RBI cautions against foreign Investment Tourists
Posted Date : 19-Jan-2015 , 05:14:10 pm | Posted By CASANSAAR
The Reserve Bank of India official today cautioned against foreign "investment tourists" in debt markets, highlighting concerns about short-term flows.
The comments from G. Padmanabhan, executive director at the RBI, came amid expectations that India will allow Euroclear settlements for gov...
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RBI urges Banks' Auditors to improve monitoring
Posted Date : 15-Jan-2015 , 05:14:26 pm | Posted By CASANSAAR
RBI's deputy governor S.S. Mundra urged audit committees at domestic lenders to better monitor potential risks, including in loan assessments and in asset quality, to help improve the health of the banking system. Mundra added recent inspections by the central bank had found recurrenc...
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RBI slashes repo rate by 25 bps to 7.75 per cent with immediate effect
Posted Date : 15-Jan-2015 , 09:03:08 am | Posted By CASANSAAR
The Reserve Bank of India today cut the repo rate by 25 basis points to 7.75% with immediate effect. One basis point is one-hundredth of a percentage point.
The CRR remains unchanged at 4%.
The move comes after WPI inflation for December came in at 0.11%, margin...
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RBI Eases Forex Hedging Norms for Exporters, Importers
Posted Date : 15-Jan-2015 , 08:02:26 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday relaxed the norms for forex hedging for exporters and importers by allowing them to book forward foreign exchange contracts in excess of 50 per cent of the eligible limit.
"It has now been decided that, henceforth, banks may permit aggregate outstandin...
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RBI sets up fund to educate Bank Depositors
Posted Date : 12-Jan-2015 , 08:30:46 am | Posted By CASANSAAR
RBI has put in place a new mechanism for grant of financial assistance to the NGOs and other entities seeking to take up activities related to education and awareness of bank depositors. Those eligible for such financial grants would include institutions, organisations and associations such as ...
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Govt stake dilution not sufficient for Basel III: RBI
Posted Date : 10-Jan-2015 , 05:15:42 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) today said dilution of government holding in public sector banks (PSBs) may not be sufficient for meeting Basel III capital adequacy norms.
“Recently, it has been reported that the Government of India is contemplating scaling down their holdings in PSBs...
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RBI revises leverage ratio, disclosure norms for banks
Posted Date : 09-Jan-2015 , 08:52:04 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Thursday revised the guidelines for leverage ratio framework under the Basel III and the relevant disclosure norms.
The central bank said banks operating in India are required to make disclosure of the leverage ratio and its components from the date...
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Need to clean up bad debts in banks within a year: RBI
Posted Date : 04-Jan-2015 , 10:15:47 am | Posted By CASANSAAR
Reserve Bank Governor Raghuram Rajan on Saturday made a strong case for cleaning up bad debts of banks and restructure other possible NPAs within a year to put the economy back on track.
He also favoured channelising "full savings" of the households into the financial system so that requisi...
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RBI directs payment firms to display company name in products
Posted Date : 02-Jan-2015 , 09:12:38 pm | Posted By CASANSAAR
Reserve Bank has directed entities offering services such as e-wallets, smart cards and White Label ATMs to prominently display their company name in products to ensure transparency.
"All the information available to the public regarding the product, whether as advertisements, on website, applicati...
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Houses with assets over Rs 1 thousand crore with NBFCs can
Posted Date : 02-Jan-2015 , 09:11:47 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday clarified that business houses with assets above Rs 1,000 crore with finance companies will not be eligible to apply for a small bank license. The regulator also said that existing non-banking finance companies have to fold their operations into the small bank. ...
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Banks will struggle more with bad loans if economy falters further, warns RBI
Posted Date : 30-Dec-2014 , 08:26:31 am | Posted By CASANSAAR
Risks to India’s banking system continue to remain at elevated levels on concerns of further deterioration in the asset quality, the Reserve Bank of India (RBI) said in its Financial Stability Report (FSR) released on Monday.
Even though the liquidity scenario in the banking system has impr...
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HC questions RBI on cap on withdrawals through ATM
Posted Date : 24-Dec-2014 , 10:42:42 pm | Posted By CASANSAAR
The Delhi High Court on Wednesday questioned Reserve Bank of India's decision to put a cap on withdrawals by banking customers using their ATM cards, saying account holders were being "unneccesarily taxed".
As per RBI's new guidelines, bank customers in six metros -- Delhi, Mumbai, Chennai, Kolkata...
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RBI asks FinMin to review priority lending norms
Posted Date : 12-Dec-2014 , 08:34:34 am | Posted By CASANSAAR
Reserve Bank has asked the Finance Ministry for a review of priority sector lending norms which the foreign banks find difficult to follow under the wholly-owned subsidiary model.
Under the wholly-owned subsidiary model, a framework for which has been put in place by RBI last year, ...
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Soon, PSU bank ATMs will be able to print in Hindi
Posted Date : 06-Dec-2014 , 06:21:38 am | Posted By CASANSAAR
ATMs installed by state-owned banks will soon have the facility for issuing the transaction receipt in Hindi, finance minister Arun Jaitley said on Friday in response to a question in the Lok Sabha.
"The government has instructed public sector banks (PSBs) to install those...
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RBI releases final charter of customer rights
Posted Date : 04-Dec-2014 , 08:43:38 am | Posted By CASANSAAR
The rights of banking customers got a fillip on Wednesday with the Reserve Bank of India (RBI) releasing a charter enshrining these.
According to the notification, “The customer should not be unfairly discriminated against on grounds such as gender, age, religion, caste and physical ability w...
