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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RBI not to allow Promoters to become CEOs of Private Banks
Posted Date : 14-Apr-2014 , 07:26:52 am | Posted By CASANSAAR
The firm that promotes the bank should be wholly owned by the promoter group and 50% of the directors of the NOFHC should be independent directors
The Reserve Bank of India is unlikely to allow the promoters of private banks to become CEOs when it allows new banks to come up.
...
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Interest on floating rate loans may not rise with change in base rate
Posted Date : 13-Apr-2014 , 07:49:35 am | Posted By CASANSAAR
A working group set up by the Reserve Bank of India (RBI) on pricing of credit has said that floating interest rates on existing loans charged by banks need not change with every change in the Base Rate of banks. Instead, it has said the covenant of floating rate loans may have mandatory r...
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RBI extends overseas borrowing interest rate norms till June
Posted Date : 11-Apr-2014 , 08:48:27 am | Posted By CASANSAAR
The Reserve Bank today said existing guidelines on interest rates for overseas borrowings will continue for another three months. "On a review, it has been decided that the all-in-cost ceiling...will continue to be applicable till June 30, 2014, and is subject to review thereafter. All other as...
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RBI panel submits report on pricing of credit by banks
Posted Date : 10-Apr-2014 , 07:11:37 pm | Posted By CASANSAAR
A panel set up by the Reserve Bank of India (RBI) has recommended that banks' base lending rate should be based on the marginal cost of funds if their average deposit tenure is on the lower side.
The panel, which was headed by RBI Deputy Governor Anand Sinha, had been set up to bring in tra...
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RBI steps in to end 'unfair' scrutiny of PSU Bankers
Posted Date : 09-Apr-2014 , 08:30:14 am | Posted By CASANSAAR
The constant fear of being haunted by the Central Vigilance Commission (CVC) for taking an incorrect decision may be a thing of the past for the government-owned banks if the Reserve Bank of India (RBI) has its way. The CVC, an authority set up to weed out corruption among government-owned unit...
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Reserve Bank of India firm on scrapping pre-payment penalty
Posted Date : 08-Apr-2014 , 08:21:02 am | Posted By CASANSAAR
The Reserve Bank is likely to order banks to scrap penalty on pre-payment of all retail and small corporate loans and do away with fines for failure to maintain minimum balance if the recent 'nudge' does not work, said a person familiar with the plan. RBI officials believe there is no justifica...
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Don
Posted Date : 05-Apr-2014 , 08:36:35 am | Posted By CASANSAAR
Corporations and banks should not find artificial fixes for non-performing assets, and it was important for them to clean up their balance sheets and focus on putting the asset back on stream, RBI Governor Raghuram Rajan has said.
“At the Reserve Bank, we keep hearing corporations com...
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Govt appoints R Gandhi as RBI Deputy Governor
Posted Date : 04-Apr-2014 , 07:43:10 am | Posted By CASANSAAR
The government has appointed R Gandhi as deputy governor of the Reserve Bank of India (RBI). Gandhi, 58, who has been handed over a three-year term, succeeds Anand Sinha who retired in January.
Prior to this, Gandhi was an executive director of the central bank.
A dep...
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RBI keeps rates unchanged in its first bi-monthly policy review
Posted Date : 01-Apr-2014 , 11:19:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) in its first bi-monthly monetary policy has decided to hold the key policy rate or the repo rate at 8 per cent but cautioned that inflation risks could resurface.
A poll by Business Standard of bankers, economists and debt market experts had s...
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Give customers a free copy of credit profile: RBI
Posted Date : 24-Mar-2014 , 08:22:01 am | Posted By CASANSAAR
Customers should be given a free copy of their credit profile as it would help in promoting financial discipline among loan seekers, the Reserve Bank of India (RBI) has said in a report.
"The Committee has suggested that providing customers with a free copy of their Credit Information Reports (CIRs...
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Unclaimed bank money to be used for depositors education: RBI
Posted Date : 22-Mar-2014 , 09:33:11 am | Posted By CASANSAAR
Unclaimed bank deposits, which are estimated at Rs. 3,500 crore, will be utilised for education and awareness of depositors, the Reserve Bank of India (RBI) said on Friday.
The 'Depositor Education and Awareness Fund Scheme, 2014' has been finalised and forwarded to the government for not...
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Pre-2005 currency notes can be exchanged at any bank: RBI
Posted Date : 16-Mar-2014 , 09:58:38 pm | Posted By CASANSAAR
You can walk into any bank to get your pre-2005 currency notes - including Rs. 500 and Rs. 1,000 denominations - exchanged till January 1, 2015, following a directive by the Reserve Bank of India (RBI) asking banks to help the public get rid of old currency notes.
There is no li...
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