RBI Eases KYC Norms to Simplify Periodic Updation and Enhance Customer Convenience
IntroductionThe Reserve Bank of India (RBI) has introduced significant amendments to its Know Your Customer (KYC) framework to facilitate easier onboarding and periodic updation of KYC details by customers. These changes, incorporated in the Master Direction – Know Your Customer (KYC) Direction, 2016 (updated from time to time), are aimed at streamlining procedures and reducing…
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Bank Loan Securities: Difference Between Prime and Collateral
In the context of bank loans in India, security refers to the assets that a borrower pledges to a lender as a guarantee of loan repayment, mitigating the lender’s risk in case of default. Essentially, it’s a form of collateral that the lender can seize or sell if the borrower fails to meet their loan…
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What is a Trust and how it is formed?
Section 3 of Indian Trust Act 1882 provides that “A Trust is an obligation annexed to the ownership of the property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner”. A trust can be…
Read article RBI’s Bold Move: Repo Slashed by 50 BPS, CRR by 100 BPS to Boost Liquidity
In line with the market expectations, the Reserve Bank of India’s Monetary Policy Committee (MPC) on Friday cut the repo rate by 50 basis points (bps) to 5.5%, marking the third consecutive rate reduction this year. The panel further decided to shift its stance from accommodative to neutral. A neutral stance typically signifies that the…
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Do you know the meaning of Masala bonds?
Masala Bonds are debt instruments that help to raise money in local currency from foreign investors. Both the government and private entities can issue these bonds. They work just like any other normal bond, but can only be issued outside India. The issue of these bonds is in Indian currency rather than the local currency…
Overview: Bank Customer’s Liability on Unauthorized Electronic Transactions
In view of the recent surge in customers’ complaints relating to unauthorized transactions, the Reserve Bank of India on Thursday came out with the concept of Zero liability and Limited Liability for bank customers for any card or online frauds. In its directions to all commercial banks, RRBs, Small Finance banks, Payment banks the Central…
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