RBI puts 200 stressed accounts under scanner
Posted Date : 16-Aug-2018 , 08:49:33 am | Posted By CASANSAAR
As part of its effort to contain rising non-performing assets (NPAs), the RBI has started scrutiny of 200 large accounts to assess level of stress and provisioning done against them by respective banks.
Reserve Bank of India (RBI) is examining as to whether banks have followed prudential norms in...
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RBI net sells USD 6.184 bn of US currency in June
Posted Date : 13-Aug-2018 , 11:51:15 am | Posted By CASANSAAR
According to data released by Reserve Bank, the apex bank continued to remain net seller of the US currency for the third consecutive month in June this year, after it sold USD 6.184 billion of the US dollar in the spot market.
In this month, RBI bought USD 4.020 billion of the US dollar, while s...
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Govt appointed CA S Gurumurthy and Satish Marathe to RBI Board
Posted Date : 08-Aug-2018 , 08:30:52 am | Posted By CASANSAAR
The government on Tuesday appointed CA S Gurumurthy and Satish Marathe patron of Sahakar Bharathi as part-time directors on the Reserve Bank of India (RBI) board after an approval from the appointments committee of the cabinet. Both appointments are for a four year term.
In a release the go...
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RBI must resume issuing LoUs, LoCs, says parliamentary panel
Posted Date : 07-Aug-2018 , 05:48:01 am | Posted By CASANSAAR
The Reserve Bank of India’s decision to discontinue the issuance of Letters of Undertaking (LoU) and Letters of Credit (LoC) for trade credit was a “knee-jerk reaction” to the Punjab National Bank fraud case and the facility should be restored at the earliest, the Parliamentary Sta...
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RBI to unveil norms on co-origination of loans
Posted Date : 02-Aug-2018 , 09:07:50 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday said it will soon release guidelines on what it called co-origination of loans by banks and non-bank finance companies (NBFCs) for the priority sector. Bankers said the move could help banks meet priority sector lending targets in a more convenient and or...
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RBI hikes repo rates by 25 basis points
Posted Date : 02-Aug-2018 , 08:43:22 am | Posted By CASANSAAR
The Monetary Policy Committee, MPC, of the Reserve Bank of India today hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19.
For the second consecutive time, the six-member MPC headed by RBI Governor Urjit Patel has hiked the key poli...
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RBI begins simultaneous annual financial inspections for banks
Posted Date : 01-Aug-2018 , 09:27:22 am | Posted By CASANSAAR
he Reserve Bank of India (RBI) has begun simultaneous Annual Financial Inspections (AFIs) for banks for the 2017-18 financial year with an aim to collate a system-wide note on how much banks are underreporting on bad assets.
The review of asset quality is a key element in this exercise. The centr...
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Cash-on-delivery deals by e-commerce firms not authorised - RBI
Posted Date : 25-Jul-2018 , 08:27:41 am | Posted By CASANSAAR
Cash-on-delivery (CoD) method of payment option provided by online retailers such as Flipkart and Amazon may be a regulatory grey area as per the Reserve Bank of India's (RBI's) response to a Right to Information (RTI) query, according to a report in The Economic Times.
The RBI, in a resp...
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RBI to hold joint Audit of credit rating agencies with SEBI
Posted Date : 20-Jul-2018 , 08:20:07 am | Posted By CASANSAAR
Credit rating agencies will come under closer regulatory watch amid corporates battling bankruptcies, lenders taking hefty haircuts, and banks trying to prune sticky loans. The Reserve Bank of India (RBI) will conduct regular audit and inspection of rating agencies whose actions can significantly in...
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RBI makes it mandatory to mention buyer's name on demand draft
Posted Date : 13-Jul-2018 , 08:35:07 am | Posted By CASANSAAR
In a series of measures taken by the Reserve Bank of India to make banking instruments safer and stronger, the central bank on Thursday said it has decided to make it mandatory to mention the name of a purchaser on the face of a demand draft (DD) at a bank branch. In the current form, only the name ...
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RBI likely to extend deadline for filing of single master form
Posted Date : 11-Jul-2018 , 08:11:54 am | Posted By CASANSAAR
Faced with a technical snag, the Reserve Bank of India is likely to extend the deadline for filing of a single master form—that seeks to consolidate all foreign investment received by Indian firms.
Many firms have been unable to file the master form, the deadline for which is 12 July, with ...
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Govt, RBI mull database to track non-cash transactions
Posted Date : 09-Jul-2018 , 08:18:57 am | Posted By CASANSAAR
The government and the Reserve Bank of India (RBI) have begun discussions to put in place a 'search engine' or a database of all payment transactions in the country as they step up efforts to track black money and establish a money trail to investigate money laundering cases and operations o...
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RBI grants licence to Bank of China to set up branch in India
Posted Date : 05-Jul-2018 , 09:31:04 am | Posted By CASANSAAR
The Reserve Bank of India has issued licence to Bank of China to launch operations in India, official sources said today.
Prime Minister Narendra Modi had made a commitment to Chinese President Xi Jinping to allow Bank of China to set up branches in India when they met on the sidelines of the SCO...
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RBI could take punitive action against erring auditors
Posted Date : 29-Jun-2018 , 10:23:12 pm | Posted By CASANSAAR
As more and more loan-related scams come to light in many public and private sector banks leading to a massive pile-up of bad loans, the Reserve Bank of India (RBI) on Friday decided to take auditors to task by warning them of stern punitive actions against them.
In a new circular titled 'Enf...