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RBI likely to maintain status quo in its review today
Posted Date : 02-Dec-2014 , 08:44:48 am | Posted By CASANSAAR
Reserve Bank may keep policy rates unchanged in its upcoming monetary policy review on Tuesday even as the Finance Minister and industry clamoured for the rate cut to prop the economy.
The demand for rate cut is also reinforced by the fact that inflation has hit multi-year low and crude oil price c...
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RBI warns firms on routing overseas funds to India operations
Posted Date : 26-Nov-2014 , 08:07:06 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday clamped down on Indian firms raising funds overseas and routing them to India through certain types of structures.
In a notification, RBI noted that some Indian firms access overseas markets for debt funds through overseas subsidiaries and associates and...
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RBI asks banks to be cautious on inoperative account payments
Posted Date : 23-Nov-2014 , 01:45:57 pm | Posted By CASANSAAR
The Reserve Bank has asked banks to exercise caution before making payments to customers claiming funds lying idle in inoperative accounts.
"Banks are advised to invariably verify the genuineness of the transactions and ensure that the amounts paid to the customers are properly audited ...
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RBI warns public about fraudsters issuing credit cards in its name
Posted Date : 22-Nov-2014 , 08:52:36 am | Posted By CASANSAAR
Reserve Bank of India on Friday alerted the public about fraudsters perpetrating fraud by issuing credit cards in its name.
Explaining the modus operandi, the Reserve Bank stated that the gullible member of the public is sent a credit card which allows withdrawal of money up to a ...
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RBI reduces repatriation time of export proceeds to 9 months
Posted Date : 21-Nov-2014 , 07:41:08 am | Posted By CASANSAAR
The Reserve Bank of India said on Thursday the time by which exporters can repatriate the full value of goods and services has been reduced to nine months from 12 from the date of export.
The rule will be applicable to all exporters, including units in special economic zones, export-oriente...
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RBI to invite applications for setting up of small, payment banks
Posted Date : 14-Nov-2014 , 09:26:05 am | Posted By CASANSAAR
The Reserve Bank of India will invite applications for setting up of small and payment banks -- aimed to cater to small businesses and low income households -- by the end of this month after putting in place final norms in this regard. Governor Raghuram Rajan said this while addressing micro-financi...
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RBI asks banks to alert customers in high value cheque payments
Posted Date : 06-Nov-2014 , 08:24:51 am | Posted By CASANSAAR
To clamp down on cheque-related fraud cases, the Reserve Bank of India (RBI) on Wednesday asked banks to alert account holders by a phone call and contact the base branch in case of non-home cheques before clearing high value payments.
The RBI also asked banks to send an SMS alert...
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RBI Asks Rural Banks to Partially Freeze KYC Non-Compliant Accounts
Posted Date : 02-Nov-2014 , 09:06:11 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed regional rural and central cooperative banks to partially freeze accounts of those customers who have not complied with the Know Your Customer (KYC) norms.
Similar instructions were issued to commercial banks by the apex bank last month.
"Banks may impo...
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Money laundering: RBI issues caution on fake bills post Finance Ministry alarm
Posted Date : 17-Oct-2014 , 08:22:10 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has sent an advisory to banks cautioning them about the new trend of using forged or fake Bills of Entry to remit funds abroad, especially to tax havens such as Hong Kong. The apex bank has also started synchronising databases with the customs department to detect fra...
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Cap of 3 free ATM transactions only for metros, says RBI
Posted Date : 11-Oct-2014 , 08:18:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has clarified that freetransactions at non-home bank ATMs would come down to three from five only if all the transactions are carried out in the metros. These six metros include Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.
The regulator has clar...
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RBI to monitor trades by companies in debt markets
Posted Date : 09-Oct-2014 , 07:18:24 am | Posted By CASANSAAR
Worried that a surge in trading in debt markets by companies could pose risks to financial market stability, the Reserve Bank of India has ordered its supervision team to monitor their trades, sources with direct knowledge of the situation said.
The move is the strongest expression of conce...
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Finance Ministry, RBI to unveil new monetary policy framework by Feb 1
Posted Date : 08-Oct-2014 , 08:22:16 am | Posted By CASANSAAR
The Finance Ministry aims to complete the formalities for implementation of the new Monetary Policy Framework Agreement by February 1. However, it will be left to the Reserve Bank of India to decide on the date of implementation.
The proposed framework aims to change the monetary policy for...
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RBI asks companies not to lower their guard on hedging forex exposure
Posted Date : 08-Oct-2014 , 08:21:20 am | Posted By CASANSAAR
A relatively stable rupee may be prompting corporates not to hedge their foreign currency exposures, but the Reserve Bank (RBI) is not comfortable with such a trending practice. RBI deputy governor H R Khan has warned Indian business entities against leaving their overseas borrowings unhedged, citin...
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RBI relaxes KYC norms for opening bank accounts
Posted Date : 01-Oct-2014 , 08:04:25 am | Posted By CASANSAAR
The Reserve Bank of India, RBI, relaxed Know Your Customer, KYC norms by allowing self-certification of documents for opening bank accounts.
RBI has asked banks to allow self-certified copy of the document by mail, or post for opening an account. Banks have also been asked not to seek fresh d...
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Reserve Bank of India keeps key rates unchanged
Posted Date : 30-Sep-2014 , 03:00:35 pm | Posted By CASANSAAR
The Reserve Bank of India did not spring up any surprise move in its fourth bi-monthly monetary policy review. The central bank has kept key rates unchanged.
This is the fourth consecutive time that the RBI has kept key interest rates unchanged despite clamours from the industry to cut rate...
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