The Washington, D.C based international organization, International Monetary Fund (IMF)decreased India’s GDP growth forecast to 4.8 percent for this fiscal year, which is 1.3 percentage point lesser than its previous estimates. Chief Economist of the IMF, Gita Gopinath stated in a blogpost that the slow down in the Indian economy which resulted in weak rural ..
Non-Banking Financial Companies: GK, Current Affairs, Questions, Trivia and News
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, ..
The Reserve Bank of India (RBI) has launched a single window portal, Complaint Management System for addressing customer complaints relating to banks and non-banking finance companies (NBFCs) through an online portal. Complaint Management System The Complaint Management System (CMS) is a software application of the RBI to facilitate RBI’s grievance redressal process. Complaints can be ..
The Reserve Bank of India (RBI) has proposed stringent norms to strengthen and raise the standard of asset-liability management (ALM) framework of struggling non-banking financial companies (NBFCs). Stringent Norms RBI proposes to introduce liquidity coverage ratio for all deposit-taking NBFCs and non-deposit taking NBFCs with an asset size of Rs 5,000 crore and above. Liquidity ..
The Reserve Bank of India has decided to create a specialised supervisory and regulatory cadre for strengthening the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies. Why the Specialised Cadre? There were criticisms against the central bank that the RBI was lax in the supervisory functions, especially in timely detection ..
Higher Education Financing Agency (HEFA) is a proposed not-for-profit agency with initial capital base of Rs. 1000 Crore. It was announced in Union Budget 2016-17. Organization The HEFA will be set up with joint participation by the government and philanthropic donors. It would be set up under Companies Act and will be registered with RBI ..
In 1993, Reserve Bank of India came up with its new guidelines regarding entry of the private sector in Banking. On the basis of these guidelines, RBI issued licenses to Nine banks. Later, two more banks were given license. One was Yes Bank and another was Kotak Mahindra Bank, which was allowed to transform itself ..