ClearDu Pulse

From the Desk of Chairman - Shailen Mehta

I am immensely proud to announce the momentous launch of ClearDu at Gitex Global 2023, Dubai. ClearDu is a revolutionary endeavor that harnesses the power of predictive analytics through a technology-driven omni-channel engine.

ClearDu stands poised to provide an exceptional Platform as a Service (PaaS) solution to Financial Institutions and agencies specializing in debt collections and managing non-performing assets. Our cutting-edge platform is meticulously designed to encompass the entire omnichannel collection process, offering a curated, highly efficient solution that promises anticipated outcomes.

The synergy of finance with state-of-the-art technology is leading us towards the realization of faster milestones and the achievement of goals poised to redefine industry standards. ClearDu emerges as a trailblazing force, empowering businesses and institutions to not only navigate the intricacies of debt collections but to thrive in an increasingly competitive landscape.

ClearDu's launch at Gitex Global 2023, Dubai marks the beginning of a transformative journey that promises to shape the industry's future. With unwavering commitment and unparalleled innovation, we aim to revolutionize the debt collection ecosystem, driving efficiency and success on a scale previously unattainable.

We extend our deepest gratitude to our dedicated team and valued partners who have contributed to the realization of this extraordinary platform. We are poised to usher in a new era where finance, technology, and innovation converge to lead the way toward industry excellence.

RBI raises concern over high bad loan ratio in urban cooperative banks

The governor said that even as UCBs have their cumulative non-performing assets ratio improved to 8.7%, this is "not a comfortable number". The banking sector's gross NPA has eased to a decadal low of 3.9% at the end of March. Granularly, some of the UCBs have very high NPA which according to Das "not at all satisfactory".

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Banks see sharp growth in unsecured loans even after RBI caution

Some banks reported an average of 30 percent growth in their unsecured portfolio in Q2. The central bank has flagged concerns over the increase in unsecured credit.

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Wilful default cases on the rise: Banks filed suits against 36,150 NPA accounts to recover Rs 9.26 lakh cr in FY23

The central bank has said that a borrower will be classified as a wilful defaulter within six months of the account becoming a non-performing asset (NPA). Earlier, it did not have a specific timeline in this regard.

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RBI releases Draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services

RBI on 26th Oct released a draft Master direction in which financial institutions, referred to as REs, planning to delegate any of their financial activities must formulate a comprehensive outsourcing policy endorsed by the board. This policy is expected to encompass criteria for selecting specific activities and service providers, establish parameters defining material outsourcing using broad criteria, delegate authority based on risk and materiality, and institute systems for ongoing monitoring and evaluation of these outsourced activities. The RBI underscores the joint responsibility of both the board and senior management in effectively managing the inherent risks associated with outsourcing arrangements.

The underlying principle of the proposed directions is that the RE should ensure that outsourcing arrangements neither diminish its ability to fulfill its obligations to customers nor impede effective supervision by the supervisory authority,

The Reserve Bank stated that the draft Directions have been formulated by integrating, updating, and, where necessary, aligning with the existing guidelines and has invited Comments / Feedback, in this regard, by November 28, 2023.

RBI releases framework for updating Credit Information

On 26th Oct 2023, the Reserve Bank of India (RBI) unveiled guidelines outlining the compensation framework for customers in cases of delayed updating or rectification of credit information by credit institutions (CIs) and credit information companies (CICs). According to the RBI circular, individuals filing complaints will be eligible for a compensation of ?100 per calendar day if their grievance remains unresolved for thirty (30) calendar days from the date of the initial complaint submission to a credit institution (CI) or credit information company (CIC). The compensation mechanism is set to be enforced six months from the issuance date of this circular. The Reserve Bank has instructed CICs and CIs to establish the required systems and processes to implement the compensation framework within this specified timeframe.

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