing...