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CASH DISBURSEMENT RESTRICTION
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- Demand for Gold Loans Surges Over 20% in JuneGold loans saw a surge of over 20% in June 2024 compared to May. Despite RBI's restrictions on cash disbursements, NBFCs transitioned smoot...
- Gold loan demand rises despite cash based disbursement curbs & price fluctuationA Crisil analysis revealed that gold loans grew over 20% in June 2024 from the previous month. Banks and NBFCs maintained an LTV ratio of 6...
- Byju's delays salary again amid rights issue battle with investorsLast week, ther National Company Law Tribunal (NCLT), Bengaluru, refused to stay Byju’s extraordinary general meeting (EGM) scheduled for F...
- RBI bars IIFL Fin from sanctioning gold loans for supervisory concerns that ‘significantly, adversely’ affect customersThe Reserve Bank of India (RBI) directed IIFL Finance to halt sanctioning and disbursing gold loans immediately due to material supervisory...
- RBI guidelines creating difficulties for MFIs: Sa-DhanSa-Dhan executive director P Satish said the rule is not practical for the MFIs, which maintain various current accounts with banks based o...
- Centre asks states to ensure normal functioning of banks, ATMs during lockdownFurther, the central government has announced a financial package under the Prime Minister Garib Kalyan Yojana under which approximately Rs...
- Ban on Aadhaar linking may crimp growth of financial playersThe microfinance borrowers and lenders were among the biggest beneficiaries of Aadhaar-led identity verification.
- NBFC cash loan against gold restricted to Rs 25,000The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque.
- Demonetisation: Restrictions on cash withdrawals likely to continue beyond December 30As Modi's 50-day deadline draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue
- Use of old notes led to robust collections by MFIs: PH Ravikumar, Non-Executive Chairman, Bharat Financialdisbursements are affected except that till RBI clarification came last Saturday where once we deposit money into the bank account we canno...
- MFIs say all is well in loan repayment“The ground-level situation has shown sharp improvement from the initial few weeks of November. Borrowers have shown good repayment discipl...
- Naveen Patnaik meets Narendra Modi and seeks inclusion of DCCB in demonetisationPatnaik's Biju Janata Dal did not join the Mamata Banerjee-led group protesting the move and, instead, promptly welcomed "any measure again...
- RBI allows Rs 50,000 a week withdrawal from overdraft accountsThe Reserve Bank further said the Rs 50,000 withdrawals may be disbursed predominantly in Rs 2,000 denomination bank notes.
- Little respite for Delhi on Sunday: Banks shut, ATMs dryAt places, queues formed up within minutes of news spreading word of mouth that cash was being dispensed at a particular ATM.
- Demonetisation may slow MFIs’ disbursement rateHowever, MFIs may not be comfortable maintaining high disbursement levels at a time when their collections come under pressure.
- Cash-based microfinance industry struck with dilemmaCompanies have also stopped loan disbursement in physical cash, creating gaps in borrowers’ daily cash credit requirements.
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