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News Category : RBI

Government seeks Rs 13,000 crore surplus from RBI
Posted Date : 20-Nov-2017 , 10:19:00 am | Posted By CASANSAAR

The government has not asked the Reserve Bank to pay any special dividend and is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said. In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017....

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Union opposes government demand to get additional surplus from RBI
Posted Date : 17-Nov-2017 , 12:41:06 am | Posted By CASANSAAR

The Reserve Bank Employees Union has opposed the reported move by the finance ministry to ask the central bank to part with more surplus from the past year to aid the Rs 2.1-trillion bank recapitalization.  The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government ...

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RBI release new outsourcing norms for NBFCs
Posted Date : 10-Nov-2017 , 08:32:43 am | Posted By CASANSAAR

Non-banking financial companies (NBFCs) cannot outsource core management functions like internal audit, strategic and compliance functions for know your customer (KYC) norms, sanction of loans and management of investment portfolio.  In a notification on its website on Thursday RBI issued fr...

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RBI asks banks to provide doorstep banking facilities to senior citizens & divyangs
Posted Date : 10-Nov-2017 , 08:17:58 am | Posted By CASANSAAR

The RBI has asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year.  Banks have been directed that senior citizens and specially-abled persons, including the visually-impaired, should be provided ...

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Bitcoins not to be used for payments and settlements for now - RBI
Posted Date : 07-Nov-2017 , 08:33:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) today reiterated its stand on cryptocurencies saying the bitcoins will not be used for making payments and settlements for now. Answering a query from the audience at the FIBAC banking event, S Ganesh Kumar, Executive Director of RBI said, "Our current positio...

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Category : RBI | Comments : 0 | Hits : 637

RBI mandates unique code for all large corporate borrowers
Posted Date : 02-Nov-2017 , 09:29:45 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) said corporate borrowers having exposure of Rs 5 crore and above will have to mandatorily obtain 20-digit Legal Entity Identifier (LEI) from banks, a move that is aimed at improving risk management.  The idea of LEI, a 20-digit unique code to identify partie...

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RBI imposes Rs 2 crore penalty on IDFC Bank, Rs 6 crore on Yes Bank
Posted Date : 25-Oct-2017 , 07:44:13 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday slapped a Rs6 crore penalty on Yes Bank Ltd for breaching its rules on classifying non-performing assets and failing to report a security incident involving its ATMs on time. Separately, RBI also imposed a Rs2 crore penalty on IDFC Bank Ltd for breaching re...

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Aadhaar linkage with bank accounts mandatory - RBI
Posted Date : 22-Oct-2017 , 10:26:09 am | Posted By CASANSAAR

Reserve Bank of India said biometric identity number Aadhaar linkage with bank accounts is mandatory. The RBI clarification followed media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage w...

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RBI brings in fresh guidelines for mobile wallet players
Posted Date : 12-Oct-2017 , 07:24:51 am | Posted By CASANSAAR

In what could be a major change in the scope of operations for mobile wallets the Reserve Bank of India has introduced strict Know Your Customer norms for wallet users, allowed interoperability and also brought in fraud detection norms to prevent fake wallet transactions.  In a major move, n...

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RBI keeps key policy rate unchanged
Posted Date : 05-Oct-2017 , 07:55:27 am | Posted By CASANSAAR

The monetary policy committee (MPC) of Reserve Bank of India decided to hold the key policy rate unchanged at 6% as it sees risks to inflation. However, it maintained the neutral stance of the policy while reiterating that the MPC remains committed to keep headline inflation close to 4% on durabl...

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RBI to allow inter-operability in prepaid payment instruments
Posted Date : 05-Oct-2017 , 07:45:44 am | Posted By CASANSAAR

Users will be able to transfer funds from one mobile wallet to another as Reserve Bank is allowing inter-operability among prepaid payment instruments (PPI) very soon.  PPIs which include the likes of e-wallets, gift cards and meal coupons are used as substitutes for cash. RBI today said in ...

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RBI eases foreign investment regulations for corporate debt
Posted Date : 23-Sep-2017 , 10:39:59 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday changed the rules pertaining to the calculation of the foreign investment limit in so-called masala bonds, potentially opening up space for Indian companies to sell more such securities. Starting 3 October, masala bonds, or rupee-denominated bonds sold ov...

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Almost 99% of demonetised notes back in system - RBI
Posted Date : 30-Aug-2017 , 10:12:46 pm | Posted By CASANSAAR

The Reserve Bank of India today in its annual report says that almost 99 per cent of banned Rs 500 and Rs 1000 notes that were demonetised last November have returned to the system.  In the report for 2016-17, the RBI said that out of 632.6 crore pieces of Rs 1,000 currency notes in circulat...

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RBI sends second list of 26 defaulters to banks
Posted Date : 30-Aug-2017 , 08:37:50 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has sent commercial banks a second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings, three bankers aware of the development said. In a letter, the central bank said these a...

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RBI mulls ombudsman for NBFC customers
Posted Date : 24-Aug-2017 , 10:44:14 am | Posted By CASANSAAR

The central bank is considering an 'ombudsman' scheme for redressal of customer grievances at non-banking finance companies (NBFCs) in line with banks, Reserve Bank of India (RBI) Deputy Governor NS Vishwanathan said on Wednesday. He also said the Reserve Bank is not in favour of NBFCs ac...

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Category : RBI | Comments : 0 | Hits : 221

RBI directive on auditors to benefit second-tier firms
Posted Date : 03-Aug-2017 , 07:05:57 am | Posted By CASANSAAR

The Reserve Bank of India’s (RBI's) recent diktat, that statutory auditors in private and foreign banks should be repeated only after the mandatory rest period of six years, opens up an opportunity for firms outside the famed Big Four — PricewaterhouseCoopers, Deloitte, KPMG and EY.&...

