Representational Image New Delhi: Digital payments firm Paytm posted a wider loss in the fiscal fourth quarter on Wednesday, hurt by weakness in its payments and financial services business after the central bank shut down its banking unit. The company’s consolidated net loss was at Rs 5.5 billion as it took an impairment of Rs … Read more
Supreme Court sent a notice to Centre, RBI over alternate method of digital KYC for acid attack survivors New Delhi: The Supreme Court today sought a response from the Centre, the Reserve Bank of India and others on a plea seeking an alternate digital KYC (Know Your Customer) process for acid attack survivors and individuals … Read more
Central bank has been pushing lenders to adopt efficient customer service standards. (File) Bengaluru: India’s Bank of Baroda said on Wednesday the central bank has lifted restrictions on onboarding customers through its mobile application. The Reserve Bank of India had stopped Bank of Baroda from adding customers to its mobile app in October, citing “certain … Read more
The letter has been sent in the aftermath of action against non-bank lender IIFL Finance: Report (File) Mumbai: India’s central bank has asked non-bank finance companies (NBFC) to strictly adhere to a cap of 20,000 rupees ($240) in cash loans, according to a letter seen by Reuters and two people aware of the development, in … Read more
The RBI has invited comments from stakeholders on the draft circular by May 31 (Representational) The RBI on Friday released draft guidelines on digital lending to ensure transparency in the aggregation of loan products from multiple lenders by lending service providers (LSP) so that borrowers get prior knowledge about all credit offers that are available … Read more
Eligible small finance banks will have to provide a detailed rationale for the transition The Reserve Bank of India (RBI) on Friday released a set of criteria that small lenders need to achieve, including performance metrics and market listing, to become a universal bank and provide comprehensive services to both retail and corporate clients. The … Read more
Uday Kotak built his Kotak Mahindra Bank Ltd. over decades to become Asia’s richest banker. After India’s regulator slapped his bank with a surprise ban, he’s facing one of his biggest tests yet – and a dip in wealth. The lender’s shares tumbled as much as 13% on Thursday after it was barred from adding … Read more
Kotak Mahindra Bank is now prohibited from issuing new credit cards. The Reserve Bank of India (RBI) has instructed Kotak Mahindra Bank to stop onboarding new customers online and through mobile banking platforms with immediate effect. As of March-end, Kotak Mahindra Bank had issued 59.54 lakh credit cards. It is now prohibited from issuing new credit … Read more
About 4,000 fraudulent accounts are reportedly opened every day (Representational) New Delhi: India’s central bank plans to soon change guidelines to permit banks to temporarily freeze accounts suspected of being used to commit cyber crimes, as it battles a rising wave of online crime, three sources told Reuters. The plans come as internal government data … Read more
The bank said it is working with the RBI to address remaining issues. New Delhi: Hours after the Reserve Bank of India prohibited Kotak Mahindra Bank from onboarding new customers online and issuing fresh credit cards, citing issues with the company’s data security and information technology infrastructure, the bank has said it is adopting new … Read more
The RBI said it has decided to place some curbs on the bank in the interest of the customers. New Delhi: Citing data security concerns and deficient IT infrastructure, the Reserve Bank of India has barred Kotak Mahindra Bank from onboarding new customers online and issuing new credit cards with immediate effect. The bank can, … Read more
The bank, it added will continue to undertake banking business with restrictions. Mumbai: The RBI on Tuesday imposed several restrictions, including on withdrawals, on The Konark Urban Co-operative Bank, Ulhasnagar (Maharashtra), in the wake of the bank’s deteriorating financial situation. The eligible depositors will be entitled to receive a deposit insurance claim amount of his/her … Read more