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Senior bankers think that the cost of funds will continue to swell for a few more quarters till the repricing of deposit rates that have been rising for more than a year gets factored in
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
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
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
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
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.
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
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.
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.
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