RBI asks banks to use info from CRILC to open Current Account
Posted Date : 03-Jul-2015 , 08:16:34 am | Posted By CASANSAAR
With a view to improve credit discipline and reduce NPA level, the Reserve Bank today asked lenders to make use of credit information available with Central Repository of Information on Large Credits (CRILC) for opening of current accounts.
Banks are advised to make use of the information availab...
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RBI to remain open on July 1 to facilitate transactions
Posted Date : 30-Jun-2015 , 08:28:07 am | Posted By CASANSAAR
The Reserve Bank of India will remain open on July 1 to facilitate settlement of public and market transactions.
"On a review and in order to facilitate the settlement of market transactions as also to aid the transactions of the general public, the Reserve Bank of India has decided that i...
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Standard Format for Banks to Share Money Laundering Info on Anvil: Report
Posted Date : 28-Jun-2015 , 10:42:16 pm | Posted By CASANSAAR
The Reserve Bank of India, lenders and law enforcement agencies are working on a standard reporting format for banks to share investigation-related information after central agencies like Intelligence Bureau (IB) and Central Bureau of Investigation (CBI) complained about receiving data in different ...
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Banks can borrow from international institutions without RBI nod
Posted Date : 26-Jun-2015 , 08:41:38 am | Posted By CASANSAAR
Easing norms for accessing foreign funds, RBI allowed banks to borrow from international financial institutions for general banking business without seeking its permission.
“With a view to providing greater flexibility in seeking access to overseas funds, it has now been decided...
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RBI extends deadline for exchanging pre-2005 notes to Dec 31
Posted Date : 25-Jun-2015 , 09:25:54 pm | Posted By CASANSAAR
For the third time, the Reserve Bank of India on Thursday extended the deadline for exchanging pre-2005 currency note by six months to December 31, 2015.
With less than a week left for the last day to exchange all pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations, the ...
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Standards adopted by RBI compliant with Basel standards
Posted Date : 17-Jun-2015 , 01:36:01 pm | Posted By CASANSAAR
The standards adopted by the Reserve Bank of India (RBI) with regard to risk-based capital requirements are 'compliant' with minimum Basel capital standards, the central bank said on Tuesday.
RBI in a release said that the Basel Committee on Banking Supervision (BCBS) under th...
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RBI Issues Final Guidelines for Interest Rate Futures
Posted Date : 13-Jun-2015 , 08:56:16 am | Posted By CASANSAAR
RBI issued final guidelines for the 6-year and 13-year cash settled interest rate futures (IRF).
"The final guidelines for introduction of the 6-year and the 13-year cash settled IRF on government securities with residual maturity of 4-8 years and 11-15 years, respectively have been issued,&...
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Utility Bills Valid Proof of Address to Open Account: RBI
Posted Date : 12-Jun-2015 , 08:21:49 am | Posted By CASANSAAR
Bills for postpaid mobile service, piped gas and water supply can now be submitted as proof of address for opening account with banks or other financial institutions, the Reserve Bank of India said on Thursday.
"Utility bill which is not more than two months old of any service provider (elec...
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RBI permits NRIs to invest in Chit Funds
Posted Date : 12-Jun-2015 , 08:14:51 am | Posted By CASANSAAR
The Reserve Bank India (RBI) has permitted non-resident Indians (NRIs) to invest in regulated chit funds. This permission comes with riders. Indians abroad can subscribe to chit funds through banking channels, including accounts maintained in India.
The state governments or Registrar of Chits may...
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Banks can bring in foreign promoters after taking over defaulting companies: RBI
Posted Date : 09-Jun-2015 , 08:10:30 am | Posted By CASANSAAR
The RBI on Monday unveiled the much-talked-about "strategic debt restructuring" scheme which paves the way for banks to trigger a change in management of chronically defaulting companies. New norms announced by the RBI allowing banks to convert debt of defaulting companies into equity also...
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RBI cuts repo rate 25 bps to 7.25%, Leaves CRR and SLR unchanged
Posted Date : 02-Jun-2015 , 11:10:38 am | Posted By CASANSAAR
In keeping with demands by industry as well as the Finance Ministry, the Reserve Bank of India on Tuesday cut the benchmark rate cut by 25 basis points to 7.25%,. The latest cut takes the number of rate cuts this calendar year to three; the central bank had cut the repo rate...
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FinMin, RBI set up panel on reducing cash transactions
Posted Date : 01-Jun-2015 , 10:15:44 am | Posted By CASANSAAR
To reduce cash transactions in the economy and boost the usage of cards and point of sales (PoS) terminals, the Union finance ministry and Reserve Bank of India (RBI) have set up a committee to look at ways to encourage use of plastic money.
The committee has representatives from National Payment...
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RBI releases draft guidelines on net stable funding ratio
Posted Date : 29-May-2015 , 08:30:42 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on Thursday released draft guidelines on implementation of net stable funding ratio (NSFR) in Indian banks.
NSFR is defined as the amount of available stable funding (ASF) relative to the amount of required stable funding (RSF). The NSFR promotes resilience over a long...
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RBI says bank boards to do detailed scrutiny of financial results
Posted Date : 15-May-2015 , 08:12:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has said bank boards should do a detailed scrutiny of their quarterly and annual financial results in their board discussions. According to seven critical themes prescribed by the P J Nayak committee, instituted by RBI that reviewed bank boards’ governance, the ...
