RBI slaps Rs 26 lakh fine on Mobikwik and Hip Bar
Posted Date : 30-Jul-2019 , 09:54:52 am | Posted By CASANSAAR
The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines.
The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15 lakh rupees while Hip Bar Pvt Ltd faced a fine ...
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RBI committee recommends increase of loan limits to MSME sector
Posted Date : 25-Jul-2019 , 10:44:03 pm | Posted By CASANSAAR
A Committee constituted by Reserve Bank of India (RBI), headed by former SEBI Chairman UK Sinha, has recommended that the limit for collateral free lending should be increased to Rs 20 lakh for MSMEs and Self-Help Groups (SHGs).
The Committee has also recommended revision of loan limit sanctioned...
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RBI to review organisational structure as part of vision strategy
Posted Date : 24-Jul-2019 , 06:48:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will undertake review and reframing of its organisational structure to implement strategies that form its vision statement for 2019-22.
The apex bank will also enhance the performance assessment system for its employees, RBI said, adding that it will also use techn...
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RBI wants audit firm partners under lens to stay off banks
Posted Date : 18-Jul-2019 , 09:33:42 am | Posted By CASANSAAR
Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which over the last one year has placed significant respo...
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RBI impose fines on Union Bank, SBI for flouting norms
Posted Date : 16-Jul-2019 , 10:15:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has penalised State Bank of India and Union Bank of India for violating certain regulatory guidelines.
SBI was fined Rs. 7 crore for non-compliance with the directions issued by the RBI on Income Recognition and Asset Classification (IRAC) norms, code of conduct fo...
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RBI to come out with mobile app for currency notes identification
Posted Date : 14-Jul-2019 , 06:05:48 pm | Posted By CASANSAAR
The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction.
At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides...
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HC asks RBI, ED to respond to plea alleging PayPal operating illegally
Posted Date : 04-Jul-2019 , 02:58:09 pm | Posted By CASANSAAR
The Delhi High Court today asked Reserve Bank of India and Enforcement Directorate to respond to a plea alleging that online payment platform PayPal was operating illegally without the central bank's authorization.
The bench of Chief Justice D N Patel and Justice C Hari Shankar issued not...
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Govt considering giving more powers to RBI to regulate NBFCs - FM
Posted Date : 01-Jul-2019 , 09:56:42 pm | Posted By CASANSAAR
The government is considering strengthening the Reserve Bank's regulatory and supervisory powers over the non-banking finance companies (NBFCs), Finance Minister Nirmala Sitharaman said in the Lok Sabha Monday.
Replying to a question, the minister said RBI was closely monitoring the liquidity...
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RBI says will review fraud detection guidelines for banks
Posted Date : 30-Jun-2019 , 04:13:35 pm | Posted By CASANSAAR
The Reserve Bank of India is reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report (FSR).
"There is a significant time-lag between the occurrence of a ...
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RBI direct banks to accept coins of all denominations
Posted Date : 27-Jun-2019 , 08:39:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Wednesday asked the public, casting aside their doubts, to continue accepting coins of various denominations pumped into circulation regularly.
The RBI puts into circulation coins minted by the central government.
It said coins have distinctive features which ar...
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RBI launches CMS for filing online complaints against banks, NBFCs
Posted Date : 25-Jun-2019 , 05:54:57 am | Posted By CASANSAAR
The Reserve Bank of India Monday launched an application on its website for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI's grievance redre...
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RBI fines HDFC Bank Rs 1 crore for violation of KYC norms
Posted Date : 19-Jun-2019 , 09:48:12 am | Posted By CASANSAAR
Reserve Bank Tuesday fined country's largest private sector lender HDFC Bank Rs 1 crore for not reporting frauds and non-compliance with other directions.
The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currenc...
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RBI's norms to give more headroom to lenders to resolve big ticket NPAs
Posted Date : 12-Jun-2019 , 08:53:13 am | Posted By CASANSAAR
Reserve Bank's new guidelines to deal with bad loans will provide lenders the headroom and flexibility for resolution of large ticket stressed asset cases under the Insolvency and Bankruptcy Code (IBC), according to a report.
The RBI came out with a revised prudential framework for resolution...
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RBI constitutes committee to review ATM pricing
Posted Date : 12-Jun-2019 , 08:46:46 am | Posted By CASANSAAR
The Reserve Bank of India has constituted a six-member committee to review the entire gamut of ATM charges and fees. In a press release, the RBI said, Chief Executive of Indian Banks’ Association VG Kannan will chair the committee consisting of senior officers from National Payments Corporatio...
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RBI relaxes norms for no-frills accounts
Posted Date : 11-Jun-2019 , 08:57:22 am | Posted By CASANSAAR
Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on June 10. However, the banks cannot ask the account holders to maintain any minimum balance in lieu of such facilities.
Earlier, additional facilities made these ...
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RBI scraps charges on NEFT, RTGS transfers
Posted Date : 07-Jun-2019 , 08:37:53 am | Posted By CASANSAAR
The Reserve Bank of India Thursday announced it was waiving off charges that are applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). The central bank asked consumer banks to pass on this benefit to customers, essentia...
