NCDRC directs ICICI Bank to pay Rs 25 lakh compensation for losing original property title documents; borrower had deposited the documents for availing a housing loan.
Headline CPI inflation is expected to harden significantly in July-August, driven by spike in tomato and other vegetable prices, RBI Governor Shaktikanta Das said as per minutes of MPC meeting.
RBI will use various instruments while ensuring that banking system has adequate liquidity to meet productive requirements of economy, said Shaktikanta Das.
Bank of Baroda, which had put actor and MP Sunny Deol’s villa in Mumbai’s Juhu locality for sale to recover a loan of Rs 56 crore, has withdrawn the notice.
RBI has laid down guidelines allowing individual borrowers of home, car and other loans to switch over from floating to a fixed interest rate system.
RBI directs banks and NBFCs not to levy penal interest that is added to the rate of interest rate charged on the loans; new guidelines to come into effect from 1 January 2024.
RBI approves PR Seshadri to be MD & CEO of South Indian Bank for a period of three years from 1 October; he was earlier CEO of Karur Vysya Bank and MD of Citibank, Asia Pacific.
Higher-than-expected CPI inflation at 7.44% in July from 4.87% in preceding month will not force a rate hike; inflation needs to persist above 6% for at least two quarters for RBI to act, analysts said.
Bank of Maharashtra cuts interest rate on home and car loans by up to 20 bps; new rates effective from 14 August.
Canara Bank and Bank of Baroda have raised MCLR by up to 10 basis points, despite RBI retaining repo rate at 6.50%.
RBI keeps repo rate unchanged at 6.5%; inflation forecast raised to 5.4% for FY24 while GDP growth prediction retained at 6.5%.
RBI’s framework to ensure banks provide options to borrowers of switching from floating to fixed rate loans;
Total value of Rs 2,000 banknotes received back from circulation is Rs 3.14 lakh crore up to 31 July, says RBI.
Topping the list is Mehul Choksi-owned Gitanjali Gems with Rs 8,738 crore; this is followed by Era Infra Engineering, REI Agro, ABG Shipyard and Concast Steel and Power.
Bank frauds have declined to Rs 1,650 crore in 2022-23 from Rs 77,544 crore in 2013-14 due to improved detection and reporting, said Minister of State for Finance Bhagwat Karad.
