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ED attaches Rs 76.67 crore of Chinese companies in instant loan app fraud cases SECTIONS Last Updated: May 11, 2021, 08:26 PM IST Share Synopsis "The Fintech companies have agreement with respective NBFCs for disbursement of loans through digital lending apps. The amount attached by ED also include amount of fee charged by Razorpay Software Private Limited to the extent of Rs.86.44 lakhs for not conducting due diligence in case of one company enrolled with it for disbursement and collection of loans", the release said. Agencies The agency has claimed that it's probe revealed that these Chines...

April 19, 2021 × The Reserve Bank of India (RBI) has set up a six-member committee to undertake a comprehensive review of the working of Asset Reconstruction Companies (ARCs) in the financial sector ecosystem, and recommend suitable measures for enabling such entities to meet the growing requirements of the financial sector. The committee, headed by Sudarshan Sen, former Executive Director, RBI, will review existing legal and regulatory framework applicable to ARCs and recommend measures to improve efficacy of ARCs. It will review the role of ARCs in resolution of stressed assets, including ...

Complaints Against Banks Spike by 58%, Most About Online Transactions: RBI Report FOLLOW US ON: According to RBI’s annual report on Banking Ombudsman Scheme, the number of complaints against banks rose by 58% in the financial year 2019-20. There was a total of 3,08,630 complaints as against 1,95,901 a year earlier. Complaints against NBFCs increased by 387%. The ombudsman for NBFCs received a total of 19,432 complaints in the same financial year as against 3,991 a year earlier. Most complaints with the banking ombudsman were about digital modes of transactions, constituting 44.66% of the to...

About 86 percent of the complaints were received electronically, the RBI report said.

Consumer complaints about banking services jumped 57 per cent to 3.08 lakh for the year to June 30, 2020, the Reserve Bank said on Monday. In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, followed by mobile or electronic banking at 13.38 per cent. Non-observance of Fair Practices Code (FPC) was at third place. Complaints received regarding credit cards, failure to meet commitments, levy of charges without notice, loans and advances and non-adherence to the Banking Codes and Standards Board of Ind...