Banks must turn towards global trade-finance instruments - RBI
Posted Date : 11-May-2019 , 09:09:54 am | Posted By CASANSAAR
Banks need to expand their global banking relationship and shift towards globally accepted trade finance instruments instead of indigenous instruments (such as letter of undertaking/ letter of credit), according to a Reserve Bank of India paper.
This, however, may push up costs, the paper added. ...
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RBI weighs incentives for banks to move IBC
Posted Date : 06-May-2019 , 10:10:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is understood to be weighing a plan to ‘incentivise’ lenders to take errant borrowers to bankruptcy court.
It’s part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A mon...
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RBI moves to tighten current account operating norms to check fund diversion
Posted Date : 29-Apr-2019 , 07:53:08 am | Posted By CASANSAAR
In a move to tackle fund diversion, the Reserve Bank of India (RBI) has proposed sterner rules on opening and running of current accounts of corporate borrowers.
Current accounts, according to a draft circular shared by the regulator with the banking industry, can “only be opened&rdqu...
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RBI to give info on bank inspection reports under RTI - SC
Posted Date : 27-Apr-2019 , 09:15:28 am | Posted By CASANSAAR
The Supreme Court on Friday reprimanded the Reserve Bank of India (RBI) for refusing to disclose information pertaining to the annual inspection report on banks under the Right to Information (RTI) Act, and warned that any further attempts by the banking sector regulator to hold back such informatio...
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RBI may offer more time for bank-led resolution of NPAs
Posted Date : 24-Apr-2019 , 09:40:54 am | Posted By CASANSAAR
The RBI is likely to adopt a more accommodative approach towards resolution of stressed assets when it issues a revised circular, replacing the controversial February 12 circular quashed by the Supreme Court.
Sources said the major contention in the Reserve Bank of India's (RBI) controv...
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RBI clarification on 5 day week in commercial banks
Posted Date : 21-Apr-2019 , 07:19:23 am | Posted By CASANSAAR
It has been reported in certain sections of the media that commercial banks would have a 5 day week in terms of RBI instructions. It is clarified that this information is not factually correct.
RBI has not issued any such directions.
Yogesh Dayal
Chief General Manager
Press Release: 2018-2...
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Reinsurance brokers permitted to open foreign currency accounts - RBI
Posted Date : 13-Apr-2019 , 09:44:52 am | Posted By CASANSAAR
The Reserve Bank of India said reinsurance brokers have been permitted to open non-interest bearing foreign currency accounts with banks for undertaking transactions.
Earlier, the Insurance Regulatory and Development Authority of India (Irdai) had issued notification in this regard.
Follo...
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RBI issues norms for banks to set up currency chests
Posted Date : 09-Apr-2019 , 09:14:07 am | Posted By CASANSAAR
Reserve Bank of India(RBI) has come out with guidelines for banks to set up new currency chests, which include minimum area of 1,500 square feet for strong room.
The RBI said that the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day. It added that for tho...
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RBI to frame new rules on recasting bad loans after SC scraps circular
Posted Date : 05-Apr-2019 , 08:04:52 am | Posted By CASANSAAR
With the Supreme Court striking down the Reserve Bank of India's (RBI’s) February 12, 2018, circular, Governor Shaktikanta Das said on Thursday that the central bank would shortly come up with a revised circular for restructuring stressed assets.
Das said the apex court's order had ...
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Reserve Bank of India cuts repo rate by 25 bps to 6%
Posted Date : 04-Apr-2019 , 02:46:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday cut the repo rate by 25 basis points to 6 percent in the first bi-monthly monetary policy meet of the financial year (FY) 2019-20. It was the first back-to-back rate cut by the central bank since the Monetary Policy Committee (MPC) was formed in late 2016....
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RBI makes NPA divergence rule easier for banks
Posted Date : 02-Apr-2019 , 09:33:45 am | Posted By CASANSAAR
Reserve Bank of India has made life a little bit easier for banks by tweaking the bad loan divergence rule. Banks’ disclosure of divergence practice mandated by RBI aims at improving transparency in asset classification and preventing under-reporting of bad loans. The central bank has on Monda...
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RBI norms on bank exposure come into effect from 1st April
Posted Date : 01-Apr-2019 , 08:12:16 am | Posted By CASANSAAR
New guidelines on bank exposure to large borrowers take effect on 1 April, even as the Indian Banks’ Association (IBA) has made a last-ditch attempt to defer the deadline.
The new guidelines cap a bank’s exposure to a group of connected companies at 25% of its core capital, and to an ...
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All commercial and co-operative banks will remain closed on April 1st
Posted Date : 31-Mar-2019 , 09:25:04 pm | Posted By CASANSAAR
All commercial and co-operative banking institutions will remain closed on Monday i.e. April 1 on account of annual closing of accounts, the Reserve Bank of India said. Bank branches, however, will be open on Sunday to facilitate government receipt and payment transactions.
The central bank, in a...
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SC takes strong note of non-disclosure of banks' inspection reports by RBI
Posted Date : 27-Mar-2019 , 08:53:38 am | Posted By CASANSAAR
The Supreme Court Tuesday took strong note of non-disclosure of the annual inspection report of banks by the RBI under the Right to Information Act.
A bench comprising justices L N Rao and M R Shah said it may initiate contempt proceedings against the Reserve Bank Of India (RBI) for not disclosin...
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RBI slaps Rs 2 crore penalty on PNB
Posted Date : 26-Mar-2019 , 07:07:09 pm | Posted By CASANSAAR
The Reserve Bank of India has slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations.
SWIFT is a global messaging software used for sharing information on inter-bank transactions by financial entities.
In ...
