Delhi HC seeks response from RBI on protection of online transactions
Posted Date : 09-Feb-2018 , 09:28:45 am | Posted By CASANSAAR
At a time when the Centre is encouraging people to adopt digital transactions, some banks are allegedly not enforcing RBI directions to provide an additional authentication system for online transactions. The Delhi High Court has decided to examine the issue to protect consumers from rising incident...
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RBI warns for fake website of RBI
Posted Date : 09-Feb-2018 , 09:26:37 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday cautioned members of the public that it has come across a fake website www.indiareserveban.org created by some unknown person(s) with a layout similar to the original RBI website and containing a provision for ‘Bank verification with online account-holders...
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RBI to link base rate with MCLR
Posted Date : 08-Feb-2018 , 08:31:29 am | Posted By CASANSAAR
The Reserve Bank of India has said that it will link the base rate with the MCLR from 1st of April this year to ensure expeditious transmission of its policy rate to borrowers. In a statement, RBI said, though it had introduced the Marginal Cost of Funds based Lending Rates (MCLR) system with effect...
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RBI's Monetary Policy Committee (MPC) meeting to begin today in Mumbai
Posted Date : 06-Feb-2018 , 09:37:03 am | Posted By CASANSAAR
Reserve Bank of India’s Monetary Policy Committee (MPC) meeting will begin today in Mumbai. The six-member MPC headed by RBI Governor Urijit Patel will meet for the Sixth Bi-monthly Monetary Policy Statement for 2017-18.
RBI may keep policy rates on hold this week. It may toughen its warnin...
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FinMin invites fresh applications for RBI Dy Governor post
Posted Date : 02-Feb-2018 , 09:06:54 am | Posted By CASANSAAR
The finance ministry sought application from eligible candidates for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra retired on completion of his three-year term on July 31, 2017.
Although interviews were conducted on July 29 last year, the government has decided to ...
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RBI Act to be amended to provide new liquidity management tool
Posted Date : 02-Feb-2018 , 09:00:59 am | Posted By CASANSAAR
The government will amend the Reserve Bank of India Act to allow the central bank to suck our excess liquidity from the money market without offering any securities as collateral.
This will provide the RBI a new tool in liquidity management particularly in times when the money market liquid...
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RBI warns banks about crypto risks, wants higher scrutiny
Posted Date : 25-Jan-2018 , 08:53:51 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has warned lenders about cryptocurrencies, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of bitcoins and similar digital tender, said two people aware of the matter.
While the central bank stopped ...
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RBI, Govt may give banks more time to switch to IndAS
Posted Date : 23-Jan-2018 , 08:51:32 am | Posted By CASANSAAR
The government and the Reserve Bank of India (RBI) may postpone the implementation of new accounting standards for banks because of the legislative changes and additional capital requirements the process would entail, according to three senior officials familiar with the matter.
Banks and non-ban...
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RBI says all 14 types of Rs 10 coin valid, legal tender
Posted Date : 18-Jan-2018 , 09:06:07 am | Posted By CASANSAAR
Dispelling rumours and addressing the reluctance of traders to accept Rs 10 coins, the Reserve Bank of India said that all of the 14 designs of the coin are valid and legal tender for transactions. "It has come to the notice of the Reserve Bank that in certain places there is reluctance on part...
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Existing NBFC cannot operate as peer-to-peer lender - RBI
Posted Date : 11-Jan-2018 , 08:58:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) notified that existing non-banking financial companies cannot operate as peer-to-peer lenders. Further, new applicants for peer-to-peer lending license will need to provide the list of promoters and the source of funds for the minimum capital requirement of Rs20mn, th...
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RBI begins PCA against Allahabad Bank
Posted Date : 05-Jan-2018 , 01:26:54 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against public sector lender Allahabad Bank, owing to its high net non-performing assets (NPAs) and negative return on assets (RoA) for two consecutive years.
While in 2016-17, the bank’s net NPA ratio stood at 8.9...
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RBI levies Rs 5 crore penalty on Syndicate Bank for breaching KYC norms
Posted Date : 17-Dec-2017 , 11:04:29 am | Posted By CASANSAAR
Syndicate Bank has emerged as the latest entrant on the Reserve Bank of India's hit list for violation of norms.
The central bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector lender for violating the Know Your Customer (KYC)/Anti-Money Laundering (AML) norms.
...
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RBI takes to SMSes, missed-call helpline against prize frauds
Posted Date : 10-Dec-2017 , 07:55:46 pm | Posted By CASANSAAR
Taking the fight to the arena used by fraudsters promising prize money from the RBI, the central bank has itself launched an SMS campaign and a 'missed-call' helpline to warn people against such scams.
Typically, such fraudsters make calls or send SMSes and emails to gullible people promi...
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RBI rationalises charges on debit card transactions
Posted Date : 07-Dec-2017 , 07:18:17 pm | Posted By CASANSAAR
In order to promote digital payments, RBI has come out with differentiated merchant discount rates (MDR) for debit card transactions, prescribing separate caps for small and large traders.
MDR is the rate charged to a merchant by a bank for providing debit and credit card services.
As pe...
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RBI keeps repo rate unchanged at 6 per cent
Posted Date : 06-Dec-2017 , 07:51:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has kept the key interest rate unchanged at 6 per cent in its fifth bi-monthly monetary policy review for the year 2017-18 today.