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Repo rate cut by 25 bps to 6%; reverse repo by 25 bps to 5.75%
Posted Date : 02-Aug-2017 , 10:24:54 am | Posted By CASANSAAR

The Reserve Bank of India in its 3rd bi-monthly monetary policy decision of FY 2017-18 on Wednesday reduced the Repo Rate under the Liquidity Adjustment Facility by 25 basis points from 6.25 percent to 6.0 percent, citing reduction in upside risk to inflation. This move is expected to lower EMIs for...

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Category : RBI | Comments : 0 | Hits : 171

RBI plans to extend Cyber Audit to all Banks
Posted Date : 01-Aug-2017 , 03:07:52 pm | Posted By CASANSAAR

The Reserve Bank of India is planning to conduct a cyber-audit of all banks in the country instead of just a few bigger banks as it did in the past, a policy shift that comes in the wake of an increase in cyber-attacks.  The banks which do not have security measures in place as per the RBI s...

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Category : RBI | Comments : 0 | Hits : 467

RBI asks banks to work towards account number portability
Posted Date : 01-Aug-2017 , 07:57:45 am | Posted By CASANSAAR

Reserve Bank of India Deputy Governor S S Mundra has asked banks to work towards account number portability, as it will be a far-reaching step towards enhancing competition and improving customer service.  Speaking at the annual conference of banking ombudsmen in Mumbai , he said banks shoul...

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Category : RBI | Comments : 0 | Hits : 323

Govt suggests RBI to freeze accounts of defaulting firms
Posted Date : 29-Jul-2017 , 07:36:29 am | Posted By CASANSAAR

The government has requested the Reserve Bank of India (RBI) to freeze accounts of the defaulting firms who have not filed their financial statements and returns. The central bank, however, said that it has no powers to freeze such accounts. The finance ministry also suggested that the RBI circulate...

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Category : RBI | Comments : 0 | Hits : 434

Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme
Posted Date : 26-Jul-2017 , 10:54:04 pm | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives.  Two sets of changes have been made in the scheme:  I. Specific changes have been made...

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Supreme Court to hear out RBI objection to information under RTI
Posted Date : 18-Jul-2017 , 11:02:40 am | Posted By CASANSAAR

The Reserve Bank of India on Monday told the Supreme Court that a host of laws mandate the banking regulator to maintain secrecy on borrowings and borrowers — information that cannot be revealed to all and sundry under RTI, the 2005 transparency law.  This prompted the apex court to sa...

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Non-executive chairman can be part of bank's audit committee - RBI
Posted Date : 14-Jul-2017 , 07:38:40 am | Posted By CASANSAAR

Reserve Bank said the non-executive chairman of a bank can also be nominated to the audit committee of board of directors.  Earlier, any one of the non-executive/non-official directors was supposed to chair the audit committee of the board of the directors of a public sector bank.  I...

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Category : RBI | Comments : 0 | Hits : 594

RBI to guide banks on provisioning under Ind AS
Posted Date : 07-Jul-2017 , 08:28:41 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) plans to guide banks in their transition to Indian Accounting Standards (IndAS) from 1 April next year—particularly on bad-loan provisioning, which will be based on expected future losses. The transition will be challenging for banks in terms of the skills re...

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Category : RBI | Comments : 0 | Hits : 336

RBI fixes customer liability for unauthorised transactions
Posted Date : 07-Jul-2017 , 08:18:14 am | Posted By CASANSAAR

Customers will not suffer any loss if unauthorised electronic banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10-days, the Reserve Bank of India said on Thursday. In case the third party fraud is reported with a delay o...

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Category : RBI | Comments : 0 | Hits : 315

RBI makes Banks responsible for misselling third party products
Posted Date : 25-Jun-2017 , 09:54:03 am | Posted By CASANSAAR

Banks for the first time have been made accountable for misselling third-party products like insurance policies or mutual fund schemes. Customers can also file complaints against banks for problems with mobile and digital banking services.  The RBI on Friday said that it has widened the scop...

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Category : RBI | Comments : 0 | Hits : 224

RBI amends Banking Ombudsman Scheme
Posted Date : 25-Jun-2017 , 09:40:32 am | Posted By CASANSAAR

The central bank has extended the scope of Banking Ombudsman Scheme. The Reserve bank said that under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India....

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Category : RBI | Comments : 0 | Hits : 153

GST to lower overall tax burden over time - RBI governor
Posted Date : 23-Jun-2017 , 06:57:49 am | Posted By CASANSAAR

As the four-rate structure, Goods and Services Tax will come into force in all states across the country except Jammu & Kashmir from the midnight of June 30, the Reserve Bank of India Governor Mr. Urjit Patel today expressed optimistic view that GST would eventually reduce taxes and inefficienci...

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Category : RBI | Comments : 0 | Hits : 274

RBI identifies 12 mega defaulters for insolvency, their total NPA Rs 175000 Cr
Posted Date : 14-Jun-2017 , 07:59:37 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is moving to resolve the bad loan crisis with an Internal Advisory Committee (IAC) of the RBI having identified 12 accounts of corporate borrowers who owe over Rs 5,000 crore each — and overall involve an amount of close to Rs 175,000 crore — for insolvenc...

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Category : RBI | Comments : 0 | Hits : 698

RBI directs bank branches to comply with PPO order
Posted Date : 09-Jun-2017 , 09:26:43 am | Posted By CASANSAAR

The Reserve Bank has asked bank branches to record pension payment order (PPO) number in the passbooks of pensioners to avoid any hassle in case the PPO is lost. The Finance Ministry's Central Pension Accounting Office in September 2014 had issued a memorandum asking Centralised Pension Proce...

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Category : RBI | Comments : 0 | Hits : 256

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