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NBFC's 1,701 licences cancelled in FY19 as RBI cracks the whip

Thursday, July 11, 2019, 8:18 PM

NBFC's 1,701 licences cancelled in FY19 as RBI cracks the whip

The RBI cancelled licences of 1,701 non-banking financial companies (NBFCs) in the year ended 31 March for failing to meet minimum capital requirements, according to data compiled by Mint. As many as 779 licences were cancelled in October and November, just after the crisis in the shadow banking sector unfolded with Infrastructure Leasing and Financial Services Ltd (IL&FS) defaulting on debt repayments.

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1,701 NBFC licences cancelled in FY19 as RBI cracks the whip

Thursday, July 11, 2019, 6:37 PM

1,701 NBFC licences cancelled in FY19 as RBI cracks the whip

The RBI cancelled licences of 1,701 non-banking financial companies (NBFCs) in 2018-19 for not meeting minimum capital requirements, according to the data. Nearly 779 licences were cancelled in October and November 2018, soon after IL&FS defaulted on debt repayments, sparking a crisis in the sector. RBI had cancelled 26 NBFC licences in 2017-18.

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Govt asks banks to appoint GM-level officer to address MSME sector woes

Friday, June 28, 2019, 8:30 AM

Govt asks banks to appoint GM-level officer to address MSME sector woes

In a bid to promote MSME sector, the government Thursday asked banks to appoint a general manager-level official to resolve the problems being faced by micro and medium enterprises which contribute significantly towards employment generation and exports. The MSME sector has been a focus of the Narendra Modi government as it plays a critical role in promoting economic growth.

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RBI to create 'specialised supervisory, regulatory cadre'

Wednesday, May 22, 2019, 12:26 PM

RBI to create 'specialised supervisory, regulatory cadre'

The Reserve Bank of India's Central Board met today in Chennai and reviewed current economic situation, global and domestic challenges and various areas of operations of the central bank. With a view to strengthen the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies (NBFCs), the Board decided to create a specialised supervisory and regulatory cadre within the RBI.

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RBI extends ombudsman scheme to non-deposit taking NBFCs

Saturday, April 27, 2019, 12:01 PM

RBI extends ombudsman scheme to non-deposit taking NBFCs

In a move to improve customer confidence in NBFC lending routes, the Reserve Bank of India has announced to extend the ambit of Ombudsman scheme for NBFCs to all eligible non-deposit taking NBFCs as well, effective Friday. The scheme which lays down rules for redressal mechanism in cases of customer complaints was earlier applicable only to deposit-taking NBFCs.

News

 
Corporate tax cut hinges on GST revenue: Arun Jaitley

Wednesday, March 6, 2019, 7:58 PM

Corporate tax cut hinges on GST revenue: Arun Jaitley

Stating that NDA government, if voted back to power, would consider reducing the corporate tax rate for all firms to 25% provided the GST collections improve, finance minister Arun Jaitley told industry captains to pass on benefits of recent GST cuts to consumers by lowering prices. The minister said that GST is now on the track and is in process of fast settling down.

News

 
RBI bundles NBFCs into 1 type, offering operational flexibility

Saturday, February 23, 2019, 9:03 AM

RBI bundles NBFCs into 1 type, offering operational flexibility

To provide greater operational flexibility to non-banking lenders, the RBI created a single-category for them by bundling their present three-tier structure. The central bank also decided that exposures to all NBFCs, excluding core investment companies, will be risk weighted as per credit-ratings. Both the decisions were first announced at the last bi-monthly review of the monetary policy in the statement on developmental and regulatory policies.

Article

 

13 February 2019, Wednesday

Gold Loan Interest Rates

What is Gold Loan?  Gold loan or loan against gold, is a secured loan in which you pledge gold ornaments as security with a bank or NBFC. ...

Article

 

13 February 2019, Wednesday

Fixed deposit interest rate

A fixed deposit is an investment instrument offered by banks and non banking financial companies NBFCs, where investors deposit money for a higher rat ...

Article

 

08 February 2019, Friday

Education Loan Interest Rate In India

What is Education loan? Education loan is the best way to fund education-related expenditures, without disturbing the finances of your family. Thi ...

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