RBI starts portal to curb firms' illegal money pooling
Posted Date : 04-Aug-2016 , 07:33:43 pm | Posted By CASANSAAR
To curb illegal and unauthorised pooling of funds by unscrupulous firms, Reserve Bank today launched a website, which will help people obtain information about entities allowed to collect deposits.
Launching the portal -- sachet.rbi.org.in -- RBI Governor Raghuram Rajan said that initiating quick...
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RBI releases guidelines for on-tap bank licence
Posted Date : 01-Aug-2016 , 09:45:23 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) on Monday released the much-awaited guidelines for 'on tap' universal banking licence, but excluded large industrial houses as eligible entities from the purview, though they can invest in banks up to 10 per cent.
As per the "Guidelines for 'on tap'...
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RBI to monitor banks on customer rights
Posted Date : 22-Jul-2016 , 07:44:15 am | Posted By CASANSAAR
Reserve Bank will shortly start monitoring banks on issues relating to customer rights in five broad areas, a senior official said today.
The areas on which the regulator will be conducting surveys and supervision at various banks are – right to privacy, right to fair treatment & transp...
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RBI to make funds transfer via smartphones easier
Posted Date : 19-Jul-2016 , 07:25:01 am | Posted By CASANSAAR
RBI said it will become easier in coming weeks for people to transfer funds between bank accounts through their smartphones.
Speaking at the IDRBT Banking Technology Excellence Awards function, RBI Governor Raghuram Rajan also made a case for tax benefits to merchants for promoting digital transa...
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RBI asks banks to exchange upto 20 soiled notes free of charge
Posted Date : 16-Jul-2016 , 09:22:52 am | Posted By CASANSAAR
In an effort to improve customer service, RBI today asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of Rs 5,000 over the counter free of charge.
However, if the number of notes to be exchanged is more than 20, banks can levy service charge.
The...
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RBI releases framework on payments systems
Posted Date : 25-Jun-2016 , 09:28:07 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has released its much awaited 'Vision-2018' document yesterday. The ‘Payment and Settlement Systems in India: Vision-2018’ aims at building best of class payment and settlement systems for a ‘less-cash’ India and ensuring access of mobile b...
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RBI sets up fraud monitoring cell
Posted Date : 23-Jun-2016 , 08:37:51 am | Posted By CASANSAAR
Lauding the efforts taken by the government to take action against wilful defaulters, RBI Governor Raghuram Rajan today said the central bank has created a monitoring cell for early reporting of frauds to investigative agencies.
"We should send the message that no one can get away, and...
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NSEL scam: Gujarat high court issues notice to RBI
Posted Date : 16-Jun-2016 , 08:26:53 am | Posted By CASANSAAR
The Gujarat high court on Tuesday issued a notice to the Reserve Bank of India (RBI), asking why the National Spot Exchange Ltd was allowed to run a payment and settlement system without authorization. The court has also asked RBI to initiate action in the matter.
The notice follows a...
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CBI to hire tax experts from RBI, other financial institutions
Posted Date : 13-Jun-2016 , 08:36:54 am | Posted By CASANSAAR
CBI is looking for tax experts from RBI and other financial institutions to help it in probing high-profile cases including multi-crore rupees chit-fund scams and alleged loan fraud by businessman Vijay Mallya.
The agency, which is facing acute staff shortage, has written to all central gov...
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Pay Income Tax dues in advance to avoid last-minute rush - RBI
Posted Date : 08-Jun-2016 , 10:17:17 pm | Posted By CASANSAAR
The Reserve Bank of India has asked tax-payers to remit their income-tax dues in advance to minimise inconvenience.
It has said that last minute rush for paying tax creates problems for both the RBIand the public. “To obviate the inconvenience involved, assessees are advised in their o...
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RBI review unearths Rs 2,41,000 cr bad loans in last 6 months of FY16
Posted Date : 04-Jun-2016 , 07:16:55 am | Posted By CASANSAAR
Banks have reported a 69 per cent spike in non-performing assets in the last two quarters following the asset quality review ordered by the Reserve Bank of India (RBI) and fresh slippages in restructured loans.
Gross NPAs of lenders have surged by a whopping Rs 2,41,000 crore in just six months &...
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RBI's AQR shows banks were hiding nearly half of their NPAs
Posted Date : 26-May-2016 , 07:20:28 am | Posted By CASANSAAR
Reserve Bank of India (RBI) Governor Raghuram Rajan’s insistence on a “deep surgery” to help banks regain health has uncovered that nearly half of the lenders’ stressed assets were not reported.
RBI had made banks go through an asset quality review (AQR) to clean up their ...
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RBI authorises 29 agency banks to accept payments of I-T dues
Posted Date : 18-May-2016 , 07:24:05 am | Posted By CASANSAAR
RBI has authorised 29 agency banks to accept payments of Income Tax dues. In a press release issued from Mumbai on Monday, RBI has appealed tax payers to remit their income tax dues sufficiently in advance of the due date. In order to minimize the hassle, tax payers can also use the facility of onli...
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RBI tweaks shareholding norms for private sector banks
Posted Date : 13-May-2016 , 07:08:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today issued new guidelines on ownership in private sector banks by bundling shareholding patterns into two broad categories of individuals (natural persons) and legal entities/institutions, but retained the cap on foreign ownership at 74 per cent.
The ...
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No negative balances in savings accounts: RBI
Posted Date : 11-May-2016 , 08:33:29 am | Posted By CASANSAAR
Negative balances in savings accounts due to penalty charges are now history following a directive from the central bank. The RBI has asked banks to stop imposing charges for non-maintenance of minimum balance once the balance in a savings account touches zero.
