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 cautions against unauthorized digital lending apps
Today, RBI for a second time in six months cautioned the general public and small business enterprises against falling prey to unauthorized digital lending platforms and mobile apps on promises of quick and hassle-free loans. The RBI’s words of caution come from reports over coercive recovery tactics including incessant calls, and naming and shaming defaulters…
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SIDBI launches “Do-It-Yourself (DIY) asset restructuring web module. “
Small Industries Development Bank of India (SIDBI) in a statement on Monday said it has launched a web portal to help micro, small and medium enterprises (MSMEs) take benefit of the Reserve Bank of India’s one-time debt restructuring. We may recollect here that during August 2020, RBI had announced one-time restructuring for personal and corporate…
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Salient features of Co-lending Model (CLM) scheme announced by RBI for priority sector lending
The Reserve Bank on Thursday came out with a Co-Lending Model (CLM) scheme under which banks can provide loans along with NBFCs (including HFCs) to priority sector borrowers based on a prior agreement. The arrangement entailed joint contribution of credit at the facility level by both the lenders as also sharing of risks and rewards.…
Read article RBI notifies revised guidelines for Opening of Current Accounts by Banks
Today (02.11.2020), RBI announced that banks may ensure compliance with the instructions contained in their Circular dated August 6, is extended up to December 15, 2020. In its circular of August 6, RBI said in respect of the opening of current accounts banks shall comply with all the instructions contained therein the circular. For existing…
These eleven things you need to know for acceptance of power of attorney for creation of mortgage or sale of property
Every other day, we have been coming across cases where fraudsters are using Power of Attorney to create mortgages or sale of properties. General Public, Bankers, and other financial lenders are most vulnerable to mortgage-related frauds. Therefore, Staff working in the loan and advance departments of banks and financial departments shall be vigilant at the…
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