Three ombudsman schemes being integrated into a single scheme: RBI report
RBI in its annual report said that the Consumer complaints about banking services jumped 64.97 per cent for the period July1, 2019 to June 30, 2020. The volume of complaints from 2,00,362 in 2018-19 to 3,30,543 complaints in 2019-20.The Annual Report covers the activities under the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for Non-Banking…
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TLTRO on Tap Scheme – Inclusion of NBFCs
As stated in the Statement on Developmental and Regulatory Policies on February 05, 2021, RBI announced that the funds from banks under the On Tap TLTRO scheme will now available to Non-Banking Financial Companies (NBFCs). “It has been decided to permit banks to provide funds under the ‘On Tap TLTRO’ scheme to Non-Banking Financial Companies…
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All 1800 odd branches will come under CTS by September
RBI on Friday announced that all the 18,000-odd branches which are outside the centralised clearing system called cheque truncation system will come under it by September. This is decision is taken by Central Bank as part of further improving, speeding up, and fool-proofing the payments and settlement systems, it said. The Cheque Truncation System (CTS)…
Read article RBI restores SLR, CRR & MSF in a phased manner, Repo and Reverse repo rate unchanged.
Highlights of Monetary policy announcement 2021: CRR remains at 3 percent till March 26. The cash reserve ratio (CRR) will be restored in two phases to 3.5 per cent from March 27,2021and 4 per cent from May 22, 2021. TLTRO scheme will now available to NBFCs Repo rate at 4%, Reverse rate at 3.35% remain…
Read article Risk-based internal audit system by NBFCs and UCBs introduced
The Reserve Bank of India (RBI) on Wednesday unveiled the risk-based internal audit (RBIA) system for select non-bank lenders and urban co-operative banks, with a view to enhancing the quality and effectiveness of their internal audit system. All NBFCs with asset size of Rs 5,000 crore and above, and all primary urban cooperative banks with…
Budget 2021 Updates
Finance Minister Nirmala Sitharaman listed Health & well-being, Physical & financial capital & infrastructure, Inclusive development for aspirational India, Reinvigorating human capital, Innovation & R&D, and Minimum Govt & Maximum Governance as the main pillars of Budget 2021. The highlights of budget 2021 announcements are as under: TAX RULES FOR INDIVIDUALS: No…
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