Banking
Retail Banking: Not in your interest

Will RBI look at some of these banking practices?

There is a variety of anti-consumer banking practices that the Reserve Bank of India (RBI) must address. For instance, banks gleefully charge BPLR (benchmark prime lending rate)-linked interest rate to their borrowers, every time the RBI hikes the bank rate. And yet, they do not offer a BPLR-linked fixed deposit (FD) interest to their...

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RBI allows co-op banks to fix NRE deposit rates

RBI has allowed cooperative and primary urban cooperative banks to fix interest rates on various non-resident deposit schemes. Extending the ambit of its recent decision to deregulate deposit rates, RBI said, “Banks are free to determine their interest rates on both savings deposits and term deposits of maturity of one year and above under non-resident (external) rupee deposit accounts and...

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RBI bars MMLF from accepting deposits

RBI barred non-banking financial company Money Masters Leasing & Finance (MMLF) from accepting public deposits as well as from selling, creating a charge or mortgage or dealing in any manner with property and assets for six months for violation of directions on deposit acceptance.

“It was observed during inspection of the books of account of MMLF with reference to its financial position as...

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