RBI makes Aadhaar key to KYC compliance
Posted Date : 21-Apr-2018 , 08:50:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday amended its ‘know your customer’ (KYC) guidelines, making Aadhaar key to conducting customer due diligence by banks and finance companies. The RBI has also done away with sections relating to the use of other “officially valid documents&rdq...
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Bankers seek resignation of RBI governor
Posted Date : 20-Apr-2018 , 10:30:35 am | Posted By CASANSAAR
In the wake of the currency shortage that has hit multiple states across the country and continued for more than two weeks, representatives of All India Bank Employees Association (AIBEA) have alleged negligence by the Reserve Bank of India (RBI) and have sought resignation of the RBI governor.
&...
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Par panel calls RBI Governor to answer queries on bank scams
Posted Date : 17-Apr-2018 , 03:26:49 pm | Posted By CASANSAAR
A parliamentary panel has called Reserve Bank Governor Urjit Patel on May 17 to answer queries on a spate of banking scams unearthed in the last few months, sources said.
The Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, today raised several queries related to...
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RBI tightens monitoring of Liberalised Remittance Scheme for overseas money transferring
Posted Date : 13-Apr-2018 , 08:47:09 am | Posted By CASANSAAR
The Reserve Bank today tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in a year.
The LRS transactions are currently permitted by banks based on the declaration made by the remitter.
The monitoring of adhere...
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RBI fines IDBI Bank Rs 3 crore for failing to report NPAs
Posted Date : 12-Apr-2018 , 08:32:05 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a Rs 3-crore penalty on IDBI Bank for failing to report bad loans in line with the central bank’s guidelines. In a statement issued here, the central bank said that the fine was for “for non-compliance with the directions issued by RBI on Incom...
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RBI defers implementation of Ind AS by one year
Posted Date : 06-Apr-2018 , 10:50:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.
Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018.
"Necess...
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RBI asks banks to stop services to those dealing in virtual currencies
Posted Date : 06-Apr-2018 , 09:56:31 am | Posted By CASANSAAR
The Reserve Bank today directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies like bitcoins, so as to protect consumer interest and check money laundering.
In the first bi-monthly monetary policy review of 2018-19, RBI said virtual curr...
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RBI to announce its first bi-monthly monetary policy for the new fiscal 2018-19
Posted Date : 05-Apr-2018 , 08:41:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will today announce its first bi-monthly monetary policy for the new fiscal 2018-19. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, started its 2-day meeting in Mumbai yesterday, amid little hopes of a cut in the key policy rate due to hardening gl...
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RBI allows banks to spread bond trading losses over four quarters
Posted Date : 03-Apr-2018 , 09:57:39 am | Posted By CASANSAAR
The Reserve Bank of India has allowed banks to spread their bond trading losses, a change that is likely to boost profitability of lenders as well as spur a rally in stock and bond markets.
Under the change, lenders can spread bond-trading losses incurred in the December 2017 and March 2018 qua...
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RBI examining enforcement action in PNB fraud case
Posted Date : 01-Apr-2018 , 11:03:03 pm | Posted By CASANSAAR
With multiple agencies probing the alleged Rs 13,000-crore fraud at state-run Punjab National Bank, the Reserve Bank of India (RBI) says it has conducted its scrutiny and the matter is currently under examination for “enforcement action”.
Replying to an RTI query, the central bank als...
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Banks to remain open till 8 PM on March 31 - RBI
Posted Date : 31-Mar-2018 , 09:34:33 am | Posted By CASANSAAR
Reserve Bank of India's offices and all designated branches of agency banks conducting government banking will keep their counters open up to 8.00 PM today for greater convenience to tax payers. Electronic transactions can also be done till midnight today.
The RBI says, centralised payment sy...
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RBI imposes Rs 59 cr fine on ICICI Bank for violating securities sale norms
Posted Date : 30-Mar-2018 , 09:48:11 am | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 58.9 crore on the country's leading private sector lender ICICI Bank for violating central bank's directions pertaining to direct sale of securities.
"The Reserve Bank of India (RBI) has imposed through an order dated March 26, 2018, a mon...
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Finmin asks RBI to help ease industry troubles post LoU ban
Posted Date : 30-Mar-2018 , 09:46:27 am | Posted By CASANSAAR
The finance ministry has asked RBI to look into the problems being faced by industry and banks by the abrupt ban on LoUs, and provide some breathing space to them, sources said.
Reserve Bank of India this month banned issuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoC), used ex...
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RBI to banks - Audit SWIFT transactions by June 30
Posted Date : 29-Mar-2018 , 10:13:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed all scheduled commercial banks to audit their SWIFT interbank transactions by as early as June 30 to detect any anomaly or fraud, a top official told FE. The directive is part of the RBI’s efforts to crack down on any manipulation or abuse of the SW...
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RBI asks PSB auditors to step up vigil, spot SCAMS
Posted Date : 21-Mar-2018 , 09:22:58 pm | Posted By CASANSAAR
Battling with frauds and dodgy borrowers, the Reserve Bank of India (RBI) has asked auditors of state-owned banks to watch out for unrealistic cash-flow projections that corporates often make to obtain new loans or rejig old loans to buy time. The regulator, at a meeting last week, also told them to...
