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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RBI bars Allahabad Bank from taking deposits, giving loans
Posted Date : 15-May-2018 , 10:28:47 am | Posted By CASANSAAR
State-owned Allahabad Bank on Monday said the Reserve Bank of India (RBI) has asked it to freeze lending after its capital-to-risk weighted assets ratio (CRAR) fell below the mandatory 9% at the end of March.
In a regulatory filing, the bank said the central bank had asked it “to restrict e...
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RBI declines to share copies of Inspection Reports of PNB Fraud
Posted Date : 14-May-2018 , 09:05:39 am | Posted By CASANSAAR
RBI has declined to share inspection reports for scam-hit Punjab National Bank or PNB, citing Right To Information clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons.
Replying to an RTI query, the central bank also sai...
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RBI puts Dena Bank under prompt corrective action
Posted Date : 12-May-2018 , 05:26:15 pm | Posted By CASANSAAR
Reserve Bank has initiated prompt corrective action against public sector lender Dena Bank in view of high non-performing loans, restricting the bank from giving fresh credit and new hiring.
The public sector lender yesterday reported widening of its net loss to Rs 1,225.42 crore in the March qua...
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Over 23000 bank fraud cases involving Rs 1 lakh crore in five years - RBI
Posted Date : 04-May-2018 , 11:47:32 pm | Posted By CASANSAAR
Over 23,000 cases of fraud involving ₹1 lakh crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI).
A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April, 2017, to March 1, 201...
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High NPA ratio proves PSBs did not make enough provisions - RBI
Posted Date : 03-May-2018 , 09:58:38 am | Posted By CASANSAAR
Public sector banks did not make enough provisions as seen from their high net non-performing asset (NPA) ratio of 6.9 per cent (against 2.2 per cent and 0.6 per cent for private sector and foreign banks, respectively) at the end of March 2017, according to a Reserve Bank of India occasional paper.
...
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RBI allows FPIs to invest in treasury bills
Posted Date : 01-May-2018 , 09:51:42 pm | Posted By CASANSAAR
Easing foreign investment rules, the Reserve Bank today permitted FPIs to invest in treasury bills issued by the central government.
However, the foreign portfolio investors (FPIs) will have to ensure that their exposure in government securities as well as corporate bonds of less than one year ma...
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RBI liberalises ECB norms; more access to cheaper funds
Posted Date : 28-Apr-2018 , 07:48:52 am | Posted By CASANSAAR
In a bid to facilitate cheaper access of overseas funds Reserve Bank of India (RBI) further liberalised External Commercial Borrowings (ECB) Policy by including more sectors in the window.
"It has been decided to increase the ECB Liability to Equity Ratio for ECB raised from direct foreign e...
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RBI circular barring banking service for crypto-currencies challenged in HC
Posted Date : 23-Apr-2018 , 08:31:31 am | Posted By CASANSAAR
The Delhi High Court has sought the response of the Centre, the RBI and the GST Council on a plea challenging a circular which prohibits banks and financial institutions from providing any service in relation to virtual currencies such as 'crypto-currencies'.
A bench of justices S Ravindr...
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Aadhaar, PAN cards mandatory for opening bank accounts - RBI
Posted Date : 22-Apr-2018 , 04:12:23 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts.
The RBI said the updated know-your-customer (KYC) requirement was subject to the Supreme Court’s final judgment on Aadhaar, for which the hearing is under way.
The central bank updated its...
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