Core investment cos can raise external comm loans for SPVs
Posted Date : 04-Dec-2013 , 02:17:20 pm | Posted By CASANSAAR
The RBI allowed core investment companies to raise external commercial borrowing (ECB) for projects floated as special purpose vehicle in order to strengthen the flow of resources into the infrastructure sector. They will be allowed to raise funds via ECBs with certain riders, the RBI said in a noti...
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RBI allows banks to pay interest more frequently
Posted Date : 30-Nov-2013 , 09:16:45 am | Posted By CASANSAAR
Triggering a potential deposit war among banks, the Reserve Bank of India on Friday gave commercial banks the option of paying interest on savings and term deposits at intervals less than three months. The RBI move, announced in a notification, is expected to make banks woo depositors more aggressiv...
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Tata Sons withdraws application for bank licence - RBI
Posted Date : 27-Nov-2013 , 07:18:06 pm | Posted By CASANSAAR
Tata Sons has withdrawn its application for setting up a bank, saying its current financial services model best supports the needs of the group's domestic and overseas businesses.
The withdrawal by Tata Sons leaves over two dozen applicants, including Anil Ambani Group and Aditya Birla Grou...
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WoS of foreign banks to be exempt from capital gains tax: RBI
Posted Date : 26-Nov-2013 , 06:00:07 pm | Posted By CASANSAAR
The Reserve Bank today said that conversion of existing foreign bank branches into wholly owned subsidiaries in India will neither attract any capital gains tax nor stamp duty.
"In this context...'Special Provisions relating to Conversion of Indian Branch of a Foreign Bank into a Subsidiary...
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RBI allows FIIs to invest upto $5 bn in credit enhanced bonds
Posted Date : 12-Nov-2013 , 08:17:15 am | Posted By CASANSAAR
In a bid to attract capital inflows, the RBI today allowed SEBI-registered foreign institutional investors (FIIs) and qualified foreign investors (QFIs) to invest in the credit enhanced bonds up to a limit of $ 5 billion. These investments would be within the overall limit o...
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RBI cautions public against fake e-mails promising gains
Posted Date : 11-Nov-2013 , 09:26:59 am | Posted By CASANSAAR
RBI has cautioned the public against fictitious e-mails sent in the names of the central bank and Governor Raghuram Rajan promising windfall gains, saying it does not send out such communications.
The bank has run awareness campaigns about fake e-mails on a regular basis through its website and oth...
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RBI allows third-party payments for export, import transactions
Posted Date : 09-Nov-2013 , 06:15:20 am | Posted By CASANSAAR
Easing procedures, the Reserve Bank on Friday allowed third-party payment for export and import transactions.
With a view to further liberalise the procedure relating to payments for exports/imports, banks are allowed payments for export of goods/software to be received from a third-party, the RBI ...
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RBI hikes Repo Rate by 0.25% to 7.75, CRR unchanged
Posted Date : 29-Oct-2013 , 11:21:17 am | Posted By CASANSAAR
The Reserve Bank on Tuesday hiked the repo rate by 0.25 percent to 7.75 percent in its second quarter monetary policy review in a bid to anchor inflationary expectations.
The central bank, however, slashed the Marginal Standing Facility (MSF) rate by 0.25 to 8.75 percent. The RBI has left the ...
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New RTGS system to be operational from Oct 19: RBI
Posted Date : 12-Oct-2013 , 08:17:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today said the new RTGS system, a mechanism that transfers money from one bank to another in real time, will be operational from October 19. "The new RTGS system will be operationalised on October 19 and the RTGS System Regulations 2013 will come into e...
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RBI relaxes foreign borrowing norms for banks
Posted Date : 11-Oct-2013 , 04:28:07 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has further relaxed foreign borrowing norms for banks under the recently opened swap window, allowing them to raise funds through their head offices and correspondents.
Until now, the window was limited to the banks' overseas branches.
"Authorised dealer category...
