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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RBI |
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0 | Hits : 901
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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 |
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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 |
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0 | Hits : 982
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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 |
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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 |
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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 |
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0 | Hits : 959
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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 |
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0 | Hits : 941
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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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RBI |
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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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RBI |
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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 |
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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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RBI |
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1 | Hits : 917
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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 |
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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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RBI to banks: Be careful while opening accounts under Jan Dhan Yojana
Posted Date : 20-Sep-2014 , 08:35:25 am | Posted By CASANSAAR
The Reserve Bank today warned the banks to be more careful while opening accounts under the Jan-Dhan Yojana, saying that a single individual could open multiple accounts in the lure of Rs 1 lakh insurance cover.
"There are some caveats when the banks are implementing the financial inclusion...
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RBI |
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Money laundering: RBI takes action against erring Urban Cooperative Banks
Posted Date : 15-Sep-2014 , 08:07:43 am | Posted By CASANSAAR
Cracking down on money laundering, the Reserve Bank of India (RBI) has closed down six Urban Cooperative Banks (UCBs) which were suspected of being used to route illegal money. The central bank has also asked state governments to take stern action against any other erring UCBs after reports eme...
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RBI |
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2 | Hits : 1353
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Guarantors may get wilful defaulter tag too, says Reserve Bank of India
Posted Date : 10-Sep-2014 , 08:09:00 am | Posted By CASANSAAR
Companies and individuals who have furnished guarantees for wilful defaulters can also be accused as wilful defaulters, as per the new norms issued by the Reserve Bank of India (RBI). In a letter issued on Tuesday, RBI has said that if a guarantor refuses to pay lenders desp...
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RBI |
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0 | Hits : 956
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Bank Accounts Not Inoperative if Dividend Cheque Credited in 2 Years: RBI
Posted Date : 02-Sep-2014 , 07:38:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said a bank account will not become inoperative if a dividend cheque has been credited in it in the previous two years.
"Since dividend on shares is credited to Savings Bank accounts as per the mandate of the customer, the same should be treated as a custom...
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RBI |
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RBI eases norms, 1 photo ID proof to open bank account
Posted Date : 29-Aug-2014 , 07:43:42 am | Posted By CASANSAAR
Reserve Bank of India has, as part of Prime Minister Narendra Modi's push for financial inclusion, relaxed 'know your customer' (KYC) norms to open new bank accounts.
RBI said there would be no need for applicants to submit separate documents for address and identity proof to open a savings a...
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RBI |
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0 | Hits : 1617
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RBI says 36% of total Bad Loans from six Key Sectors
Posted Date : 24-Aug-2014 , 06:49:26 pm | Posted By CASANSAAR
The Reserve Bank has said about 36 per cent of the overall 4.1 per cent bad assets in the system have been created by six sectors of the economy - infrastructure, metals, textiles, chemicals, engineering and mining.
These sectors, though, have only 30 per cent of the credit share.
...
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RBI |
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0 | Hits : 1058
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RBI shuts overseas payment gateway for credit card transactions within India
Posted Date : 23-Aug-2014 , 10:00:37 am | Posted By CASANSAAR
The Reserve Bank of India moved to close a loophole on Friday, saying that the rules need to be followed with respect to e-commerce credit card transactions "essentially taking place between two residents in India". This means that companies such as Uber will need to fo...
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RBI |
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RBI to restrict Bank's group exposure limit at 25%, down from current 40%
Posted Date : 22-Aug-2014 , 08:41:59 am | Posted By CASANSAAR
The Reserve Bank of India proposes to cut banks' group exposure limit by as much as 15 percentage points to reduce the systemic risk posed by lending too much to any single business house. This means that credit to any particular group will have to be restricted to 25% of a bank's capital, down from...
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RBI |
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0 | Hits : 1099
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RBI tightens rules for lending against shares by NBFCs
Posted Date : 21-Aug-2014 , 04:24:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has tightened the norms for giving loans against shares by non-banking finance companies (NBFCs).
NBFCs lending against collateral of shares have been told to maintain an LTV (loan-to-valve). They can accept only specified Group 1 securities as collateral for...
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