The central bank on March 4 had imposed an embargo on IIFL Finance’s gold loan business and then on JM Financial Products’ loan against shares & IPO financing business the next day, citing persistent regulatory non-compliance and governance issues. Earlier on January 31, RBI had barred Paytm Payments Bank from accepting fresh deposits and doing …
Following the Reserve Bank of India (RBI) directives, barring JM Financial Products from financing against shares and debentures with immediate effect, JM Financial said it undertook a detailed review of the order issued by the apex bank and strongly felt that there was no material deficiencies in its loan sanctioning process. JM Financial said it …
The Reserve Bank of India (RBI) has issued directions to card issuers not to enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks. As per this direction, the card issuers will have to provide an option to their eligible customers to choose from multiple …
The Reserve Bank of India has imposed an immediate ban on IIFL Finance from approving or disbursing gold loans due to significant supervisory concerns identified in its gold loan portfolio. RBI bars IIFL Finance from sanctioning and disbursing gold loans. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Despite this restriction, IIFL Finance is permitted to manage its existing …
MUMBAI :Customers will soon be able to pay businesses through net banking irrespective of whether their banks and the merchants’ payment aggregator are integrated, with the central bank ironing out one more wrinkle in India’s rapidly evolving digital payments ecosystem. “We have given approval for implementing such an interoperable system to NPCI Bharat BillPay Ltd. …
With less than a fortnight to go for Paytm Payments Bank to wind down its operations, highly placed sources in the banking circles say the bank could be the first significant instance in over two decades where the Reserve Bank of India may not hesitate to take a drastic step such as cancellation of its …
Rising interest rates seem to be driving more people to go in for term savings plans as the share of such instruments in total bank deposits increased to 60.3 per cent in December 2023 from 57.2 per cent in March 2023, according to the Reserve Bank data. On an incremental basis, term deposits accounted for …
Amid a regulatory crisis for the Paytm Payments Bank, the National Highways Authority of India (NHAI) is mulling over the extension of the deadline for completing Fastag KYC by March-end. Earlier, the nodal agency for highways set the February 29 deadline and asked the Fastag users to shift to the “One vehicle-one Fastag” system. “In …
The Q3 growth figure is almost twice as fast as the 4.3% recorded in Q3 of FY23. A Mint poll of 17 economists had thrown up a median of 6.6%. Other predictions, too, were similar. The Q3 figure reported by the statistics ministry is also higher than the 7.6% reported in Q2; this number was …
The Reserve Bank of India (RBI) on Friday disclosed a substantial decrease in the circulation of ₹2000 denomination banknotes since the announcement of their withdrawal. As per the latest data, the total value of ₹2000 banknotes in circulation has plummeted from ₹3.56 lakh crore on May 19, 2023, to a mere ₹8470 crore by February …