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…

Zero percent Risk Weights for existing or future maximum eligible claims under Credit Guarantee Schemes (CGS)

The Reserve Bank of India on Wednesday advised all the financial institutions that the risk weight of zero percent shall be applicable in respect of exposures guaranteed under any existing or future schemes launched by CGTMSE, CRGFTLIH, and NCGTC satisfying certain conditions. “In order to have a consistent approach with regard to risk weights for…

Banks in India cannot perennially rely on RBI’s money to support credit offtake: Shaktikanta Das

RBI Governor Shaktikanta Das on Friday said banks cannot perennially rely on the central bank’s money to support credit offtake and they need to mobilise more deposits to aid credit growth. Indian banks cannot perennially rely on the central bank’s money to support credit offtake and they need to mobilise more deposits to aid credit…

RBI hikes Repo rate by 50 BPS, other policy rates are also gone up

RBI Governor Shaktikanta Das-headed six-member monetary policy committee (MPC) on Friday decided to raise the repo rate by 50 basis points and announced the withdrawal of the accommodative stance, largely in line with expectations, making it a non-event. “On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee…

Will your take home salary, PF, working hours change from July 1 under New Labour Laws?

The Take-home salary, contribution to Employees’ Provident Fund and working hours could change significantly as the Centre plans to implement new labour laws from July 1. The Indian parliament has passed the four labour codes — wages, social security, industrial relations, occupational safety, health and working conditions. These codes were created by subsuming 29 Central…