RBI announces series of measures to strengthen customer protection
Mis-selling financial products and services by any Regulated Entity (RE) has significant consequences for both customers as well as the RE.
Mis-selling financial products and services by any Regulated Entity (RE) has significant consequences for both customers as well as the RE.
Consequently, the standing deposit facility (SDF) rate remains at 5%, and the marginal standing facility (MSF) rate and the Bank Rate remain at 5.50%.
After amalgamation, the single entity will have capital adequacy in the range of 13-14 per cent, allowing Cooperative Banks to increase their business while meeting RBI's stipulation of capital adequacy.
The Power Ministry had urged the RBI to extend the deadline by six months, but the central bank has rejected the extension request.
