RBI Issues Guidelines on Bank Classification of Unclaimed Deposits Periodic Reviews and Fraud Prevention Measures The Reserve Bank of India (RBI) recently released comprehensive guidelines for banks concerning the classification of accounts and deposits as inoperative and unclaimed. These measures include conducting periodic reviews of such accounts and deposits, implementing measures to prevent fraud in these accounts, and providing a grievance redressal mechanism for the expeditious resolution of complaints. RBI guidelines also outline steps for […]

RBI’s Circular on Investment in AIFs: Addressing Compliance Challenges The Reserve Bank of India (RBI) recently issued a circular that could pose both practical challenges and concerns regarding compliance for regulated entities (REs) engaging in investments in Alternative Investment Funds (AIFs). RBI’s Intent: Managi ng “Evergreening” Concerns RBI’s concerns surrounding the practices of loan “evergreening” by REs, including Non-Banking Financial Companies (NBFCs), are indeed justified. The circular is specifically designed to restrict structures permitting REs […]

Introduction: The Union finance ministry has recently addressed speculation regarding potential mergers between public sector banks such as UCO Bank with Union Bank of India and Bank of India with Bank of Maharashtra. The speculation was initially sparked by the ministry’s letter regarding the parliamentary committee meeting, but the ministry has since clarified that the discussions will focus on regulatory mechanisms in a post-merger scenario, not potential bank mergers. This way Finance Ministry Clarifies Parliamentary […]

In September 2016, the Reserve Bank of India (RBI) released the account aggregator guidelines, providing a framework for a special category of non-banking financial companies (NBFCs) known as account aggregators. However, despite the potential benefits they offer in terms of financial inclusion, the business model of account aggregators faces significant challenges. The Importance of Account Aggregators in Financial Inclusion Millions of individuals and small businesses struggle to access loans, insurance, and other financial products due […]

How to Claim Unclaimed Money in SBI FD, RD, or Savings Account Have unclaimed money in your FD, RD, or savings account with State Bank of India (SBI)? In this article, we will explain the process of claiming these deposits and provide valuable information to help SBI customers recover their unclaimed funds. Unclaimed Deposits From SBI | FD, RD, Saving Account Understanding Unclaimed Deposits from SBI After a period of inactivity or maturity, balances in […]