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Banks Wrote-off Rs 1.15 Lakh Crore in First Three Quarters of FY21: Anurag Thakur

Banks Wrote-off Rs 1.15 Lakh Crore in First Three Quarters of FY21: Anurag Thakur
Minister of state for finance Anurag Singh Thakur also told the Lok Sabha that non-performing assets of banks have declined because of the government s strategy of recognition, resolution, recapitalisation and reforms.
Minister of State for Finance Anurag Thakur speaks in Lok Sabha during the ongoing Monsoon Session of Parliament, amid the coronavirus pandemic, in New Delhi, Friday, Sept. 18, 2020. Photo: PTI
Government09/Mar/2021
New Delhi: BanksÂ have written off bad loans to the tune of Rs 1.15 lakh crore during the first three-quarters of the current fiscal, theÂ Lok SabhaÂ was informed on Monday. ....

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RBI sets up panel to suggest regulations on digital lending

RBI sets up panel to suggest regulations on digital lending
The 6-member working group has been formed to study digital lending in regulated as well as unregulated financial sector to devise a regulatory framework for the same
BusinessToday.In | January 14, 2021 | Updated 20:08 IST
Reserve Bank of India has formed a working group to suggest ways to efficiently regulate the booming digital lending space. The 6-member working group has been formed to study digital lending in regulated as well as unregulated financial sector to devise a regulatory framework for the same.
Digital lending has the potential to make access to financial products and services more fair, efficient and inclusive. While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are often interwoven in such endeavours. A balanced approach needs to be followed so that the regulatory framework supports innovation while ensuring data ....

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Regulation needed to monitor money-lending applications: Experts

Express News Service
CHENNAI: Several digital lending applications that are unauthorised by financial regulators are available on Google Play Store. The apps which look legit offer short-term credits for a high interest but end up harassing the customer by accessing their contact list and sending unpleasant messages to their family and friends.
I got a list of apps – all of which use the same Chinese white label provided app or server with names that are similar to popular Indian apps like Udhaar, FlipCash etc. One look at the privacy policy tells that all these are fake apps that are created with no legal entity, landing up on Play Store. The contact given for grievance officers are either fake or does not exist, says L Srikanth, a Fintech researcher who studied at least 10 such apps and his findings forced Google to remove them from Play Store. ....

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Want to take loan in quick, hassle-free manner? You must check out this RBI warning

Highlights
Adoption of unacceptable and high-handed recovery methods.
Misuse of agreements to access data.
New Delhi: The Reserve Bank of India (RBI) has issued cautions against unauthorised Digital Lending Platforms and Mobile Apps, asking individuals and small businesses to be careful while going for loans.
RBI said that there have been reports about individuals/small businesses falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner. These reports also refer to excessive rates of interest and additional hidden charges being demanded from borrowers; adoption of unacceptable and high-handed recovery methods; and misuse of agreements to access data on the mobile phones of the borrowers. ....

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