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– Team Finserv | finserv@vinodkothari.com Updated as on 4th March 2024 The Circular is applicable from April 01, 2024. Please feel free to drop your queries in the comment box below and we will try our best to reply at the earliest. RBI on August 18, 2023 came up with the circular Fair Lending practice […]
Anita Baid & Subhojit Shome | finserv@vinodkothari.com Read our FAQs on Default Loss Guarantee in Digital Lending
Vinod Kothari Consultants is launching an engaging podcast dedicated to exploring various aspects of the Non-Banking Financial Sector. Join us as we delve into topics such as Scale Based regulations, Co-lending laws, digital lending guidelines, and more. Stay informed and stay tuned for the latest updates. Don’t forget to subscribe to our channel by clicking […]
The evolution of a concept, from its inception to being prohibited, and ultimately establishing a regulatory framework to allow its practice – Anita Baid (finserv@vinodkothari.com) The concept of First Loss Default Guarantees (FLDGs) in the financial industry has experienced a remarkable journey, marked by its inception, subsequent prohibition, and eventually being on the verge of […]
RBI amends KYC norms to permit faceless KYC; beneficial owner of 10% or more to be subjected to KYC – Anita Baid, Vice President | anita@vinodkothari.com Recognising the increasing trend towards faceless lending, and the use of technology for customer due diligence, the RBI has made much-needed changes in the KYC process, permitting lenders to […]
RBI issues draft guidelines on fair lending practices for penal charges – Aanchal Kaur Nagpal, Manager and Dayita Kanodia, Executive | finserv@vinodkothari.com Introduction Levying of penal interest/ charges is a punitive measure adopted by lenders on borrowers defaulting in making repayments and/ or breaching any terms and conditions mutually agreed in the loan agreement. The […]
Accounting and Taxation Bond Market Digital lending Scale Based Regulations Securitisation Corporate Laws
RBI to release guidelines on penal charges – Tejasvi Thakkar, Executive | finserv@vinodkothari.com Introduction The Reserve Bank of India (‘RBI’) announced various policy measures in its Statement on Developmental and Regulatory Policies dated February 08, 2023, which includes introduction of guidelines for regulating the penal charges levied by financial institutions in case of delay or […]
As per reports available on public domain[1], the RBI intends to intensify regulatory audits of non-banking finance companies, to find dormancy, non-compliance, non clarity of business models, or other risks that the regulator may wish to check. The intent seems to be weed out the truant ones out of the crowd of over 9000 NBFCs […]
Guidance for implementation by NBFCs Subhojit Shome, Assistant Manager | subhojit@vinodkothari.com Introduction The RBI published the Compliance Function and Role of Chief Compliance Officer (CCO) – NBFCs[1] on April 11, 2022 (‘Compliance Circular’) that are applicable on Middle Layer (NBFC-ML) and Upper Layer NBFCs (NBFC-UL) and the deadline to put into place the framework for […]