We are open to a bad bank plan: RBI Governor
On the subject of a bad bank, RBI Governor Shaktikanta Das on Saturday said RBI can consider the idea of a bad bank if there is any such proposal. He said the idea has been under discussion for a very long time. “We in the RBI have provided regulatory guidelines for asset reconstruction companies and…
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RBI sets-up working group to evaluate digital lending
The Reserve Bank of India (RBI) on Wednesday announced the formation of a working group (WG) on digital lending, including through online platforms and mobile apps. The recent surge and attractiveness of online lending platforms/ mobile lending apps (‘digital lending’) have raised certain serious concerns to Central Bank which have wider systemic implications. The newly…
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The subscription for the 10th tranche of the Gold Bonds (SGBs) will close on January 15
The subscription for the tenth tranche of the Sovereign Gold Bonds (SGBs) scheme, the 2020-21 Series X, has opened on January 11, 2021, and will close on January 15, 2021. The SGBs will be allotted on January 19, 2021. Issue price : Rs 5,054 (per gram of gold) for payment through digital mode. Government of…
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“Worst is behind us, though the recovery path remains uncertain,” says Financial Stability Report
On Monday (11.01.2021), the Financial Stability and Development Council in its report bi-annual report said that Indian banks may see bad loans double despite signs of an improvement in the economic impact of the COVID-19 pandemic. The council is an umbrella group of regulators and releases the FSR report twice yearly to give a detailed…
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RBI tells banks to put in place a risk-based internal audit (RBIA) system
RBI on Friday (08.01.2021) said that all commercial banks (including small finance banks, payments banks, and Local area banks) are required to put in place a risk-based internal audit (RBIA) system as part of their internal control framework that relies on a well-defined policy for internal audit, functional independence with sufficient standing and authority within…
From April 1, entities to quote LEI for all payment transactions of above 50 crores
The Legal Entity Identifier (LEI) is a 20-digit number used worldwide that will uniquely identify every legal entity or structure to a financial transaction. Pursuant to the Global Financial Crisis, the Legal Entity Identifier (LEI) code is conceived at the initiative of ‘Group of 20, financial stability Board’ for the purpose of better risk management.…
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