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RBI instructs banks to appoint internal ombudsman
Posted Date : 12-May-2015 , 08:04:46 am | Posted By CASANSAAR
The Reserve Bank of India has asked all public sector banks, some private sector and foreign banks to appoint an internal ombudsman.
The internal ombudsman who would be designated Chief Customer Service Officer (CCSO) should not have worked in the bank in which he/she is appointed as CCSO, the ...
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RBI tightens wilful defaulter norms to bring promoter directors under its ambit
Posted Date : 28-Apr-2015 , 08:38:06 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has clarified that only nominee and independent directors who are not whole-time board members of a firm deemed as a 'wilful defaulter' would be excluded from being labelled as a party to the default. It has, however, said that promoters who are not whole-time...
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RBI revises priority sector norms, includes more categories
Posted Date : 24-Apr-2015 , 08:06:05 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has revamped priority sector lending (PSL) norms. Now, loans to sectors such as social infrastructure, renewable energy and medium enterprises will also be treated as PSL.
While retaining the 40 per cent PSL target for domestic banks, the distinction between direct...
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RBI introduces early warning system to detect frauds
Posted Date : 23-Apr-2015 , 08:42:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has put in place an early warning system to prevent financial frauds.
The market intelligence units in its regional offices have been asked to pick-up early warnings on unscrupulous practices followed by financial institutions. This is part of the restructuring o...
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RBI planning to implement interoperable cash transfer
Posted Date : 22-Apr-2015 , 08:27:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is working on a proposal submitted by the National Payment Corporation (NPCI) to connect all cash deposit machines through the National Financial Switch (NFS).
This will make these machines interoperable and allow a customer of a particular ba...
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RBI allows banks to tie up with e-commerce companies
Posted Date : 21-Apr-2015 , 07:50:24 am | Posted By CASANSAAR
The Reserve Bank of India has said that it is not averse to banks entering into joint ventures with e-commerce firms to smoothen payments or appointing them as business correspondents for acquiring new customers. Integrating e-commerce with their own platforms will allow banks to work around the two...
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RBI debuts on social media with Twitter handle launch
Posted Date : 15-Apr-2015 , 07:31:58 am | Posted By CASANSAAR
To connect directly with the citizens, the Reserve Bank of India (RBI) will send alerts about announcements from itsTwitter handle, @RBI_Official, and is also planning to have a Facebook page.
RBI has also revamped its website, and will make its presence on YouTube.
...
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0 | Hits : 1000
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RBI cautions on All Bank Balance Enquiry App
Posted Date : 12-Apr-2015 , 02:02:14 pm | Posted By CASANSAAR
It has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on What's App purportedly to facilitate checking of balance in customers' bank accounts. The application has an RBI logo with the title 'All Bank Balance Enquiry No' and has listed severa...
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RBI warns companies, banks on unhedged forex loans
Posted Date : 08-Apr-2015 , 08:46:47 am | Posted By CASANSAAR
RBI Governor Raghuram Rajan warned companies against keeping their foreign currency exposures unhedged, saying they might face "big risk" in case of change in the monetary policy globally.
"They (companies) have to recognise that they are taking a big risk (by not hedging the...
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RBI Raises Lending Limit for Microfinance Institutions
Posted Date : 07-Apr-2015 , 10:41:15 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday allowed microfinance institutions (MFI) to lend up to Rs 1 lakh to small borrowers.
The increase in the limit was suggested by the Nachiket Mor committee on Comprehensive Financial Services for Small Businesses and Low Income Households.
The borro...
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RBI Policy- RBI keeps repo rate unchanged at 7.5%; CRR maintained at 4%
Posted Date : 07-Apr-2015 , 12:37:12 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) kept the repo rate unchanged at 7.5% in its monetary policy review on tuesday. Along market expectations, Raghuram Rajan also kept the Cash Reserve Ratio (CRR) at 4%.
"Transmission of policy rates to lending rates has not taken place so far des...
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RBI gives banks more time to recast loans
Posted Date : 07-Apr-2015 , 08:16:10 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has given banks more time to restructure their troubled loans.
On March 30, a day before the fiscal came to close, the central bank allowed banks to continue restructuring of loans if references were made either to the corporate debt restructuring (CDR)...
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RBI relaxes KYC norms for Non-Banking Financial Companies
Posted Date : 06-Apr-2015 , 07:32:59 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has relaxed the Know Your Customer norms and allowed sole proprietor firms to open accounts in co-operative banks by submitting a single proof of their business. Earlier, they were required to submit two such documents.
The Apex bank in a communication to urban, st...
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RBI nixes bank plan for additional holidays on alternate Saturdays
Posted Date : 04-Apr-2015 , 08:02:09 am | Posted By CASANSAAR
The Reserve Bank of India has nixed a plan for additional bank holidays on alternate Saturdays. The banking sector regulator feels that the infrastructure for keeping key deposit related functions need to be strengthened before the banks can down shutters to enjoy a five day week.
Recently the ...
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RBI prescibes uniform provisioning norm for fraud cases
Posted Date : 02-Apr-2015 , 08:23:08 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday prescribed a uniform provisioning norm for banks in respect of all cases of fraud.
The central bank said the entire amount due to the bank (irrespective of the quantum of security held against such assets), or for which the bank is liable (including ...
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RBI approves ING Vysya-Kotak Mahindra merger
Posted Date : 01-Apr-2015 , 04:31:05 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has given its nod to the merger of ING Vysya Bank and Kotak Mahindra Bank, the exchanges were informed today.
The merger will come into effect from April 1, 2015.
In February 2015, the proposed Rs 15,000-crore merger ...
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