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RBI cuts repo rate by 25 bps to 5.75%
Posted Date : 06-Jun-2019 , 01:17:39 pm | Posted By CASANSAAR
The six-member monetary policy committee (MPC), headed by RBI Governor Shaktikanta Das, has decided to reduce key repo rate by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect.
The reverse repo rate under the LAF (liquidity adjustment facility) has been adjusted to 5...
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RBI to announce second bi-monthly monetary policy today
Posted Date : 06-Jun-2019 , 09:14:24 am | Posted By CASANSAAR
Reserve Bank of India will announce its second bi-monthly monetary policy for current fiscal year in Mumbai this morning.
The three day meeting of the monetary policy committee (MPC) began on Tuesday amid expectations of a third straight rate cut of 25 basis points.
The key lending...
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RBI releases report on Benchmarking India's Payment Systems
Posted Date : 05-Jun-2019 , 09:35:16 am | Posted By CASANSAAR
The report on 'Benchmarking India's Payment Systems’ which was released on Tuesday mentions that the country is "strong" in areas like having necessary laws and cash in circulation per capita.
The report provides a comparative position of the payment system ecosystem in In...
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RBI bars EY member firm S.R.Batliboi from Auditing banks for a year
Posted Date : 04-Jun-2019 , 09:49:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said it has barred audit firm S.R.Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year starting 1 April 2019, citing lapses in a statutory audit.
The central bank said the action was initiated on account of the laps...
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RBI modifies large exposures framework for bank
Posted Date : 04-Jun-2019 , 09:37:58 am | Posted By CASANSAAR
The Reserve Bank of India June 3 modified the guidelines on large exposures for banks with a view to reduce concentration of risk and align them with the global norms.
The modified 'Large Exposures Framework' (LEF) provides exclusion of entities connected with the sovereign from definitio...
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RBI releases calendar for issuance of gold bonds for first half of FY 19
Posted Date : 31-May-2019 , 10:16:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) May 30 announced calendar for issuance of Sovereign Gold Bonds for the first half of the current fiscal. The Sovereign Gold Bonds (SGB) will be issued every month from June 2019 to September 2019, RBI said in a statement.
"The Bonds will be sold through Schedu...
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RBI extends relaxed norms for NBFC loan securitisation till December 31
Posted Date : 30-May-2019 , 09:45:08 am | Posted By CASANSAAR
The RBI extended minimum holding period requirement for NBFCs to raise funds via loan securitisation to help the sector overcome liquidity shortage.
Non-banking financial companies (NBFCs) have been permitted to securitise loans of over five-year maturity after holding them for six months on thei...
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Banks can use Aadhaar for KYC with customer's consent - RBI
Posted Date : 30-May-2019 , 09:41:06 am | Posted By CASANSAAR
Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.
The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated b...
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RBI extends timings for RTGS transactions from 4:30 pm to 6 pm
Posted Date : 28-May-2019 , 09:07:58 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6 pm from 4:30 pm. The new time window for RTGS will come into effect from June 1.
The RTGS is an online fund transfer system, supported by the RBI, which enables tran...
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HC issues notice to PayTM, RBI on company's postpaid wallet service
Posted Date : 28-May-2019 , 09:46:25 am | Posted By CASANSAAR
The Delhi High Court on Monday notices to the Reserve Bank of India (RBI) and PayTM, seeking their response to a Public Interest Litigation (PIL) which claims that the digital payment company is violating the banking rules by operating a post-paid wallet. A division bench led by Chief Justice Rajend...
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RBI tweaks norms on VRR investment by FPIs
Posted Date : 25-May-2019 , 09:46:19 am | Posted By CASANSAAR
The Reserve Bank of India Friday fixed the investment limit at Rs 54,606.55 crore for foreign portfolio investors (FPIs) under the voluntary retention route (VRR), which allows to park funds in both government securities as well as corporate debt. VRR for investments by FPIs was introduced on March ...
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RBI plans specialized structure for regulation, supervision of banks
Posted Date : 24-May-2019 , 10:01:34 am | Posted By CASANSAAR
The central board of Reserve Bank of India (RBI) approved creating a specialized supervisory and regulatory structure for commercial banks, urban cooperative banks and non-banking financial companies (NBFCs).
The decision is based on the recommendations of an internal committee under the cu...
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RBI to hold Structured Meetings with bank auditors to deal with divergences
Posted Date : 21-May-2019 , 10:03:16 am | Posted By CASANSAAR
To deal with the issue of banks diverging from the prescribed asset classification norm and consequent under-provisioning, the Reserve Bank of India (RBI) has kickstarted the process of holding structured meetings with their statutory central auditors (SCAs) at the end of every quarter.
T...
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RBI directs Non-Banking Finance Companies to appoint Risk Officers
Posted Date : 17-May-2019 , 10:05:58 am | Posted By CASANSAAR
Reserve Bank of India said on Thursday that shadow banks also known as non-banking finance companies (NBFC) with asset size of more than Rs 5,000 crore should appoint a chief risk officer (CRO) in a move to tighten regulation after a series of defaults at top lender Infrastructure Leasing & Fina...
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