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News on Medial
RBI names former central banker on Bandhan Bank board to aid succession
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has appointed a former central banker, Arun Kumar Singh, to the board of Bandhan Bank ahead of CEO Chandra Shekhar Ghosh's retirement. The reason for the appointment is to ensure a smooth transition at the bank and support oversight of the board of directors. The move comes as Bandhan Bank undergoes a forensic audit on a portion of its loan book. Ghosh had previously announced his retirement and expressed confidence in the bank's leadership team for a smooth transition.
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RBI clears appointment of Partha Pratim Sengupta as MD and CEO of Bandhan Bank
YourStory
·
10m ago
Medial
- Partha Pratim Sengupta has been approved by the RBI as the new MD and CEO of Bandhan Bank for a three-year period. - Sengupta's tenure starts from a date no later than November 10, 2024, according to Bandhan Bank's regulatory filing. - He will replace Founder MD and CEO Chandra Sekhar Ghosh, who stepped down on July 9. - Sengupta retired as the MD and CEO of Indian Overseas Bank and has over four decades of experience in both retail and corporate banking. - He was groomed at State Bank of India, where he held the role of Deputy Managing Director and Chief Credit Officer. - Bandhan Bank was launched in 2015 as the first microfinance institution to become a universal bank in the Eastern region.
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Hardly any room for review of action taken against Paytm Payments Bank: RBI Guv Das
Economic Times
·
1y ago
Medial
Reserve Bank of India (RBI) governor Shaktikanta Das stated that there is hardly any room for a review of the action taken against Paytm Payments Bank. RBI had curbed the banking unit's operations due to persistent non-compliance. Das emphasized that the central bank takes action only after a comprehensive assessment and will be issuing a set of FAQs on the matter. The RBI is considering revoking the bank's license and suitable steps will be taken to minimize customer inconvenience. Paytm recently formed a committee to boost compliance, headed by former SEBI head Meleveetil Damodaran.
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Vijay Shekhar Sharma resigns from Paytm Payments Bank board
Entrackr
·
1y ago
Medial
Vijay Shekhar Sharma has stepped down from his position as part-time non-executive chairman and board member of Paytm Payments Bank Limited (PPBL), as per a filing on the BSE by One97 Communications Ltd (OCL). The company also announced that it has reconstituted its board of directors with the appointment of former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal. They had recently joined the board as independent directors, the company added. “OCL supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee… PPBL has informed us that they will commence the process of appointing a new chairman,” it added in the disclosure [pdf]. The move comes weeks after the Reserve Bank of India (RBI) imposed a set of business restrictions on Paytm Payments Bank over non-compliance and regulatory concerns. The business restrictions are set to impact Paytm’s different business verticals related to the payments bank. Also Read: RBI’s additional steps aim to protect ‘@paytm’ users, merchants Since then, the central bank has made a few additional steps to safeguard affected customers’ interests, including granting temporary relaxations on the restrictions. The RBI has extended the earlier stipulated timeline from February 29, 2024, to March 15, 2024, for further deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. The same timeline extension has been given to banking services such as fund transfers, BBPOU, and UPI facilities. Recently, RBI deputy governor Swaminathan J clarified that the crackdown on Paytm’s payments bank was not sudden but followed several conversations and giving the company ample time to take corrective measures. “When constructive engagement doesn’t work or when the regulated entity does not take effective action, we go for imposing business restrictions,” Das was quoted as saying.
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Cryptocurrencies pose risks to EMs, India's stand remains unchanged - cenbank chief
Reuters
·
1y ago
Medial
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, has warned that cryptocurrencies can pose significant risks to emerging markets. Despite wider acceptance in other countries, the central bank's position on cryptocurrencies remains unchanged. Das highlighted the benefits of central bank digital currency, or e-rupee in India's case, and mentioned that the RBI is working on programmability to enable cash transfers. The central bank also plans to conduct pilots for using the e-rupee in new segments in the wholesale space. Furthermore, the RBI is exploring model-based artificial intelligence lending by financial entities.
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No review of action taken against Paytm Payments Bank: RBI Guv
Inshorts
·
1y ago
Medial
RBI Governor Shaktikanta Das on Monday said the central bank is currently not planning to review its action taken against Paytm Payments Bank. The central bank will release an FAQ this week, which will address the customer interest issues related to the matter, he stated. "The decisions taken by RBI are taken after due thought process," he added.
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RBI supersedes board of Sabre Partners, Gojo-backed Aviom India Housing Finance
VCCircle
·
6m ago
Medial
The Reserve Bank of India (RBI) has superseded the board of Aviom India Housing Finance Pvt. Ltd due to governance concerns and defaults on various payment obligations. Aviom, a mortgage lender backed by impact investors and private equity firm Sabre Partners, will now undergo an insolvency resolution process. The RBI appointed Ram Kumar, former chief general manager of Punjab National Bank, as the administrator for Aviom.
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Paytm Advisory Panel In Talks Over Terms Of Reference With Company: Damodaran
OutlookIndia
·
1y ago
Medial
An advisory committee has been engaged by Paytm to address regulatory matters and compliance following the Reserve Bank of India's restrictions on its payments bank business. The committee, headed by M Damodaran, former chairman of Sebi, is currently discussing the terms of reference. Paytm had been asked by the RBI to suspend certain transactions in its payment bank business, and the central bank recently extended the deadline for compliance to 15 March. Separately, the RBI has asked the National Payments Corporation of India to explore the option of migrating Paytm Payments Bank customers to other banks.
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Paytm Payments Bank announces board rejig
Livemint
·
1y ago
Medial
Paytm Payments Bank Limited has reconstituted its board of directors following regulatory action from the Reserve Bank of India. The new board members, including former Central Bank of India Chairman Srinivasan Sridhar and retired IAS officer Rajni Sekhri Sibal, have been appointed as independent directors. Paytm founder Vijay Shekhar Sharma will step down as the non-executive chairman and board member to facilitate the transition. The new board is expected to enhance governance and operational standards as the payments bank plans to continue its operations despite RBI's directive to wind down.
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Now, RBI Tightens Noose Around P2P Lenders
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) is reportedly increasing its scrutiny of peer-to-peer (P2P) lending platforms due to breaches of regulatory norms, including Know Your Customer (KYC) guidelines. The central bank has requested details such as onboarding procedures, customer profiles, and IT infrastructure from P2P platforms. RBI aims to address concerns regarding risk mitigation and compliance. This comes after RBI cracked down on card networks recently. The central bank has been closely monitoring fintech platforms and NBFC-P2Ps before, and further actions are expected to enforce regulatory guidelines.
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Slice secures RBI nod to appoint ex-Andhra Bank executive as MD & CEO
Economic Times
·
1y ago
Medial
Satish Kumar Kalra, former executive director of Andhra Bank, has been appointed as the new MD and CEO of North East Small Finance Bank. The RBI has approved his appointment, and he has already assumed office. The bank is in the process of merging with fintech unicorn Slice, aiming to create a tech-first digital banking platform focused on financial inclusion in the northeastern states. Kalra's appointment is expected to help drive the bank's operational matters and aid in broader funding plans for the merged entity. The bank intends to offer home loans, business loans, and savings accounts to its customers.
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