RBI allows 24x7 forex market operations via select banks
Posted Date : 08-Jan-2020 , 10:19:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said select banks in India can offer forex rates to Indian clients beyond the inter-bank market hours, which now run from 9 am to 5 pm. In effect, this opens up the forex market in India round the clock, allowing Indians to hedge their foreign exchange risks...
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RBI announces special OMO of Rs 10,000 Cr on Jan 6
Posted Date : 03-Jan-2020 , 08:55:33 am | Posted By CASANSAAR
The Reserve Bank on Monday will carry a special simultaneous open market operation to buy and sell government bonds of Rs 10,000 crore each.
"On a review of the current liquidity and market situation and an assessment of the evolving financial conditions, the Reserve Bank has decided to cond...
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RBI extends NBFC securitization relaxations till 30 June
Posted Date : 01-Jan-2020 , 07:55:40 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has extended, for another six months, existing relaxations for securitization of assets by non-banking financial companies (NBFCs). The move is expected to provide NBFCs with some more breathing space to repair their broken balance-sheets by selling assets and improvi...
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Cooperative banks will need RBI approval for CEO appointment
Posted Date : 01-Jan-2020 , 11:33:44 am | Posted By CASANSAAR
In an attempt to strengthen its supervisory control over the Urban co-operative banks (UCBs) the Reserve Bank on Friday said that UCBs with deposit base over Rs 100 crore will require prior approval of RBI for appointment of their CEOs.
After capping lending to a single borrower and raising the p...
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RBI blasts credit rating agencies for allowing rating shopping to large borrowers
Posted Date : 30-Dec-2019 , 09:05:50 am | Posted By CASANSAAR
After getting it badly from markets watchdog Sebi, credit rating agencies (CRAs) whose role in the bad loan implosion has been under scrutiny for years now, the Reserve Bank has blasted them for allowing low-rated companies to do "rating shopping".
It can be noted that rating agencies h...
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Close to half of claims under IBC were settled in FY19 - RBI
Posted Date : 30-Dec-2019 , 08:59:47 am | Posted By CASANSAAR
Around half of the claims under the Insolvency and Bankruptcy Code (IBC) were settled in 2018-19, the latest RBI report showed, helping banks recover stressed assets more quickly.
As a percentage of claims, banks recovered on average 42.5% of the amount filed through the IBC in the financial year...
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SBI to launch OTP-based ATM cash withdrawal from Jan 1
Posted Date : 28-Dec-2019 , 10:39:41 am | Posted By CASANSAAR
From January, SBI customers will be able to make ATM withdrawal above Rs 10,000 only after an OTP verification during 8 PM to 8 AM. The OTP-validated ATM transaction has been introduced to minimise the number of unauthorised transactions, State Bank of India (SBI) said in a Facebook post on Thursday...
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RBI directs large co-op banks to report exposures above Rs 5 Cr
Posted Date : 28-Dec-2019 , 09:39:47 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed large cooperative banks to report all exposures of 5 crore rupees and more to the Central Repository of Information on Large Credits (CRILC). The move is aimed at early detection of financial distress.
The Reserve Bank has created a CRILC of commercial...
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RBI introduces new Prepaid Payment Instrument for your daily grocery payments
Posted Date : 25-Dec-2019 , 08:42:38 am | Posted By CASANSAAR
The Reserve Bank of India has given Indian consumers a new option to make their daily payments at local shops and retail outlets for the purchase of daily household goods and services.
In a bid to give increased impetus to small ticket digital payments RBI on Tuesday has introduced a new Prepaid ...
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Reserve Bank of India releases Annual Report of Ombudsman Schemes
Posted Date : 19-Dec-2019 , 09:12:19 am | Posted By CASANSAAR
he Reserve Bank of India (RBI) released the Annual Report of the “Ombudsman Schemes of RBI for the year 2018-19” today.
