Jammu and Kashmir Bank hit with ₹3.31 cr penalty for RBI compliance failures, ET LegalWorld
According to the Jammu and Kashmir Bank Limited’s exchange filing, the Adjudication Committee, Enforcement Department, Reserve Bank of India has imposed a Penalty of ₹ 3,31,80,000/- on the bank. The penalty has been imposed by Enforcement Department, Reserve Bank of India on account of the failure of the Bank to comply with RBI directions on […]
SC refers to another bench pleas of RBI, others related to writing off AT-1 bonds of Yes Bank, ET LegalWorld
The Supreme Court on Wednesday referred to another bench the pleas of the Reserve Bank of India and others challenging a Bombay High Court order that quashed a decision of the Yes Bank administrator to write off additional tier 1 bonds worth Rs 8,415 crore as part of a bailout. Additional Tier 1 (AT-1) are […]
RBI cancels registration of Mumbai-based X10 Financial Services, ET LegalWorld
The Reserve Bank of India on Tuesday said it has cancelled registration of X10 Financial Services Ltd, a non-banking financial company (NBFC), due to irregularity in its digital lending operations. The Mumbai-based company was providing loans through several service providers (mobile apps), including Wecash Technology, XNP Technology, Yarlung Technology, Xinrui International, Omelette Technology, Mad-Elephant Network […]
Former RBI deputy guv Jain to chair panel to evaluate bank licence applications, ET LegalWorld
The Reserve Bank of India has announced the composition of a new external committee under former deputy governor MK Jain for evaluating applications for universal banks and small finance banks. Applications for universal banks and small finance banks will be initially screened by the central bank to ensure prima facie eligibility of the applicants. The […]
Settlement of dues only after examining all options, RBI to ARCs, ET LegalWorld
The RBI on Monday modified guidelines related to Asset Reconstruction Companies (ARCs), envisaging that settlement with the borrower should be undertaken only after all possible ways to recover dues have been examined. After a review, it has been decided to revise guidelines on the settlement of dues payable by the borrowers to ARCs, a Reserve […]
RBI study, Legal News, ET LegalWorld
The benefits of intervening in the foreign exchange market for emerging market economies like India far outweigh the costs, according to an article published in RBI’s Jan bulletin. The authors highlight that RBI’s interventions, both in the spot and forward markets, have effectively countered the volatility of capital flows. The report finds evidence of “symmetric […]
Fintechs shun quick credit as RBI cracks down on unsecured loans, ET LegalWorld
A slew of fintech startups that offered short-term credit, primarily to office goers, are either discontinuing or scaling back their offerings as the central bank tightens its norms for short-duration unsecured lending, people aware said. Fintech startup Uni Cards, which offered an ‘advance salary’ product named Paychek, recently shut down the product. In a communication […]
KredX gets RBI nod to launch TReDS platform, Legal News, ET LegalWorld
Supply chain finance platform KredX on Thursday said it has received the Reserve Bank of India’s (RBI’s) final approval to commercially launch its Trade Receivables Discounting System (TReDS) platform under the brand name DTX (Domestic Trade Exchange). With this approval, KredX became the fifth RBI-regulated TReDS platform in India, marking a pivotal step in its […]
RBI lifts restrictions on Asirvad Micro Finance, DMI Finance, Legal News, ET LegalWorld
The Reserve Bank of India (RBI) has decided to lift restrictions placed on Asirvad Micro Finance and DMI Finance, with immediate effect, which was initially imposed in October 2024. On October 21, 2024, RBI imposed restrictions on the sanction and disbursal of loans on these two entities. In the times that followed, the two companies […]
HDFC Bank gets RBI approval to hike investments in 3 banks, Legal News, ET LegalWorld
HDFC Bank has informed the stock exchanges that it has received approval from RBI for its group entities to hike investments in Kotak Mahindra Bank, AU Small Finance Bank, and Capital Small Finance Bank up to 9.5% of their share capital. RBI, through letters dated Jan 3, granted approval to HDFC Bank, as the promoter […]