RBI Norms for Protecting Customers
Posted Date : 07-May-2016 , 06:25:29 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the ‘five’ basic rights for bank customers, that I s, (i) Right to Fair Treatment, (ii) Right to Transparency, Fair and Hon...
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RBI Proposes Relaxation Of Bank Licence Requirements
Posted Date : 05-May-2016 , 09:00:30 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has issued proposals for the relaxation of requirements for banking licences in the latest effort to boost a sector struggling with $100 billion of stressed debt that is choking the financial system and hitting economic growth.
With only about half of India's p...
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RBI clamps down on long term working capital loans
Posted Date : 03-May-2016 , 08:46:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked banks to avoid approving long-term credit for periods up to 10 years under the garb of working capital loans to stressed companies, two bankers in the know said.
As the name suggests, working capital loans are typically given for short periods to cater ...
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RBI takes various steps for recovery of NPA: Jayant Sinha
Posted Date : 26-Apr-2016 , 05:29:28 pm | Posted By CASANSAAR
The total outstanding of top one hundred of Non-Performing Accounts (NPA), borrowers of public sector banks stood at 1.73 lakh crore rupees as on 31st December 2015. The Reserve Bank of India has taken various steps for recovery of NPA.
These include formation of joint lenders’ forum for re...
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RBI to ease registration process for NBFCs
Posted Date : 26-Apr-2016 , 07:55:03 am | Posted By CASANSAAR
Reserve Bank of India (RBI) will simplify the registration process for non-banking finance companies (NBFCs), Deputy Governor R. Gandhi said.
“The new application forms will be simpler and the number of documents required to be submitted will be reduced. The entire process could be made o...
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RBI issues master direction on merger of pvt sector banks
Posted Date : 22-Apr-2016 , 08:28:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today came out with master direction for merger of private sector banks and also between NBFCs and banks.
In another master direction, a compilation which consolidates instructions on rules and regulations framed by the RBI under various Acts, including banking i...
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RBI for proper monitoring of foreign direct investment
Posted Date : 15-Apr-2016 , 07:59:16 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has revamped its overseas direct investment application process to provide banks fast and easy accessibility to data for reference purposes and to improve the “coverage and ensure proper monitoring of the flows in a dynamic environment”...
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RBI declines to share details banks inspection report
Posted Date : 11-Apr-2016 , 10:18:00 pm | Posted By CASANSAAR
The RBI has declined to share details of banks inspection reports citing a section of the transparency law that exempts public authority from disclosing information that may prejudicially affect sovereignty, security or economic interests of the country.
Replyi...
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RBI Grants First Payments Bank License To Airtel
Posted Date : 11-Apr-2016 , 10:07:42 pm | Posted By CASANSAAR
Airtel M Commerce Services (AMSL), a subsidiary of Bharti Airtel has been granted the first payments bank license from Reserve Bank of India (RBI) today.
On August 19, 2015 Reserve Bank of India (RBI) had issued “in-principle” approval to 11 applicants to set up payments banks. The ...
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RBI cuts repo rate by 25 basis points to 6.5%
Posted Date : 05-Apr-2016 , 12:27:40 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) announced a 25 basis cut in its policy interest rate this morning, lowering it to more than five-year low. The prevailing rate now stands at 6.5 per cent. The central bank also announced reduction in minimum daily maintenance of cash reserve ratio from 95 per cent to ...
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RBI cancels registration of 22 NBFCs
Posted Date : 29-Mar-2016 , 10:19:35 pm | Posted By CASANSAAR
Reserve Bank of India on Tuesday said it has cancelled registration of 22 non-banking financial companies (NBFCs) including that of Amazan Capital and Mascot Commerce.
The RBI said it cancelled the certificate of registration of the NBFCs in exercise of the powers conferred on it under Section ...
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RBI asks banks to remain open full day on Mar 30 and Mar 31
Posted Date : 19-Mar-2016 , 09:57:39 pm | Posted By CASANSAAR
Reserve Bank has asked banks to keep their branches, which conduct government business, open for full day on March 30 and till 8 pm on March 31 to facilitate the transactions before annual closing of government accounts.
In a notification issued in Mumbai, RBI said that the government has d...
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RBI asks banks to pay interest on savings account on quarterly basis
Posted Date : 16-Mar-2016 , 07:47:22 am | Posted By CASANSAAR
The Reserve Bank of India has asked banks to pay interest on savings accounts on a quarterly basis or a shorter duration, a move which will benefit crores of savings account holders.
At present, the interest is credited in savings bank accounts on a half-yearly basis. Interest rate on savings ban...
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RBI Cancels Registration Certificate of BNP Paribas, 3 Others
Posted Date : 10-Mar-2016 , 07:31:29 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday said it has cancelled registration certificates of four non-banking financial companies (NBFCs) including BNP Paribas India Holding Pvt Ltd.
The three other firms are Mumbai-based Financial Services Private Limited Bhageriya Financial, Capital Services Limit...
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RBI releases draft framework for account aggregator companies
Posted Date : 04-Mar-2016 , 08:20:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday released a draft regulatory framework to allow the entry of a new kind of non-banking finance company (NBFC) that can act as an account aggregator.
Account aggregators help in collecting and providing the information of customers’ financial asse...
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RBI cancels Bajaj Auto, IDFC Finance, and 24 others' NBFC registration
Posted Date : 23-Feb-2016 , 07:37:46 am | Posted By CASANSAAR
The RBI has cancelled registration of as many as 26 non-banking financial companies (NBFCs) including Bajaj Auto Holdings and IDFC Finance Ltd.
