Rs 2 lakh cr will be lost if interest is waived off during loan moratorium - RBI
Posted Date : 04-Jun-2020 , 09:59:33 am | Posted By CASANSAAR
The Reserve Bank of India told the Supreme Court that it cannot waive interest on loans for the moratorium period, as it would affect the financial stability of the banking sector. In an affidavit filed in the top court, it estimated the interest payable on these loans to be Rs 2.01 lakh crore, or e...
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Be aware of imitated Emails in the name of Reserve Bank of India - RBI
Posted Date : 02-Jun-2020 , 09:14:58 am | Posted By CASANSAAR
It has come to the notice of Reserve Bank of India that some unscrupulous entities/scamsters are imitating RBI mails for fraudulent purposes. Most of such mails are sent using fake domains, which do not belong to the Reserve Bank of India, but these could be deceptively similar involving use of word...
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RBI imposes Rs 4 Cr penalty on Citibank
Posted Date : 30-May-2020 , 10:31:56 am | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 4 crore on Citibank for non-compliance with various regulatory norms and directions of the central bank.
In a release, RBI said the penalty has been imposed on Citibank N A for contravention of certain sections of the Banking Regulation Act and for non...
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Reserve Bank of India imposes Rs 6.50 Cr penalty on 3 banks
Posted Date : 29-May-2020 , 10:47:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday imposed a penalty of Rs 6.50 crore on Karnataka Bank, Bank of India and Saraswat Co-operative Bank for non-compliance with central bank's Income Recognition and Asset Classification norms.
It fined Rs 5 crore on Bank of India, while it charged Rs 1....
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RBI cuts repo rate, extends moratorium on term loans by 3 months
Posted Date : 22-May-2020 , 10:46:38 am | Posted By CASANSAAR
RBI announced that it has decided to cut the repo rate cut by 40 basis points from 4.4 per cent to 4 per cent, adding that the reverse repo rate has been reduced to 3.35 per cent.
Addressing his third press conference in less than two months, RBI Governor Shaktikanta Das said that the GDP g...
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Govt appoints Tarun Bajaj as Director on RBI Central Board
Posted Date : 07-May-2020 , 08:35:01 am | Posted By CASANSAAR
The government has appointed Economic Affairs Secretary Tarun Bajaj as a director on the central board of Reserve Bank of India (RBI).
Bajaj replaces Atanu Chakraborty, who retired on April 30.
"The Central Government has nominated Tarun Bajaj, Secretary, Department of Economic Affairs, M...
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RBI cancels the licence of The CKP Co-operative Bank Ltd.
Posted Date : 03-May-2020 , 08:20:16 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has, vide Speaking Order No DOR.CO.AID/LC-02/12.22.035/2019-20 dated April 28, 2020 cancelled the licence of The CKP Co-operative Bank Ltd., Mumbai, to carry on banking business, with effect from the close of business on April 30, 2020. The Registrar of Co-o...
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RBI allows banks to issue electronic cards for overdraft accounts
Posted Date : 25-Apr-2020 , 10:14:55 am | Posted By CASANSAAR
Reserve Bank of India permitted banks to issue electronic cards to persons having overdraft accounts that are only in the nature of personal loan without any specific end-use restrictions.
Banks, as per the central bank's July 2015 directions, were permitted to issue debit cards to customers ...
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RBI asks banks to extend all benefits announced by govt pertaining to short-term crop loans to farmers
Posted Date : 22-Apr-2020 , 10:22:18 am | Posted By CASANSAAR
The Reserve Bank of India has asked banks to extend the benefit of interest subvention (IS) and prompt repayment incentive (PRI) for short-term crop loans to farmers till 31st May, 2020. In a notification, RBI said, it has observed that many farmers are not able to travel to bank branches for paymen...
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RBI Circular | Assets Classification and Provisioning | NPA Identifications
Posted Date : 20-Apr-2020 , 08:58:49 am | Posted By CASANSAAR
RBI Latest Circular on Assets Classification and Provisioning and Identification of NPA for Bank Audits discussed by CA. Ashish Gupta. Watch this Video,,,
https://youtu.be/bSPo2Z94u88
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RBI gives NPA classification reprieve to accounts under 3-month moratorium
Posted Date : 18-Apr-2020 , 10:36:37 am | Posted By CASANSAAR
The Reserve Bank of India has decided to provide an asset classification standstill for standard accounts that avail a moratorium between 1 March and 31 May, said governor Shaktikanta Das on Friday.
This effectively means that the bad loan classification period changes to 180 days for all such ac...
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RBI bans banks, cooperatives from paying dividends
Posted Date : 18-Apr-2020 , 10:35:53 am | Posted By CASANSAAR
The Reserve Bank on Friday debarred all commercial and cooperative banks from paying dividends to shareholders and promoter groups as the regulator fears the Covid-driven economic shocks would continue longer and may put the health of the financial system at risk.
The decision will hit the alread...
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RBI slashes reverse repo rate by 25 bps, no change in repo rate
Posted Date : 17-Apr-2020 , 12:00:48 pm | Posted By CASANSAAR
Addressing the media for the second time since the Narendra Modi government imposed a national lockdown on March 25, RBI Governor Shaktikanta Das announced a reduction in reverse repo rate by 25 basis points from 4 per cent earlier to 3.75 per cent now. The reduction in reverse repo rate is one of a...
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RBI announces dates for issuance of sovereign Gold bonds
Posted Date : 15-Apr-2020 , 10:20:58 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), after consultation with the Centre, has announced the issue dates of the sovereign gold bond scheme 2020-21.
