RBI crackdown on errant co-op banks gathers tempo

MUMBAI : Two years because the govt vested extra powers with the Reserve Financial institution of India (RBI) to oversee cooperative banks, the regulator has tightened the leash at the lenders, mechanically enforcing consequences for deviating from regulatory norms. After the disaster at erstwhile Mumbai-based Punjab and Maharashtra Cooperative (PMC) Financial institution, the federal government … Read more

Virtual banks and the promise of better inclusion

Remaining week, federal assume tank NITI Aayog launched a record on virtual banks, providing a template for his or her licensing in India. It stated India already has a era stack to facilitate virtual banks. What objective will those new banks serve, and are we able for them? enewsapp explains. What are the deliberate virtual … Read more

RBI fines Kotak Mahindra Financial institution and Indusind Financial institution

MUMBAI : The Reserve Financial institution of India (RBI) on Monday mentioned it has penalized non-public sector lenders Kotak Mahindra Financial institution and Indusind Financial institution for failing to agree to sure regulatory tips.  On Kotak Mahindra Financial institution, RBI has imposed a penalty of ₹1.05 crore for contravention of the provisions of sub-section (2) … Read more