The new system will start with reporting by scheduled commercial banks and will be slowly extended to urban cooperative banks (UCBs) and non-banking financial companies (NBFCs). Topic: Appointments 4. SBI Card has appointed Abhijit Chakravorty as MD and CEO for 2 years. ...
Canara Bank was also fined ₹32.30 lakh by RBI. A ₹66 lakh fine was imposed on City Union Bank by RBI. Additionally, NBFC Ocean Capital Market, located in Odisha, was fined ₹16 lakh by RBI. Monthly MCQs of Financial Awareness SAGA Books Topic: RBI 4. The Financial Literacy Ideat...
(nbfc), microfinance institutions (mfi) and local area banks (lab) can apply to become small finance banks. they can be promoted either by individuals, corporate, trusts or societies. they are established as public limited companies in the private sector under the companies act, 2013. they ...
Moreover, Credit Institutions (CIs), including banks and Non-Banking Financial Companies (NBFCs), are now required to provide customers with clear reasons for rejecting any requests for data correction in the CIR. “These directions aim to establish a standardised framework for reporting and dissemi...
Banking Sector & NBFCsWhy in NewsRecently, the Reserve Bank of India (RBI) Working Group (WG) Committee has made recommendations pertaining to Digital Lending, including a separate legislation to prevent illegal digital lending activities.The
Its NBFC arm GetGrowth Capital would manage the lending operations. GetVantage will capitalize the NBFC with ₹50 crore. It aims to raise ₹200 crore in total to scale up its lending operations. GetVantage is supported by investors, which include Chiratae Ventures, Varanium, InCred, DMI,...
RBI is planning to use advanced analytics, artificial intelligence and machine learning for analyzing a huge database and improve regulatory supervision over banks and NBFCs. For this, the RBI is planning to hire external experts. In September 2022, RBI invited expressions of interest (EoI) for ...
5. RBI has imposed penalty on two banks and two NBFCs. It has imposed a penalty of Rs 72 lakh onPunjab National Bankand Rs 30 lakh onFederal Bank. It has also imposed penalty of Rs 13.38 lakh on Kosamattam Finance, and Rs 10 lakh on Mercedes-Benz Financial Services. ...