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Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Thursday imposed a monetary penalty of Rs 90.92 lakh on Axis Bank and Rs 42.78 lakh on gold loan firm Manappuram Finance for violation of certain directions of the banking sector regulator. Latest News | RBI Slaps Fines on Axis Bank, Manappuram Finance.
UCO Bank initially directed its branches to distribute sweet packets to its top 10 non-performing borrowers but later withdrew the circular due to implementation difficulties and borrower cooperation issues. The move aimed to improve borrower relations during Diwali but faced backlash.
After the country's largest bank, the State Bank of India, another state-run lender, UCO Bank, has come out with a circular asking its branch officials to visit and distribute sweet packets to the top 10 non-performing borrowers. In comparison, in 2018, the Punjab National Bank had the passports of 150 willful defaulters impounded.
The RBI proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8am
The central bank had in August MPC announced to issue a direction on managing risks and code of conduct in outsourcing of financial services.