Retail, NBFCs drive credit offtake in FY23
India's gross bank credit off-take rose 15% in FY23 to ₹136.8 lakh crore. The growth was led by sectors such as NBFCs, personal loan and services segments.
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RBI to strengthen NBFC rules, licencing requirements
RBI says it’ll examine licencing requirements for NBFCs and will start supervisory actions against those not complying with rules
NBFCs' AUM to grow 13-14% next fiscal: CRISIL
Housing finance companies could keep losing market share to banks amid intense competition on interest rates, says CRISIL.
Licences of 8 NBFCs, a credit ratings agency cancelled
FinMin last month said that to tighten the noose around platforms operating illegally, RBI will monitor ‘mule/rented’ accounts that may be used for money laundering, and will cancel dormant NBFCs.
ICICI Pru, insurance firms, banks, NBFCs under lens for ₹824 cr GST fraud
The DGGI began its probe based on specific information against ICICI Prudential Insurance on availment of ineligible credit.
RBI imposes financial penalty on 8 banks for breach of norms
Latest action comes days after RBI imposed monetary penalty on 8 banks and cancelled licences of 2 NBFCs. It also cancelled licence of Rupee Co-operative Bank
RBI cracks down on loan recovery agents harassing customers
RBI says recovery agents who work on behalf of banks and NBFCs can't resort to intimidation or harassment of borrowers, and not call them on phone at odd hours in their debt collection efforts
Small NBFCs could witness sharp increase in funding costs: Ind-Ra
A large quantum of borrowings to be raised by large NBFCs would lead to a further increase in the banks' exposure to the sector.
RBI transferred ₹1.14 lakh cr to contingency fund in FY22
RBI’s income for 2021-22 increased by 20%, while expenditure grew a whopping 280%; transferred surplus worth ₹30,307.45 crore to govt.
NBFCs can’t issue credit cards without prior RBI nod
RBI’s new master guidelines underline key directors for NBFCs and scheduled banks with regard to issuing debit and credit cards.