A. Banking Ombudsman Scheme
The Banking Ombudsman Scheme (BOS) was notified by RBI in 1995 under Section 35A of the Banking Regulation Act, 1949. During...
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11.4 lakh transactions settled in 8 hours after RBI operationalises NEFT 24X7
Posted Date : 17-Dec-2019 , 09:37:06 am | Posted By CASANSAAR
The Reserve Bank has informed that about 11.4 lakh transactions were settled in the first eight hours after the round the clock operation of National Electronic Funds Transfer - NEFT system came into force from 12:00 am today. The RBI said, making NEFT available 24x7 is part of its vision of empower...
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NEFT to be available 24x7 from Dec 16 - RBI
Posted Date : 07-Dec-2019 , 08:06:51 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), on Friday, said the National Electronic Funds Transfer (NEFT) facility should be made available by member banks participating in the payment system from December 16 on all days of the year, including holidays.
NEFT is a nation-wide payment system facilitating one-...
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RBI mulling to amend regulatory guidelines for UCBs
Posted Date : 06-Dec-2019 , 10:06:42 am | Posted By CASANSAAR
The Reserve Bank of India today said that it is mulling to amend regulatory guidelines for primary Urban Co-operative Banks - UCBs.
Speaking to reporters in Mumbai today, RBI Governor Shaktikanta Das said, the guidelines would primarily relate to exposure norms for single and group/interconnected...
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RBI-owned subsidiary Only up to Rs 1 lakh, not all money, insured in banks
Posted Date : 03-Dec-2019 , 05:12:19 pm | Posted By CASANSAAR
Depositors in failed and liquidated banks will get only up to Rs 1 lakh as insurance cover, regardless of the amount in their accounts, according to the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the Reserve Bank of India.
This covers savings, fixed, ...
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Vijaya Bank, Dena bank removed from second schedule of RBI Act
Posted Date : 29-Nov-2019 , 08:34:22 am | Posted By CASANSAAR
The Reserve Bank of India on November 28 said it has excluded Vijaya Bank and Dena Bank from the second schedule of the RBI Act, with effect from April 1, 2019.
"Vijaya Bank and Dena Bank have been excluded from the second schedule to the Reserve Bank of India Act, 1934 with effect from Apri...
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RBI mulling new rules on corporate governance; wants banks to disclose more
Posted Date : 23-Nov-2019 , 10:31:39 am | Posted By CASANSAAR
The Reserve Bank is looking at introducing new rules on corporate governance for banks in sync with global ones, and would also like lenders to disclose more, Deputy Governor N S Vishwanathan said on Friday.
Vishwanathan also urged banks to recognise losses because of NPAs as early as possible an...
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RBI enhances scope of non-resident rupee accounts
Posted Date : 23-Nov-2019 , 10:28:08 am | Posted By CASANSAAR
To popularise cross-border transactions in Indian rupee, the Reserve Bank has enhanced the scope of 'Special Non-resident Rupee' (SNRR) by allowing persons residing outside India to open such accounts for purposes like external commercial borrowing and trade credit in INR.
The RBI, in a n...
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RBI finally discloses list of large Wilful defaulters
Posted Date : 22-Nov-2019 , 09:53:13 am | Posted By CASANSAAR
Four years after the Supreme Court first directed the Reserve Bank of India (RBI) to disclose a list of India’s wilful defaulters, the central bank has finally complied.
In response to a Right to Information (RTI) application filed by The Wire in May 2019, the RBI has released a list of 30 ...
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RBI takes over DHFL board, appoints an administrator
Posted Date : 21-Nov-2019 , 10:08:35 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday superseded the board of Dewan Housing Finance Corp. Ltd (DHFL) and appointed an administrator in its place, in a step towards referring the debt-laden mortgage lender to a bankruptcy court.
The regulator named R. Subramaniakumar, a former managing director a...
