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RBI flags 'usurious' interest rates on small loans by NBFCs
It has been observed in some micro finance institutions and NBFCs that the interest rates on small value loans are high and appear to be usurious, says Shaktikanta Das
It has been observed in some micro finance institutions and NBFCs that the interest rates on small value loans are high and appear to be usurious, says Shaktikanta Das
The digital payments firm expects ₹3,600 crore worth of disbursements in 2024-25 on an annualised basis.
PhonePe users will now have access to lending solutions directly within the PhonePe app.
Moody's says NBFCs' profitability will moderate somewhat in the next 12-18 months as funding costs for them will increase.
Household finances, workers’ wages, agricultural income are going down, severely damaging key growth engine—consumption
The RBI on Tuesday barred JM Financial Products from giving loans against shares and debentures, including sanction and disbursal of loans against IPO of shares, with immediate effect.
There are reports of some entities charging a service or legal fee for issuing 'debt waiver certificates' without any authority, says RBI.
In the past two years, personal loans grew around 24% and credit card loans grew 28% compared with the overall banking sector's credit growth of around 15%.
This excludes housing loans, education loans, vehicle loans, loans secured by gold and gold jewellery, and microfinance loans
The central bank says non-adherence of Bajaj Finance to the extant provisions of digital lending guidelines of the Reserve Bank of India necessitated this action.