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News Category : RBI

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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Category : RBI | Comments : 0 | Hits : 948

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 : 143

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 : 427

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 : 280

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 : 380

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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Category : RBI | Comments : 0 | Hits : 118

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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Category : RBI | Comments : 0 | Hits : 156

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 : 578

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 : 307

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 : 291

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 : 198

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 : 134

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 : 226

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 : 670

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 : 221

RBI clarifies PCA does not restrict bank's public operation
Posted Date : 06-Jun-2017 , 08:11:17 am | Posted By CASANSAAR

The Reserve Bank of India has clarified that the Prompt Corrective Action (PCA) framework invoked on banks will not restrict operations for the general consumers or public at large. Amid some misinformed reports in media including social media, the RBI has clarified in a statement on Monday that ...

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Category : RBI | Comments : 0 | Hits : 347

Bank account number portability can be reality soon - RBI
Posted Date : 31-May-2017 , 08:16:37 am | Posted By CASANSAAR

Customers may soon get to seamlessly switch to another bank with the same account number without losing any transaction details such as credit/debit history — all thanks to Reserve Bank of India's push. With increase in Aadhaar enrollment and technology advancements, banks and stakehold...

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Category : RBI | Comments : 0 | Hits : 459

RBI invites applications for Dy Governor, may hire from pvt sector for 1st time
Posted Date : 26-May-2017 , 07:43:42 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday released a public notice inviting applications for the post of a Deputy Governor. This is the first time that RBI may be inviting applications from the private sector. Currently, the RBI has four Deputy Governors of whom two are internal appointees. Th...

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Category : RBI | Comments : 0 | Hits : 294

RBI refuses to disclose list of loan defaulters
Posted Date : 24-May-2017 , 06:41:21 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an order of the Supreme Court in 2015 to make this information public. The case relates to an RTI application filed by activist Subhash Agrawal who had sought to know the list o...

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Category : RBI | Comments : 0 | Hits : 167

RBI to reconstitute oversight committee to deal with bad loans
Posted Date : 23-May-2017 , 07:46:04 am | Posted By CASANSAAR

The Reserve Bank said it will reconstitute the oversight committee (OC) under its aegis to operationalise the banking ordinance for resolving the issue of bad loans that have soared to over Rs 8 lakh crore. The central bank said it has been decided to reconstitute the OC under the aegis of the ce...

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Category : RBI | Comments : 0 | Hits : 208

RBI ombudsman for one redressal system for all financial transactions
Posted Date : 22-May-2017 , 07:39:49 am | Posted By CASANSAAR

There is a need for a single redressal mechanism for all types of financial transactions in the country , feels Ranjana Sahajwala, ban of the RBI. king ombudsman of the RBI. The RBI created the office of banking ombudsman (OBO) to act as a mediator or adjudicator between the customer and the bank...

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Category : RBI | Comments : 0 | Hits : 219

RBI liberalises tier-I presence in new bank branch policy
Posted Date : 18-May-2017 , 10:19:25 pm | Posted By CASANSAAR

RBI today came out with final guidelines on branch authorisation, with a refined definition on what constitutes a bank branch and liberalised policies on presence in tier-I centres. It also widened the role of bank boards, making them responsible for complying with the new guidelines. The RBI ...

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Category : RBI | Comments : 0 | Hits : 203

RBI's hiring a CFO - Here’s your chance to earn Rs 4 lakh a month
Posted Date : 16-May-2017 , 10:30:01 am | Posted By CASANSAAR

If you are a Chartered Accountant (CA) aged 45-55 years of age, a job is awaiting you. The Reserve Bank of India has opened applications for the job of Chief Financial Officer at the rank of Executive Director. This is a first by the central bank as till now, it did not have a dedicated official ...

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Category : RBI | Comments : 0 | Hits : 1695

RBI makes substantial changes in norms for dealing with stressed loans
Posted Date : 06-May-2017 , 09:13:26 pm | Posted By CASANSAAR

RBI has made substantial changes in the norms for dealing with stressed loans and warned banks they will be penalised for missing Non-Performing Assets (NPA) resolution timelines. RBI, through a notification, eased the decision making process in the Joint Lenders' Forum and Corrective Action ...

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Category : RBI | Comments : 0 | Hits : 245

RBI gets proactive to tackle India's Rs.7 Lakh crore bad loans pileup
Posted Date : 03-May-2017 , 09:36:41 am | Posted By CASANSAAR

In April, the Reserve Bank of India advised banks to closely monitor loans to telecom operators after Airtel, Vodafone and Idea got caught up in a price war with Reliance Jio. The apex bank had asked banks to consider setting aside higher provisions for loans in stressed sectors by June 30. The advi...

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Category : RBI | Comments : 0 | Hits : 494

RBI fines Kotak Mahindra, HSBC for violating FEMA
Posted Date : 26-Apr-2017 , 09:48:01 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday imposed a monetary penalty on Kotak Mahindra Bank and Hong Kong & Shanghai Banking Corp. Ltd for violation of instructions on reporting requirements of the Foreign Exchange Management Act (FEMA), 1999. The central bank slapped a fine of Rs70,000 on...

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Category : RBI | Comments : 0 | Hits : 306

RBI Governor suggests merging public sector banks
Posted Date : 26-Apr-2017 , 10:30:05 am | Posted By CASANSAAR

RBI Governor Urjit Patel has said the Indian banking system could be better off if some public sector banks are consolidated to have fewer but healthier entities, as it would help in dealing with the problem of stressed assets.  "As many have pointed out, it is not clear that we need so...

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Category : RBI | Comments : 0 | Hits : 423

RBI asks banks to closely monitor loans to telecom sector
Posted Date : 20-Apr-2017 , 09:12:10 am | Posted By CASANSAAR

The RBI asked banks to make higher provisioning for loans to the telecom sector that is facing financial stress and closely monitor their exposure to avoid any adverse impact on businesses . The sector has a debt of about Rs 4.6 lakh crore even as it is faces pressure on revenues and profitability...

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Category : RBI | Comments : 0 | Hits : 256

RBI to set up computer emergency response unit
Posted Date : 18-Apr-2017 , 08:24:37 am | Posted By CASANSAAR

The Sub-Committee of the Financial Stability and Development Council (FSDC), which met on Monday, discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said. “Issues such as setting up of Computer Emergency Respon...

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Category : RBI | Comments : 0 | Hits : 174

RBI proposes simplified forex hedging facility
Posted Date : 13-Apr-2017 , 08:21:24 am | Posted By CASANSAAR

Reserve Bank of India on Wednesday unveiled draft guidelines relating to simplified hedging facility for resident entities with foreign currency exposures and non-resident entities with rupee exposures, other than individuals, to enable them to hedge underlying exchange rate risk. The facility is...

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Category : RBI | Comments : 0 | Hits : 356

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