"The Reserve Bank has cancelled the certificate of registration of the 26 non-banking financial companies. Following the cancellation of registrat...
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RBI revises norms for NBFC factor firms
Posted Date : 19-Feb-2016 , 09:00:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday came out with clarifications for NBFC factor companies to remove any possible regulatory arbitrage with banks that provide factoring services.
The RBI said that a receivable acquired by an NBFC- Factor which is not paid within such period of its due d...
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Frauds - Future approach towards monitoring of frauds in NBFCs
Posted Date : 19-Feb-2016 , 08:44:27 am | Posted By CASANSAAR
RBI/2015-16/327
DNBR (PD) CC.No.075/03.10.001/2015-16
February 18, 2016
All Deposit taking NBFCs (including RNBCs) and
NBFCs- ND-SI
Madam/ Sir,
Frauds - Future approach towards monitoring of frauds in NBFCs
Please refer to circulars DNBS.PD.CC.No.127/ 03.10.42/2008-09 dated Aug...
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RBI asks income tax assesses to pay dues in advance
Posted Date : 16-Feb-2016 , 07:47:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday appealed to income tax assessees to pay dues ahead of the due date as well use alternate channels of authorised banks to avoid the rush during end of March.
"Pay I-T (income tax) dues in advance at RBI or at authorised bank branches. Appeal to income...
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RBI invites applications for regularisation of declared wealth
Posted Date : 12-Feb-2016 , 08:03:24 am | Posted By CASANSAAR
Reserve Bank has said that those who have declared unaccounted overseas assets under the black money law should file application with its central office for regularisation of declared wealth. RBI, in a statement issued in Mumbai, said a person resident in India who has declared any asset under the B...
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Forensic audit must for all bad loans, Parliament Panel to RBI
Posted Date : 07-Feb-2016 , 09:45:39 am | Posted By CASANSAAR
Cautioning that the rising trend of non performing assets (NPAs) with banks has “the potential to damage the growth story”, the Finance Standing Committee of Parliament has called for immediate forensic audit of all restructured loans that had turned into bad debts.
Forensic audit i...
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RBI gets award for innovation in XBRL reporting
Posted Date : 05-Feb-2016 , 09:36:35 pm | Posted By CASANSAAR
RBI today said it has got recognition for its efforts to improve regulatory reporting and has been given the XBRL International Award for Excellence.
"The XBRL International, the global custodian of the eXtensible Business Reporting Language (XBRL) standard awarded the 'XBRL Intern...
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RBI relaxes FDI norms to boost start-ups
Posted Date : 03-Feb-2016 , 07:57:19 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday relaxed several rules including foreign direct investment norms to boost start-up activity in the country.
To begin with, start-ups are allowed to receive foreign venture capital investment irrespective of the sector in which they operate. The new norm...
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RBI asks Banks to file FDI related forms online from Feb 8
Posted Date : 01-Feb-2016 , 10:34:28 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday asked banks to file forms related to foreign direct investment (FDI) only online on the e-Biz portal from February 8.
With a view to "promoting ease of reporting" of such transactions, RBI, under the e-Biz project of the government, has enable...
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RBI directs all Banks to conduct thorough internal audit
Posted Date : 01-Feb-2016 , 08:09:39 am | Posted By CASANSAAR
The Reserve Bank of India has asked all public and private sector banks to conduct a thorough internal audit and submit a report before their respective audit committees. The summary findings are also to be forwarded to the Reserve Bank.
The move forms part of the ...
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RBI allows pre-mature withdrawal in gold monetisation scheme
Posted Date : 22-Jan-2016 , 07:51:58 am | Posted By CASANSAAR
In an effort to make the Gold Monetisation Scheme more customer-friendly, the RBI today said depositors will be able to withdraw medium-term (5-7 year) and long-term government deposits (12-15 years) pre-maturely after the minimum lock-in period, though with a penalty.
The Reserve Bank today ma...
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RBI prints 1000 rupee notes without silver security thread by mistake, notes printed in 5AG and 3AP series
Posted Date : 21-Jan-2016 , 10:25:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has admitted to wrongly printing Rs 1000 denomination notes without 'silver thread features'.
The notes, reportedly, printed in the 5AG and 3AP series, amount to Rs 30 thousand crore. Out of these, notes worth Rs 20 thousand crores are with RBI while cu...
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Aadhaar not mandatory for DBT scheme, clarifies RBI
Posted Date : 15-Jan-2016 , 08:41:56 am | Posted By CASANSAAR
The Reserve Bank (RBI) has clarified that use of Aadhaar cards is not mandatory for Direct Benefit Transfer (DBT) Scheme. In a communication to banks, RBI said in view of the Supreme Court's interim orders on 11th August and 15th October last year on usage of Aadhaar, it is clarified that use of...
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RBI raises provisions for ‘yet to fail’ CDR accounts
Posted Date : 12-Jan-2016 , 08:41:17 am | Posted By CASANSAAR
Probably concerned at the rising number of loan recasts going wrong, the Reserve Bank of India (RBI) has asked lenders to increase provisioning for accounts that may not have yet failed corporate debt restructuring (CDR) but do not meet conditions stipulated in the master restructuring agreement. Wh...
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RBI to move to CTS for clearing government's cheques
Posted Date : 01-Jan-2016 , 08:40:07 pm | Posted By CASANSAAR
RBI today said it has decided to dispense with the requirement of physically forwarding paid central government cheques to the departments for clearance.
With a view to enhance efficiency in cheque clearing, Reserve Bank of India has introduced Cheque Truncation System (CTS) for clearance of cheq...
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