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…
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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…
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Penalty should be a charge, not penal interest that will be compounded: RBI
The Reserve Bank of India (RBI) took a significant step on Friday to ensure fairness and transparency in the disclosure of penal interest by saying that the penalty should be a ‘charge’ instead of an ‘interest’ that will be compounded. Through various guidelines, the banking regulator has issued various guidelines to the Banks and other…
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Soon, you will get loans in minutes; RBI announces Public Tech Platform for Frictionless Credit
Reserve Bank of India (RBI) has announced the development of a Public Tech Platform for Frictionless Credit. The Platform is being developed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI. The Platform would be rolled out as a pilot project on August 17, 2023, in a calibrated fashion, both in terms…
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RBI Guidelines on Valuation and Revaluation of Properties
Every Bank has a Board approved policy in place for valuation of properties including collaterals accepted for their exposures. The valuation of properties should be done by professionally qualified independent Valuers i.e., the Valuer should not have a direct or indirect interest on assessed property or in the account. In the case of Valuation Reports…
eSARAS mobile app to add ecommerce initiatives for products made by SHG
eSARAS an e-commerce mobile app will be used as a more effective platform for marketing of the products made by women of self-help groups. It is an initiative conceptualized by the DAY-NRLM, Ministry of Rural Development (MoRD), towards the marketing of the best, authentic handicrafts and hand-looms. Launching the App, Secretary Shri Shailesh Kumar Singh…
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