'The last year's growth is a foretaste of things to come in the retail credit market.'
The Reserve Bank has given time till November 30 to banks and NBFCs to put in place a mechanism to ensure that existing digital loans are in compliance with the modified norms aimed at protecting the interest of customers. Last month, the central bank tightened norms for 'digital lending' to prevent charging of exorbitant interest rates by certain entities and also check unethical loan recovery practices. In a circular, the RBI said outsourcing arrangements entered by Regulated Entities (REs) with a Lending Service Provider (LSP)/ Digital Lending App (DLA) do not diminish the REs' obligations and they shall continue to conform to the extant guidelines on outsourcing.
The leaders of the grouping who met under India's presidency in New Delhi adopted the Delhi Declaration in which they emphasised the freedom of religion or belief, freedom of expression and the right to peaceful assembly.
The Reserve Bank on Thursday asked banks and other financial institutions to report to the government details about accounts resembling 10 individuals who have been designated as terrorists by the Union home ministry earlier this month. On October 4, the Union Ministry of Home Affairs (MHA) had designated a total of 10 members of Hizbul Mujahideen (HM), Lashkar-e-Taiba (LeT) and other proscribed outfits as terrorists under the Unlawful Activities (Prevention) Act (UAPA). Those designated as terrorists include Habibullah Malik alias Sajid Jutt, a Pakistani national, Basit Ahmad Reshi, who hails from Jammu and Kashmir's Baramulla but is currently based in Pakistan, Imtiyaz Ahmad Kandoo alias Sajad, who hails from Jammu and Kashmir's Sopore but now lives in Pakistan, Zafar Iqbal alias Salim, who is from Poonch but presently residing in Pakistan, and Sheikh Jameel-ur-Rehman alias Sheikh Sahab, who hails from Pulwama.
'We need to be far more careful given the fact that while this is group lending, it's essentially unsecured.'
The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction.
The high court has dismissed the Gyanvapi mosque management committee's appeal.
The company is developing a peptide, which inhibits the coronavirus from infecting the human cell, expects to launch clinical trials in Britain this summer, he added.
The exclusive club that dominates the global semiconductor fab scenario is about to get a new member. Taiwan, South Korea, and China control nearly 70 per cent of the global capacity. SEMI, the global industry body for semiconductor and electronics design and manufacturing, projects all fabs collectively will churn out 30 million wafers a month this year.
An Air India pilots' grouping has raised fatigue concerns in the wake of flight crew rosters generated using a new rostering tool, saying that extended waiting periods between duty time will jeopardise crew alertness and performance. "Extended waiting periods, occurring before active flight duties, run counter to enhancing crew readiness and, in fact, contribute to the accumulation of fatigue over time," the Indian Pilots Guild (IPG) has said. In a letter to Air India head of safety Henry Donohoe last week, IPG said it has been recently observed that the relentless pursuit of operational efficiency and economic gains has led to an unintended overshadowing of the primary intent behind Flight Duty Time Limitations (FDTL) regulations.
Dubey had on Saturday written to Lok Sabha Speaker Om Birla urging him to also probe the "unsavoury" conduct and remarks of Ali.
Non-heterosexual unions and heterosexual marriages ought to be considered as two sides of the same coin, both in terms of recognition and consequential benefits, Supreme Court judge Justice Sanjay Kishan Kaul said as he lamented that the only deficiency at present is the absence of a suitable regulatory framework for such unions.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
While the RBI's guidelines aim to streamline the loan closure process, borrowers must remain proactive.
The Reserve Bank on Monday cautioned people against frauds in the name of KYC updation and advised them not to share key information like account details or passwords with unidentified persons or agencies. In a release, the RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation. "The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc., by customer urging him/her to share certain personal details, account / login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application for KYC updation using a link provided in the communication," it said.
The opposition parties, which have demanded the strictest action including suspension of Bidhuri for his "vile and communal" remarks during a discussion on the success of Chandrayaan-3 in Lok Sabha on Thursday, hit out at the BJP, alleging that it was trying to defend its MP instead of punishing him.
The top court drew parallel between driving and technology and said if one doesn't know how to handle technology then he or she can't be a judge and questioned the approach of some of the high courts.
