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…
Read article
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…
Read article RBI hikes Repo rate by 50 BPS to 5.9%; FY23 GDP forecast slashed
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Friday announced the hike in the repo rate by 50 basis points to 5.90%, the fourth straight increase in the current cycle, to tame the sustained above-target retail inflation rate. The standing deposit facility (SDF) rate and the marginal standing facility (MSF) rate were…
Read article
Govt hikes interest rate 0.1% to 0.3% on small savings schemes for Q3 of FY23
The government on Thursday has effected minor hikes of 0.1% to 0.3% in interest rates payable on five small savings instruments out of a bucket of 12 instruments, including Kisan Vikas Patra, Senior Citizens’ Savings scheme, and time deposits for two and three years, for the quarter beginning 1 October. The previous change of interest…
Read article
Latest Small Savings/Post Office Interest Rates October-December 2022
Updated: September 30, 2022 The government on Thursday has effected minor hikes of 0.1% to 0.3% in interest rates payable on five small savings instruments out of a bucket of 12 instruments, including Kisan Vikas Patra, Senior Citizens’ Savings scheme, and time deposits for two and three years, for the quarter beginning 1 October. The…
Premium payable by bank retirees for Group Medical Insurance Policy 2022-23
The Indian Banks’ Association (IBA) communicated to all member banks informing them that National Insurance Company has been allotted the Group Medical Insurance Policy 2022-23 for the bank retirees. According to the communication received by banks, the National Insurance Company has sent their revised rates for Flexible Option coverage of Sum Insured for the year…
Read article