Finance ministry rules out COO appointment in RBI
Posted Date : 14-Aug-2014 , 08:23:11 am | Posted By CASANSAAR
The finance ministry has ruled out the proposal for the appointment of a chief operating officer (COO) of the rank ofdeputy governor in the Reserve Bank of India (RBI), as the government feels no interim arrangements should be made for such high-profile appointments.
There ...
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RBI to Transfer Surplus Profit of $8.62 Billion to Government
Posted Date : 11-Aug-2014 , 08:52:12 am | Posted By CASANSAAR
The Reserve Bank of India said on Sunday its board has approved the transfer of a surplus profit of Rs. 52,679 crore ($8.62 billion) to the government for the year ended June 2014.
This compares with a surplus transfer of Rs. 33,010 crore last year. The central bank said...
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RBI revises guidelines on mortgage guarantee companies
Posted Date : 09-Aug-2014 , 08:57:16 am | Posted By CASANSAAR
The Reserve Bank on Friday revised guidelines for mortgage guarantee companies and said that guarantees provided by them may be treated as contingent liabilities, for which credit conversion factor would be 50 per cent.
"While calculating capital adequacy of MGCs, mortgage guarantees provid...
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RBI issues guidelines on unified bill payment system
Posted Date : 08-Aug-2014 , 08:18:17 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday said the proposed Bharat Bill Payment System (BBPS) will function as a tiered structure for operating the country’s bill payment system. It will have a single brand image providing convenience of ‘anytime anywhere’ payment to customers.
...
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RBI asks asset reconstruction companies to invest 15% in securities receipts
Posted Date : 07-Aug-2014 , 08:32:05 am | Posted By CASANSAAR
In a bid to improve the sale of bad loans in the banking system, the Reserve Bank of India has tightened the regulatory framework for asset reconstruction companies.
The RBI said ARCs will henceforth have to mandatorily invest and hold minimum 15 per cent (against 5 per cent earlier) of the...
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RBI keeps key rates unchanged, cuts SLR by 50 bps
Posted Date : 05-Aug-2014 , 11:17:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) in its third bi-monthly monetary policy statement for 2014-15 kept the repo rate unchanged at 8%. The reverse repo rate was kept unchanged at 7% and Cash Reserve Ratio ( CRR) was maintained at 4%. The SLR was cut by 50 bps to 22%. "The moderation in CPI headline ...
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Syndicate Bank chief
Posted Date : 04-Aug-2014 , 08:22:06 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) may review the lending procedures followed by banks, say top bankers, as several incidents over the past year including Saturday's arrest of the Syndicate Bank chairman have raised questions over the transparency of the process. The Central Bureau of Investigatio...
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RBI suggests SEBI action against 'Wilful' defaulters
Posted Date : 29-Jul-2014 , 07:58:05 pm | Posted By CASANSAAR
Tightening the regulatory noose around wilful defaulters of bank loans, RBI has suggested to watchdog Sebi that such entities should be prevented from raising funds through capital markets. To facilitate such restrictions on entities found to have 'wilfully' defaulted on bank loans, the Reserve...
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RBI takes steps to prevent frauds in non- banking orgs against small investors
Posted Date : 26-Jul-2014 , 06:14:07 pm | Posted By CASANSAAR
RBI has started taking steps to prevent frauds in non- banking organisations against the small investors, and mechanism are being put so that those organisations, which do not abide by the RBI guidelines, could be prosecuted. Speaking to media in Ranchi, the Regional Director of Bihar - Jharkha...
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RBI relaxes norms for loans against gold ornaments
Posted Date : 22-Jul-2014 , 08:27:21 pm | Posted By CASANSAAR
The Reserve Bank today relaxed the limit of loan that banks can sanction against the pledging of gold ornaments and jewellery.
On December 30, banks had restricted the loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery.
"Banks, as per their Board approved policy, may decide up...
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RBI starts scrutiny of companies suspected of illegal money raising
Posted Date : 21-Jul-2014 , 08:08:05 am | Posted By CASANSAAR
As part of its efforts to protect gullible investors from fraudulent investment schemes, the Reserve Bank has started scrutinising credentials of companies suspected of illegally raising money from public as NBFCs. The central bank's action follows the Corporate Affairs Ministry sending a list ...
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Impact of RBI decision: Home loan borrowers, realtors to benefit
Posted Date : 16-Jul-2014 , 07:58:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI)'s move to bring housing loans of up to Rs 50 lakh under priority sector lending, against loans of up to Rs 25 lakh currently, is expected to provide a boost to home loan borrowers and real estatecompanies.
So far, those availing of home loans of up to ...
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RBI stops NBFCs from charging penalties on loan pre-payment
Posted Date : 15-Jul-2014 , 08:34:04 am | Posted By CASANSAAR
The Reserve Bank of India has asked non-banking finance companies to not charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect.
In May, the central bank had issued a similar directive to banks as a measure...
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RBI eases overseas investment rules in local companies
Posted Date : 15-Jul-2014 , 08:24:46 am | Posted By CASANSAAR
Easing rules, the Reserve Bank of India (RBI) on Monday allowed foreign investors to invest in partly paid shares and warrants of Indian companies.
Until now, such investors were only allowed to invest in equity shares and compulsorily and mandatorily convertible preference shares or debent...
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RBI receives over 76,000 complaints against Banks
Posted Date : 13-Jul-2014 , 09:40:11 am | Posted By CASANSAAR
The service sector is fast growing in the country, especially with the growth of banking, which underwent a major revolution with the advent of ATMs and online services. On the flip side, complaints from customers regarding deficiencies in services being provided by the banks are also rising. An RTI...
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No equal treatment to good and bad borrowers: RBI
Posted Date : 07-Jul-2014 , 08:11:16 am | Posted By CASANSAAR
In a simple and clear message, Reserve Bank of India (RBI) Governor Raghuram Rajan has told officials of the Telanganagovernment they would have to differentiate a goodborrower from a bad even in the case of farm loanreschedulement to protect the banking sector.
A tea...
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RBI directs banks to oppose loan waiver proposal
Posted Date : 02-Jul-2014 , 08:51:36 am | Posted By CASANSAAR
A fresh diktat from the Reserve Bank of India, barring banks from giving in to government pressure and waive off farm loans, could be a death blow to lakhs of farmers, who are seeking a bailout package.
At a time when governments in newly created Telangana and Andhra Pradesh are under intense press...
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RBI Says India to Implement US Foreign Tax Compliance Act
Posted Date : 30-Jun-2014 , 08:28:41 am | Posted By CASANSAAR
The RBI has said India and the US have agreed to implement a foreign tax compliance law and asked banks and financial institutions to register by this year-end to report accounts and assets held by US citizens.
India and the US have agreed to implement Foreign Accounts Tax Compliance Act (F...
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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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