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0% EMI Schemes: No issues if done transparently, says RBI
Posted Date : 10-Oct-2013 , 08:36:52 am | Posted By CASANSAAR
The Reserve Bank today said it did not have any problem with banks offering loans to credit cardholders while purchasing goods or services but there needs to be transparency with the process. "There is no ban on giving loans on credit cards. Don't charge 12 per cent actually and claim...
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RBI cuts MSF by 50 basis points to 9% to fight liquidity crunch
Posted Date : 07-Oct-2013 , 07:20:04 pm | Posted By CASANSAAR
In a bid to improve liquidity in the banking system, Reserve Bank of India (RBI) on Monday cut the Marginal Standing Facility (MSF) rate by 50 basis points to 9%. Starting with the Mid-Quarter Review of September 2013, RBI began a calibrated withdrawal of exceptional measures un...
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RBI to speed up working of asset reconstruction companies to improve efficiency of debt recovery system
Posted Date : 07-Oct-2013 , 08:35:17 am | Posted By CASANSAAR
India's first asset reconstruction companies (ARCs) were set up a decade or so ago, but it's only now that they may actually get to play the role they were supposed to in the country's economic system.Reserve Bank of India governor Raghuram Rajan is seemingly determined to push b...
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RBI nominates three members to bank licence panel
Posted Date : 05-Oct-2013 , 08:52:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) nominated three members to the high level advisory committee formed to recommend granting new licenses to the private banks.
The committee is headed by the former RBI Governor Bimal Jalan. The RBI today finalised the names of the other members in the exte...
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RBI tightens criteria for co-operative bank expansion
Posted Date : 04-Oct-2013 , 08:42:15 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has tightened the criteria under which it processes applications from urban co-operative banks for branch authorizations and opening of automated teller machines.
Co-operative banks will need to have net non-performing assets (NPAs) of not more than 3%, which is ...
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UCBs asked to provide audit certificates of farm debt waiver
Posted Date : 01-Oct-2013 , 08:32:44 am | Posted By CASANSAAR
The Reserve Bank today asked urban co-operative banks to submit their auditors' certificates related to 2008 farm loan debt waiver scheme by October 15. "Considering that there is a wide divergence between the percentage of errors found in the sample audit carried out by CAG and the p...
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Banks to bear credit card fraud cost, to compensate card holders: RBI
Posted Date : 28-Sep-2013 , 08:09:21 am | Posted By CASANSAAR
Refusing to give further extension to banks for complying with security norms, the Reserve Bank of India (RBI) today said that banks will have to bear the cost of fraudulent credit card transaction through point of sales that do not have prescribed security features.
"It has been decided no...
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New bank licences: RBI could ease initial equity capital requirement of Rs 500 crore
Posted Date : 27-Sep-2013 , 08:01:28 am | Posted By CASANSAAR
The Reserve Bank of India may be open to relaxing the initial equity capital requirement of Rs 500 crore for setting up a bank if it fails to find enough "fit and proper" candidates during the screening process.
The intention is to allow a greater number of players qualify, a senior officia...
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RBI Issues Clarifications Regarding Applicability of Revised Guidelines in Respect of Overseas Direct Investment (ODI) to Facilitate Outward Investment Requirements of the Indian Companies
Posted Date : 25-Sep-2013 , 07:51:19 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has issued certain clarifications vide AP (DIR Series) Circular No. 30 dated September 04, 2013 with respect to the applicability of the revised guidelines in respect of Overseas Direct Investment (ODI) notified vide A.P. (DIR Series) Circular No.23 dated August 14, 2013 ...
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No 0% interest EMI scheme: RBI
Posted Date : 24-Sep-2013 , 04:10:30 pm | Posted By CASANSAAR
The Reserve Bank of India has come down heavily on zero per cent or discounted interest rate schemes, and wants them stopped as it feels that consumers have been fooled by such schemes into believing that bank funding comes for free. "Such schemes only serve the purpose of (luring) and exploiting vu...
