Banks should give monthly data about wilful defaulters: RBI
Posted Date : 28-Jun-2014 , 08:04:57 am | Posted By CASANSAAR
The Reserve Bank of India has mandated banks to give data about wilful defaulters each month or more frequently to the credit information companies from the beginning of 2015. According to the new regulations, banks will have to furnish data on wilful defaulters of Rs 25 lakh and above for...
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RBI to remain open on July 1 to facilitate public transactions
Posted Date : 27-Jun-2014 , 06:17:45 pm | Posted By CASANSAAR
This year the Reserve Bank of India (RBI) has made special provision to remain open on July 1, 2014 to facilitate settlement of market transactions as well as to facilitate the transactions of the general public.
Normally, the RBI remains closed for public transactions every July 1 on accou...
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RBI revises asset classification norms for infrastructure firms
Posted Date : 27-Jun-2014 , 08:43:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has provided a breather to infrastructure firms, allowing banks to treat loans to these entities as standard even if the date of commencement of a project is delayed by up to two years.
“It is clarified multiple revisions of the DCCO (date of commencement of co...
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RBI allows NBFCs to work as business correspondents for Banks
Posted Date : 24-Jun-2014 , 08:18:53 pm | Posted By CASANSAAR
Reserve Bank of India has allowed commercial banks to appoint non-banking finance companies (NBFCs) as Business Correspondents (BCs) to accelerate work on financial inclusion program.
Only non-deposit taking NBFCs will be eligible to act as BCs of banks for financial inc...
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RBI directs all banks, finance companies to provide data to anti-black money SIT
Posted Date : 24-Jun-2014 , 08:59:47 am | Posted By CASANSAAR
The Reserve Bank of India has directed all banks and finance companies to provide all information or documents requested by the special investigation team (SIT) looking into unearthing black money. RBI's directive pre-empts any bank from using customer confidentiality f...
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RBI allows Foreigners to access forex futures, eases norms for Banks
Posted Date : 21-Jun-2014 , 08:16:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has set a limit of $10 million on banks' proprietary positions in exchange-traded currency futures and also allowed foreign portfolio investors to hedge their currency risk without any underlying up to the same limit, the apex bank said in separate releases on Friday....
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Residents, non-residents allowed to carry up to Rs 25,000 abroad: RBI
Posted Date : 20-Jun-2014 , 08:45:07 am | Posted By CASANSAAR
The Reserve Bank permitted residents and non-residents, except Pakistanis and Bangladeshis, to carry up to Rs 25,000 in Indian currency notes while leaving the country. Earlier, Indians travelling abroad were permitted to carry only up to Rs 10,000, while foreigners were not allowed to carry Indian ...
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RBI asks banks to disclose sector-wise loans from next fiscal
Posted Date : 18-Jun-2014 , 09:18:19 pm | Posted By CASANSAAR
The RBI today asked banks to make sector-wise disclosure of their advances from 2014-15 onwards with a view to encourage them to actively manage exposure to various segments.
"Banks are advised to disclose sector-wise advances in the 'Notes to Accounts' to the financial statements as per the ...
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RBI Tightens Anti-Money Laundering Norms for Companies
Posted Date : 17-Jun-2014 , 08:48:45 am | Posted By CASANSAAR
The RBI has tightened the anti-money laundering (AML) norms by asking companies to appoint a designated director who can impose fines of up to Rs. 1 lakh if an employee is found guilty of violation.
"If the director, in the course of any inquiry, finds that a reporting entity or i...
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RBI to come out with payment bank soon
Posted Date : 13-Jun-2014 , 08:05:00 am | Posted By CASANSAAR
The Reserve Bank of India, on Thursday, said it would soon come out with a payment bank, as recommended by the Nachiket Mor committee.
“We are also coming up shortly with what could be payment bank because there is huge potential for financial inclusion with focus on remittances...
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RBI tells banks to keep 60% liquidity coverage ratio from January 2015
Posted Date : 10-Jun-2014 , 08:29:55 am | Posted By CASANSAAR
In a move aimed at creating liquidity buffers in banks, the Reserve Bank of India (RBI) has mandated the lenders to maintain 60 per cent liquidity coverage ratio (LCR) from January 1, 2015. Also, the central bank suggested a phased manner in which the ratio will have to increase to 10...
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Indians can now remit up to $1.25 lakh overseas
Posted Date : 03-Jun-2014 , 03:25:41 pm | Posted By CASANSAAR
A strong rupee has emboldened Reserve Bank of India to relax some of the foreign exchange related restrictions including the individual overseas remittance limit of $75000 per year which has been hiked to $125000.
The central bank has also allowed foreign institutional investors to hedge upto 110% ...
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RBI keeps repo rate unchanged at 8%; SLR cut by 50 bps
Posted Date : 03-Jun-2014 , 11:35:52 am | Posted By CASANSAAR
In line with market expectations, the Reserve Bank of India on Tuesday kept key rates unchanged. While the repo rate was maintained at 8% and reverse repo rate at 7%, the SLR was cut by 50 basis points. Rajan kept the policy rate unchanged at 8 per cent at th...
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RBI directive on foreign currency accounts
Posted Date : 29-May-2014 , 08:32:55 am | Posted By CASANSAAR
The Reserve Bank of India has directed banks to convert credit balances in any inoperative foreign currency (FC) denominated deposit into Indian rupee if the former remains not in use for three years from the date of maturity of deposit.
Thereafter, the depositor shall be entitled to claim ...
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RBI Ends Penalty For Dormant Accounts
Posted Date : 28-May-2014 , 08:07:17 am | Posted By CASANSAAR
In an attempt to provide some relief to customers, the Reserve Bank of India has asked banks not to charge any penalty for non-maintenance of minimum balance in dormant accounts. Savings accounts and current accounts are treated as dormant if there are no transactions for over two years.