There bonds will be issued in six tranches, beginning 28 April and ending 08 September 2020. The RBI will come out with an issue every month. Please see th...
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RBI asks banks to offer 3-month moratorium for all
Posted Date : 08-Apr-2020 , 08:46:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has told banks and non-banking financial companies (NBFCs) that all borrowers should get the three-month moratorium and can opt-out if they choose, the Economic Times reported.
Banks had chosen to either make the moratorium a given (with an option to opt-out) or ha...
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RBI amends timings for debt markets from 7 April
Posted Date : 05-Apr-2020 , 10:00:03 am | Posted By CASANSAAR
The Reserve Bank of India announced a change in debt money market timings from the existing 9 am-5 pm to 10 am-2 pm, in view of the lockdown. The new arrangement will come into effect on 7 April and continue till 17 April.
“The resultant dislocations have adversely impacted the functioning ...
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RBI denies banks' request for stay on asset classification norms amid COVID-19 Crisis
Posted Date : 03-Apr-2020 , 08:27:50 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has denied a request from banks to put a stay on the asset classification norms, according to a report by The Economic Times.
The central bank's instruction could hurt companies hoping to avoid being labelled as defaulters amid the coronavirus outbreak.
Comp...
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RBI announces further measures for dealing with the COVID-19 pandemic
Posted Date : 02-Apr-2020 , 11:49:54 am | Posted By CASANSAAR
1. Extension of realisation period of export proceeds
Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pan...
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RBI approves amalgamation of 10 public sector banks from April 1
Posted Date : 29-Mar-2020 , 10:05:36 am | Posted By CASANSAAR
Reserve Bank of India on Saturday said it has approved the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank.
The scheme will ...
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RBI permits 3 month moratorium on EMI payments on all outstanding loans
Posted Date : 27-Mar-2020 , 08:49:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) Governor Shaktikanta Das today announced cut in benchmark interest rate, Repo Rate by 75 basis points to 4.4 per cent to deal with the hardship caused due to the outbreak of COVID-19.
The central bank also reduced the Cash Reserve Ratio (CRR) of all banks by 100 ba...
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RBI cut Repo rate by 75 bps to 4.4%, CRR by 100 bps to 3%
Posted Date : 27-Mar-2020 , 11:07:05 am | Posted By CASANSAAR
Reserve Bank of India (RBI) governor Shaktikanta Das March 27 announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic.
Repo rate cut by 75 bps to 4.4%, CRR by 100 bps to 3%, banks allowed 3-month moratorium on all loans:
...
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RBI to inject Rs 30,000 Cr liquidity into market next week
Posted Date : 20-Mar-2020 , 09:07:58 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will inject liquidity of Rs 30,000 crore through open market operations next week to maintain financial stability in the system in the wake of the coronavirus outbreak.
The RBI has decided to conduct purchase of government securities under open market operations (O...
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RBI unveils Rs 1 Lakh Cr liquidity infusion to fight virus effect
Posted Date : 17-Mar-2020 , 09:17:10 am | Posted By CASANSAAR
Reserve Bank of India (RBI) governor Shaktikanta Das announced a Rs 1-lakh-crore liquidity infusion for banks through a long-term repo operation (LTRO) at the central bank’s policy rate of 5.15%. It also announced a second six-month dollar-swap facility. Under this, the central bank will make ...
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RBI issues new rules for Debit / Credit Cards
Posted Date : 16-Mar-2020 , 11:57:52 am | Posted By CASANSAAR
The new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and c...
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RBI issues guidelines for Ind AS implementation by NBFCs, ARCs
Posted Date : 14-Mar-2020 , 10:05:00 am | Posted By CASANSAAR
The Reserve Bank on Friday came out with regulatory guidelines for implementation of Indian Accounting Standards (Ind AS) by non-banking financial companies (NBFCs) and asset reconstruction companies (ARCs) while preparing their financial results.
The guidelines, which are aimed at promotin...
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SC allows cryptocurrency trading, Cancels RBI's 2018 circular
Posted Date : 04-Mar-2020 , 11:49:17 am | Posted By CASANSAAR
The Supreme Court on Wednesday allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin.
The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating b...
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RBI raps PSU bank heads over poor credit growth
Posted Date : 03-Mar-2020 , 10:26:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday pulled up heads of public sector banks (PSBs) for poor credit growth, two top executives of state-owned banks said, requesting anonymity.
In a post-policy meeting, RBI governor Shaktikanta Das and deputy governor N.S. Vishwanathan also tried to find...
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RBI directs banks to link all the new floating rate loans to medium enterprises with external benchmark
Posted Date : 27-Feb-2020 , 10:36:33 am | Posted By CASANSAAR
The Reserve Bank has directed banks to link all the new floating rate loan to medium enterprises with external benchmark.In a circular, RBI said that the direction will be effective from 1st April 2020. With respect to micro and small enterprises, floating rate loans are already linked with external...
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RBI issues clarification on CRR Calculation
Posted Date : 27-Feb-2020 , 09:44:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday issued further clarifications on the recently announced relaxation on cash reserve ratio (CRR) calculations for incremental credit extended for automobiles, residential housing and micro, small and medium enterprises (MSMEs).
The central bank explained...
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RBI board recommends aligning accounting year with fiscal year from 2020-21
Posted Date : 16-Feb-2020 , 09:45:46 am | Posted By CASANSAAR
The Reserve Bank board on Saturday recommended aligning the central bank's accounting year, beginning July, with the financial year from 2020-21, an official statement said.
The Central Board of Directors of the RBI at its 582nd meeting reviewed the current economic situation, global and dome...
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