RBI formulates new digital lending rules. Know how new system works
The Reserve Bank of India (RBI) has laid a new framework for digital lending. Regulated entities like All Commercial Banks, Primary (Urban) Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks; and Non-Banking Financial Companies (including Housing Finance Companies) are required to comply with the new guidelines by November 30, 2022. The new rules will…
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RBI clarifies on a bulletin article on privatization of public sector banks
The Reserve Bank of India (RBI) on Friday issued a clarification on a bulletin article on privatisation of public sector banks.“This is regarding reports in certain sections of the media stating that the RBI is against privatisation of Public Sector Banks (PSBs). These media reports have cited an article titled “Privatisation of Public Sector Banks:…
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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…
Read article 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…
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Twin balance sheet problem in India explained
The twin Balance Sheet Problem (TBS) refers to problematic balance sheets of both Indian companies and banks. Such a problem situation arises when both the lenders and borrowers are under stress. It is known as the twin balance sheet problem as the challenges faced by the banks are linked to that of the corporate sector…
Do you know the benefits that are lost for not filing ITR before the expiry of deadline?
The deadline for filing Income Tax Return (ITR) for the FY 2021-22 will lapse on July 31. This deadline is applicable for individuals whose accounts are not required to be audited. The Government has clarified that no further extension is given to individuals for FY 2021-22 (AY 2022-23). Following consequences and inconveniences are attached if…
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