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Now, depositors will get back funds two months after an assigned liquidator sends the United India Co-operative Bank account holders’ claim list to DICGC
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The government has instructed all the banks that the newly issued card or the card to be renewed should have the facility of National Common Mobility Card
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A model agreement was drafted by the Indian Banks Association but RBI later modified it, whereby the deadline was extended to the last day of the current calendar year
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The largest chunk of money siphoned off due to frauds belong to loan-related frauds. The Reserve Bank’s Annual Report 2022-23 says there were a total of 9,097 frauds that took place in the financial year 2021-22. This number increased to 13,530 in 2022-23
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The data release comes amid news reports stating that the RBI has been cautioning banks about the risks on unsecured books, which includes credit cards, personal loans, and microfinance.
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The intention of the banks is to prepare a thorough and fool-proof framework for such deals that might be later taken to courts and scrutinised for acts of commission and omission
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An increasing number of banks are reluctant to let customers move out of their ecosystem and allow the fintech entities partake of the gains. Banks now want to retain the customers in their universe.
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A few days ago, RBI had said that banks could accommodate defaulters with fresh loans after a ‘cooling off’ period of a year after a compromise settlement has been reached.
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With liquidity improving and shorter money market rates climbing down, some commercial banks have started trimming interest rates on fixed deposits carrying maturity periods of up to three years
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Banks are allowed to raise substantial amounts of uncollaterilsed deposits. Unlike other corporates, shareholders provide just 3-4% of funds in banks, and the predominant suppliers of finance are depositors.
