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Reserve Bank of India: Interoperable Cash Deposit Machines Becomes Reality

Bank customers might in the near future be able to deposit cash in their accounts from any bank’s cash deposit machines(CDMs). The Reserve Bank of India (RBI) is considering a proposal to link these machines with the National Financial Switch (NFS). The latter is the backbone of Automated Teller Machines in the country, being managed by National Payments Corporation of India (NPCI). The organisation has ... Read More »

RBI to Issue Licenses of Small Banks and Payments Banks

The Reserve Bank of India has received 72 applications for small finance banks and 41 for payments banks The Reserve Bank of India (RBI) is processing about 100 applications for small finance banks and payments banks and might issue licenses in a few months. “We are processing them (applications) and hope to issue licenses to fit-and-proper applicants in a few ... Read More »

Reserve Bank of India Enforces Transparency

Disclosure of Full Information on Credit Conditions to Borrowers The Reserve Bank of India (RBI) has asked banks to be more transparent in displaying information about the interest rate and the fees charged on loans. Lenders have been asked to display the interest range of loans in the past quarter, along with the average interest rate at which loans have ... Read More »

CIBIL: Expanding Information Sources to Rate First Time Borrowers

The Credit Information Bureau (India) Ltd (CIBIL) has written to Reserve Bank of India (RBI), Irda and Trai to enable the Bureau to collect data from service providers that would facilitate the first time borrowers to have an indicative credit score. Speaking on the sidelines of Fifth Annual Credit Information Conference, organised by CIBIL, M V Nair, chairman, CIBIL said that ... Read More »

Reserve Bank of India (RBI) Tightens the Noose on Wilful Defaulters

Banking, markets regulators plan to shut all funding avenues for wilful defaulters Banking and markets regulators are working to ensure that wilful loan defaulters are totally shut out from any kind of funding, even from the markets, to end the practice of investors enriching themselves even as they run companies into the ground.  This is the latest initiative by Reserve ... Read More »

RBI Mandates ARCs to Provide Data to Credit Bureaus

A day after it tightened the norms for asset reconstruction companies (ARCs), the Reserve Bank of India (RBI) asked ARCs to become a member of at least one credit information company (CIC), and periodically report the data on the borrowers to them. The banking watchdog said the securitisation companies (SCs) and asset reconstruction companies (ARCs) should put up details of suit filed ... Read More »

RBI India Calls for Free Credit Reports

The Reserve Bank of India (RBI) told credit bureaus to provide free credit reports stating it would help detect identity theft at an early stage.  It would also help in promoting financial discipline among loan seekers.  A Reserve Bank of India committee report stated:  “The committee has suggested that providing customers with a free copy of their credit information reports ... Read More »

Reserve Bank of India (RBI): Credit information Firms Failed to Warn on Asset Quality

The Reserve Bank of India (RBI) rapped credit information companies (CICs) for failing to provide early warnings on the impending deterioration in banks’ asset quality. “There is credit information about individuals.  But credit information companies have not able to give us any clue for policy-level changes.  At the level of the regulator, CICs can play a role in providing insights ... Read More »

Credit Scoring: An Effective Way to Ensure Availability of Timely and Adequate Credit to Micro and Small Enterprises (MSEs)

In a keynote address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at the Training Workshop on Credit Scoring Model (Mumbai Nov. 29th, 2013), stated that credit scoring offers a modern alternative for the traditional method of evaluating loans for small businesses where loans were approved on the basis of the banker’s qualitative judgment and ... Read More »

EXPERIAN WELCOMES INDIAN GOVERNMENT DECISION ON FOREIGN OWNERSHIP IN CREDIT BUREAUS

Experian® has welcomed the announcement on 30 January by the Union Cabinet that it will allow foreign investment up to 49 per cent in Credit Information Companies, subject to specific approval by the Government and regulatory clearance from the Reserve Bank of India (RBI).  Experian has previously announced that it has made an application for a license to establish a ... Read More »

Reserve Bank Of India

The Reserve Bank of India is expected to extend the Basel ll implementation deadline to March 31, 2007. “Most banks won’t meet it anyway” was the comment of the Asian Banker (Source: Asian Banker). BIIA Newsletter April – 2006 Issue Read More »