“With today’s proactive announcements, the RBI has once again shown that it is ahead of the curve when it comes to dealing with the impact of restrictions on the economy. The central bank recognises the fact that unlike the impact of the Covid wave last year, the broader economic activity is more or less on track, but the short-term financial implications on individuals and small businesses need to be reduced through additional liquidity and easing measures that can be routed through the banking system.
Thus, the extension of the resolution framework period is a timely and welcome move as the RBI has made a bold attempt to not only minimise the likely distress in the banking system, but also improve the confidence among marginal borrowers by giving them more time, thereby reducing wide-spread defaults.
By allowing limited KYC till December 31, 2021 in accounts where periodic KYC updating is due or pending, the RBI has certainly eased customer concerns regarding day-to-day financial transactions including on-time loan repayments, and any potential defaults. Equally, the extension of Video KYC to more categories will enhance customer convenience, assisting lenders to achieve timely regulatory compliance in terms of KYC rules.”
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