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RBI also imposed a penalty of Rs 1.2 crore on Karnataka Bank for non-compliance with central bank’s directions.
The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process.
The report added that while secured loans such as home and auto are relatively more resilient, they will not be isolated from stress as unemployment rises.
Federal Bank’s net profit for the March quarter fell 21% year-on-year (y-o-y) to Rs 301 crore as it set aside Rs 567.5 crore in provisions, 161% higher than in the same period a year ago.
With the major indexes on the cusp of their second positive month in a row, the firm’s chief investment strategist believes stocks are getting too expensive, and the historic rebound may soon hit a breaking point.