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News Category : RBI

RBI says all 14 types of Rs 10 coin valid, legal tender
Posted Date : 18-Jan-2018 , 09:06:07 am | Posted By CASANSAAR

Dispelling rumours and addressing the reluctance of traders to accept Rs 10 coins, the Reserve Bank of India said that all of the 14 designs of the coin are valid and legal tender for transactions. "It has come to the notice of the Reserve Bank that in certain places there is reluctance on part...

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Category : RBI | Comments : 0 | Hits : 376

Existing NBFC cannot operate as peer-to-peer lender - RBI
Posted Date : 11-Jan-2018 , 08:58:29 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) notified that existing non-banking financial companies cannot operate as peer-to-peer lenders. Further, new applicants for peer-to-peer lending license will need to provide the list of promoters and the source of funds for the minimum capital requirement of Rs20mn, th...

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Category : RBI | Comments : 0 | Hits : 408

RBI begins PCA against Allahabad Bank
Posted Date : 05-Jan-2018 , 01:26:54 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against public sector lender Allahabad Bank, owing to its high net non-performing assets (NPAs) and negative return on assets (RoA) for two consecutive years. While in 2016-17, the bank’s net NPA ratio stood at 8.9...

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Category : RBI | Comments : 0 | Hits : 711

RBI levies Rs 5 crore penalty on Syndicate Bank for breaching KYC norms
Posted Date : 17-Dec-2017 , 11:04:29 am | Posted By CASANSAAR

Syndicate Bank has emerged as the latest entrant on the Reserve Bank of India's hit list for violation of norms. The central bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector lender for violating the Know Your Customer (KYC)/Anti-Money Laundering (AML) norms. ...

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Category : RBI | Comments : 0 | Hits : 282

RBI takes to SMSes, missed-call helpline against prize frauds
Posted Date : 10-Dec-2017 , 07:55:46 pm | Posted By CASANSAAR

Taking the fight to the arena used by fraudsters promising prize money from the RBI, the central bank has itself launched an SMS campaign and a 'missed-call' helpline to warn people against such scams. Typically, such fraudsters make calls or send SMSes and emails to gullible people promi...

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Category : RBI | Comments : 0 | Hits : 214

RBI rationalises charges on debit card transactions
Posted Date : 07-Dec-2017 , 07:18:17 pm | Posted By CASANSAAR

In order to promote digital payments, RBI has come out with differentiated merchant discount rates (MDR) for debit card transactions, prescribing separate caps for small and large traders.  MDR is the rate charged to a merchant by a bank for providing debit and credit card services. As pe...

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Category : RBI | Comments : 0 | Hits : 563

RBI keeps repo rate unchanged at 6 per cent
Posted Date : 06-Dec-2017 , 07:51:20 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has kept the key interest rate unchanged at 6 per cent in its fifth bi-monthly monetary policy review for the year 2017-18 today. The central bank has raised inflation forecast to 4.3-4.7 per cent in third and fourth quarters of current fiscal and kept the economic...

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Category : RBI | Comments : 0 | Hits : 712

RBI reiterates its concern over use of virtual currencies
Posted Date : 05-Dec-2017 , 07:21:51 am | Posted By CASANSAAR

The Reserve Bank of India, RBI has reiterated its concern over the use of Bitcoins and other virtual currencies saying it has not issued licenses or authorisations to companies to trade in these currencies.  Earlier on two occassions, the RBI has cautioned users, holders and traders of Virtu...

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Category : RBI | Comments : 0 | Hits : 921

RBI may hold rates at policy meet this week
Posted Date : 04-Dec-2017 , 11:03:12 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is widely expected to keep rates on hold following the forthcoming monetary policy committee (MPC) meeting on December 6. Many economists believe that rates have bottomed and money markets will move from a liquidity-surplus situation — experienced since demoneti...

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Category : RBI | Comments : 0 | Hits : 1051

RBI asks cooperative societies not to use word Bank in names
Posted Date : 30-Nov-2017 , 09:15:05 am | Posted By CASANSAAR

The RBI has asked co-operative societies not use the word 'Bank' in their names as it violates the Banking Regulation Act.  In a statement, the RBI said that it has also "come to the notice" that some co-operative societies are accepting deposits from public which tantamoun...

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Category : RBI | Comments : 0 | Hits : 889

RBI, EC have no info on bonds for political parties funding
Posted Date : 25-Nov-2017 , 09:37:38 am | Posted By CASANSAAR

The Reserve Bank of India and the Election Commission have no information on electoral bonds, which were announced about nine months back for the funding of political parties, according to an RTI reply. "We have no information to furnish," the central bank said in its reply to the RTI q...

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Category : RBI | Comments : 0 | Hits : 223

RBI relaxes 26% debt-equity conversion cap for ARCs
Posted Date : 24-Nov-2017 , 08:31:07 am | Posted By CASANSAAR

In a major boost to the asset reconstruction companies (ARCs) the Reserve Bank today relaxed norms capping their shareholdings at 26 per cent in the borrower firm under reconstruction, provided their net-owned funds are maintained at Rs 100 crore. Earlier ARCs could convert a portion of the debt ...

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Category : RBI | Comments : 0 | Hits : 369

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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Category : RBI | Comments : 0 | Hits : 238

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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Category : RBI | Comments : 0 | Hits : 174

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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Category : RBI | Comments : 0 | Hits : 364

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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Category : RBI | Comments : 0 | Hits : 202

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 : 679

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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Category : RBI | Comments : 0 | Hits : 803

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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Category : RBI | Comments : 0 | Hits : 330

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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Category : RBI | Comments : 0 | Hits : 515

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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Category : RBI | Comments : 0 | Hits : 353

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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Category : RBI | Comments : 0 | Hits : 223

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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Category : RBI | Comments : 0 | Hits : 291

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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Category : RBI | Comments : 0 | Hits : 305

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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Category : RBI | Comments : 0 | Hits : 164

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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Category : RBI | Comments : 0 | Hits : 489

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 : 228

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 : 1085

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 : 177

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 : 478

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