RBI to relax contract booking norms for exporters
Posted Date : 26-May-2013 , 08:14:01 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has decided to relax norms forexporters. “The facility of rebooking of cancelled contracts is being increased from the present limit of 25 per cent to 50 per cent and made symmetrical for both exporters and importers,” said RBI executive director G Padmana...
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RBI auctions 10-year bond worth Rs 7,000 cr
Posted Date : 18-May-2013 , 08:21:04 am | Posted By CASANSAAR
The Reserve Bank of India on Friday auctioned a new 10-year benchmark government bond worth Rs 7,000 crore at a cut-off yield of 7.16 per cent.
The bond, which will matures in 2023 and carries a coupon rate of 7.16 per cent, will be the new benchmark paper in place of the existing 8.15 per ...
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RBI inflation bonds for attracting household savings on June 4
Posted Date : 15-May-2013 , 08:47:18 pm | Posted By CASANSAAR
The Reserve Bank today announced it will launch inflation-linked bonds every month, starting June 4, to attract household savings of up to Rs 15,000 crore this fiscal so as to discourage investments in gold.
"RBI, in consultation with Government of India, has decided to laun...
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RBI eases foreign funding rules in key infra sectors
Posted Date : 15-May-2013 , 08:20:40 am | Posted By CASANSAAR
To improve flow of cheaper funds into key infrastructure sectors, the Reserve Bank of India on Tuesday eased the norms for external commercial borrowings (ECBs) for the aviation and housing sectors.
"The RBI has extended the ECB relaxation for affordable housing, which was there for one yea...
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Cobrapost sting: RBI finds violations by banks, insurers
Posted Date : 14-May-2013 , 08:37:01 am | Posted By CASANSAAR
The RBI probing allegations of money laundering by several banks and insurance firms has found that these entities not only failed to adhere to Know-Your-Customer (KYC) norms but also permitted customers to divide cash deposits into small tranches below the benchmark level to avoid reporting or dete...
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RBI puts restrictions on gold imports by banks
Posted Date : 13-May-2013 , 09:08:00 pm | Posted By CASANSAAR
With gold imports putting pressure on the current account deficit, the Reserve Bank today imposed restrictions on import of the yellow metal by banks."To moderate the demand for gold for domestic use, it has been decided to restrict the import of gold on consignment basis by...
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Action against banks involved in wrong doings soon: RBI
Posted Date : 09-May-2013 , 04:50:15 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) on Thursday said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms.
"We have done investigations, we have prepared an internal report. There are processes to be...
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Levy cheque return fee only if customers at fault: RBI to banks
Posted Date : 09-May-2013 , 07:50:27 am | Posted By CASANSAAR
In order to ensure fair practices in banking services, the Reserve Bank has asked banks to levy cheque return charges only if the customers are at fault.
RBI said those cheques required to be re-presented without any recourse to the payee should be made in the immediate next presentation clearing n...
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Responsibility to check money laundering rests with government: RBI
Posted Date : 08-May-2013 , 11:03:48 pm | Posted By CASANSAAR
Amid allegations of money laundering against banks and insurance companies by an online portal, Reserve Bank of India governor D Subbarao today said it was the responsibility of the government and tax authorities to check such activities.
"RBI is not directly involved... even banks are not directly...
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RBI to issue clarifications on bank licences soon
Posted Date : 07-May-2013 , 05:48:04 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will shortly come out with its clarifications on issuing licences for more private sector banks, the Finance Ministry said on Tuesday.
The RBI has received queries from different individuals and entities on various aspects of ‘Guidelines for Licensing o...
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RBI tightens screws on gold funding
Posted Date : 05-May-2013 , 08:13:01 am | Posted By CASANSAAR
The apex also said detailed guidelines on the same will be issued by the end of the month.
Amid a steep fall in gold prices recently and the resultant risks to the system, RBI today further tightened screws on gold loans by banks, restricting them to finance import of the ...
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RBI asks banks to bring metropolitan areas under lead bank scheme
Posted Date : 04-May-2013 , 07:39:03 am | Posted By CASANSAAR
The Reserve Bank of India has asked banks to bring in metropolitan areas under the lead bank scheme for the first time, a move aimed at providing to the urban poor doorstep banking and direct transfer of cash benefits under social welfare programmes. Financial exclusion is not merely a rural ph...
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RBI cuts repo rate by 25 bps, CRR unchanged at 4%
Posted Date : 03-May-2013 , 11:25:35 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) in its Monetary Policy Statement for 2013-14 cut repo rate by 25 basis points. The Cash Reserve ration ( CRR) was maintained at 4%. Most economists in an ET poll had already factored in a 25 basis points rate cut. On Thursday, R...
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RBI shows concern over high overseas debt for financing current account deficit
Posted Date : 02-May-2013 , 08:11:54 pm | Posted By CASANSAAR
India's strong dependence on external and short term debts for financing current account deficit remains a concern even as the deficit may be moderated in the fourth quarter due to fall in global commodity prices. Reserve Bank of India said volatility in such flows remains ...
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Saradha due to formal financial system's failure: RBI
Posted Date : 02-May-2013 , 08:55:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has said chit fund companies which defraud people show the financial system’s failure to bring unbanked population into the formal system.
“The fact that people have to rely on such entities (chit funds) for their saving needs indicates a failure on the p...
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RBI warns foreign companies against facilitating currency trading
Posted Date : 26-Apr-2013 , 09:06:09 am | Posted By CASANSAAR
The Reserve Bank today warned foreign companies not to use directinvestments to set up entities in India so as to facilitate trading in currencies, securities and commodities without its approval. Any incidence of such product facilitation would be treated as a contravention of theforeign ...
