RBI releases draft framework for account aggregator companies
Posted Date : 04-Mar-2016 , 08:20:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday released a draft regulatory framework to allow the entry of a new kind of non-banking finance company (NBFC) that can act as an account aggregator.
Account aggregators help in collecting and providing the information of customers’ financial asse...
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RBI cancels Bajaj Auto, IDFC Finance, and 24 others' NBFC registration
Posted Date : 23-Feb-2016 , 07:37:46 am | Posted By CASANSAAR
The RBI has cancelled registration of as many as 26 non-banking financial companies (NBFCs) including Bajaj Auto Holdings and IDFC Finance Ltd.
"The Reserve Bank has cancelled the certificate of registration of the 26 non-banking financial companies. Following the cancellation of registrat...
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RBI revises norms for NBFC factor firms
Posted Date : 19-Feb-2016 , 09:00:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday came out with clarifications for NBFC factor companies to remove any possible regulatory arbitrage with banks that provide factoring services.
The RBI said that a receivable acquired by an NBFC- Factor which is not paid within such period of its due d...
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Frauds - Future approach towards monitoring of frauds in NBFCs
Posted Date : 19-Feb-2016 , 08:44:27 am | Posted By CASANSAAR
RBI/2015-16/327
DNBR (PD) CC.No.075/03.10.001/2015-16
February 18, 2016
All Deposit taking NBFCs (including RNBCs) and
NBFCs- ND-SI
Madam/ Sir,
Frauds - Future approach towards monitoring of frauds in NBFCs
Please refer to circulars DNBS.PD.CC.No.127/ 03.10.42/2008-09 dated Aug...
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RBI |
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RBI asks income tax assesses to pay dues in advance
Posted Date : 16-Feb-2016 , 07:47:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday appealed to income tax assessees to pay dues ahead of the due date as well use alternate channels of authorised banks to avoid the rush during end of March.
"Pay I-T (income tax) dues in advance at RBI or at authorised bank branches. Appeal to income...
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RBI invites applications for regularisation of declared wealth
Posted Date : 12-Feb-2016 , 08:03:24 am | Posted By CASANSAAR
Reserve Bank has said that those who have declared unaccounted overseas assets under the black money law should file application with its central office for regularisation of declared wealth. RBI, in a statement issued in Mumbai, said a person resident in India who has declared any asset under the B...
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Forensic audit must for all bad loans, Parliament Panel to RBI
Posted Date : 07-Feb-2016 , 09:45:39 am | Posted By CASANSAAR
Cautioning that the rising trend of non performing assets (NPAs) with banks has “the potential to damage the growth story”, the Finance Standing Committee of Parliament has called for immediate forensic audit of all restructured loans that had turned into bad debts.
Forensic audit i...
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RBI gets award for innovation in XBRL reporting
Posted Date : 05-Feb-2016 , 09:36:35 pm | Posted By CASANSAAR
RBI today said it has got recognition for its efforts to improve regulatory reporting and has been given the XBRL International Award for Excellence.
"The XBRL International, the global custodian of the eXtensible Business Reporting Language (XBRL) standard awarded the 'XBRL Intern...
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RBI relaxes FDI norms to boost start-ups
Posted Date : 03-Feb-2016 , 07:57:19 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday relaxed several rules including foreign direct investment norms to boost start-up activity in the country.
To begin with, start-ups are allowed to receive foreign venture capital investment irrespective of the sector in which they operate. The new norm...
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RBI asks Banks to file FDI related forms online from Feb 8
Posted Date : 01-Feb-2016 , 10:34:28 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday asked banks to file forms related to foreign direct investment (FDI) only online on the e-Biz portal from February 8.
With a view to "promoting ease of reporting" of such transactions, RBI, under the e-Biz project of the government, has enable...
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RBI directs all Banks to conduct thorough internal audit
Posted Date : 01-Feb-2016 , 08:09:39 am | Posted By CASANSAAR
The Reserve Bank of India has asked all public and private sector banks to conduct a thorough internal audit and submit a report before their respective audit committees. The summary findings are also to be forwarded to the Reserve Bank.
