NPAs inherited as legacy; govt has zero tolerance to financial impropriety, says Ravi Shankar Prasad
Calling high-levels of bad debt in the banking system as a UPA legacy, Law Minister Ravi Shankar Prasad today said his government has zero tolerance to financial impropriety and will take all steps to bring guilty to books.
Govt gives banks 15 days for preemptive action to combat risks; asks to review NPAs over Rs 50 crore
Following Rs 13,000 crore fraud at the Punjab National Bank (PNB), Finance Ministry on Tuesday set a 15-day deadline for public sector banks (PSBs), and asked them to maintain pre-emptive approach in dealing with operational and technical risks.
The RBI today launched 'Ombudsman Scheme' for non-banking financial companies (NBFC) for redressal of complaints against them. "The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme," the central bank said.
WhatsApp has to follow all UPI guidelines for payments launch: NPCI
The National Payments Corporation of India, the umbrella body for all digital payments in the country and the one which manages the Unified Payments Interface protocol, said that every participating organisation has to follow well defined UPI guidelines and stick to the aim of making the platform interoperable. It said that it should also offer multiple payment choices to the user thereby promoting digital payments.
Banks would pass into foreign hands if policy not changed: Former Reserve Bank Governor YV Reddy
Former Reserve Bank Governor Y V Reddy today said there is no "crisis" in the Indian banking system, but cautioned that Indian banks will eventually pass into foreign hands if there is no review of current policies.