RBI fines Kotak Mahindra, HSBC for violating FEMA
Posted Date : 26-Apr-2017 , 09:48:01 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday imposed a monetary penalty on Kotak Mahindra Bank and Hong Kong & Shanghai Banking Corp. Ltd for violation of instructions on reporting requirements of the Foreign Exchange Management Act (FEMA), 1999.
The central bank slapped a fine of Rs70,000 on...
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RBI Governor suggests merging public sector banks
Posted Date : 26-Apr-2017 , 10:30:05 am | Posted By CASANSAAR
RBI Governor Urjit Patel has said the Indian banking system could be better off if some public sector banks are consolidated to have fewer but healthier entities, as it would help in dealing with the problem of stressed assets.
"As many have pointed out, it is not clear that we need so...
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RBI asks banks to closely monitor loans to telecom sector
Posted Date : 20-Apr-2017 , 09:12:10 am | Posted By CASANSAAR
The RBI asked banks to make higher provisioning for loans to the telecom sector that is facing financial stress and closely monitor their exposure to avoid any adverse impact on businesses
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The sector has a debt of about Rs 4.6 lakh crore even as it is faces pressure on revenues and profitability...
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RBI to set up computer emergency response unit
Posted Date : 18-Apr-2017 , 08:24:37 am | Posted By CASANSAAR
The Sub-Committee of the Financial Stability and Development Council (FSDC), which met on Monday, discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said.
“Issues such as setting up of Computer Emergency Respon...
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RBI proposes simplified forex hedging facility
Posted Date : 13-Apr-2017 , 08:21:24 am | Posted By CASANSAAR
Reserve Bank of India on Wednesday unveiled draft guidelines relating to simplified hedging facility for resident entities with foreign currency exposures and non-resident entities with rupee exposures, other than individuals, to enable them to hedge underlying exchange rate risk.
The facility is...
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RBI proposes wholesale, long-term finance banks
Posted Date : 08-Apr-2017 , 08:46:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday proposed to float wholesale and long-term finance (WLTF) banks that would fund long-term high-value projects — something similar to the development finance institutions (DFIs) of the past.
“Going forward, considering the existing landsca...
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NEFT transfer to get quicker as RBI cuts clearance time
Posted Date : 07-Apr-2017 , 07:27:55 am | Posted By CASANSAAR
The Reserve Bank has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience.
In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement...
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RBI maintains status quo on repo rate
Posted Date : 06-Apr-2017 , 08:39:53 pm | Posted By CASANSAAR
The Reserve Bank left its benchmark lending rate, Repo rate, unchanged at 6(point)25 per cent for the fourth monetary policy review in a row today citing upside risk to inflation.
RBI however increased the reverse repo rate -- which it pays to banks for parking funds with it -- by 0.25 per cent t...
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RBI exempts banks from opening on April 1 on annual closing
Posted Date : 30-Mar-2017 , 10:23:34 am | Posted By CASANSAAR
Reversing its earlier order, the Reserve Bank of India said that the bank branches dealing in government businesses need not remain open on April 1 in view of the annual closing business.
In its earlier directive on March 24, the RBI had asked all authorised banks to be open on all days from Marc...
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RBI puts IDBI Bank, Indian Overseas Bank and UCO Bank under watch for spike in bad assets
Posted Date : 24-Mar-2017 , 08:41:05 am | Posted By CASANSAAR
The Reserve Bank of india has put four public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list, the name of the fourth lender could not b...
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SC to Govt-Why can't RBI accept scrapped notes till March 31
Posted Date : 22-Mar-2017 , 09:15:33 am | Posted By CASANSAAR
The Supreme Court on Tuesday directed the Centre to file a response to a plea challenging the Reserve Bank of India’s (RBI) refusal to accept demonetized Rs500 and Rs1,000 notes post 31 December, 2016.
A bench headed by Chief Justice of India (CJI) J.S. Khehar gave the government two weeks ...
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RBI issues draft master circular for revised PPI norms
Posted Date : 21-Mar-2017 , 07:59:16 am | Posted By CASANSAAR
The Reserve Bank of India has asked all prepaid payment licence holders who mostly issue mobile wallets to convert their minimum KYC (Know Your Customer) wallet accounts into full KYC account by June 30 of this year. It has also laid out minimum net worth criteria for wallet issuers to Rs 25 crore f...
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RBI lifts all cash withdrawal limits from today
Posted Date : 13-Mar-2017 , 07:50:01 pm | Posted By CASANSAAR
All limits on cash withdrawal from savings bank account imposed on November 8 after the demonetisation drive has been removed with effective from Monday as the Reserve Bank of India (RBI) had announced about it last month. Earlier, the central bank had removed all curbs on branch withdrawals from cu...
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NBFC cash loan against gold restricted to Rs 25,000 - RBI
Posted Date : 10-Mar-2017 , 07:22:30 am | Posted By CASANSAAR
Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque.
RBI reduced the amount to Rs 25,000 from th...
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RBI sets up panel to review cyber threats
Posted Date : 01-Mar-2017 , 07:54:00 am | Posted By CASANSAAR
The Reserve Bank announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology.
The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholde...
