Business Standard

RBF assets set to go under the hammer

Related News

The has decided to sell assets worth Rs 35 crore of (RBF Nidhi Ltd), a non-banking finance company which went under due to mismanagement of funds in 1999.

RBF had defaulted in paying about Rs 454 crore to 1.92 lakh depositors in 1999, following which about 20,000 depositors lodged police complaints against the company seeking immediate refund. However, only around Rs 150 crore has been settled so far. About 50,000 people, whose deposits were less than Rs 5,000, got the full amount.

The total outstanding of 266 borrowers was Rs 490.84 crore, including the loan amount of Rs 282.08 crore and the interest of Rs 208.76 crore. There were 1,82,183 depositors.

Earlier, RBF Depositors Welfare Association said that around 35,000 depositors were no longer alive and the amount would go to their nominees.

The recent Madras High Court’s direction came as good news for the depositors.

Read more on:   
|

Read More

Going out of Citi Suvidha? Keep higher balance

Citi India’s ‘Suvidha’ salary account holders will need to maintain a monthly net relationship value of Rs 1 lakh if their salary is no longer ...

Quick Links

More news from Finance Rss icon

HDFC Bank launches 11 toll-free numbers to cater to 32 nations

The toll-free numbers are intended to provide enhanced convenience and accessibility for customer travelling overseas

Tata AIA gets brand makeover with 'Making Good happen' campaign

Firm to reach all customers --- existing, prospective and customers of Citibank, with whom it has a bancassurance deal

All Jan Dhan bank accounts be linked to Aadhaar: PM

He further asked bankers to speed up the process and redouble efforts on financial literacy

Back to Top