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Promoters of small and medium enterprises (SMEs) are the real entrepreneurs in India, because they put their personal assets on the line to build an enterprise that provides some value to society
Last week has been bad for the urban cooperative banks as several of them were imposed with hefty penalty for
Siddheshwar Sahakari Bank penalized The Reserve Bank of India has imposed a monetary penalty on Siddheshwar Sahakari Bank based in Latur, Maharashtra. The UCB was found guilty of non-compliance with the directions issued by RBI to Urban Cooperative Banks on Exposure Norms and Statutory/ Other Restrictions and Income Recognition and Asset Classification (IRAC) norms. This penalty is is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, clarifies RBI After considering the bank’s replies and oral submissions made during the ...
M Narasimham, Father of Indian Banking Reforms, is No More 0 Born at Nellore on 3 June 1927 Maidavolu Narasimham, father of financial and banking Reforms breathed last on 20 April 2021. This 94-year-old legend in banking was the only person joining the Reserve Bank of India (RBI) as a research officer in the department of research and statistics, to return as governor of RBI for the shortest period of seven months, after serving the government of India as additional secretary in the department of economic affairs in 1972. He was secretary for banking from where he rose to the position of g...
‘Put in place policy to refund/ adjust interest on interest charged during moratorium period’ April 07, 2021 × The Reserve Bank of India (RBI) has asked lenders to disclose the aggregate ‘interest on interest’ amount to be refunded/ adjusted in respect of their borrowers in their financial statements for the year ending March 31, 2021. The follows the Supreme Court’s judgment last month directing banks and financial institutions to refund the compound interest (interest on interest or penal interest) collected on EMIs during the Covid-19 pandemic-related loan moratorium period, fro...