Page 5 - Master Direction News Today

The central bank had in August MPC announced to issue a direction on managing risks and code of conduct in outsourcing of financial services.

The Reserve Bank of India (RBI) has tightened customer due diligence (CDD) norms by requiring banks and regulated entities to adopt a risk-based approach for periodic updating of Know Your Customer (KYC) information. The amendments to the Master Direction on KYC follow government instructions related to money laundering rules, unlawful activities, and the prevention of weapons of mass destruction. The RBI has also updated instructions in line with recommendations from the Financial Action Task F...

As per the RBI governor, the consolidation of master guidelines will fine tune the redressal of customers complaints. In November 2021, the RBI announced the Integrated Ombudsman by merging three different ombudsman schemes. The current announcement deals with streamlining the operational aspect of the ombudsman scheme to make it easier for customers to file complaints.

The Reserve Bank of India (RBI) has decided to issue a consolidated Master Direction to strengthen the Internal Ombudsman (IO) mechanism in banks and regulated entities to enhance customer protection."Based on the learnings from the ...

While expanding the scope for regulated entities (REs) which can classify borrowers as wilful defaulters, broadening the definition of wilful default, and refining the identification process, the draft master directions issued by Reserve Bank of India (RBI) mandates a review and finalisation on wilful default aspects within six months after the loan is classified as a non-performing asset (NPA).

RBI in its draft master directions issued has proposed that lenders should label defaulting borrowers as wilful defaulters within six months

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...

Are you a holder of torn, soiled, damaged currency note? Do no worry, take the note(s) and go to any bank branch. They will exchange the notes and give you fresh currency notes. However the value of the exchange depends upon the condition of the torn, damaged, etc currency notes.

RBI governor Shaktikanta Das said the monetary policy committee had decided to keep the repo rate steady at 6.5 per cent.

The Reliance Asset Reconstruction Company (RARC), a subsidiary of Reliance Capital Ltd., has challenged the Reserve Bank of Indias Master Circular on the Swiss Challenge Mechanism as being discriminatory, unjust and arbitrary.