Ac...
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RBI Cautions Public Against Fake Website
Posted Date : 26-May-2014 , 10:22:35 pm | Posted By CASANSAAR
The Reserve Bank today cautioned the public not to fall prey to spurious offers made by a fake website in its name offering savings accounts.
"It has come to the notice of the RBI today that a fake website has been created at http://www.rbi-inonline.org/savings.html by some unknown person...
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RBI set to restore $ 2-lakh limit for spending abroad
Posted Date : 25-May-2014 , 01:57:00 pm | Posted By CASANSAAR
The Reserve Bank of India is likely to again allow individuals to spend $ 200,000 per year abroad, including in real estate, reversing a clampdown imposed in August 2013, that had brought the limit down to $ 75,000.
The move is a confidence-booster measure the new government is expected to ...
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RBI: All new ATMs to be installed by banks from July to provide audible instructions, Braille keypads
Posted Date : 22-May-2014 , 08:33:56 am | Posted By CASANSAAR
All new ATMs to be installed by commercial banks from July 2014 onwards would provide audible instructions and Braille keypads to customers. The RBI today issued a directive in this regard which came on its prior advice to banks in 2009. It said, the Banks should lay down a road map for convert...
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Customer protection code to be mandatory for banks: RBI
Posted Date : 21-May-2014 , 07:48:10 am | Posted By CASANSAAR
To protect consumer interest, the Reserve Bank of India (RBI) is formulating guidelines to discourage lenders from mis-selling and hold them responsible for the products they offer.
While presenting the annual monetary policy for 2014-15 in April, RBI Governor Raghuram Rajan had indicated the need ...
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RBI to banks: Alert customers on fraud remittance schemes
Posted Date : 19-May-2014 , 08:33:29 am | Posted By CASANSAAR
To ensure that customers do not fall prey to fraudulent schemes promising cheaper funds from abroad, the Reserve Bank of India wants banks to consider prominently displaying messages cautioning them about the schemes on their websites as well as branch/ATM locations.
The central bank also s...
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RBI allows bank branches abroad to sell structured products
Posted Date : 13-May-2014 , 07:52:35 am | Posted By CASANSAAR
Easing norms for functioning of overseas branches of Indian banks, the Reserve Bank has permitted them to offer structured financial and derivative products, a move that would help in improving their income. However, these products like Exchange Traded Funds and bond derivatives are not permitt...
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RBI bans penalties on prepayment, non-maintenance of minimum balance
Posted Date : 07-May-2014 , 09:16:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has barred banks to remove some of the penal provisions that deter people from engaging banks for saving and borrowing purposes.
Accordingly, RBI has asked banks to desist from levying foreclosure charges on individual borrowers for all floating rate loans wi...
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10-year-olds can open and operate bank a/c alone: RBI
Posted Date : 07-May-2014 , 08:19:20 am | Posted By CASANSAAR
Children older than 10 years will no longer need the help of their parents or guardians to open and operate a savings bank account. To boost financial inclusion, the Reserve Bank of India (RBI) on Tuesday said that banks were at liberty to allow minors above 10 years to independently open and operat...
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NPAs render govt banks unfit for pvt PF deposits
Posted Date : 06-May-2014 , 08:13:23 am | Posted By CASANSAAR
Rising non-performing assets (NPAs) are taking a toll on public sector banks such as State of India (SBI), Punjab National Bank (PNB) and Canara Bank in more ways than one — these banks are unable to take deposits from non-government provident funds.
Norms governing investments...
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A class V girl offered to help RBI Governor Raghuram Rajan
Posted Date : 01-May-2014 , 08:15:37 am | Posted By CASANSAAR
One doesn't expect a fifth grade student to be worried about the state of the economy and the country's foreign exchange reserves, much less pen a letter to the Reserve Bank of India governor offering help.But last September, when the government and RBI were battling a major crisis with the rupee hi...
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RBI directs RTGS participants to use correct transaction code
Posted Date : 29-Apr-2014 , 07:23:07 am | Posted By CASANSAAR
The Reserve Bank on Monday directed the entities using the Real-Time Gross Settlement (RTGS) payment system to use the correct transaction code so as to avoid unintended consequences.
RBI said some of the RTGS participants were using the transaction code alloted to customers for settling their own ...
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RBI prescribes uniform accounting norms for asset reconstruction firms
Posted Date : 24-Apr-2014 , 07:26:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) prescribed uniform accounting standards for asset reconstruction companies(ARCs) for acquiring non-performing loans, recognising revenue and management fees to ensure common treatment for firms.
The new norms will be effective from accounting yea...
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RBI for two-stage verificationfor online transactions
Posted Date : 23-Apr-2014 , 08:07:21 am | Posted By CASANSAAR
Worried over rising number of frauds in online banking, the Reserve Bank of India (RBI) has suggested that banks introduce two-stage authentication to ensure security of transactions.
The RBI report on ‘Enabling Public Key Infrastructure (PKI) in Payment System Applications’ sai...
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RBI implements Bhaskar panel recommendations
Posted Date : 19-Apr-2014 , 08:16:41 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the Foreign Exchange Dealers’ Association of India (FEDAI) to act as administrators of the Indian rupee interest rate and foreign exchange benchmarks.
“To ...
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Public sector bank management should be held accountable for bad loans: Jalan
Posted Date : 15-Apr-2014 , 10:10:04 pm | Posted By CASANSAAR
Former RBI governor Bimal Jalan on Monday said the managements of public sector banks, and not the finance ministry, should be held accountable for the wrong assessment of credit worthiness to check the rising number of bad loans.
“If you put public sector banks in one bracket and oth...
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