Draft Master Direction News Today

The RBI has invited comments on the draft directions from ETP operators, banks, market participants and other interested parties by May 31, 2024.

The RBI proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8am

"The underlying principle of the proposed directions is that the RE should ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations to customers nor impede effective supervision by the supervisory authority," the Reserve Bank of India said after proposing stricter norms for recovery of overdue loans.

The RBI on Thursday proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8 in the morning and after 7 in the evening. Regulated Entities (REs) like banks and NBFCs should not outsource core management functions, including policy formulation and decision-making functions like determining compliance with KYC norms and according sanction for loans, said the Draft Master Direction on Managing Risks and Code of...

The Reserve Bank of India (RBI) has proposed stricter regulations for dealing with wilful defaulters. Under these proposed norms, banks and other lenders will be required to scrutinize all accounts with an outstanding amount of Rs 25 lakh or more to determine if the borrower is intentionally avoiding loan repayment.The RBI has released a 'Draft…

The Reserve Bank on Thursday proposed tighter norms for treatment of wilful defaulters under which banks and other lenders will be required to examine all accounts with outstanding amount of Rs 25 lakh and more to see if the borrower is deliberately not repaying the loan. The central bank has issued a Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters on which comments have been invited till October 31. According to Reserve Bank of India (RBI), the draft Master Directi...

New legal considerations and contractual requirements for IT service providers to banks and financial institutions in India. IT service providers to be under additional level of compliance, audit and oversight, data storage norms and cyber security incident reporting.