Page 15 - Master Direction News Today

The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, RBI said.

The Reserve Bank of India (RBI) said on Monday it has imposed a monetary penalty of Rs 17.63 lakh on Manappuram Finance Limited for non-compliance of norms related to Know Your Customer (KYC) and Prepaid Payment Instruments (PPIs).

This approval will remain valid for a period of one year, i.e., till March 22, 2023.

New RBI regulations would strengthen MFI ecosystem: India Ratings

Microfinance lenders cannot charge usurious rate of interest from borrowers, the Reserve Bank said on Monday, and also asked them to put in place a ceiling on pricing of loans and related fees. A microfinance loan is defined as a collateral-free loan given to a household having an annual income of up to Rs 3 lakh.

In the past, the central bank used to announce the rates on quarterly basis.

Get latest articles and stories on Latest News at LatestLY. The microfinance industry on Monday welcomed the revised directions for microfinance loans issued by the Reserve Bank of India (RBI) and said the harmonised regulations will usher in a new era, bring in uniformity and provide a level playing field in the sector. Latest News | RBIs Harmonised Regulations for Microfinance to Provide Level Playing Field, Increase Competitiveness: MFI Players.

tru.ID launches SIM-based authentication services in India to help digital banks, FinTechs and e-commerce companies prevent identity fraud and secure transactions Mobile verification platform tru.ID

The Prime Minister recently called for a FinTech revolution with a security shield. The RBI’s working group on digital lending has submitted its recommendations, making it an opportune time to a

The banking share rose 2.14% to Rs 966.60 against the previous close of Rs 946.30 on BSE.