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RBI Imposes Fines On 4 Banks, Revokes Urban Cooperative Bank’s Operating License

10Dec

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RBI Imposes Fines On 4 Banks, Revokes Urban Cooperative Bank’s Operating License

Curated By: Business DeskLast Updated: December 09, 2023, 16:02 ISTRBI recently imposed penalties on four cooperative banks.After the Reserve Bank of India (RBI) revoked the operating license of the Urban Cooperative Bank, the rural Bank had to cease its operations on December 7. The Reserve Bank of India (RBI) has imposed fines on four banks and revoked the license of Urban Cooperative Bank Limited for not abiding by its rules. This bank operates in Sitapur, Uttar Pradesh. The RBI has affirmed that this cooperative bank has insufficient funds for operations, and there is no prospect of future earnings. Therefore, the bank is being shut down. Following RBI’s action, Urban Cooperative Bank had to cease its operations from Thursday, December 7, 2023.Furthermore, the RBI has also direc...

Bank Lending To Pvt Corporate Rises 14.9% In Sep, Term Deposits See Big Jump: RBI Data

The share of personal loans in bank credit has successively increased to over 30 per cent from 22 per cent share five years ago. (Representative image)Bank lending to the private corporate sector grew 14.9 per cent in September 2023 from 14.7 per cent a year ago, according to the Reserve Bank data released Friday. Another set of banking data released by the central bank showed the share of term deposits bearing a 6 to 8 per cent interest rate rose to 78.6 per cent in September 2023 against 12.5 per cent in March 2022. According to data on outstanding credit of banks at Septemberend 2023, loans to industry accounted for nearly onefourth of total bank credit; they increased by 8.6 per cent (yearonyear) in September 2023 (against 12.3 per cent a year ago); working capital loans gro...

Credit card spending hits record high at Rs 1.4 trn in May: RBI data

Credit card spending has hit a record high of Rs 1.4 trillion in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data. Of the new additions, as much as 2 million were used in the first two months of the current fiscal alone. In January 2023 there were 82.4 million active cards in the country. The number has been growing steadily and reached 83.3 million in February, ...