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RBI hikes repo rate to 7.5%, reduces MSF rate to 9.5%
Posted Date : 20-Sep-2013 , 11:18:40 am | Posted By CASANSAAR
In his first monetary policy review after taking over as the Reserve Bank of India (RBI) governor, Raghuram Rajan on Friday reduced the MSF rate by 75 basis points to 9.5%. While reducing MSF, Rajan hiked repo rate to 7.5%. The central bank kept the Cash Reserve Ra...
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RBI to issue unique identification codes for financial market participants
Posted Date : 14-Sep-2013 , 09:32:51 am | Posted By CASANSAAR
In a bid to get a better handle on financial transactions, such as equity and currency derivatives, the Reserve Bank of India has invited limited bids from about six entities, including depositories, depository participants and custodians, to issue unique identification codes to market participants....
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RBI to crack down on unauthorised NBFCs
Posted Date : 12-Sep-2013 , 08:32:43 am | Posted By CASANSAAR
The Reserve Bank of India will get tough with companies which are accepting deposits from the public though they do not have the mandate to do so, a senior central bank official said.
A RBI survey has found that there are 96 companies that are accepting deposits without registering with the...
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Don't use currency notes for making garlands: RBI
Posted Date : 11-Sep-2013 , 08:18:21 pm | Posted By CASANSAAR
Making garlands of currency notes, a common practice in Indian marriages and political rallies, has been sought to be discouraged by the Reserve Bank of India (RBI).
"The Reserve Bank of India has appealed to members of public not to use banknotes for making garlands, decorating pandals and places ...
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RBI allows banks to borrow overseas up to 100% of capital
Posted Date : 11-Sep-2013 , 08:32:56 am | Posted By CASANSAAR
The Reserve Bank of India has allowed banks to borrow overseas up to 100% of their capital and swap it at a subsidized rate as promised by governorRaghuram Rajan immediately after taking charge at the country's central bank. This was one of the first few announcements made b...
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RBI allows people going abroad to carry up to Rs 10k
Posted Date : 07-Sep-2013 , 08:51:09 am | Posted By CASANSAAR
Providing greater flexibility to individuals travelling abroad, the Reserve Bank of India, on Friday, allowed them to carry Indian currency of up to Rs.10,000 per person.
The limit has been increased from the existing Rs.7,500 per person.
“As part of providing greater flexibi...
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RBI eases rules for foreign and NRI promoters to raise stake in listed firms
Posted Date : 07-Sep-2013 , 08:26:59 am | Posted By CASANSAAR
In a move to quicken dollar inflows, the Reserve Bank of India (RBI) has changed the rules to make it easier for foreign and NRI promoters to raise stake in listed Indian companies.Offshore parents of such local companies can now freely purchase shares by using the services of registered I...
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RBI asks Kerala temples how much gold they have
Posted Date : 06-Sep-2013 , 08:32:46 am | Posted By CASANSAAR
Temple boards in Kerala have received a letter from the Reserve Bank of India (RBI) seeking details of the stock of gold in their possession, a temple board official said today.
Speaking to IANS, a top official of the famous Guruvayoor Devasom Board said a letter had been received from the RBI seek...
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RBI allows cash withdrawal of upto Rs 1,000/day via prepaid cards
Posted Date : 06-Sep-2013 , 08:06:38 am | Posted By CASANSAAR
The Reserve Bank today allowed cash withdrawals of up to Rs 1,000 a day through prepaid cards, including gift cards, issued by banks from point of sale terminals, a move aimed at enhancing customer convenience in using plastic money. As of now, this facility was available only to debit cards is...
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Raghuram Rajan to take over as RBI governor
Posted Date : 04-Sep-2013 , 08:46:13 am | Posted By CASANSAAR
Raghuram Govind Rajan, chief economic advisor in the finance ministry, is scheduled to take over as governor of the Reserve Bank of India (RBI) Wednesday.
At 50, Rajan will be among the youngest to occupy the high office at Mint Street in Mumbai, where he takes over from incu...
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