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Despite better transmission, MCLR didn’t meet expectations: RBI paper The marginal cost of funds-based lending rate (MCLR) regime leads to better pass-through of changes in benchmark policy interest rates than the previous base rate regime, a working paper written by the Reserve Bank of India (RBI) staff said. According to the paper, under the MCLR regime, an ...

In unclaimed funds case, Supreme Court issues notice to Centre The Supreme Court on Friday sought response from the Centre and others on a plea seeking directions to create a centralised database providing information about bank accounts, insurance, post office funds etc. held by deceased account holders. A bench of Justices S A Nazeer and J K ...

Bank of Maharashtra tops list of PSU lenders in Q1 loan, deposit growth Bank of Maharashtra (BoM) has emerged as the top performer among the public sector lenders in terms of the loan and deposit growth in percentage terms during the first quarter of 2022-23. The Pune-headquartered lender recorded a 27.10 per cent increase in gross advances to Rs ...

RBI directs loan recovery agents not to intimidate borrowers, no calling before 8am & after 7pm The RBI on Friday issued fresh instructions barring recovery agents from resorting to intimidation of borrowers as well as calling them before 8 am and after 7 pm. While issuing additional instructions to regulated entities including banks, NBFCs and ARCs, Reserve ...

RBI asks banks, regulated entities to prevent harassment by recovery agents The Reserve Bank of India (RBI) on Friday asked banks, non-banking financial institutions, and other regulated entities to ensure that they and their loan recovery agents do not harass people. A RBI circular said the central bank has observed that recovery agents are deviating from instructions ...

MCLR more effective in policy transmission than base rate regime: RBI paper The newer marginal cost of funding based lending rate (MCLR) system is more effective than the erstwhile base rate method, a paper by the Reserve Bank of India said on Friday. The paper said that for every 1 percentage point increase by the RBI in ...

India’s foreign exchange reserves falls $897 million to $572.978 billion The country’s foreign exchange reserves declined USD 897 million to USD 572.978 billion in the week ended August 5, according to the Reserve Bank of India (RBI). In the previous week ended July 29, the reserves had risen USD 2.315 billion to USD 573.875 billion. In ...

NPS voluntary contributions via D Remit can now be done via UPI [ad_1] National Pension System subscribers currently deposit their voluntary contributions under D-Remit into their NPS Tier I/II accounts from their bank savings account’s net banking channel by using IMPS/NEFT/RTGS. The Pension Fund Regulatory and Development Authority (PFRDA) has now enabled deposit of such contributions through UPI to further ...

What are the different forms of Aadhaar? [ad_1] In order to make Aadhaar more convenient for residents, the Unique Identification Authority of India (UIDAI) has regularly developed other formats of Aadhaar. What is Aadhaar Aadhaar is a verifiable 12-digit identification number issued by UIDAI to residents of India. According to the UIDAI website, below are the valid Aadhaar formats which ...

National Pension System: 4 ways to check NPS balance [ad_1] The National Pension System (NPS) was created by the government as a retirement planning program for people who will not get a stable pension after they retire. To maintain an NPS account, one must make a minimum annual contribution of Rs 6,000 till retirement. Your NPS account balance depends on ...