RBI Governor Dump downs proposal on setting up Neo bank or Digital Bank
“There is no proposal on neo-banks or digital banks because we feel that the existing banks and NBFCs can adopt more and more technology for delivery of banking services.” said Shaktikanta Das while delivering a speech at the Financial Express Modern BFSI Summit in Mumbai on June 17, 2022.”The theme of my address “Disruptions &…
Read article
RBI takes away restrictions imposed on Master Card
RBI on Thursday lifted the restrictions imposed on Mastercard Asia / Pacific Pte. Ltd, vide order dated July 14, 2021, from immediate effect. Last year on July 14, 2021, the regulator imposed restrictions on Mastercard from onboarding new domestic customers including debit, credit, or prepaid onto its card network for non-compliance with the RBI circular…
Read article
Banks fail to observe the directions while financing to Government owned entities: RBI
RBI on Tuesday said that Banks fail to observe its directions in letter and spirit while financing Government-owned entities. As per RBI Master Directions, Banks should not grant finance for the construction of buildings meant purely for Government/Semi-Government offices, including Municipal and Panchayat offices. However, banks may grant loans for activities, which will be refinanced…
Read article
Is it good idea to go for redevelopment of your buildings jointly with multiple societies?
In my previous post ‘how to get down to the redevelopment project of a housing society building,’ I explained what are all the precautions to be taken by the Society and its members before entering into an agreement with the builders/developers and what are all the important clauses to be included in the agreement. In…
Read article
Insurance companies may bring new products without prior permission of IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated June 10, 2022, permitted life insurance companies to introduce products without taking prior permission (use-and-file) from IRDAI. The regulator had extended the same relaxation of the ‘use-and-file’ procedure to health and general insurance companies vide a circular dated 01.06.2022. Thus, the insurance companies…
Most of the digital lending apps are not registered with the RBI: Police will take necessary action on receipt of complaint says RBI governor
While speaking at the Iconic Week celebration as part of the ‘Azadi Ka Amrit Mahotsav’ to mark the 75th anniversary of Independence, organised by the Central Board of Indirect Taxes and Customs (CBIC), today RBI Governor Shaktikanta Das said that most of the digital lending apps are not registered with the central bank and operate…
Read article