The move forms part of the ...
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RBI allows pre-mature withdrawal in gold monetisation scheme
Posted Date : 22-Jan-2016 , 07:51:58 am | Posted By CASANSAAR
In an effort to make the Gold Monetisation Scheme more customer-friendly, the RBI today said depositors will be able to withdraw medium-term (5-7 year) and long-term government deposits (12-15 years) pre-maturely after the minimum lock-in period, though with a penalty.
The Reserve Bank today ma...
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RBI prints 1000 rupee notes without silver security thread by mistake, notes printed in 5AG and 3AP series
Posted Date : 21-Jan-2016 , 10:25:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has admitted to wrongly printing Rs 1000 denomination notes without 'silver thread features'.
The notes, reportedly, printed in the 5AG and 3AP series, amount to Rs 30 thousand crore. Out of these, notes worth Rs 20 thousand crores are with RBI while cu...
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Aadhaar not mandatory for DBT scheme, clarifies RBI
Posted Date : 15-Jan-2016 , 08:41:56 am | Posted By CASANSAAR
The Reserve Bank (RBI) has clarified that use of Aadhaar cards is not mandatory for Direct Benefit Transfer (DBT) Scheme. In a communication to banks, RBI said in view of the Supreme Court's interim orders on 11th August and 15th October last year on usage of Aadhaar, it is clarified that use of...
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RBI raises provisions for ‘yet to fail’ CDR accounts
Posted Date : 12-Jan-2016 , 08:41:17 am | Posted By CASANSAAR
Probably concerned at the rising number of loan recasts going wrong, the Reserve Bank of India (RBI) has asked lenders to increase provisioning for accounts that may not have yet failed corporate debt restructuring (CDR) but do not meet conditions stipulated in the master restructuring agreement. Wh...
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RBI to move to CTS for clearing government's cheques
Posted Date : 01-Jan-2016 , 08:40:07 pm | Posted By CASANSAAR
RBI today said it has decided to dispense with the requirement of physically forwarding paid central government cheques to the departments for clearance.
With a view to enhance efficiency in cheque clearing, Reserve Bank of India has introduced Cheque Truncation System (CTS) for clearance of cheq...
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RBI nudging banks to furnish potential NPAs
Posted Date : 29-Dec-2015 , 08:10:39 am | Posted By CASANSAAR
Banks may soon be asked to provide – set aside funds – for potential non-performing assets (NPAs) and weak assets, sources aware of the development said.
Sources said that banks could be asked to provide for potential weak assets which, although require standard asset provisioning as ...
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Over 9,500 Complaints Pending With Banking Ombudsmen: RBI
Posted Date : 28-Dec-2015 , 08:10:21 am | Posted By CASANSAAR
Over 9,500 complaints of deficient services by nationalised and private sector banks are pending with banking ombudsmen, the Reserve Bank of India (RBI) has said.
The revised Banking Ombudsman scheme 2006 allows a customer to seek redress of complaints against banks relating to credit cards and h...
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Weak balance sheets, bad loans increase risks for banks: RBI
Posted Date : 24-Dec-2015 , 07:41:28 pm | Posted By CASANSAAR
The Reserve Bank of India expressed concern over high corporate leverage as bad loans from the country’s top corporations increased sharply between March and September, 2015.
“Corporate sector vulnerabilities and the impact of their weak balance sheets on the financial system need c...
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RBI extends deadline to exchange Pre-2005 notes to June 2016
Posted Date : 23-Dec-2015 , 09:51:44 pm | Posted By CASANSAAR
Reserve Bank on Wednesday extended the deadline for exchanging pre-2005 currency notes of various denominations, including Rs 500 and Rs 1,000, by another six months to June 30, 2016.
The Reserve Bank had, in June 2015, set the last date for public to exchange pre-2005 banknotes notes...
