Page 4 - Key Fact Statement News Today

Last month, the RBI banned public sector Bank of Baroda (BoB) from onboarding any new customers onto its bob World mobile application three months after a news network said the bank linked bank accounts to unregistered mobile numbers and signed them up to the application. Earlier in December 2020, the RBI had banned HDFC Bank the largest issuer of credit cards in the country, from issuing new cards and introducing digital products after multiple systemic glitches were reported in the preceding t...

Bajaj Finance informed stock exchanges that the supervisory restrictions will remain in place till the deficiencies observed are made good by the company to the satisfaction of RBI, in terms of issuance of Key Fact statements to the borrowers.

The Reserve Bank of India has issued orders to Bajaj Finance, asking the company to stop the disbursal and sanction of loans under two of its lending products with immediate effect. What are the orders and what could be the reason?

These supervisory restrictions will be reviewed upon the rectification of the said deficiencies to the satisfaction of the RBI, it said.

These guidelines aim to protect consumers from exorbitant fees and interest rates

RBI issues guidelines for penal charges in loan accounts to ensure transparency and credit discipline. The new rules will be effective from January 1, 2024.

Penal charges are additional charges a lender levies on a borrower in case of non-compliance with the payment schedule. RBI has told lenders that no further interest can be computed on such charges.

The RBI has issued a circular on August 18, 2023 to penal charges that banks and other lending institutions can charges in case of non-compliance of loan contract with the borrower. The new guidelines will be effective from January 1, 2024.

The new set of rules, which come into effect from January 1, 2024, are being introduced to promote fairness and transparency in the lending sector.

The Reserve Bank of India (RBI) has released fresh directives targeted at regulated entities (REs) concerning punitive fees within loan accounts. The goal