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India’s central bank proposes tighter regulations for large shadow lenders to prevent events such as the collapse of a major financier in 2018, the effects of which still linger in the nation’s financial system.
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In a major development, the RBI has confirmed that it has imposed a total penalty of Rs 7 lakh on two co-operative banks, including Rs 5 lakh on Vyavasayik Sahakari Bank Maryadit, for violation of KYC and other norms.
n order to discuss the vision and roadmap for the future, Prime Minister Narendra Modi chaired a virtual meeting with stakeholders from Banks and Non-bank financial institutions (NBFCs). He assured that the central government is ready to take any steps necessary to support it and promote the growth of the banking system.
Prime Minister Narendra Modi will be chairing a high-level meeting with stakeholders from Banks and non-bank financial institutions (NBFCs) to discuss vision and roadmap for the economic situation on Wednesday.
To make digital lending more transparent, the Reserve Bank of India (RBI) has directed banks, Non Banking Financial Corporations and digital lending platforms to disclose full information upfront on their websites to customers.
Estimating offshore access to restrict to larger entities with stronger credit fundamentals, the Fitch Ratings on Tuesday said that India's non-banking financial companies would look increasingly to offshore financing as local funding conditions may remain under pressure.
Aiming to strengthen credit to those at the bottom of the economic pyramid in rural areas, the Reserve Bank of India on Saturday has increased the household income limits for borrowers of Non-Banking Financial Companies (NBFCs) and microfinance institutions from Rs 1 lakh to 1.25 lakhs.
Viewing to enable the banks to deal with the NBFCs and HFCs issue effectively, the Reserve Bank of India has on July 7 decided to provide required liquidity backstop to the banks against their excess G-sec holdings.
