RBI asks banks, NBFCs to allow customers to choose multiple networks
It said that it found in a review that some arrangements between card networks and issuers are “not conducive to the availability of choice for customers”.
It said that it found in a review that some arrangements between card networks and issuers are “not conducive to the availability of choice for customers”.
For NBFCs, loans with a ticket size below Rs 1 lakh constituted over 85 per cent of loan originations by volume in FY23.
The stakeholders also discussed prioritizing the upgradation of IT systems and cyber security amid the increase in the use of technology applications.
The governor of the Reserve Bank of India (RBI), Shaktikanta Das, launched a new 'SupTech' initiative Daksh - the central bank's advanced monitoring system - which is expected to make the supervisory processes more robust.
Microfinance was once applauded as the world's most powerful tool for eliminating poverty. The initial microfinance boom brought many benefits. But it is now widely reported that the effects of microfinance loans on poverty, health and other social outcomes have been ‘small and inconsistent'.
NBFCs will also have to report details of dividend declared during the financial year to the RBI.
Credit cost for Commercial Vehicle (CV) finance segment will increase marginally to 2.2 per cent in FY22 from the expected 1.9 per cent in FY21.
On a 30-day rolling basis, gold price has corrected 10 per cent over the past six months, while on an absolute basis it fell twice that rate.
The RBI had announced the scheme on October 9, 2020 which is available up to March 31, 2021.
RBI proposed a reduction in NPA classification norm of 180 days to 90 days.
