According to the AIBEA, the incident occurred on February 12, 2025, when the two women, both Relationship Managers, were summoned without prior notice to the Regional Office at 9:30 AM
In 2024, Citi played a key role in mobilizing over US$2 billion across Asia through social finance transactions.
The microfinance industry currently operates with 168 Micro Finance Institutions (MFIs) across 29 states, serving 64 million borrowers
The rise of these scams poses significant challenges for the financial system, as criminals often use traditional banking channels to launder illicit funds. Financial institutions face increased scrutiny and potential reputational damage if they fail to detect and prevent such activities.
Representatives from industry bodies such as Self-Regulatory Organizations (SROs), Sa-Dhan, Micro Finance Institutions Network (MFIN), and Finance Industry Development Council (FIDC) also participated in the discussions.
The RBI’s directive was a response to supervisory concerns identified during regulatory reviews.
Banks and SFBs can establish their own terms and conditions for these credit lines, in accordance with their Board-approved policies. These terms may cover aspects such as credit limits, tenure, interest rates, and other related conditions.
The drop in inflation comes just a week after the Reserve Bank of India’s Monetary Policy Committee (MPC) announced the first rate cut in five years
This move is part of the RBI’s routine currency issuance process, which includes updates to banknotes to reflect changes in governance while maintaining consistency in design for ease of public recognition.
With the RBI’s green light, Easebuzz can now expand its suite of fintech offerings, including payment collection, disbursement, reconciliation, and financial automation tools.