Now claim received from NCGTC need not be treated as outside liabilities for computation of CRR and SLR.

RBI in its circular dated October 13, 2022, notified that the amounts received by a bank from the National Credit Guarantee Trustee Company Ltd (NCGTC) towards claims in respect of guarantees invoked and held by them pending adjustment of the same towards the relative advances, need not be treated as outside liabilities for the purpose…

RBI launches advanced supervisory monitoring system DAKSH

Reserve Bank Governor Shaktikanta Das on Thursday launched a new ‘SupTech’ initiative DAKSH (दक्ष) – the bank’s Advanced Supervisory Monitoring System, which is expected to make supervisory processes robust. ‘DAKSH’ means ‘efficient’ & ‘competent’ which is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the…

RBI announces internal ombudsman mechanism for Credit Information Companies

RBI today directed all Credit Information Companies (CICs) to appoint an internal ombudsman (IO) at the top of their internal grievance redress mechanism by April 1 of 2023. “These Directions are introduced with a view to strengthening the internal grievance redress mechanism within the Credit Information Company (CIC) by enabling a review of customer complaints…

Discussion Paper on Expected Loss Based Approach for Loan Loss Provisioning by Banks

In the Statement on Developmental and Regulatory Policies announced by RBI on Friday, RBI said that as a step towards converging with globally accepted prudential norms, it will issue a discussion paper on the proposed transition for stakeholder comments. Banks currently follow the incurred loss approach for provisioning on their loan assets, whereby provisions on…