RBI Imposes Penalties on Credit Bureaus for Non-Compliance

The Reserve Bank of India (RBI) has taken strict action against four credit bureaus for non-compliance with regulations, imposing monetary penalties on them. The credit bureaus, responsible for maintaining credit information, were found to have inaccuracies and incompleteness in their records during a statutory inspection. This article highlights the penalties imposed by the RBI and […]
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RBI on Compromise Settlement and Technical Write-offs

The Reserve Bank of India has issued various instructions to regulated entities (REs) regarding compromise settlements in respect of stressed accounts from time to time. The provisions of this framework shall apply to all REs to which this circular is addressed and shall be without prejudice to the provisions of the Prudential Framework, or any […]
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New changes in Insurance Act

The government has announced significant changes in The Insurance (Amendment) Bill 2022. There has been a demand to provide a composite license to insurers for a long time. The composite license will allow insurers to take business of general and health insurance via a single entity.   “The proposed amendments primarily focus on enhancing the […]
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Amendments in Banking Law

The union budget for 2023-2024 is declared with the vision of empowering an economy that is knowledge-based with strong public finances and a robust financial sector. The Union Budget has proposed certain amendments to the Banking Regulation Act, the Banking Companies Act, and the Reserve Bank of India Act to improve bank governance and enhance […]
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