-PTI/ Financial Express As per the directions, the bank shall not, without the prior approval of the RBI, grant or renew any loans and advances, make any investment, incur any liability, and disburse or agree to disburse any payment. The Reserve Bank of India (RBI) on Friday imposed several restrictions on Laxmi Cooperative Bank Ltd, Solapur, including a Rs 1,000 cap on withdrawals for customers, due to deterioration in its financial position. The...
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After 5 years of demonetisation, black money is very much around -Dinesh Unnikrishnan
-MoneyControl.com The Narendra Modi government expected demonetisation to extinguish at least Rs 3-4 lakh crore of black money. However, RBI data show that 99% of the money that was invalidated came into the banking system. Meanwhile fresh seizures of black money continue. On November 8, 2016, Prime Minister Narendra Modi appeared on national television and said that all Rs 500 and Rs 1,000 notes would become invalid at midnight. The announcement at...
More »In bank deposits, a tale of strength and sorrow -Aparna Iyer
-Livemint.com The banking system’s y-o-y deposit growth had slowed to 8.62% by August from about 10% at start of FY22 It is a foregone conclusion that the covid-19 pandemic forced Indians to save more by curtailing the opportunities to spend in FY21. This has stretched to the current financial year because of the second wave of the pandemic. However, a look at the ownership pattern of bank deposits reveals some interesting nuggets. Please...
More »RBI proposal to loosen lending norms for private players a catastrophe in the making -Rana Mitra
-Frontline.thehindu.com The RBI’s proposal to loosen regulations for private lenders in the microfinance space will have disastrous consequences for the poor, especially women in rural areas. Microfinance, a category of financial services aimed at serving people from low-income households who lack access to conventional banking credit and services, was originally designed by international finance capital institutions such as the World Bank as an alternative to providing direct concessional credit to the poor—which...
More »Delhi HC slams Centre, RBI for inaction on usurious mobile vendors
-The Hindu RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform The Delhi High Court on Tuesday observed that online lending platforms, offering short-term personal loans through mobile apps, cannot be allowed to charge exorbitant interest and processing fees. “Rate of interest should not be exorbitant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action,...
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