Latest news with #CentralisedInformationManagementSystem
The Sun
21-07-2025
- Business
- The Sun
AG report finds flaws in selected pre-q procurement in three ministries
KUALA LUMPUR: The Auditor General's Report (AG Report) 2/2025 has raised concerns over the Selected Pre-Qualified Open Tender Procurement (Selected Pre-Q Procurement) method used by three ministries, stating it fails to expedite procurement as intended. The ministries under scrutiny are the Ministry of Energy Transition and Water Transformation (PETRA), the Ministry of Works (KKR), and the Ministry of Rural and Regional Development (KKDW). The audit, which focused on the Sabah Public Works Department (JKR) under KKR, found that the method allows potential manipulation and lacks transparency in company selection. 'Only certain companies were approved to participate in the tender, reducing market competitiveness,' the report stated. Another issue highlighted was the absence of a comprehensive database of reputable contractors. 'Ministries or departments involved do not have a database related to the list of reputable and high-performing companies,' the report noted. This gap further delays the process, with procurement periods stretching between 152 and 553 days due to unclear timelines. The AG Report recommended discontinuing the Selected Pre-Q Procurement method in favour of open tenders to ensure accountability. However, it acknowledged that the method could still be relevant for large-scale projects requiring specific technical and financial capabilities. To improve efficiency, the audit suggested stricter project selection criteria, focusing on urgent and non-specialised projects. It also called for clearer evaluation terms and the use of centralised databases like the Construction Industry Development Board's (CIDB) Centralised Information Management System (CIMS). – Bernama
News18
09-05-2025
- Business
- News18
RBI Issues Consolidated Guidelines On Digital Lending
Last Updated: RBI move is aimed at streamlining and consolidating the regulatory framework for digital lending activities undertaken by Regulated Entities RBI The Reserve Bank of India (RBI) on Thursday issued a comprehensive set of guidelines titled RBI (Digital Lending) Directions, 2025, aimed at streamlining and consolidating the regulatory framework for digital lending activities undertaken by Regulated Entities (REs). Over the years, the central bank has issued multiple circulars and directions related to digital lending. The new directions bring these various instructions under a single framework to ensure greater clarity, uniformity, and regulatory oversight in the rapidly evolving digital lending space. The move is part of the RBI's broader effort to enhance transparency, protect consumer interests, and mitigate risks associated with online credit delivery channels. In a move to streamline and consolidate existing regulatory instructions on digital lending, the Reserve Bank of India (RBI) on Thursday issued the RBI (Digital Lending) Directions, 2025. The guidelines apply to all regulated entities (REs), including banks and non-banking financial companies engaged in digital lending. As part of the new framework, REs will now be required to report details of their Digital Lending Apps (DLAs) through the Centralised Information Management System (CIMS) portal of the RBI. According to the circular, the portal will be operational for reporting from May 13, 2025, and entities will have until June 15, 2025, to upload their initial data. The directions also include measures aimed at increasing transparency in digital lending practices, particularly in how loan products are aggregated and presented to potential borrowers. The comprehensive guidelines are expected to enhance regulatory oversight, reduce consumer risk, and ensure more responsible lending behavior across India's rapidly growing digital credit ecosystem. First Published: May 08, 2025, 22:11 IST
Time of India
08-05-2025
- Business
- Time of India
Banks, REs to furnish details of digital lending apps on RBI's CIMS portal
Mumbai, Banks and other regulated entities will have to furnish details of their Digital Lending Apps through the Centralised Information Management System (CIMS) portal of the Reserve Bank. As part of efforts to consolidate various regulatory instructions and streamline them, the RBI on Thursday issued consolidated directions on digital lending by regulated entities (REs). #Operation Sindoor Live Updates| From Sindoor to showdown? Track Indo-Pak conflict as it unfolds India hits Lahore's Air Defence Radars in proportionate response Pakistan tried to hit military targets in these 15 Indian cities, New Delhi thwarts strikes "The instructions require REs to furnish the details of their DLAs through the Centralised Information Management System (CIMS) portal of the RBI," said the Reserve Bank of India (Digital Lending) Directions, 2025. The portal will be available to the REs for reporting on or before May 13, 2025, and REs shall have time till June 15, 2025, to upload the initial data. The RBI further said the list of DLAs is being made available on the website for the limited purpose of aiding the customers in verifying the claim of a DLA's association with a RE. The list shall be based on data submitted by the REs on the CIMS portal of the RBI on as is basis, without any further validation check by the Reserve Bank, the central bank said. Live Events The list will get updated automatically, as and when the REs update the existing details (addition of new DLAs or deletion of existing DLAs).