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RBI enhances cash withdrawal limit from Savings account to Rs 50,000
Posted Date : 21-Feb-2017 , 06:45:28 am | Posted By CASANSAAR
Reserve Bank has enhanced the cash withdrawal limit from Savings Bank Account to 50,000 rupees from the existing 24,000 rupees from 20th Feb. RBI has also said that all limits on cash withdrawals from Savings Bank Account will be withdrawn from 13th of next month.
The Reserve Bank of India (RBI) ...
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RBI lifts ATM withdrawal limits from Feb 1
Posted Date : 31-Jan-2017 , 09:12:08 am | Posted By CASANSAAR
In a big relief to people, RBI today announced lifting of restrictions on daily withdrawal of money from ATMs with effect from Wednesday. and has also withdrawn all limits on Current Accounts and overdraft accounts with immediate effect.
In a circular to the banks, the RBI, however, said the week...
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Restructured Education loans not to be treated as NPAs - RBI
Posted Date : 24-Jan-2017 , 08:41:33 am | Posted By CASANSAAR
In order to encourage banks to provide education loans, RBI has said rescheduling of payment period of such loans due to unemployment of borrower will not be treated as restructured accounts for computing NPAs.
Banks may allow up to three spells of moratorium (not exceeding 6 months each) d...
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RBI enhances cash withdrawal limit from ATMs to Rs 10000 per day
Posted Date : 16-Jan-2017 , 11:28:26 pm | Posted By CASANSAAR
The Reserve Bank of India has raised the daily Cash withdrawal limit of 4500 rupees from ATMs to ten thousand rupees per card with immediate effect. However, the overall withdrawal limit from saving accounts will remain unchanged at 24 thousand rupees per week.
The limit on withdrawal from curren...
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RBI extends period of enhanced Prepaid Payment Instruments limit
Posted Date : 31-Dec-2016 , 06:43:19 pm | Posted By CASANSAAR
Reserve Bank today extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments.
RBI said in a notification today that keeping in view that Bank is undertaking a comprehensive review of the guidelines and framework for PPI iss...
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RBI refuses to give reasons behind demonetisation
Posted Date : 29-Dec-2016 , 05:26:50 pm | Posted By CASANSAAR
Why were Rs 1000 and Rs 500 notes demonetised by the government?
Fifty days after the government announced that these notes would cease to be legal tender, Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public.
The monetary policy regulat...
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RBI extends loan repayment window to 90 days
Posted Date : 29-Dec-2016 , 08:33:04 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December. In a notification, RBI said, on a review, it ...
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Govt names Viral V Acharya as RBI Deputy Governor
Posted Date : 28-Dec-2016 , 03:06:49 pm | Posted By CASANSAAR
Government today appointed Viral V Acharya, a professor of Economics in the Department of Finance at the New York University (NYU), new Deputy Governor at the Reserve Bank of India.
The Appointments Committee of the Cabinet cleared the appointment for three years.
He is taking over at a time w...
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RBI modifies circular on depositing over Rs 5000 in banks in old notes
Posted Date : 21-Dec-2016 , 08:27:46 pm | Posted By CASANSAAR
Scrapping the December 19 circular, the Reserve Bank of India today modified the old currency deposit rules and withdrew the 5000 rupee limit for depositing money in old currency notes for fully KYC (Know Your Customer) compliant accounts only. The RBI in a circular issued said the KYC complaint acc...
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RBI imposes restrictions on withdrawal from certain bank accounts
Posted Date : 16-Dec-2016 , 08:16:24 am | Posted By CASANSAAR
Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) has imposed certain restrictions on withdrawal, if more than two lakh rupees has been deposited after November 9 in an account which has a balance of over five lakh rupees. ...
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RBI wants CCTV footage from banks to spot currency hoarders post demonetisation
Posted Date : 14-Dec-2016 , 08:52:31 am | Posted By CASANSAAR
RBI has asked banks to preserve CCTV recordings of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetisation.
The Reserve Bank, in a notification issued today, said banks should "preserve ...
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Banks get Rs 12.44 lakh crore in old notes till Dec 10 - RBI
Posted Date : 14-Dec-2016 , 08:46:23 am | Posted By CASANSAAR
RBI today said banks have garnered Rs 12.44 trillion (Rs 12.44 lakh crore) in banned notes till December 10, while they have issued Rs 4.61 trillion to them since the demonetisation drive began 35 days ago.
"The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank a...
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RBI denies reports of Axis Bank's licence cancellation
Posted Date : 13-Dec-2016 , 08:04:07 am | Posted By CASANSAAR
Following allegations of involvement in money laundering in the wake of demonetisation, the Reserve Bank on Monday quelled rumours stating that it has “not initiated any action” to cancel the licence of Axis Bank.
Axis Bank had suspended 24 of its employees for allegedly breaking rule...
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RBI allows eKYC to use OTP for account opening
Posted Date : 09-Dec-2016 , 08:15:24 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has decided to allow one-time-pin (OTP) based e-KYC (electronic know your customer) for opening bank accounts.
“A regulated entity (bank) may provide an option for one-time-pin (OTP) based e-KYC process for on-boarding of customers,” the RBI said in a n...
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RBI cautions against fake notifications on social media
Posted Date : 02-Dec-2016 , 08:32:01 am | Posted By CASANSAAR
In view of the numerous notifications being issued by the RBI post the November 8 demonetisation measure, India's central bank on Thursday cautioned people on fake instructions being published in its name by "unscrupulous elementson" over social media.
"It has been reported t...
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