Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance. The fine is imposed for contravention of the provisions of certain directions issued by RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to […]
Banks need to be given “stronger overview” on the lending practices followed by non-bank lenders who borrow from them, a senior official from SBI has said. Non-bank finance companies and microfinance institutions should follow the same risk underwriting and credit monitoring principles as followed by the larger banks from whom they borrow money, C S […]