Retail Banking: How it is different from wholesale banking?

The basic distinctions between retail banking and wholesale banking/Corporate banking are apparent in their target audiences, services offered, customer relationships, and risk profiles. Retail banking business is targeted at individuals, salaried professionals, micro, small, and medium enterprises, Self Help Groups (SHGs), and Non-Resident Indians (NRIs). Retail bankers offer a variety of deposit schemes to individuals…

No relief to personal guarantors under bankruptcy code: Supreme Court

The Supreme Court on Thursday in a significant ruling upheld the constitutionality of Insolvency and Bankruptcy Code (IBC), including allowing creditors to initiate insolvency proceedings against personal guarantors. The Court dismissed over 200 petitions that challenged the legal validity of the code. The provisions relating to personal guarantors were introduced under the Insolvency and Bankruptcy…

Compensation of Rs.100 per day shall be paid by Credit Institutions and CICs for delayed updation/rectification of credit information

The Reserve Bank of India Thursday (October 26, 2023) released the framework for compensation to customers for delayed updation or rectification of credit information by credit institutions (CIs) and credit information companies (CICs). The compensation framework will come into effect six months from the date of this circular, the Reserve Bank said and directed CICs…

Lenders must release property Documents within 30days of loan repayment: RBI

RBI on Wednesday directed all the regulated entities such as Commercial Banks, cooperative banks, small banks, RRBs, Local Area Banks, NBFCs, Asset Reconstruction Companies, etc. to release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/ settlement of the loan account. The…