Our latest blog, "Credit Bureaus and Credit Scores in India: All That You Need to Know," dives deep into the essentials of credit reporting. Discover the major credit bureaus, learn how the score is calculated, and find out why maintaining a good credit score is essential. Click on this link to read our blog: https://lnkd.in/gpRfqMcm #CreditScore #CreditBureaus #FinancialHealth #LoanApproval #InterestRates #FinancialEducation #IndiaFinance
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Maintaining Equity: The Crucial Aspect of Interest Charges in Lending A circular was released by the Reserve Bank of India encouraging lenders to follow the Fair Practices Code, especially with regard to charging interest. In addition to giving REs sufficient latitude over their loan pricing strategy, it serves as an excellent educational pathway toward moral and just lending practices. Link: https://lnkd.in/d5qGpKQa #Compliance #Compliancemanagement #Litigation #Litigationmanagement
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Excited to share my latest article on the robustness of the current lending sector in India. Check it out to gain insights into the stability and growth opportunities in the industry. #Banking #Finance #IndianEconomy
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𝗦𝘂𝗽𝗿𝗲𝗺𝗲 𝗖𝗼𝘂𝗿𝘁 𝗼𝗳 𝗜𝗻𝗱𝗶𝗮 𝗨𝗽𝗵𝗼𝗹𝗱𝘀 𝟯𝟬% 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲 𝗼𝗻 𝗖𝗿𝗲𝗱𝗶𝘁 𝗖𝗮𝗿𝗱 𝗗𝘂𝗲𝘀: 𝗪𝗵𝗮𝘁 𝗜𝘁 𝗠𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿𝘀 𝗮𝗻𝗱 𝗕𝗮𝗻𝗸𝘀 In a significant judgment, the Supreme Court of India has upheld the right of banks to charge up to 30% interest on credit card dues. This ruling affirms the banks' autonomy to determine interest rates while balancing concerns about consumer protection. For consumers, this decision underscores the importance of responsible credit card usage. With interest rates as high as 30%, the cost of carrying forward unpaid balances can quickly escalate. Credit cards are powerful financial tools when used wisely but can lead to financial strain if mismanaged. Consumers should aim to pay off their balances in full or explore alternatives like balance transfers or personal loans with lower interest rates. For banks, the ruling reinforces their ability to price credit products based on risk and operational costs. High-interest rates on credit cards reflect the unsecured nature of this credit line and the inherent risk of default. The judgment also signals the judiciary’s trust in banks to operate responsibly within the regulatory framework. This decision raises important questions about financial literacy, affordability, and the need for innovative credit solutions. As India moves towards greater financial inclusion, empowering consumers with knowledge about credit management will be critical. Nucleus Software #ConsumerFinance #BankingRegulations #FinancialInclusion #ResponsibleBorrowing #CreditCardManagement #FinancialLiteracy
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Stay abreast of India's Banking and Financial landscape with "The Banking & Finance Update," an in-depth handbook offering thorough insights into the country's evolving financial sector. This comprehensive resource ensures you're up-to-date with the most recent developments, revisions, and updates such as: -Analyzing the Strategic Shifts in RBI’s Priority Sector Lending Policy -Instructions on Money Changing Activities and more. Siddartha Satish Karnani, Asha Kiran Sharma, Sheetal Agrawal, Yash Jaisingh, K Yashita #BankingInIndia #FinanceUpdate #IndianFinancialSector #BankingTrends #FinanceInsights #FinancialDevelopments #IndiaBanking #FinanceHandbook #FinancialUpdates #BankingNewsIndia #BankingJulyUpdates #KSK #KSKnewsletters
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The Credit Rating mechanism in India is incorrect to the core and the statements of the rating agencies are totally misleading too. While copying the accounting standards for the cash flow fundamental mistakes had been happened in the accounting standards and such fundamental mistakes are there in the reports of the credit rating agencies in India. We need to address the issue to the Hon'ble Union Finance Ministry to put an end to the credit card looting in India and the norms of Manu Smriti will work wonders for the same.
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While regulatory clampdowns on lenders aim to curb credit excesses, blanket bans may inadvertently stifle financial inclusion. Striking a balance between oversight and access is key to ensuring sustainable growth in India's credit landscape. Read more on this perspective here: https://lnkd.in/gpeqtAKr #FinancialInclusion #CreditAccess #ResponsibleLending #EconomicGrowth #RegulatoryFramework #IndiaFinance #SustainableGrowth #FinancialStability #CreditRegulation #BankingInsights
A lender ban isn't the answer to India’s credit excesses
deccanherald.com
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It's crucial to address a concerning issue plaguing our financial sector: non-RBI compliant lending practices. As stewards of responsible finance, we must uphold regulatory standards to ensure the stability and integrity of our economy. Non-compliant lending not only undermines trust but also poses significant risks to financial institutions and borrowers alike. 🔍 Delving Deeper: The Reality of Non-RBI Compliant Lending in India's Financial Landscape 📊 Did you know? Non-RBI compliant lending practices are more prevalent in India's financial sector than we might realize. Let's break it down: Risk Exposure: Non-compliant lending exposes financial institutions to significant risks, including legal repercussions and financial penalties. Impact on Borrowers: Borrowers are often left vulnerable to exploitative terms and hidden fees, exacerbating financial strain and perpetuating a cycle of debt. Economic Stability: Upholding RBI guidelines is paramount for maintaining economic stability and investor confidence, essential for sustainable growth. We need to take action NOW to address this issue head-on! Let's rally together to: ✅ Advocate for stricter enforcement of compliance standards. ✅ Educate stakeholders on the importance of transparent and responsible lending practices. ✅ Foster a culture of accountability and integrity within the financial industry. Together, we can ensure a resilient and equitable financial landscape for all. Join the movement! #FinanceReform #ComplianceMatters #RBIRegulations #IndiaEconomy #ResponsibleLending #FinancialIntegrity #TransparencyInFinance 🚀
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Pulling back the curtain on finance in India! Listen in as our founder sits down with Raj Shamani to dive into the truth about banks, credit cards, loans, and business finance in India. Don’t miss this insightful conversation! Watch now at https://lnkd.in/dTWPUPjB #RajShamaniPodcast. #Wegofin #FinanceUnfiltered #Wegofin #Fintechpodcast #FinancialLiteracy #Finance #Financeautomation #Banking #DigitalBanking
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India's transition from a Debtor-in-control to a Creditor-in-control regime reflects a response to diverse factors leading to insolvency, including COVID and internal mismanagement. While this shift aims for accountability, challenges persist. Creditors often prioritize recovery over value maximization and company resolution. The journey towards a banking system focused on holistic resolution remains ongoing. #Insolvency #Creditors #Resolution #BankingSystem #EconomicDevelopment
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India's Lending Rate Evolution 1994: PLR - Rigid and inflexible. 2003: BPLR - Introduced benchmark lending. 2010: Base Rate - Bank-specific base rates. 2016: MCLR - Linked to marginal funding cost. 2019: EBLR - Tied to policy repo rate or market benchmark. Impact: Enhanced flexibility, transparency, and efficiency in lending. #iibf #BankingEvolution #LendingRates #FinancialInnovation #IndiaBanking #InterestRates #EconomicGrowth #FinancialSystem #TransparentBanking #RBI #MarketTrends
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