The central bank has raised inflation forecast to 4.3-4.7 per cent in third and fourth quarters of current fiscal and kept the economic...
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RBI reiterates its concern over use of virtual currencies
Posted Date : 05-Dec-2017 , 07:21:51 am | Posted By CASANSAAR
The Reserve Bank of India, RBI has reiterated its concern over the use of Bitcoins and other virtual currencies saying it has not issued licenses or authorisations to companies to trade in these currencies.
Earlier on two occassions, the RBI has cautioned users, holders and traders of Virtu...
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RBI may hold rates at policy meet this week
Posted Date : 04-Dec-2017 , 11:03:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is widely expected to keep rates on hold following the forthcoming monetary policy committee (MPC) meeting on December 6. Many economists believe that rates have bottomed and money markets will move from a liquidity-surplus situation — experienced since demoneti...
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RBI asks cooperative societies not to use word Bank in names
Posted Date : 30-Nov-2017 , 09:15:05 am | Posted By CASANSAAR
The RBI has asked co-operative societies not use the word 'Bank' in their names as it violates the Banking Regulation Act.
In a statement, the RBI said that it has also "come to the notice" that some co-operative societies are accepting deposits from public which tantamoun...
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RBI, EC have no info on bonds for political parties funding
Posted Date : 25-Nov-2017 , 09:37:38 am | Posted By CASANSAAR
The Reserve Bank of India and the Election Commission have no information on electoral bonds, which were announced about nine months back for the funding of political parties, according to an RTI reply.
"We have no information to furnish," the central bank said in its reply to the RTI q...
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RBI relaxes 26% debt-equity conversion cap for ARCs
Posted Date : 24-Nov-2017 , 08:31:07 am | Posted By CASANSAAR
In a major boost to the asset reconstruction companies (ARCs) the Reserve Bank today relaxed norms capping their shareholdings at 26 per cent in the borrower firm under reconstruction, provided their net-owned funds are maintained at Rs 100 crore.
Earlier ARCs could convert a portion of the debt ...
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Government seeks Rs 13,000 crore surplus from RBI
Posted Date : 20-Nov-2017 , 10:19:00 am | Posted By CASANSAAR
The government has not asked the Reserve Bank to pay any special dividend and is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said.
In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017....
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Union opposes government demand to get additional surplus from RBI
Posted Date : 17-Nov-2017 , 12:41:06 am | Posted By CASANSAAR
The Reserve Bank Employees Union has opposed the reported move by the finance ministry to ask the central bank to part with more surplus from the past year to aid the Rs 2.1-trillion bank recapitalization.
The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government ...
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RBI release new outsourcing norms for NBFCs
Posted Date : 10-Nov-2017 , 08:32:43 am | Posted By CASANSAAR
Non-banking financial companies (NBFCs) cannot outsource core management functions like internal audit, strategic and compliance functions for know your customer (KYC) norms, sanction of loans and management of investment portfolio.
In a notification on its website on Thursday RBI issued fr...
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RBI asks banks to provide doorstep banking facilities to senior citizens & divyangs
Posted Date : 10-Nov-2017 , 08:17:58 am | Posted By CASANSAAR
The RBI has asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year.
Banks have been directed that senior citizens and specially-abled persons, including the visually-impaired, should be provided ...
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Bitcoins not to be used for payments and settlements for now - RBI
Posted Date : 07-Nov-2017 , 08:33:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today reiterated its stand on cryptocurencies saying the bitcoins will not be used for making payments and settlements for now.
Answering a query from the audience at the FIBAC banking event, S Ganesh Kumar, Executive Director of RBI said, "Our current positio...
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RBI mandates unique code for all large corporate borrowers
Posted Date : 02-Nov-2017 , 09:29:45 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) said corporate borrowers having exposure of Rs 5 crore and above will have to mandatorily obtain 20-digit Legal Entity Identifier (LEI) from banks, a move that is aimed at improving risk management.
The idea of LEI, a 20-digit unique code to identify partie...
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RBI imposes Rs 2 crore penalty on IDFC Bank, Rs 6 crore on Yes Bank
Posted Date : 25-Oct-2017 , 07:44:13 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday slapped a Rs6 crore penalty on Yes Bank Ltd for breaching its rules on classifying non-performing assets and failing to report a security incident involving its ATMs on time. Separately, RBI also imposed a Rs2 crore penalty on IDFC Bank Ltd for breaching re...
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Aadhaar linkage with bank accounts mandatory - RBI
Posted Date : 22-Oct-2017 , 10:26:09 am | Posted By CASANSAAR
Reserve Bank of India said biometric identity number Aadhaar linkage with bank accounts is mandatory.
The RBI clarification followed media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage w...
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RBI brings in fresh guidelines for mobile wallet players
Posted Date : 12-Oct-2017 , 07:24:51 am | Posted By CASANSAAR
In what could be a major change in the scope of operations for mobile wallets the Reserve Bank of India has introduced strict Know Your Customer norms for wallet users, allowed interoperability and also brought in fraud detection norms to prevent fake wallet transactions.
In a major move, n...
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RBI keeps key policy rate unchanged
Posted Date : 05-Oct-2017 , 07:55:27 am | Posted By CASANSAAR
The monetary policy committee (MPC) of Reserve Bank of India decided to hold the key policy rate unchanged at 6% as it sees risks to inflation.
However, it maintained the neutral stance of the policy while reiterating that the MPC remains committed to keep headline inflation close to 4% on durabl...
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