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Interest rate to be based on marginal cost of funds from April 1: RBI
Posted Date : 17-Dec-2015 , 10:11:42 pm | Posted By CASANSAAR
The RBI today said all banks will have to follow a new and uniform methodology from April next year to calculate base rate as per the marginal cost of funds. In a press release issued today The Reserve Bank said that apart from helping borrowers reap the benefit of lower rates, the step will also im...
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RBI constitutes a committee to check menace of Chit-fund and various financial irregularities
Posted Date : 12-Dec-2015 , 09:00:50 am | Posted By CASANSAAR
The Reserve Bank of India, RBI, has set-up a committee to check the menace of Chit-fund and various financial irregularities in the country.
This Committee will work in coordination with the State governments regularly. This was stated by the RBI Governor Mr. Raghuram Rajan in a press conference ...
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RBI bars 56 NBFCs from conducting business
Posted Date : 06-Dec-2015 , 10:16:29 am | Posted By CASANSAAR
The Reserve Bank of India has cancelled the certificate of registration of 56 non-banking finance companies (NBFCs), including ABNL, Future Ventures India and Bajaj Finserve.
Following the cancellation of registration certificate, these companies cannot transact in the business of an NBFC as la...
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RBI keeps repo rate unchanged at 6.75%, CRR at 4%
Posted Date : 02-Dec-2015 , 07:27:41 am | Posted By CASANSAAR
Reserve Bank of India governor, Raghuram Rajan today left the key policy interest rate, or repo rate unchanged, at 6.75 percent. In its bi-monthly monetary policy review, the RBI also kept the Cash Reserve Ratio unchanged, at 4 percent. The RBI governor said that uptick in retail inflation, excludin...
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RBI relaxed Foreign borrowing norms
Posted Date : 01-Dec-2015 , 08:00:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday approved a set of more liberal external commercial borrowing norms (ECB), allowing Indian companies to raise rupeere sources from overseas lenders, without incurring currency risks.
The new norms will be effective April 1 next year.
Such rupee-den...
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RBI |
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RBI allows foreign investors to buy bonds in default
Posted Date : 27-Nov-2015 , 10:15:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has allowed foreign portfolio investors (FPIs) to buy bonds that are either partly or fully in default, a move that gives existing investors an exit option and boosts the fledgling distress bond market in the country.
“FPIs which propose to acquire such non...
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RBI |
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RBI defers issue date of Sovereign Gold Bond to Nov 30
Posted Date : 26-Nov-2015 , 07:25:46 am | Posted By CASANSAAR
The Reserve Bank of India, RBI has shifted the issue date of Sovereign Gold Bond by four days to 30th November to enable their smooth uploading into RBI’s e-Kuber system. The decision has been taken in view of large number of applications being received by the banks and post offices for Sovere...
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RBI grants approval for TReDS; NPCI to be central unit for Bharat bill payment
Posted Date : 25-Nov-2015 , 08:19:02 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on Tuesday granted an "in-principle" approval to three companies to set up and operate a new Trade Receivables Discounting System (TReDS) to be formed under the Payment and Settlement System (PSS) Act 2007.
A joint venture between the National Stock Exchange&...
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RBI opens door for banking M&As, allows individuals to own more than 10% in banks
Posted Date : 20-Nov-2015 , 08:40:05 am | Posted By CASANSAAR
The Reserve Bank of India RBI has thrown open the doors for mergers and acquisitions in the banking industry by signaling that it is open to persons owning more than 10 percent stake in a bank.
For the first time in decades the central bank has said that it could permit promoters, or invest...
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RBI |
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17,000 RBI staff to go on mass leave today
Posted Date : 19-Nov-2015 , 07:49:25 am | Posted By CASANSAAR
Around 17,000 employees of the Reserve Bank of India (RBI) will be on “mass casual leave” on November 19 to demand improvement in pensions and to protest against the Union Government’s move to dilute the central bank’s autonomy.
The strike in the form of mass leave is th...
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