The Reserve Bank on Tuesday directed digital lending entities to disclose upfront the names of of their empanelled agents authorised to contact borrowers in case of default of loan, and also intimate the details to customers before initiating the recovery process. In August last year, the RBI had tightened norms for digital lending to prevent charging of exorbitant interest rates by certain entities and also check unethical loan recovery practices. Under the new norms, all loan disbursals and repayments are required to be executed only between the bank accounts of borrower and the regulated entities (like banks and NBFCs) without any pass-through/ pool account of the Lending Service Providers (LSPs).
State Bank of India has agreed to lend Vodafone-Essar, the joint venture between United Kingdom's Vodafone and Essar, Rs 10,000 crore to finance the company's entry into 3G (third generation) telecom services and expansion of its broadband operations.
While the RBI's guidelines aim to streamline the loan closure process, borrowers must remain proactive.
The country's largest private sector lender, ICICI Bank, on Thursday slashed its benchmark lending rate by 50 basis points to 15.75 per cent, a move that would benefit the bank's home, auto, consumer and corporate loan borrowers.
Ruling out a cut in lending rates, bankers said the status quo policy stance of the Reserve Bank will be followed by them, at least in the near-term.
Finance Minister P Chidamabaram on Thursday indicated that the increase in reverse repo announced in the Reserve Bank of India credit policy will not raise bank lending rates and allayed fears on inflation by promising steps to ensure
The zestful, satisfying mixed vegetable Italian soup makes for a special meal.
'I would like to leave behind my small contribution for the historic day when the Ram temple will be consecrated.'
Devaswoms are meant to manage temples, not the faithful. Why didn't they simply stick to their set of responsibilities and execute it well and efficiently?, asks Shyam G Menon.
As a step to entrench its consumer finance business, Bajaj Finance (BFL) plans to scale up its business-to-business (B2B) activity, both in terms of volume as well as value. It plans to add up to 1,000 cities in the next three years and this will mark its presence in around 5,000 cities. The expansion activity will be more in Northern and Eastern India.
With this reduction, the banks BPLR will fall to 12.50 per cent from January 1. The bank has also lowered its deposit rates by 25-100 bps across various maturities. The maximum rate available would be 8.75 per cent for deposits of two years and above.
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
Funds dry up owing to liquidity crunch, high debt.
Indian Overseas Bank on Tuesday announced interim dividend of 12 per cent to its shareholders and a reduction of 0.5 per cent in its primary lending rate, taking it to 11 per cent.
The Reserve Bank of India's (RBI's) decision to withdraw the incremental cash reserve ratio (I-CRR) is expected to benefit banks during the festival season. They are likely to increase deposit rates by up to 25 basis points (bps) in select maturity buckets. The rise in demand for funds to cover tax payments and meet quarter-end business targets could influence rate decisions by banks, according to bankers and money market executives.
This hot beverage is a great substitute for tea.
Reputations do go for a toss in the T20 format, but Delhi Capitals haven't been able to get past Chennai Super Kings in their last four meetings, and the margins of defeat -- 91, 27 and 77 runs respectively -- does paint a sorry picture.
Extreme poverty in India declined by 38 million in 2021 to 167.49 million after a surge in the two preceding years, but remained above the 2018 level, the latest World Bank data shows. While for most countries poverty rose in 2020, when the Covid-19 pandemic hit the global economy, the data shows poverty shot up in India a year earlier in 2019 to 176.09 million from 151.79 million in 2018, the lowest pre-pandemic count. India's poverty rate at 11.9 per cent in 2021 also remained higher than the 2018 level of 11.09 per cent, though easing from 14.72 per cent in 2020.
HDFC Bank slashes base rate by 0.35 per cent to 9.35 per cent, effective Tuesday.
Shortly after the Reserve Bank of India cut its signaling rates and the announcement of stimulus package, leading lenders HDFC Bank and Union Bank of India on Monday reduced their benchmark prime lending rates (PLR).
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Regardless of religious boundaries, individuals are coming together to lend their support to the Chandrayaan-3 mission.
Country's largest lender State Bank of India on Monday slashed prime lending rate by 0.25 per cent to 12.50 per cent, a decision that will make housing and car loans cheaper.
The stock lending and borrowing (SLB) scheme has failed to pick up momentum in the first week after its introduction following a lack of active participation from top domestic institutions, which hold a chunk of shares in listed companies.Stock market experts are of the view that not allowing Life Insurance Corporation (LIC), one of the biggest investors in the domestic market, to participate in SLB is a major hurdle for the scheme to take off.
Axis Bank, Tata Steel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, and Bajaj Finance were among the other major laggards. Tata Consultancy Services, Reliance Industries, UltraTech Cement, Infosys, HCL Technologies, and Tech Mahindra were among the gainers.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
Sudha Murty tells us how Story Time With Sudha Amma came to life.
With the IPL season set to roll on Friday, one captain who has 100 Tests under his belt is willing and ready to mentor a newbie captain who will be taking over a leadership role for the first time.
Endorsing Finance Minister P Chidambaram's call to banks to pass on the benefit of rate cuts to customers, RBI Governor D Subbarao on Thursday said the central bank is also "very conscious" of the need to be supportive of economic growth.
The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. "The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of public have revealed several instances of unreasonable elongation of tenor of floating rate loans by lenders without proper consent and communication to the borrowers," he said.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
State Bank of India has received the permission from the Chinese Government to lend in the local currency -Yuan, a top official said on Thursday
The Reserve Bank on Monday asked banks to notify the base rate, or the minimum lending rate, at least once in every three months.
"We are open for further reduction in prime lending rate," Indian Banks Association Chairman Dalbir Singh said in New Delhi while addressing a seminar organised by PHD Chamber of Commerce.
The new rate now stands at 11.75 per cent as against the earlier 12.25 per cent, the public sector lender said in a filing with the Bombay Stock Exchange.
