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

ICICI Bank Q2 net up 15% even as bad loans rise

The net interest income grew by 15% to Rs 4,657 crore

Bank credit dropped in 1st half of October

Though credit demand has been tepid for several quarters, this fortnightly dip came just ahead of the Diwali week, the main festive season for ...

Rajan rate-cut bets spur Asia's biggest swap drop

The fixed payment to lock-in rates for a year using the derivatives fell 37 basis points this month, the most since September 2013, to 8.10%

Back to Top