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RBI tightening on unsecured loans: White goods firms fear margin squeeze![img](/img/external-link.svg)
The Reserve Bank of India’s (RBI) tightening on easy personal loans is expected to impact the industry. During the recently passed festival season, consumer durables companies started offering longer tenure loans, zero down payments, and zero interest on a wider assortment of products. Five years ago, the number of white goods sold through easy financing options stood at 20%.
Penalties rise as RBI turns up scrutiny of banks, NBFCs | Mint![img](/img/external-link.svg)
RBI’s move may be in the right direction to improve audit quality, but may be too stringent for many entities, NBFCs said. The reasons included non-compliance with guidelines on lending, delay in paying interest to senior citizens, and not specifying the date of interest rate reset on some loans.
RBI rule on unsecured loans to hit lenders' capital, loan growth: Analysts![img](/img/external-link.svg)
RBI increased the risk weight for unsecured loans like personal loans and those on the credit card from 100 per cent to 125 per cent. Risk weight for bank loans to higher-rated NBFCs, too, was increased by 25 percentage points. The new norms are applicable with immediate effect.
Guru Nanak Jayanti 2023 Bank Holiday: Check State-Wise Full List Here![img](/img/external-link.svg)
Guru Nanak Jayanti 2023, also known as Gurupurab or Prakash Parv, is a joyous and sacred festival celebrated by Sikhs. This year the auspicious day is observed on Monday, November 27th. According to the RBI's holiday calendar, most banks will remain closed for a total of 15 days in November.
How RBI's new regulations on consumer credit will affect fintech lenders | Mint![img](/img/external-link.svg)
RBI has tightened norms for consumer credit as it asked banks and NBFCs to assign a higher risk weight for unsecured personal loans. The move comes within a month of RBI Governor Shaktikanta Das flagging concerns over high growth seen in the consumer credit segment.
How RBI's new regulations on consumer credit will affect fintech lenders | Mint![img](/img/external-link.svg)
RBI has tightened norms for consumer credit as it asked banks and NBFCs to assign a higher risk weight for unsecured personal loans. The move comes within a month of RBI Governor Shaktikanta Das flagging concerns over the high growth seen in the consumer credit segment.
Can non-residents borrow from relatives and deposit in an NRO account without proof of funds? | Mint![img](/img/external-link.svg)
Under the provisions of FEMA non-resident Indians and persons of Indian Origin (POI) are allowed to buy residential properties in India without having to take any specific permissions from the Reserve Bank of India. As per the RBI guidelines gifts and loans received from specified relatives can be deposited in the NRO account.
Mint Explainer: Why are the RBI governor and finance minister telling non-bank lenders to be cautious? | Mint![img](/img/external-link.svg)
Nirmala Sitharaman said on Thursday that non-bank financial companies (NBFCs) and small finance banks should be cautious while lending. The previous day, RBI governor Shaktikanta Das said these lenders should diversify their sources of funding.
Mint Explainer: Why are the RBI governor and finance minister telling non-bank lenders to be cautious? | Mint![img](/img/external-link.svg)
RBI governor Shaktikanta Das said these lenders should diversify their sources of funding. Icra said the growing financing requirements for NBFCs to meet the demand for consumer and personal loans had given an impetus to these sales.
Watch | Why Ranbir Kapoor uses Alia Bhatt's Spotify premium? Netizens say ‘RBI needs to hear’ | Mint![img](/img/external-link.svg)
Bobby Deol suggests an annual subscription to avoid inconvenience. In 2021, RBI launched the New Recurring Payment Rules under which subscription-based app users will be required to give their consent.
RBI supersedes Abhyudaya co-op bank board, appoints administrator![img](/img/external-link.svg)
The Reserve Bank of India (RBI) on Friday superseded the Board of Directors of Abhyudaya Cooperative Bank Ltd. for a period of 12 months. The central bank has also appointed a ‘committee of advisors’ to assist the administrator to discharge his duties.
RBI penalises ₹10.34 crore on Citibank, BoB, IOB for non-compliance![img](/img/external-link.svg)
RBI penalises ₹10.34 crore on Citibank, Bank of Baroda, Indian Overseas Bank for non-compliance. The highest penalty of ⁹5 crore has been imposed on Citibank NA. The fines were for contravention of various regulatory norms.
RBI seizes Abhyudaya Bank | Mint![img](/img/external-link.svg)
The Reserve Bank of India (RBI) on Friday superseded the board of Mumbai-based Abhyudaya Cooperative Bank for a year. However, the RBI has not placed any business restrictions on the bank and said it shall continue to carry on its normal banking activities under the guidance of the administrator.
RBI slaps penalties totaling ₹10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for non-compliance | Mint![img](/img/external-link.svg)
Citibank, Bank of Baroda, and Indian Overseas Bank fined for contravention of norms. Earlier on 23 November, the RBI imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance.
RBI supersedes Abhyudaya co-op bank board, appoints administrator![img](/img/external-link.svg)
The Reserve Bank of India has superseded the Board of Directors of Abhyudaya Cooperative Bank Ltd. for a period of 12 months. The central bank has also appointed a ‘committee of advisors’ to assist the administrator to discharge his duties. No business restrictions have been placed by RBI and the bank shall continue to carry on its normal banking activities.
RBI makes addition of 19 unauthorised forex trading platforms in Alert List, check details | Mint![img](/img/external-link.svg)
RBI makes addition of 19 unauthorised forex trading platforms in Alert List, check details. According to the list, these entities are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor to operate electronic trading platform.
India’s forex reserve surges by $5.08 billion to $595 billion: RBI data | Mint![img](/img/external-link.svg)
India’s forex reserve surges by $5.08 billion to $595 billion: RBI data. Earlier, there was a decrease of $462 million in forex reserves, bringing the total to $590.32 billion. The reserves suffered a decline as the central bank utilized its funds to safeguard the rupee.
RBI Issues Warning On 19 Illegal Forex Trading Entities; Here's Full List![img](/img/external-link.svg)
RBI Issues Warning On 19 Illegal Forex Trading Entities; Here’s Full List. The warned entities are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized to operate electronic trading platforms (ETPs) for forex transactions.
What is RBI’s latest move to increase risk weight for lending about? | Explained![img](/img/external-link.svg)
RBI has directed banks and non-banking financial companies to reserve more capital. The mandatory risk weight requirement has been increased by 25 percentage points. The immediate effect will likely be higher interest rates for borrowers.
What measures should consumers take in light of RBI's order on unsecured loans? | Mint![img](/img/external-link.svg)
RBI has increased the risk weights on unsecured consumer loans by 25 percent. Unsecured loans are those that are not backed by any collateral. Lenders must put in place additional security measures to protect consumers.