Mumbai, July 13 (IANS) The Reserve Bank of India (RBI) on Monday asked banks to empower their Internal Ombudsmen (IO) mechanism to strengthen customer service and redress grievances speedily in order to avoid external escalation of cases.Addressing the third annual conference of Internal Ombudsmen (IO) of banks and NBFCs here, RBI Deputy Governor Swaminathan J. exhorted the internal ombudsmen to provide a meaningful, fair, and effective resolution of customer complaints.The Deputy Governor also …
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New Delhi, July 10 (IANS) The Central government has made it mandatory for all operating Central Public Sector Enterprises (CPSEs) to route settlement of invoices for goods and services procured from Micro, Small and Medium Enterprises (MSMEs) through TReDS platforms authorised by the Reserve Bank of India, an official statement said on Friday.The notification requires CPSEs to disclose details of MSME invoices routed and settled through TReDS as specified by the RBI and to obtain a statutory au…
New Delhi, July 7 (IANS) Priority Sector Lending limits should be expanded and new categories should be added to ensure credit can meet evolving development priorities in line with Viksit Bharat at 2047 goals, a report said on Tuesday.New areas to be considered for PSL lending include ESG Financing, SDG Commitment, Infrastructure Lending, Financing to EV Ecosystem, etc, report from SBI Research said.Banks are able to meet the 40 per cent overall target PSL (provisional FY26 estimate indicates ov…
New Delhi, July 6 (IANS) India Inc’s corporate earnings are pegged at a compound annual growth rate (CAGR) of around 15 per cent during FY26-FY28, supported by improving macroeconomic conditions, easing geopolitical concerns and stronger earnings visibility, a report showed on Monday.The report by Motilal Oswal Financial Services Ltd. (MOFSL) said India is entering a more favourable phase after nearly two years of market consolidation, with attractive valuations positioning domestic equities to …
New Delhi, July 3 (IANS) Business loans to individual entrepreneurs grew faster than those to commercial entities over three years even as outstanding commercial credit rose to Rs 65.8 lakh crore, up 14 per cent YoY, a report said on Friday.The report from TransUnion CIBIL and SIDBI said loans to individuals accounted for 28 per cent of outstanding commercial balances while loans to entities made up 72 per cent.Individual borrower balances grew 1.8 times during the three-year period between Marc…
New Delhi, June 30 (IANS) RBI Governor Sanjay Malhotra said on Tuesday that India’s financial system remains a key source of strength and support for the real economy and the country’s growth momentum, as banks and NBFCs remain sound, supported by strong capital and liquidity positions, healthy profitability, low levels of non-performing assets, and robust credit growth.In his foreword to the RBI’s Financial Stability Report, Malhotra said: “The Indian economy and the financial system have…
Mumbai, June 25 (IANS) The Reserve Bank of India (RBI) on Thursday proposed opening the term money market to a wider range of financial institutions and companies in a move aimed at deepening market liquidity and improving monetary policy transmission across different maturities.Under the draft directions released by the central bank, non-banking financial companies (NBFCs), housing finance companies (HFCs), All India Financial Institutions (AIFIs), and companies would be allowed to participate …
New Delhi, June 5 (IANS) Industry chamber ASSOCHAM on Friday praised Reserve Bank of India’s decision repo rate pause as steps to support trade and industry, as stable rate shields growth from supply‑side shocks.Nirmal Kumar Minda, President, ASSOCHAM said stable interest rates “will support demand and potentially benefit investments, consumption, employment, and overall economic growth.”The “well-calibrated measures by the RBI will create a promising approach to growth and to control inflat…
New Delhi, May 13 (IANS) AI‑driven credit models could unlock an estimated credit gap worth $130–170 billion in economic value and reduce MSMEs’ reliance on informal lending, the government said on Wednesday, adding that India’s financial‑inclusion push is being reshaped by the convergence of a strong Digital Public Infrastructure and artificial intelligence.AI models, leveraging consent‑based data sharing and advanced analytics, can strengthen credit assessment and risk management, …
New Delhi, April 29 (IANS) The Ministry of Heavy Industries held a high-level meeting on Wednesday to deliberate on financing mechanisms required to accelerate the adoption of electric buses and trucks in the private sector.Officials at the meeting, chaired by Heavy Industries Secretary Kamran Rizvi, discussed the financing challenges for the adoption of e-buses and e-trucks, the current status of financing these heavy vehicles, and potential solutions to address the challenges, as well as the g…