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News Category : RBI

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 : 100

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 : 136

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 : 1507

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 : 158

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 : 380

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 : 231

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 : 380

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 : 225

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 : 157

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 : 322

RBI proposes wholesale, long-term finance banks
Posted Date : 08-Apr-2017 , 08:46:02 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday proposed to float wholesale and long-term finance (WLTF) banks that would fund long-term high-value projects — something similar to the development finance institutions (DFIs) of the past.  “Going forward, considering the existing landsca...

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NEFT transfer to get quicker as RBI cuts clearance time
Posted Date : 07-Apr-2017 , 07:27:55 am | Posted By CASANSAAR

The Reserve Bank has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience. In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement...

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Category : RBI | Comments : 0 | Hits : 493

RBI maintains status quo on repo rate
Posted Date : 06-Apr-2017 , 08:39:53 pm | Posted By CASANSAAR

The Reserve Bank left its benchmark lending rate, Repo rate, unchanged at 6(point)25 per cent for the fourth monetary policy review in a row today citing upside risk to inflation. RBI however increased the reverse repo rate -- which it pays to banks for parking funds with it -- by 0.25 per cent t...

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Category : RBI | Comments : 0 | Hits : 177

RBI exempts banks from opening on April 1 on annual closing
Posted Date : 30-Mar-2017 , 10:23:34 am | Posted By CASANSAAR

Reversing its earlier order, the Reserve Bank of India said that the bank branches dealing in government businesses need not remain open on April 1 in view of the annual closing business. In its earlier directive on March 24, the RBI had asked all authorised banks to be open on all days from Marc...

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Category : RBI | Comments : 0 | Hits : 313

RBI puts IDBI Bank, Indian Overseas Bank and UCO Bank under watch for spike in bad assets
Posted Date : 24-Mar-2017 , 08:41:05 am | Posted By CASANSAAR

The Reserve Bank of india has put four public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list, the name of the fourth lender could not b...

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Category : RBI | Comments : 0 | Hits : 525

SC to Govt-Why can't RBI accept scrapped notes till March 31
Posted Date : 22-Mar-2017 , 09:15:33 am | Posted By CASANSAAR

The Supreme Court on Tuesday directed the Centre to file a response to a plea challenging the Reserve Bank of India’s (RBI) refusal to accept demonetized Rs500 and Rs1,000 notes post 31 December, 2016. A bench headed by Chief Justice of India (CJI) J.S. Khehar gave the government two weeks ...

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Category : RBI | Comments : 0 | Hits : 293

RBI issues draft master circular for revised PPI norms
Posted Date : 21-Mar-2017 , 07:59:16 am | Posted By CASANSAAR

The Reserve Bank of India has asked all prepaid payment licence holders who mostly issue mobile wallets to convert their minimum KYC (Know Your Customer) wallet accounts into full KYC account by June 30 of this year. It has also laid out minimum net worth criteria for wallet issuers to Rs 25 crore f...

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Category : RBI | Comments : 0 | Hits : 240

RBI lifts all cash withdrawal limits from today
Posted Date : 13-Mar-2017 , 07:50:01 pm | Posted By CASANSAAR

All limits on cash withdrawal from savings bank account imposed on November 8 after the demonetisation drive has been removed with effective from Monday as the Reserve Bank of India (RBI) had announced about it last month. Earlier, the central bank had removed all curbs on branch withdrawals from cu...

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Category : RBI | Comments : 0 | Hits : 270

NBFC cash loan against gold restricted to Rs 25,000 - RBI
Posted Date : 10-Mar-2017 , 07:22:30 am | Posted By CASANSAAR

Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque.  RBI reduced the amount to Rs 25,000 from th...

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Category : RBI | Comments : 0 | Hits : 340

RBI sets up panel to review cyber threats
Posted Date : 01-Mar-2017 , 07:54:00 am | Posted By CASANSAAR

The Reserve Bank announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology. The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholde...

