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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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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