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Regulators' panel brainstorm on taking action on spammers making robo calls

A joint panel of sectoral regulators brainstormed on taking urgent action on spammers making promotional voice, robo and pre-recorded calls in a meeting convened by the telecom regulator Trai on Tuesday. The joint committee of regulators (JCOR) was attended by the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority of India (Irdai), Pension Fund Regulatory and Development Authority (PFRDA), Ministry of Consumer Affairs (MoCA) and Ministry of Electronics and IT (MeitY), an official statement said. The Department of Telecom (DoT) and Home Ministry representatives also attended the meeting as special guests. The regulators deliberated on business entities making commercial voice calls using cloud-based telephony and fixed-line connection-based private exchanges, with hundreds of indicators in violation of Trai's regulations. "These entities should be migrated to the designated 140 series for making promotional call

Shriram Finance plans to raise up to $1.5 bn from overseas, says CEO

Last November, Reserve Bank of India asked all lenders to set aside more capital on loans given to non-banking financial companies (NBFCs)

RBI mulls softer rollout of infra financing norms amid lender pushback

The central bank faced criticism claiming that the new norms may slow down important govt projects like highways and power plants, which are critical for India's economic growth

SaaS startup Finarkein announces raising $4.75 mn in pre-series A round

Company's technology allows enterprises to co-create data products on India's digital public infrastructure

RBI to launch Unified Lending Interface to transform lending space: Das

There should not be in any rush to roll out system-wide CBDC before one acquires a comprehensive understanding of its impact, Das said

What’s Unified Lending Interface (ULI) and why RBI likes it

RBI Governor Shaktikanta Das on Monday (August 26) announced the introduction of the Unified Lending Interface (ULI), marking a step towards revolutionising India’s credit system. Here’s a lowdown on

Tata Sons avoids mandatory listing after repaying Rs 20,000 crore debt

Tata Sons, the holding company of the Tata Group, has voluntarily surrendered its certificate of registration to the Reserve Bank of India (RBI)

RBI's new credit risk standards are game changer for Indian economy

A well-executed model risk management framework can give a lender precise credit assessment, improve customer trust and edge over competition

India's GDP growth likely to have moderated in June quarter: Analysts

Slowdown in key drivers due to LS polls and high base effect: Analysts

RBI cancels registration of Margdarshak Financial Services over high NPAs

The Reserve Bank of India (RBI) has cancelled the registration of Lucknow-headquartered Margdarshak Financial Services Ltd over high net NPAs and defaults on repayment to lenders. As on March 31, 2021, the company failed to maintain the minimum regulatory net owned fund of Rs 5 crore and minimum capital adequacy ratio of 15 per cent stipulated for NBFC-MFI, the RBI said, while cancelling its certificate of registration. As per the statutory audit, as on March 31, 2021, the NBFC was facing cash flow issues and defaulted on repayment of Rs 49.27 crore to its lenders. "Further, the auditors have observed that due to losses (Rs 187 crore) and high net NPAs (Rs 82.37 crore) there is material uncertainty which casts significant doubt on the company's ability to continue as a going concern," the central bank said. Further, delay was observed in finalising the balance sheet for the year ending March 31, 2021, as the same was finalised after nearly seven months, on October 22, 2021. The RB

Govt to appoint new external members to MPC ahead of crucial rate meeting

The selection panel, comprising the governor of the Reserve Bank of India and government officials, will recommend probable candidates in the next two weeks

Rupee to inch up, traders await cues from Powell on interest rate cuts

The rupee has been a laggard in Asia, not benefitting from the increased confidence of the Fed cutting rates at each of the remaining three meetings this year

Why RBI cannot ignore food price pressures in overall inflation management

High food inflation can lead to the unanchoring of inflation expectations, which could significantly complicate overall inflation management

FM Nirmala Sitharaman seeks RBI help to clear RRB dues with states

The finance minister also directed RRBs to become more customer-friendly and use their local connections to further improve performance

RBI includes auto replenishment of FASTag, NCMC in e-mandate framework

Exempts these card issuers from issuing a pre-debit notification

RBI alters rules to allow e-mandate for auto-replenishment of FASTag, NCMC

The Reserve Bank on Thursday modified its e-mandate framework and allowed auto-replenishment of FASTag and National Common Mobility Card (NCMC). The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer's account. In June, the RBI announced that auto-replenishment of balances in FASTag and NCMC, which are recurring in nature but without any fixed periodicity, would be facilitated under the e-mandate framework. "It has been decided to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework," the RBI said in a circular. Payments for auto-replenishment, since they are recurring in nature but without any fixed periodicity, will be exempt from the requirement of pre-debit notification, it added.

RBI's MPC to get new external members as current terms expire in October

The RBI MPC consists of six members: three from the RBI, including the governor, and three external members appointed by the government

Adopt supportive, empathetic approach towards MSMEs: RBI dy guv to lenders

Reserve Bank Deputy Governor Swaminathan J has asked financial institutions to adopt a more sensitive and empathetic approach towards MSMEs, and deploy supportive measures like restructuring options for loans, to support the sector which plays a key role in the economy. In a speech at the Annual Day of the Foreign Exchange Dealers Association of India (FEDAI) here, the deputy governor said MSMEs face challenges like access to affordable finance, delayed payments, infrastructure bottlenecks, and requirements of compliance, among others. The journey of India's economic transformation cannot be complete without the robust development of the MSME sector. "MSMEs are not just the backbone of our economy, they are the engines of growth, innovation, and employment," he said at the event held on Wednesday. However, for these enterprises to truly thrive and scale up, the financial sector must step up with innovative solutions, sensitivity, and a forward-looking approach, Swaminathan said. "

A chance to win Rs 10 lakh prize: RBI launches quiz for college students

RBI90Quiz is general knowledge-based and will feature a multi-level competition, commencing with an online phase

MSMEs' access to formal bank financing hurt due to asset shortage: RBI DG

It is challenging to assess the creditworthiness of small enterprises, says Swaminathan J