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• RBI says 15 NBFCs surrendered registration certificates

  The Reserve Bank of India (RBI) announced on Friday that 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial Services and Revolving Investments, have surrendered their certificates of registration for various reasons. Among these, nine NBFCs have ceased to exist as legal entities due to factors such as amalgamation, merger, dissolution, or voluntary strike-off. These nine include Tata Capital Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities.

  

• RBI looks at asset reconstruction companies amid a flood of allegations

  India's central bank is set to hold a meeting with top management from asset reconstruction companies (ARCs) to discuss corporate governance and stressed-asset resolutions. This comes amidst concerns about potential back-door entry by defaulting promoters. The meeting, scheduled for May 17 in Mumbai, will see the participation of all 27 registered ARCs, along with RBI executives. Allegations have arisen that ARCs may strike deals with defaulting promoters, allowing them entry at a steep discount, bypassing regulations.

  

• RBI says 15 NBFCs surrendered registration certificates

  The Reserve Bank of India (RBI) announced on Friday that 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial Services and Revolving Investments, have surrendered their certificates of registration for various reasons. Among these, nine NBFCs have ceased to exist as legal entities due to factors such as amalgamation, merger, dissolution, or voluntary strike-off. These nine include Tata Capital Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities.

  

• Towards Building Robust NBFCs for Inclusive and High Economic Growth

  NBFCs have emerged as key facilitators of credit to growing segments, including MSMEs (micro, small and medium enterprises), agriculture, start-ups, entrepreneurs, self-employed and rural population seeking personal loans. An RBI report on the performance of the banking sector during 2022-23 and 2023-24 revealed that while credit to MSMEs through banks grew by 12.7 % and 12.4 % year-on-year (YoY) as of March 2022 and March 2023, the corresponding figures for NBFCs was 21.2 % and 42.4 % respectively– roughly twice over.

  

• R Lakshmi Kanth Rao apointed as RBI’s Executive Director

  Rao has experience of over three decades in the Reserve Bank having worked in the areas of Regulation of Banks and NBFCs, Supervision of Banks and Consumer Protection.

  

• Paytm shares jump nearly 10% in 2 days after hitting all-time low

  The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.

  

• Saturday bank holiday: Are banks closed on Saturday, May 11, 2024?

  Saturday bank holiday: The first, third, and fifth Saturdays of the month are bank working days. So, bank customers must make sure that the bank is working on that particular Saturday before visiting the branch.

  

• Gold finance companies plunge on RBI cash advisory

  "The regulation is expected to slightly reduce the competitive advantage of NBFCs against banks and the likelihood of some share of gold loan customers shifting to the unorganised segment can't be ruled out," said Shweta Daptardar, VP- institutional equity research, Elara Securities. "The share prices have already reacted today, so the downside is expected to be limited."

  

• RBI lifts restrictions on Bank of Baroda's 'BoB World' mobile app, allows onboarding customers

  The Reserve Bank of India (RBI) has lifted restrictions on Bank of Baroda's BoB World app, allowing the bank to onboard customers through the application immediately.

  

• From teens to seniors: RBI talks UPI scale-up with companies

  RBI governor Shaktikanta Das on Wednesday convened a meeting of banks, leading third-party UPI apps, and NPCI. Banks said they have beefed up their systems to manage transactions, which have more than tripled after the pandemic.

  

• RBI lifts restrictions on Bank of Baroda's Bob world app; bank can now onboard customers via app

  The Reserve Bank of India (RBI) has decided to lift restrictions on Bank of Baroda's Bob World app with immediate effect, allowing the bank to onboard new customers through the application.