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Category : RBI | Comments : 0 | Hits : 157

RBI enhances cash withdrawal limit from Savings account to Rs 50,000
Posted Date : 21-Feb-2017 , 06:45:28 am | Posted By CASANSAAR

Reserve Bank has enhanced the cash withdrawal limit from Savings Bank Account to 50,000 rupees from the existing 24,000 rupees from 20th Feb. RBI has also said that all limits on cash withdrawals from Savings Bank Account will be withdrawn from 13th of next month. The Reserve Bank of India (RBI) ...

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Category : RBI | Comments : 0 | Hits : 263

RBI lifts ATM withdrawal limits from Feb 1
Posted Date : 31-Jan-2017 , 09:12:08 am | Posted By CASANSAAR

In a big relief to people, RBI today announced lifting of restrictions on daily withdrawal of money from ATMs with effect from Wednesday. and has also withdrawn all limits on Current Accounts and overdraft accounts with immediate effect. In a circular to the banks, the RBI, however, said the week...

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Category : RBI | Comments : 0 | Hits : 451

Restructured Education loans not to be treated as NPAs - RBI
Posted Date : 24-Jan-2017 , 08:41:33 am | Posted By CASANSAAR

In order to encourage banks to provide education loans, RBI has said rescheduling of payment period of such loans due to unemployment of borrower will not be treated as restructured accounts for computing NPAs.  Banks may allow up to three spells of moratorium (not exceeding 6 months each) d...

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Category : RBI | Comments : 0 | Hits : 351

RBI enhances cash withdrawal limit from ATMs to Rs 10000 per day
Posted Date : 16-Jan-2017 , 11:28:26 pm | Posted By CASANSAAR

The Reserve Bank of India has raised the daily Cash withdrawal limit of 4500 rupees from ATMs to ten thousand rupees per card with immediate effect. However, the overall withdrawal limit from saving accounts will remain unchanged at 24 thousand rupees per week. The limit on withdrawal from curren...

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Category : RBI | Comments : 0 | Hits : 246

RBI extends period of enhanced Prepaid Payment Instruments limit
Posted Date : 31-Dec-2016 , 06:43:19 pm | Posted By CASANSAAR

Reserve Bank today extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments. RBI said in a notification today that keeping in view that Bank is undertaking a comprehensive review of the guidelines and framework for PPI iss...

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Category : RBI | Comments : 0 | Hits : 162

RBI refuses to give reasons behind demonetisation
Posted Date : 29-Dec-2016 , 05:26:50 pm | Posted By CASANSAAR

 Why were Rs 1000 and Rs 500 notes demonetised by the government?  Fifty days after the government announced that these notes would cease to be legal tender, Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public. The monetary policy regulat...

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Category : RBI | Comments : 0 | Hits : 266

RBI extends loan repayment window to 90 days
Posted Date : 29-Dec-2016 , 08:33:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December. In a notification, RBI said, on a review, it ...

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Category : RBI | Comments : 0 | Hits : 485

Govt names Viral V Acharya as RBI Deputy Governor
Posted Date : 28-Dec-2016 , 03:06:49 pm | Posted By CASANSAAR

Government today appointed Viral V Acharya, a professor of Economics in the Department of Finance at the New York University (NYU), new Deputy Governor at the Reserve Bank of India. The Appointments Committee of the Cabinet cleared the appointment for three years. He is taking over at a time w...

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Category : RBI | Comments : 0 | Hits : 242

RBI modifies circular on depositing over Rs 5000 in banks in old notes
Posted Date : 21-Dec-2016 , 08:27:46 pm | Posted By CASANSAAR

Scrapping the December 19 circular, the Reserve Bank of India today modified the old currency deposit rules and withdrew the 5000 rupee limit for depositing money in old currency notes for fully KYC (Know Your Customer) compliant accounts only. The RBI in a circular issued said the KYC complaint acc...

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Category : RBI | Comments : 0 | Hits : 297

RBI imposes restrictions on withdrawal from certain bank accounts
Posted Date : 16-Dec-2016 , 08:16:24 am | Posted By CASANSAAR

Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) has imposed certain restrictions on withdrawal, if more than two lakh rupees has been deposited after November 9 in an account which has a balance of over five lakh rupees. ...

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Category : RBI | Comments : 0 | Hits : 2086

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