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No application yet to RBI for setting up new pvt banks: Govt
Posted Date : 24-Apr-2013 , 08:40:13 am | Posted By CASANSAAR
The Reserve Bank has not yet received any application for the setting up of more private sector banks under the new licensing norms released in February, Parliament was informed today.
RBI had invited applications two months ago and the last date is July 1, 2013.
"RBI has informed that as on date ...
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Forex reserves jump $1.4 bn to $295 bn
Posted Date : 20-Apr-2013 , 08:17:06 am | Posted By CASANSAAR
India's forex reserves jumped for the second consecutive week, rising USD 1.40 billion to stand at USD 295.25 billion for the week ended April 12, due to an increase in core currency assets. The reserves had gained USD 1.19 billion to USD 293.84 billion in the previous week. Fore...
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RBI to come up with new model to curb tax evasion
Posted Date : 18-Apr-2013 , 10:16:43 pm | Posted By CASANSAAR
The Reserve Bank Of India has decided to come up with a new model to curb tax evasion, post Cobrapost revelations.
On Wednesday, reacting to RBI’s probe report on Cobrapost sting, banking secretary Rajiv Takru had noted that audit report pointed towards some severe Know Your Customer (KYC) ...
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RBI mulls easing fund transfer norms for new cos to boost FDI
Posted Date : 14-Apr-2013 , 08:17:46 pm | Posted By CASANSAAR
The Reserve Bank is considering easing the fund transfer norms for incorporation of companies by non-residents so as to promote foreign direct investment.
Under the new norms being contemplated by the RBI, consultants will be allowed to open bank accounts for the specific purpose of incorporating a...
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RBI to cancel licences of 26 loss-making cooperative banks
Posted Date : 14-Apr-2013 , 08:13:31 pm | Posted By CASANSAAR
The Reserve Bank of India will shortly cancel licences of 26 loss-making cooperative banks, including 16 in Uttar Pradesh, Deputy Governor K C Chakrabarty today said.
A capital of Rs2,000 crore is required for running 16 cooperatives banks in the state and RBI may not cancel the licenses of...
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Cobrapost expose: RBI initiating action against ICICI Bank, HDFC Bank and Axis Bank
Posted Date : 11-Apr-2013 , 05:17:48 pm | Posted By CASANSAAR
Reserve Bank Deputy Governor H R Khan today said the RBI is initiating action against ICICI Bank, HDFC Bank and Axis Bank in connection with allegations of money laundering by Cobrapost. "Actions are on the way. Scrutiny has been done, actions is bei...
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Money laundering case: RBI assures House panel of action
Posted Date : 10-Apr-2013 , 07:59:32 am | Posted By CASANSAAR
Reserve Bank of India (RBI) Governor D Subbarao has assured Parliament standing committee on finance that it will take stern action against banks that allegedly facilitated money laundering, the panel's head, Yashwant Sinha, on Tuesday said.
"The committee has asked the RBI governor to take stern a...
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RBI set to comb spike in bad loans
Posted Date : 09-Apr-2013 , 08:15:44 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is likely to look into the mechanism used by banks to identify non-performing assets, as the overall level of bad loans in the banking industry has steadily risen in the last financial year. The Institute of Chartered Accountants of India (ICAI) in a recent meeting wi...
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12 companies authorised to own, operate ATMs, says RBI official
Posted Date : 07-Apr-2013 , 08:38:43 am | Posted By CASANSAAR
The Reserve bank of India has given in-principle approval to seven companies to roll out White Label ATMs last month.
White Label ATM (WLA) operator is a non-bank entity which can set up, own and operate an automated teller machine (ATM) as extended delivery channels. The RBI gave final gui...
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RBI likely to penalise top 3 private banks
Posted Date : 06-Apr-2013 , 08:02:48 am | Posted By CASANSAAR
Lapses in adherence to the know-your-customer guidelines and sales staff encouraging customers to buy gold, mutual fund and insurance products in cash are believed to be among the findings of a central bank scrutiny of India’s top three private sector banks.
Based on the findings of t...
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RBI to UCBs: Grant unsecured loans up to 25 pc of assests
Posted Date : 04-Apr-2013 , 08:25:14 am | Posted By CASANSAAR
To promote lending to priority sectors, the Reserve Bank today allowed urban co-operative banks (UCBs) to grant unsecured loans up to 25 per cent of their assets if certain conditions are met.
"In order to promote lending to priority sectors and to provide impetus to the objective of financial...
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RBI revises capital norms for bank guarantees
Posted Date : 03-Apr-2013 , 08:20:53 am | Posted By CASANSAAR
The Reserve Bank has revised capital norms for financial and performance guarantees offered by banks. The applicable credit conversion factor or CCFfor determining the credit equivalent amount with regard to financial guarantees are revised to 100% of the value of the guarantee. While...
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RBI relaxes norms for core investment companies to invest in insurance biz
Posted Date : 02-Apr-2013 , 08:17:31 am | Posted By CASANSAAR
The Reserve Bank of India has allowed core investment companies or CICs to set up a joint venture company for undertaking insurance business with risk participation, subject to safeguards. Besides a minimum net worth of Rs 500 crore and a satisfactory track record, the ...
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RBI against panel proposal to form super-regulator for financial firms
Posted Date : 01-Apr-2013 , 08:15:04 am | Posted By CASANSAAR
The Srikrishna commission's proposal to form a Unified Financial Agency (UFA) for all financial firms has not gone down well with the Reserve Bank of India (RBI).
The central bank has vehemently opposed the proposal, citing different reasons, including lack of focus and unconvincing results abroad....
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