Although the norms came into effect...
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RBI to amend forex management rules
Posted Date : 10-May-2016 , 09:18:49 am | Posted By CASANSAAR
In a move aimed at contributing to the ease of doing business, the Reserve Bank of India on Monday said it proposes to amend the Foreign Exchange Management Regulations to mandate that foreign investment by non-residents on repatriation basis can be made in equity, debt and any other appro...
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RBI Norms for Protecting Customers
Posted Date : 07-May-2016 , 06:25:29 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the ‘five’ basic rights for bank customers, that I s, (i) Right to Fair Treatment, (ii) Right to Transparency, Fair and Hon...
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RBI Proposes Relaxation Of Bank Licence Requirements
Posted Date : 05-May-2016 , 09:00:30 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has issued proposals for the relaxation of requirements for banking licences in the latest effort to boost a sector struggling with $100 billion of stressed debt that is choking the financial system and hitting economic growth.
With only about half of India's p...
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RBI clamps down on long term working capital loans
Posted Date : 03-May-2016 , 08:46:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked banks to avoid approving long-term credit for periods up to 10 years under the garb of working capital loans to stressed companies, two bankers in the know said.
As the name suggests, working capital loans are typically given for short periods to cater ...
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RBI takes various steps for recovery of NPA: Jayant Sinha
Posted Date : 26-Apr-2016 , 05:29:28 pm | Posted By CASANSAAR
The total outstanding of top one hundred of Non-Performing Accounts (NPA), borrowers of public sector banks stood at 1.73 lakh crore rupees as on 31st December 2015. The Reserve Bank of India has taken various steps for recovery of NPA.
These include formation of joint lenders’ forum for re...
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RBI to ease registration process for NBFCs
Posted Date : 26-Apr-2016 , 07:55:03 am | Posted By CASANSAAR
Reserve Bank of India (RBI) will simplify the registration process for non-banking finance companies (NBFCs), Deputy Governor R. Gandhi said.
“The new application forms will be simpler and the number of documents required to be submitted will be reduced. The entire process could be made o...
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RBI issues master direction on merger of pvt sector banks
Posted Date : 22-Apr-2016 , 08:28:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today came out with master direction for merger of private sector banks and also between NBFCs and banks.
In another master direction, a compilation which consolidates instructions on rules and regulations framed by the RBI under various Acts, including banking i...
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RBI for proper monitoring of foreign direct investment
Posted Date : 15-Apr-2016 , 07:59:16 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has revamped its overseas direct investment application process to provide banks fast and easy accessibility to data for reference purposes and to improve the “coverage and ensure proper monitoring of the flows in a dynamic environment”...
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RBI declines to share details banks inspection report
Posted Date : 11-Apr-2016 , 10:18:00 pm | Posted By CASANSAAR
The RBI has declined to share details of banks inspection reports citing a section of the transparency law that exempts public authority from disclosing information that may prejudicially affect sovereignty, security or economic interests of the country.
Replyi...
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RBI Grants First Payments Bank License To Airtel
Posted Date : 11-Apr-2016 , 10:07:42 pm | Posted By CASANSAAR
Airtel M Commerce Services (AMSL), a subsidiary of Bharti Airtel has been granted the first payments bank license from Reserve Bank of India (RBI) today.
On August 19, 2015 Reserve Bank of India (RBI) had issued “in-principle” approval to 11 applicants to set up payments banks. The ...
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RBI cuts repo rate by 25 basis points to 6.5%
Posted Date : 05-Apr-2016 , 12:27:40 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) announced a 25 basis cut in its policy interest rate this morning, lowering it to more than five-year low. The prevailing rate now stands at 6.5 per cent. The central bank also announced reduction in minimum daily maintenance of cash reserve ratio from 95 per cent to ...
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RBI cancels registration of 22 NBFCs
Posted Date : 29-Mar-2016 , 10:19:35 pm | Posted By CASANSAAR
Reserve Bank of India on Tuesday said it has cancelled registration of 22 non-banking financial companies (NBFCs) including that of Amazan Capital and Mascot Commerce.
The RBI said it cancelled the certificate of registration of the NBFCs in exercise of the powers conferred on it under Section ...
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RBI asks banks to remain open full day on Mar 30 and Mar 31
Posted Date : 19-Mar-2016 , 09:57:39 pm | Posted By CASANSAAR
Reserve Bank has asked banks to keep their branches, which conduct government business, open for full day on March 30 and till 8 pm on March 31 to facilitate the transactions before annual closing of government accounts.
In a notification issued in Mumbai, RBI said that the government has d...
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RBI asks banks to pay interest on savings account on quarterly basis
Posted Date : 16-Mar-2016 , 07:47:22 am | Posted By CASANSAAR
The Reserve Bank of India has asked banks to pay interest on savings accounts on a quarterly basis or a shorter duration, a move which will benefit crores of savings account holders.
At present, the interest is credited in savings bank accounts on a half-yearly basis. Interest rate on savings ban...
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RBI Cancels Registration Certificate of BNP Paribas, 3 Others
Posted Date : 10-Mar-2016 , 07:31:29 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday said it has cancelled registration certificates of four non-banking financial companies (NBFCs) including BNP Paribas India Holding Pvt Ltd.
The three other firms are Mumbai-based Financial Services Private Limited Bhageriya Financial, Capital Services Limit...
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