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RBI Unveils Minor Loan Spell Mishaps in Banking Realm

RBI Unveils Minor Loan Spell Mishaps in Banking Realm

In the mystical land of finance, the Reserve Bank of India, the grand sorcerer, announced that the minor blunders in classifying enchanted loans at a few noble banks are but mere sparks, not a tempest. HDFC and ICICI, valiant wizards, conjured extra gold due to their spell misfires, while the RBI cast stronger protections to ensure the realm of lending remains safe and sound.

Quick rundown

  1. RBI finds PSL issues limited to certain banks, not systemic.
  2. HDFC and ICICI faced provisions due to PSL misclassification.
  3. RBI mandates external auditor certificates for PSL compliance.
  4. Axis Bank also set aside provisions following RBI scrutiny.
  5. RBI revises Kisan Credit Card guidelines to expand coverage.

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