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 ...
Topic: Miscellaneous 10. UAE has been removed from FATF’s ‘grey list’. The Financial Action Task Force (FATF) has decided to remove UAE from its ‘grey list’. UAE was placed under scrutiny in 2022 after FATF highlighted the risk of money laundering and terrorist financing. The European ...
(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 ...
Credit Information Companies (CICs) gather data on individuals and businesses, including credit transactions, payment histories, and public records. This information is compiled into credit reports, which banks and NBFCs use to assess a borrower’s creditworthiness. Sharing Credit Information with Third ...
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. ...
LIC has got 6.66% stake in Jio Financial Services, the demerged NBFC of Reliance Industries. Jio Financial was de-merged from Reliance Industries on July 13. As per LIC, the cost of acquisition is equivalent to 4.68% of the pre de-merged cost of Reliance Industries. ...