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RBI again defers Indian Accounting Standards implementation by banks
Posted Date : 23-Mar-2019 , 10:22:46 am | Posted By CASANSAAR
The Reserve Bank on Friday again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration.
Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind...
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RBI urges banks to closely watch end use of funds via surveillance
Posted Date : 19-Mar-2019 , 09:15:46 am | Posted By CASANSAAR
The RBI is pushing banks to tighten the process of monitoring the end use of funds through enhanced surveillance as it seeks to arrest evergreening and prevent divergence of funds by corporate borrowers.
Senior bank executives said the urgency from the RBI has been heightened after the annu...
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RBI issues guidelines to prevent market abuse
Posted Date : 16-Mar-2019 , 08:59:03 am | Posted By CASANSAAR
The Reserve Bank of India has come out with guidelines to prevent misuse of price-sensitive information by participants in markets for financial instruments.
The RBI said market participants, either acting independently or in collusion, shall not undertake any action with the intention to manipul...
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RBI notifies 2% interest subsidy scheme for short-term crop loans
Posted Date : 08-Mar-2019 , 08:14:11 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Thursday notified the norms for banks with regards to two per cent interest subvention or subsidy for short-term crop loans during 2018-19 and 2019-20.
The Centre has already approved the scheme.
To provide short-term crop loans up to Rs 3 lakh to fa...
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Supreme Court to start hearing plea against RBI Feb 12 circular
Posted Date : 06-Mar-2019 , 07:33:24 am | Posted By CASANSAAR
The Supreme Court will start hearing on the power, sugar, and shipping companies’ challenge to the Reserve Bank of India’s (RBI) February 12 circular from Wednesday.
With a total exposure of nearly Rs 2 trillion in the power sector alone, companies, hoping for a verdict in their favou...
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RBI fines SBI, ICICI Bank and 17 others for non-compliance on SWIFT use
Posted Date : 06-Mar-2019 , 07:28:09 am | Posted By CASANSAAR
India's central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT.
The Reserve Bank of India (RBI) imposed the fines over the past four days, according to st...
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RBI imposes Rs 8 crore fine on 3 banks for non-compliance in Swift operations
Posted Date : 04-Mar-2019 , 10:28:11 pm | Posted By CASANSAAR
The Reserve Bank of India has imposed a total monetary fine of Rs 8 crore on three banks - Karnataka Bank, United Bank of India and Karur Vysya Bank - for non-compliance of directions on Swift messaging software.
While the RBI imposed a Rs 4 crore fine on Karnataka Bank, United Bank is facing a p...
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RBI approves amalgamation of DBS Bank
Posted Date : 01-Mar-2019 , 08:17:26 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday said it has approved the amalgamation of 'DBS Bank, India' with 'DBS Bank India', the entity which has been granted permission to operate as a wholly owned subsidiary (WOS) of the Singaporean lender.
It can be noted that DBS used to operate in...
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RBI proposes tightening compensation norms for private, foreign banks
Posted Date : 27-Feb-2019 , 08:24:01 am | Posted By CASANSAAR
Seeking to curb excessive salary payout practices, the Reserve Bank has proposed strict compensation norms for senior officials of private as well as foreign banks, including minimum 50 per cent variable component and money clawback provisions.
Floating a discussion paper, the central bank has al...
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RBI removes Allahabad Bank, Corporation Bank and Dhanlaxmi Bank from PCA framework
Posted Date : 27-Feb-2019 , 08:11:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on February 26 said that Allahabad Bank, Corporation Bank and Dhanlaxmi Bank have been taken out of the Prompt Corrective Action (PCA) framework.
In a statement, RBI said the Board for Financial Supervision (BFS) reviewed the performance of banks under PCA and note...
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RBI to give Rs 28,000 cr to Centre as dividend
Posted Date : 19-Feb-2019 , 06:43:33 am | Posted By CASANSAAR
The Reserve Bank has announced that it will transfer an interim surplus of 28,000 crore rupees to the central government for the half-year ended 31st December 2018.
In a statement, the RBI said the decision has been based on a limited audit review and after applying the extant economic capital fr...
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CIC pulls up RBI for non-disclosure of demonetisation records
Posted Date : 18-Feb-2019 , 09:26:44 pm | Posted By CASANSAAR
The Central Information Commission has pulled up the Reserve Bank of India for "perfunctory handling" of an RTI application seeking records of its board meetings where the issue of demonetisation was deliberated, and issued a show-cause notice to its Central Public Information Officer.&nbs...
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RBI to transfer Rs 28,000 cr interim surplus to Centre
Posted Date : 18-Feb-2019 , 09:18:35 pm | Posted By CASANSAAR
The Reserve Bank has announced that it will transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended 31st December, 2018.
In a statement issued on Monday evening, the RBI said the decision has been based on a limited audit review and after applying th...
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RBI penalises banks for violating various norms
Posted Date : 13-Feb-2019 , 09:52:00 am | Posted By CASANSAAR
Reserve Bank has imposed monetary penalty of two million rupees each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance of various Know Your Customer/ Anti-Money Laundering norms.
In a statement issued from Mumbai yesterday, RBI informed that it has imposed monetary penalty ...
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RBI slaps Rs 3.5-cr fine on Corp Bank, Allahabad Bank for flouting norms
Posted Date : 09-Feb-2019 , 10:35:29 am | Posted By CASANSAAR
The Reserve Bank has imposed a cumulative penalty of Rs 3.5 crore on state-owned lenders Corporation Bank and Allahabad Bank for violation of various norms.
"This is to inform that Reserve Bank of India...has imposed an aggregate penalty of Rs 20 million on our bank due to some lapses in mon...
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