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RBI unions want govt to hike deposit insurance cover to Rs 10 lakh
Posted Date : 19-Nov-2019 , 04:45:13 pm | Posted By CASANSAAR
The Reserve Bank employees unions on Tuesday urged the government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh.The demand for increasing bank deposit insurance cover, which was last revised in May 1993, has come to the fore after the ongoing crisis at Punjab ...
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RBI increases household income limits for borrowers of NBFC-MFIs
Posted Date : 09-Nov-2019 , 07:20:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday increased the household income limits for borrowers of NBFC-MFIs from 1 lakh to 1.25 lakh rupees for the rural areas with an aim to strengthen credit to those in the bottom of the economic pyramid. Similarly, the limit has been increased from 1.6 lakh for ur...
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RBI imposes Rs 5 lakh fine on Oxigen Services
Posted Date : 08-Nov-2019 , 10:39:58 am | Posted By CASANSAAR
The Reserve Bank yesterday said that it has imposed a fine of Rs 5 lakh on prepaid payment instrument Oxigen Services.
The RBI said in a release that the move was taken in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, for non-compliance of...
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RBI panel proposes stricter rules for core investment companies
Posted Date : 07-Nov-2019 , 08:12:26 am | Posted By CASANSAAR
Core investment companies (CICs) will have to form board level committees, appoint independent directors and conduct internal audits, if the Reserve Bank of India (RBI) decides to accept the recommendations of a working group formed to improve their corporate governance standards.
The recommendat...
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RBI issues compensation norms for foreign, private banks
Posted Date : 05-Nov-2019 , 10:25:50 am | Posted By CASANSAAR
The Reserve Bank of India has issued compensation guidelines for whole-time directors and chief executives of foreign, private, small finance, payments banks and local area banks, mandating the cash component of variable pay at 67 per cent.
The RBI said if the variable pay is up to 200 per cent o...
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RBI imposes fine on Janata Sahakari Bank & Jalgaon Peoples Co-operative Bank
Posted Date : 30-Oct-2019 , 01:15:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Pune-based Janata Sahakari Bank and Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating income recognition, advances management and asset classification norms.
The central bank said in a release today that the penalty h...
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RBI bans use of agents to chase loans
Posted Date : 23-Oct-2019 , 10:38:13 am | Posted By CASANSAAR
The Reserve Bank of India has banned the use of direct selling agents (DSAs) to source retail loans and carry out physical verification of documents of borrowers. This was communicated by the central bank in a response to queries raised by the banking industry, two senior bankers told ET.
While t...
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RBI governor faces board queries on financial frauds
Posted Date : 17-Oct-2019 , 09:52:32 am | Posted By CASANSAAR
Reserve Bank of India (RBI) governor Shaktikanta Das came under pressure at the bank’s board meeting last week, with two external directors questioning how a string of frauds that have surfaced since 2018 remained undetected for years.
The two board members referred to the losses suffered b...
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RBI raises withdrawal limit to Rs 40,000 for PMC bank account holders
Posted Date : 15-Oct-2019 , 09:07:44 am | Posted By CASANSAAR
Reserve Bank has enhanced the withdrawal limit for the account holder of Punjab and Maharashtra Cooperative Bank or PMC Bank to 40 thousand rupees from 25 thousand rupees. This is the third time, RBI has raised the withdrawal limit since its clamp down on PMC Bank last month. In a statement, RBI sai...
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RBI turns down Indiabulls Housing’s merger with Lakshmi Vilas Bank
Posted Date : 10-Oct-2019 , 09:45:09 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has rejected the planned merger between Indiabulls Housing Finance and Lakshmi Vilas Bank after examining the proposal for more than six months, during which multiple approaches were considered to ensure compliance with strict banking sector takeover rules.
“...
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Online funds transfer through NEFT to be now available 24x7 - RBI
Posted Date : 05-Oct-2019 , 10:36:01 am | Posted By CASANSAAR
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) Friday said that the online money transfer through National Electronic Funds Transfer (NEFT) will be available 24x7 from now onwards.
Presently, the facility is available till 7:45 pm on all working days except 2nd ...
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