Personal loans by banks, NBFCs tripled in last 6 years to Rs 51.7 trillion: Report
For NBFCs, loans with a ticket size below Rs 1 lakh constituted over 85 per cent of loan originations by volume in FY23.
For NBFCs, loans with a ticket size below Rs 1 lakh constituted over 85 per cent of loan originations by volume in FY23.
The state government today asked banks to speed up the clearance of pending applications under Bhabishyat credit card and West Bengal Student Credit Card scheme (WBSCC).
All sectors including auto, banks, consumer durables FMCG, healthcare witnessed a positive performance in September.
Kumar, who is also a former State Bank of India chairman, added that the fintech companies are challenging the legacy system in an innovative way.
India’s top ten wilful defaulters cumulatively owed Rs 40,825 crore to banks, as of March 31, the Ministry of Finance said.
India’s top ten wilful defaulters cumulatively owed Rs 40,825 crore to banks, as of March 31, the Ministry of Finance…
The RBI, the extended arm of the government, which licenses the banks, has full responsibility to ensure full protection to bank deposits. The government therefore needs to regulate fully and protect all deposits in all banks because the deposits belong to the depositing public no matter whether the bank is privately owned, governmentowned, or a cooperative
Scams are a product of greed and immorality. However, abuse of the financial system has been made possible because of the system's weaknesses. In an age which heralds technology as the silver bullet, we should not overlook the most critical source of competitive advantage - the people. Compliance and controls are dependent on the people running it. The most agile auditors will struggle to stop managers determined to hide their dirty laundry from view
The minister further said that the PM Svanidhi scheme gave small loans to needy people without the condition of a collateral or a CIBIL score.
The Supreme Court on Monday ruled that the banks should give a personal hearing to borrowers before classifying their account as fraudulent, in accordance with the RBI's Master Circular of July 1, 2016, noting that the action of classifying an account as fraud not only affects the business and goodwill of the borrower, but also the right to reputation.
