The Reserve Bank of India (RBI) has issued a notification stating that housing finance companies (HFCs) will be treated as one of the categories of Non-Banking Financial Companies (NBFCs) for regulatory purposes and it will come under its direct oversight. Finance Act of 2019 The Finance Act, 2019 has amended the National Housing Bank Act, ..
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In order to address the liquidity issues haunting the NBFC’s, the government has announced Rs 1-lakh crore Partial Guarantee Scheme for NBFCs and HFCs (non-banking and housing finance companies). Partial Guarantee Scheme Under the Scheme, public-sector banks will purchase high-rated pooled assets of financially sound non-banking finance companies (NBFCs). To purchase high-rated pooled assets of ..
The Reserve Bank of India (RBI) has liberalised the norms for Gold Monetisation Scheme and has directed all lenders to promote and publicise the Gold Monetisation Scheme (GMS) from their branches. This underscores the intent of the RBI to make the Scheme a success. Changes brought in by the RBI The changes brought in by ..
Indian Posts has made a decision to convert India Post Payments Bank into Small Finance Bank. This will enable the Bank to offer small loans to customers. Payment Banks Payments banks were introduced by the Reserve Bank of India (RBI) to meet the government’s financial inclusion target. A payment Bank will be set up as ..
The Andhra Bank has partnered with Floatbot to offer an Artificial Intelligence-powered virtual assistant for online banking users. The AI chatbot named “ABHi” – made by Floatbot – is integrated with Core Banking Servers (CBS) of Andhra Bank and will automate customer support for 5 crore Andhra Bank account holders. This AI chatbot solution can ..
The Punjab & Sind Bank has set up the Centralised MSME & Retail Group (Cen-MARG) for credit facilities at its head office in New Delhi. Now, all MSME and retail credit approvals will be performed at this centralised set up. This will help branches focus better on lead generation for retail and MSME lending and ..
The Reserve Bank of India (RBI) has constituted a six-member task force, headed by Canara Bank chairman T.N. Manoharan, on the development of secondary market for corporate loans. The terms of reference of the task force would include review of the existing state of the market for loan sale or transfer in India as well ..
The Reserve Bank of India (RBI) has allowed large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs. 5 per packet of 100 pieces to a higher rate subject to a maximum of Rs. 8 per packet. For this, only a Currency Chest ..