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Banking Regulation Act doesn’t wholly apply to SBI, other PSBs & Regional rural banks: RBI official
Posted Date : 19-Mar-2018 , 10:55:13 pm | Posted By CASANSAAR
The law that regulates and supervises banking companies in India does not wholly apply to State Bank of India (SBI), other government-owned lenders and regional rural banks (RRBs), a senior Reserve Bank of India (RBI) official told ET.
This follows RBI governor Urjit Patel’s March 14 ...
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Rs 11,300 crore lying unclaimed with 64 banks - RBI
Posted Date : 18-Mar-2018 , 10:50:34 am | Posted By CASANSAAR
As much as Rs 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks, data from the Reserve Bank of India has revealed.
The largest amount — Rs 1,262 crore — is lying with the State Bank of India, Rs 1,250 crore with PNB, while all other nationalis...
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RBI issues PCA framework to maintain sound financial health of banks
Posted Date : 16-Mar-2018 , 08:26:56 pm | Posted By CASANSAAR
RBI has issued a Prompt Corrective Action (PCA) framework to maintain sound financial health of banks.
In a written reply to a question in the Lok Sabha today, Minister of State for Finance Shiv Pratap Shukla said, it facilitates banks in breach of risk thresholds for identified areas of mo...
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RBI guv Urjit Patel calls for more powers over state-run banks
Posted Date : 14-Mar-2018 , 11:31:29 pm | Posted By CASANSAAR
RBI Governor Urjit Patel has sought more powers to deal with frauds at public sector banks (PSBs) such as PNB scam. Speaking at Gujarat National Law University Gandhinagar yesterday, he said RBI's power over public sector banks are weaker than the private sector banks.
Referring to the ...
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RBI discontinues Letters of Undertaking, Letters of Comfort for trade credit
Posted Date : 13-Mar-2018 , 08:33:09 pm | Posted By CASANSAAR
The Reserve Bank of India today discontinued Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits.
The RBI, in a circular, said it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category -I banks...
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RBI starts special audit of public sector banks
Posted Date : 11-Mar-2018 , 09:50:53 pm | Posted By CASANSAAR
Rattled by a spate of banking frauds, RBI has initiated special audit of State-owned lenders with focus on trade financing activities, especially relating to issuance of letters of undertaking (LoUs) by them, banking sources said.
In addition, the RBI has asked all banks for details of the LoUs t...
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RBI slaps Five Crore penalty on Airtel Payments Bank
Posted Date : 10-Mar-2018 , 09:18:11 am | Posted By CASANSAAR
RBI has imposed a penalty of Rs 5 crore on Airtel Payments Bank for violating operating guidelines and Know Your Customer (KYC) norms. The fine was imposed after RBI scrutinised the bank’s documents relating to opening of accounts without any specific or clear consent from the customers....
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RBI slaps Rs 40 lakh penalty on SBI for flouting fake note norms
Posted Date : 08-Mar-2018 , 08:38:08 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of Rs 40 lakh on State Bank of India for non-compliance of its directions on detection and impounding of counterfeit notes.
An RBI notification issued from Mumbai today informs that the action is based on deficiencies in regulatory co...
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RBI tightens PSL norms for banks by directing them to create sub-targets
Posted Date : 05-Mar-2018 , 10:17:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has further tightened the priority sector lending (PSL) norms for foreign banks by directing them to mandatorily create sub-targets so that they lend a portion of their loans to small and marginal farmers as well as micro enterprises (MSMEs) from April.
The m...
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RBI increases exposure limits for residents, foreign investors
Posted Date : 28-Feb-2018 , 10:30:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has increased the exposure limits for residents and FPIs in the exchange traded currency derivatives (ETCD) market.
“It has now been decided to permit persons resident in India and FPIs (foreign portfolio investors) to take positions (long or short), without ...
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RBI launches Ombudsman Scheme for NBFCs
Posted Date : 24-Feb-2018 , 09:45:00 am | Posted By CASANSAAR
The RBI launched 'Ombudsman Scheme' for non-banking financial companies (NBFC) for redressal of complaints against them.
"The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme,&...
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RBI asks banks to accept notes & coins of small denominations tendered at their counters
Posted Date : 16-Feb-2018 , 09:43:36 am | Posted By CASANSAAR
RBI has directed all banks to accept small denomination notes and coins tendered at their counters. The apex bank issued a notification in Mumbai yesterday, saying such denial of service causes inconvenience to the public at large as shopkeepers and traders refuse to accept coins for payment of good...
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RBI's new norms on bad loans wake up call for defaulters - Govt
Posted Date : 14-Feb-2018 , 09:32:51 am | Posted By CASANSAAR
In a bid to hasten the resolution of bad loans, RBI has tightened rules to make banks identify and tackle any non-payment of loan rapidly, a move the government said should act as a "wake up call" for defaulters.
The Reserve Bank of India abolished half a dozen existing loan-restructuri...
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RBI issues revised guidelines for expeditious resolution of bad loans
Posted Date : 13-Feb-2018 , 09:40:43 am | Posted By CASANSAAR
Reserve Bank of India has issued a revised framework for expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC).
The new guidelines have specified framework for early identification and reporting of stres...
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15 months after note ban, RBI still processing returned notes
Posted Date : 11-Feb-2018 , 08:18:26 pm | Posted By CASANSAAR
The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness".
This is being done in an "expedited manner", the central bank said...
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