Banks’ Fraud Account Classification Faces Legal Challenges: No Personal Hearings, Potential Court Battles Ahead Introduction The process of classifying companies as ‘fraud’ accounts in India has undergone a significant change. Banks are no longer required to provide a personal hearing to the management of a company before labeling it as a ‘fraud’ account. However, if the borrower legally challenges the classification based on principles of natural justice, the decision will be comprehensively re-evaluated. This updated […]

NBFC-MFIs Outpace Microfinance Industry Growth, Banks Falter Introduction The non-banking finance companies-microfinance institutions (NBFC-MFIs) in India have shown an impressive 43% year-on-year growth, allowing them to capture a larger share of the microfinance market. Over the past year, their portfolio has increased from 35% to 41.28%. In contrast, banks have struggled, with only a slight growth of 0.86%. This article explores the reasons behind the success of NBFC-MFIs and the challenges faced by the banking […]

Banks embrace offshore funds for wealthy Indians Introduction Wealthy Indians are now being provided with the opportunity to invest in offshore funds located in financial centers such as Singapore. In recent months, several ultra-high net worth individuals have gained permission to remit funds to foreign funds, specifically those managed by regulated managers. This development has garnered significant attention from private wealth managers and financial experts who cater to affluent clients. The growing interest in offshore […]

FSSAI Urges Food Vendors and Consumers to Stop Using Newspapers for Food Packaging Introduction: FSSAI’s Warning on Newspaper Use in Food Packaging The Food Safety and Standards Authority of India (FSSAI) has issued a strong caution to food vendors and consumers, urging them to immediately refrain from using newspapers for packing, serving, and storing food. Recognizing the significant health risks associated with this practice, FSSAI is working closely with state food authorities to enforce regulations […]

Zolve Expanding its Neobanking Services to the UK, Australia, and Canada in all 3 countries Introduction: Zolve’s Geographic Expansion on Neobanking Zolve, the neobanking platform based in Delaware and Bengaluru, is set to broaden its product offerings to Indians looking to settle in the UK, Australia, and Canada. Founder Raghunandan G shared this exciting development with ET, highlighting the platform’s plans to establish partnerships with local international institutions in these geographies to facilitate seamless financial […]