Synopsis
Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers.
In the Statement on Development and Regulatory policy issued today by the RBI Governor Shatikanta Das, it has been proposed to merge the three-separate ombudsman schemes for banks, NBFCs and non-bank prepaid instruments. As per the announcement, the Integrated Ombudsman Scheme will be rolled out in June, 2021.
Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers.
RBI plans to ‘harmonise’ regulatory framework for microfinance lenders
February 05, 2021
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The Reserve Bank of India (RBI), on Friday, said that it is looking to review the regulatory framework for microfinance which would be uniformly applicable to all lenders in the microfinance space, including scheduled commercial banks, small finance banks and other such entities. Currently, RBI guidelines on microfinance regulate NBFC-MFIs primarily.
In his monetary policy statement on Friday, RBI Governor, Shaktikant Das, said: “The microfinance sector plays an important role in last-mile delivery of credit to needy segments. In view of the evolving role of the sector and the need for a robust framework for enhanced delivery of last-mile credit and strengthening consumer protection, the Reserve Bank will come out with a consultative document harmonising the regulatory frameworks applicable to various regulated lenders (NBFC-Micro Finance Institutions, Scheduled Commercial Banks, Sma
Money Market Operations as on February 03, 2021
Targeted Long Term Repo Operations 2.0 - - - - -7. Targeted Long Term Repo Operations 2.0 - - - - -7. Targeted Long Term Repo Operations 2.0 Thu, 23042020 1093 Fri, 21042023 7,950.00 4.40D. Net liquidity injected outstanding including todays operations injection absorption - -6,57,919.94 RESERVE POSITIONG.PTI | New Delhi | Updated: 04-02-2021 13:09 IST | Created: 04-02-2021 13:04 IST
Money Market Operations as on February 03, 2021 (Amount in crore, Rate in Per cent) VOLUME WeightedMONEY MARKET (ONE LEG) Avg Rate RangeA. Overnight Segment 4,44,399.47 3.17 0.01-5.30 I. Call Money 8,957.86 3.20 1.90-3.55 II. TripartyRepo 3,44,180.65 3.19 2.90-3.22 III. Market Repo 90,930.96 3.09 0.01-3.36 IV. Repo in Corporate Bond 330.00 3.78 3.30-5.30B. Term Segment I. Notice Money 342.10 2.86 2.50-3.40 II. Term Money@@ 475.50 - 3.15-3.75 III. TripartyRepo 40.00 3.15 3.15-3.15 IV. Market Repo 72.60 3.00 3.00-3.00 V. Repo in Corporate Bond 0.00 - -RB
Highlights
Aims at facilitating collateral free working capital loans.
Loans upto Rs 10,000 of 1 year tenure.
New Delhi: Online food ordering platform Zomato on Thursday announced that it will tie up with street food vendors across 6 cities of India under the Prime Minister Street Vendor s AtmaNibhar Nidhi (PM SVANidhi) scheme.
An exchange of MoU was signed between Mission Director, PM SVANidhi in the Ministry and Vice President of Zomato.
As per the Mou, Zomato will launch a pilot product with 300 street food vendors in 6 cities Bhopal, Raipur, Patna, Vadodara, Nagpur and Ludhiana.
Zomato will provide PAN and FSSAI registrations, digitised menu, fix prices, train and certify vendors in food safety and hygiene, packaging, presentation and use of Zomato App, as part of the training process. It has been learnt that Zomato will upscale to 125 cities.
Photo Credit: PTI
The Reserve Bank of India (RBI) has issued a circular on risk-based internal audit (RBIA) for Non-banking finance companies (NBFCs) and Urban Cooperative Banks (UCBs). This circular is applicable to NBFCs with asset size of Rs 5,000 crore and above and all Primary Urban Cooperative Banks (UCBs) with asset size of Rs 500 crore and above.
RBIA is an audit methodology that links an organisation s overall risk management framework and provides an assurance to the Board of Directors and the Senior Management on the quality and effectiveness of the organisationâs internal controls, risk management and governance related systems and processes.