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Time of India
29-05-2025
- Business
- Time of India
29_Mum_MS_RBIregulation
Rbi to formalise expected credit loss framework, project finance and issues guidelines to curb mis selling of financial products RBI will formalise the expected credit loss (ECL) framework for banks and issue guidelines to curb mis-selling of financial products by regulated entities (REs), including third-party offerings. These reforms, highlighted in its annual report, are part of RBI's broader effort to enhance financial sector resilience amid growing risks from technology, cyber threats, and climate change. The ECL framework marks a shift from the current incurred loss model to a forward-looking approach, aligning Indian banks with global norms. This transition, long in the works, is expected to improve credit risk recognition and provisioning discipline, potentially increasing short-term provisioning but making bank balance sheets more shock-absorbent over time. RBI conducted impact studies in phases since 2022 to assess readiness and calibrate implementation. Also on the cards is the implementation of new project finance guidelines, which were proposed earlier but were deferred from being implemented in FY25 by the new governor Sanjay Malhotra after he took charge. The reforms proposed in the last fiscal include increasing provisions on delayed projects by as much as 5% The planned mis-selling guidelines follow rising concerns over aggressive sales practices, particularly the cross-selling of insurance and investment products often to senior citizens to whom these products are not suited. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The new rules will hold REs accountable not just for their own products but also for those sold through third-party tie-ups, with stricter conduct norms and disclosure standards. The department of regulation will also issue final norms for co-lending arrangements, revise securitisation guidelines for stressed assets, and release updated rules on income recognition and asset classification. As part of its Basel III rollout, RBI will issue credit risk norms, finalise market risk guidelines, and update disclosure requirements. Climate-related risks remain a key focus. RBI will publish disclosure norms, launch a climate risk data system, and issue supervisory principles. It will also review the green deposits framework and issue norms for sustainability-linked loans. Other planned reforms include revising internet and mobile banking regulations, setting differentiated norms for Type I NBFCs, and digitising regulatory processes through the new Regulatory Application Management System (RAMS). A consolidation of existing circulars into thematic master directions is also underway. The department of supervision will strengthen liquidity stress testing, tighten oversight of payment and small finance banks, and improve monitoring of digital infrastructure uptime. For urban cooperative banks and NBFCs, RBI will consider migrating them to risk-based supervision and review AML practices. A thematic review will examine whether NBFCs are adhering to interest rate caps set by RBI. RBI's fintech arm will expand central bank digital currency pilots, add B2C features to the unified lending interface, and upgrade its fraud detection tool It will also frame standards for the ethical use of AI in finance. Consumer protection will be reinforced through an overhaul of the ombudsman scheme and issuance of a new grievance redress framework. RBI will also upgrade its complaint handling system. The financial stability department will develop liquidity stress tools for NBFCs, extend stress testing to cooperative banks, and model climate transition risks in carbon-heavy sectors. It will also build a growth-at-risk model to assess future economic vulnerabilities. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
22-05-2025
- Politics
- Time of India
Takht Patna Sahib panel demands removal of jathedars, backs edict
1 2 3 Amritsar: The Takht Harimandir Patna Sahib management committee has demanded the removal of Akal Takht officiating jathedar Giani Kuldeep Singh Gargaj and Takht Damdama Sahib Jathedar Baba Tek Singh, backing the "hukamnama" (edict) issued by the "Panj Pyare". "We honour the supremacy of the Akal Takht and follow its maryada (Sikh code of religious conduct), but our constitution was framed in 1861. Accordingly, we will not take directions from the Akal Takht, especially from the Sikh high priests who themselves were appointed in violation of the Akal Takht maryada. Instead, we demand their removal," said Harpal Singh Johal, spokesperson, Takht Harimandir Patna Sahib management committee on Thursday. The toughening of the stance comes after the Sikh high priests on Wednesday summoned Takht Patna Sahib jathedar Bhai Baldev Singh and additional head granthi Gurdial Singh, prompting the Panj Pyare of Takht Patna Sahib to declare Giani Gargaj and Baba Tek Singh "tankhaiya" (guilty of religious misconduct). At the same time, the Sikh high priests of Punjab-based Takhts on Thursday defended their decisions. "Action was taken on issues pending for a long time as per records of the secretariat," said a release issued by the Akal Takht secretariat. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo It added that the five Sikh high priests discussed and acted upon the long-pending matter related to Takht Sri Harimandir Patna Sahib. The release quoted a meeting of five Sikh high priests held on Dec 6, 2022, giving directions to Bhai Baldev Singh and transfer of Bhai Gurdial Singh, which was not complied with. The release also maintained that the former Takht Patna Sahib jathedar Giani Ranjit Singh Gauhar, who was excommunicated, once again submitted a petition requesting resolution of his case. "The five Sikh high priests have taken action on the long-pending matter of Takht Sri Patna Sahib, as it is imperative to resolve petitions submitted to the Akal Takht in accordance with Panthic traditions," said the release. It stated that the Takht Patna Sahib management committee should not create a situation of conflict among the Takhts but act with sincerity and unity in accordance with Panthic traditions and principles and fully comply with the orders of Akal Takht. According to Sikh Rehat Maryada, the Akal Takht is the highest among the five Takhts, and its decisions and orders are binding on all Takhts and the entire Sikh community. "No group of Panj Pyare from any Takht has the authority to question the supremacy of Akal Takht," said the release. BOX SGPC chief calls for dialogue Stating that the Sikh Takhts hold immense historical and doctrinal significance within the Panth, Shiromani Gurdwara Parbandhak Committee president Harjinder Singh Dhami said, "It is a collective responsibility of the community to uphold their dignity and respect. Following the decisions made by the Sikh high priests from the Akal Takht, the subsequent order issued by the Panj Pyare from Takht Patna Sahib has not sent a positive message to the community. " Dhami emphasised that matters concerning Panthic institutions and issues must be dealt with seriousness and maturity, suggesting mutual dialogue as the best path forward. He said that the atmosphere of internal conflict was creating confusion within the community. MSID:: 121341920 413 |