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RBI widens ICICI Bank probe after whistleblower complaints
Posted Date : 26-Jun-2018 , 08:50:02 am | Posted By CASANSAAR
India’s banking regulator initiated a second probe into the affairs of ICICI Bank Ltd for allegedly delaying provisioning for stressed loans and so-called loan evergreening, among other wrongdoings, within days of receiving a whistleblower’s complaints on 20 March and 22 March, a fact th...
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RBI proposes Board of Management in Urban Co-operative banks
Posted Date : 26-Jun-2018 , 08:25:02 am | Posted By CASANSAAR
The RBI proposed that all Urban Co-operative Banks (UCBs) having deposits of over Rs 100 crore will have to set up a Board of Management within one year to promote professional management in the banks.
BoM will be in addition to the Board of Directors (BoD), said the RBI's draft guidelin...
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RBI to hike rates again by year-end with August still in play: Poll
Posted Date : 20-Jun-2018 , 10:34:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to raise interest rates again in the final three months of this year, according to a Reuters poll of economists, but over one-third of them predicted a hike as early as at the next meeting in August.
Accelerating inflation and India retaining top spot a...
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RBI revises upwards housing loan limits under priority sector
Posted Date : 19-Jun-2018 , 11:56:51 pm | Posted By CASANSAAR
Housing loans of up to Rs 35 lakh, for dwellings costing less than Rs 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank said on Tuesday.
PSL loans are relatively cheaper than market interest rate.
"With a view to bringing ...
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RBI hikes housing loan limits under priority sector lending
Posted Date : 19-Jun-2018 , 11:32:50 pm | Posted By CASANSAAR
Housing loans of up to Rs. 35 lakh, for dwellings costing less than Rs. 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank said today. PSL loans are relatively cheaper than market interest rate.
"With a view to bringing conver...
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No research backing RBI's move to ban cryptocurrencies
Posted Date : 13-Jun-2018 , 11:29:54 am | Posted By CASANSAAR
In a response to the RTI application filed by a startup consultant, Varun Sethi, on April 9, the central bank said it does not have an internal committee that looks into VCs. However, the RBI is part of two different committees that have been constituted under the Ministry of Finance to study virtua...
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RBI to modify loan rule for large borrowers
Posted Date : 12-Jun-2018 , 11:45:46 am | Posted By CASANSAAR
The Reserve Bank of India on Monday came out with draft guidelines on loan system for delivery of bank credit to improve discipline among larger borrowers enjoying working capital facility from the banking system.
The draft stipulates a minimum level of ‘loan component’ in fund-based ...
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RBI seeks on payments data storage every fortnight
Posted Date : 11-Jun-2018 , 08:12:41 am | Posted By CASANSAAR
Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight.
"You are hereby advised to inform the status of ensuring compliance...Th...
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RBI amends Gold Monetisation Scheme to make it more attractive
Posted Date : 08-Jun-2018 , 11:39:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has made changes in the Gold Monetisation Scheme (GMS) of 2015 to enable people to open a hassle-free gold deposit account. In a notification issued yesterday, RBI said that the short-term deposits should be treated as bank's on-balance sheet liability.
I...
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RBI to take over J&K Bank Audit from CAG
Posted Date : 07-Jun-2018 , 08:43:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has informed the Comptroller and Auditor General of India that henceforth the central bank alone will audit the Jammu and Kashmir Bank.
“We have been asked by the RBI to stop auditing the J&K Bank account books,” a CAG official told BusinessLine.
...
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RBI approves Capital First’s Merger with IDFC Bank
Posted Date : 06-Jun-2018 , 09:30:20 pm | Posted By CASANSAAR
The Reserve Bank of India has given its approval for Capital First Ltd.’s merger with IDFC Bank.
The central bank conveyed its ‘no objection’ to the deal in a letter dated June 4, the Mumbai-based non-banking financial company said in a statement to the exchanges. The merger, an...
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RBI gives big relief to MSME sector
Posted Date : 06-Jun-2018 , 09:25:18 pm | Posted By CASANSAAR
Providing major relief to the MSME sector, RBI eased NPA classification norms for such units facing input credit linkages and associated issues.
"In continuation of support and relief to MSMEs, NPA recognition for GST and non GST MSMEs now at 180 days for dues up to December 31, 2018. T...
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RBI hikes Repo Rate by 25 bps to 6.25 %, Reverse Repo rate at 6.0 %
Posted Date : 06-Jun-2018 , 04:34:01 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) raised the repo rate to 25 basis points to 6.25 percent from the earlier 6 percent in the June bi-monthly policy meet on Wednesday. The reverese repo rate has been raised to 6 percent from the earlier 5.75 percent, raising the key rate by 25 basis points.
"The...
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RBI to announce its second bi-monthly Monetary Policy of 2018-19
Posted Date : 06-Jun-2018 , 08:51:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will announce its second bi-monthly Monetary Policy of 2018-19 this afternoon. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, began its meeting in Mumbai on Monday, and it will meet today as well before the policy will be announced. This is the fir...
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Reserve Bank of India organizing Financial Literacy Week
Posted Date : 04-Jun-2018 , 04:59:41 pm | Posted By CASANSAAR
The Reserve Bank of India, RBI, is organizing Financial Literacy Week from today till 8th of this month, across the nation. This year the theme is Customer Protection. The aim is to create financial awareness among bank customers about financial products and services, good financial practices and di...
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RBI penalised 12 banks for various violations in last 6 years
Posted Date : 26-May-2018 , 10:33:03 am | Posted By CASANSAAR
In response to an RTI query, the RBI has informed that in the past 6 years, it has penalised only 12 banks for various violations. Without giving information on how many banks are yet to pay the penalty, the RBI list gives names of ICICI (Rs 589 million), Yes Bank (Rs 70 million), Airtel Payments Ba...
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