RBI imposes monetary penalty on TransUnion CIBIL Limited, Mumbai
The Reserve Bank of India (RBI) on Monday (June 26, 2023), imposed a monetary penalty of ₹26 lakh (Rupees Twenty-six lakh only) on TransUnion CIBIL Limited, Mumbai (the company) for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005. “This action is based on the deficiencies in regulatory compliance and is not…
Read article The updated list of ‘significant benchmarks’ shall come into effect from July 01, 2023
In a notification on Friday (23, June) the RBI said that the Financial Benchmark Administrators (FBAs), which control ‘significant benchmarks’ in the markets for financial instruments regulated by the banking regulator, have been accorded approval to cease the publication of the Mumbai Interbank Forward Outright Rate (MIFOR) after June 30, 2023.“In light of the cessation…
Read article
Latest news: Outcomes of the meeting between UFBU and IBA
The meeting of the UFBU (United Forum of Bank Unions) and Indian Banks’ Association (IBA) was held on June 21, 2023, in Mumbai. The important discussions and outcomes taken place in the meeting are explained below. Medical Insurance Scheme: The representatives of Unions have submitted their suggestions in detail like clubbing the policies of in-service…
Read article
Govt. proposes Motor Third Party Insurance Premium and Liability Rules for the Financial Year 2023-24
The Ministry of Road Transport and Highways (MoRTH), on Tuesday, proposed new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars, and commercial vehicles, for 2023-24 fiscal. As per a draft notification issued by the Ministry new base premium rates for third-party motor insurance for different categories of…
Read article Does RBI circular dilute the penal measures on borrowers classified as wilful defaulter or fraud?
In view of Bank unions AIBOC and AIBEA have opposed the Reserve Bank’s move to allow lenders to settle loans of wilful defaulters under compromise settlement, the central bank in a follow-up on Monday issued FAQs (Frequently Asked Questions) related to its June 8 circular. RBI denied that it has introduced a new clause permitting…
What is Technical write-off, is it a normal banking practice?
Regulated Entities like banks and NBFCs may undertake technical write-offs in loan accounts that are either considered unrecoverable or whose recovery is likely to consume disproportionate resources of the lenders. The board approval will be required for compromise settlements or technical write-offs for accounts categorised as wilful defaulters or fraud. As for technical or prudential…
Read article