The incident occurred during "America's Premier World War II Airshow," which was reportedly Veterans Day weekend, where guests were to see more than 40 World War II-era aircraft.
Voicing his deep concern, the UN chief said that the "hospitals in the south of Gaza are already at capacity and will not be able to accept thousands of new patients from the north."
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
Negotiations for a trade deal between India and the UK have run into fresh controversy, after the proposals under a leaked chapter of the deal on intellectual property (IP) are believed to put access to affordable, lifesaving generic medicines from India at risk. According to the draft IP chapter put out by an international trade portal bilaterals.org, the UK is seeking continuous extension of patent period and rights through small tweaks in the drug, known as evergreening. This may prevent patents from expiring, impacting cheaper drug availability and its production by Indian generic drug manufacturers.
In April 2016, the then CIC M Sridhar Acharyulu had directed the Delhi University and the Gujarat University to provide information to Kejriwal on the degrees that Modi received.
The Madras high court on Thursday convicted a well-known Youtuber, A Sankar alias 'Savukku' Sankar, for criminal contempt and sentenced him to six months' imprisonment.
This is the best-ever opening three day collections for a Bollywood film.
The Supreme Court, which had on February 7 refused to entertain two pleas seeking to restrain Lekshmana Chandra Victoria Gowri from taking oath as an additional judge of the Madras high court, on Friday pronounced the reasons for the dismissal of the petitions.
The Reserve Bank of India (RBI) on Monday allowed microfinance lenders to fix interest rates on loans with a rider that those should not be usurious for the borrowers. A microfinance loan is defined as a collateral-free loan given to a household having an annual income of up to Rs 300,000. Each regulated entity (RE) should put in place a board-approved policy regarding pricing of microfinance loans, said the 'Master Direction - Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022'. In the past, the central bank used to announce the rates on quarterly basis.
The ASI, which had found artefacts, idols, pillars and other remains, stated in its report about the existence of a massive structure beneath the 'alleged Babri Masjid'.
The government said that in the thoroughly "misconceived, frivolous and motivated" PIL petition, where no violation of any fundamental right was even pleaded, the high court has sought to exercise its judicial review jurisdiction over a decision, which has been taken by trained experts on public order, individual and national security.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
Disha's erroneous Instagram post received a lot of flak.
McGovern brought to the House Floor H. Res. 24, the article of impeachment against Trump. The article charges the President with 'Incitement of Insurrection' for his actions on January 6, 2021, when he delivered a speech inciting his supporters to lay siege to the United States Capitol.
The bench, which was hearing the politically sensitive case on 34th day, asked Parasaran as to whether 'it has been held that any Hindu temple, including the land has been accorded the juristic personality'.
Macroeconomic management is usually a lot more comfortable with lower fiscal deficits. The sooner we get there, the better for the economy, says former Chief Economic Adviser to the Government of India Shankar Acharya.
From silly to ridiculous -- these signboards in English will blow your mind. :-)
'The roles I'm getting are of seductive divas and everything in the opposite direction of a jaded housewife trapped in a loveless marriage!' The Lunchbox actress Nimrat Kaur looks ahead.
A first-half double from Karim Benzema helped Real Madrid cruise to a 3-0 victory away to Cadiz that moved them top of La Liga.
Recently, an Air India flyer sent a legal notice to the airline seeking damages of Rs 30 lakh for the breach of personal data of 4.5 million passengers, including her husband and herself. Air India had informed the complainant of the data leak a month earlier, after it emerged that its passenger service system provider fell prey to a cyberattack in February. However, in the absence of a data protection law, India lacks a mechanism for compensation or grievance redress of consumers in such cases, say experts. Advocate Virag Gupta, a New Delhi-based cyber law expert, explains that a legal notice is a good beginning in the Air India case, but it raises many questions. These include whether sensitive personal information has been leaked and whether the airline is responsible or not, given that a passenger service system provider was also involved.
British monarch Queen Elizabeth II's husband Prince Philip underwent an exploratory operation on his abdomen on Friday and was "progressing satisfactorily" after the surgery.
'Covid patients have infected lungs and the pollutants will further damage it.'
