70,000 Compnies running without RBI licence?
Posted Date : 10-Mar-2014 , 08:30:47 am | Posted By CASANSAAR
After Sahara and Saradha, more disasters may be waiting to happen in the money market. With over Rs 30,000 crore of public money parked in various Ponzi schemes and non-banking finance companies (NBFCs), the Reserve Bank of India (RBI) is probing existence of companies not regist...
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RBI makes it tough for firms to get away with loan default
Posted Date : 27-Feb-2014 , 08:35:35 am | Posted By CASANSAAR
The Reserve Bank of India has moved in to make it difficult for corporate borrowers to escape repaying banks for their loans.
In less than a month after putting up a plan for better fire-fighting against bad loans, RBI Governor Raghuram Rajan has finalised the rules for Indian banks. The no...
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RBI |
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HC sends RBI notice on plea against recall of banknotes
Posted Date : 24-Feb-2014 , 08:38:27 am | Posted By CASANSAAR
The Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void its recent notification withdrawing all old series of currency notes issued prior to 2005.
A Division Bench Comprising Justice N Paul Vasanthakumar and Justice P Devadoss issued notice the apex...
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RBI |
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RBI raises repo rate by 25 bps to 8 per cent
Posted Date : 29-Jan-2014 , 08:23:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), on Tuesday, increased the indicative policy rate (repo) by 25 basis points to 8 per cent to tame inflation. However, it is not necessary that banks will increase deposit as well as lending rates immediately or uniformly.
Repo is the rate at which banks borro...
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RBI |
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RBI aligns NBFC loan restructuring norms with banks
Posted Date : 23-Jan-2014 , 09:59:58 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) said on Thursday that rules for restructuring loans by non-banking financial companies will be the same as those of banks.
The key provisions include that the relaxation or extension of commencement of projects will not amount to restructuring for infrast...
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Check your cash, pre-2005 notes will not work after July
Posted Date : 23-Jan-2014 , 08:55:04 am | Posted By CASANSAAR
THE RESERVE Bank on Wednesday announced it would withdraw after March 31 all currency notes issued before 2005, including those having higher denominations of Rs 500 and Rs 1,000.
To avoid panic, it said the notes will continue to be legal and the public has time to exchange them for new no...
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RBI |
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RBI plans to use unclaimed deposits for education, awareness
Posted Date : 22-Jan-2014 , 08:35:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday proposed unclaimed bank deposits, estimated at about Rs 3,500 crore, be used for education and awareness among depositors.
According to a draft on the Depositor Education and Awareness Fund Scheme, deposits in the banking sector that haven’t bee...
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RBI |
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RBI sets up panel to review governance of bank boards
Posted Date : 20-Jan-2014 , 09:43:58 pm | Posted By CASANSAAR
The Reserve Bank of India today set up an eight-member panel to review functioning of board of banks and examine ‘fit and proper’ criteria for directors, including their tenure.
The committee, to be headed by former Axis Bank chairman P.J. Nayak, will analyse representation on b...
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RBI extends Time to close exim deals extended
Posted Date : 18-Jan-2014 , 08:39:54 am | Posted By CASANSAAR
Liberalising the export-import payment norms, the Reserve Bank today extended the time limit to complete such transactions to nine months from six months earlier.
"The entire merchanting or intermediary trade transactions should be completed within an overall period of nine months and the...
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0 | Hits : 733
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RBI eases rules to boost foreign direct investment
Posted Date : 10-Jan-2014 , 08:40:39 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday relaxed foreign direct investment regulations to allow investors to exit their investments subject to the conditions of a minimum lock-in period and without any assured returns. RBI said the relaxation was expected to facilitate great foreign direct i...
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RBI |
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RBI allows foriegn investors to use 'Put' and 'Call' options
Posted Date : 08-Jan-2014 , 08:37:49 am | Posted By CASANSAAR
After months of dithering, the Reserve Bank of India has allowed foreign investors to use 'call' and 'put' options to structure their investments in India. But experts said the stringent valuation restriction is detrimental to new investments or joint ventures.RBI has amended the foreign exchange ma...
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Financial benchmark calculation may be based on observable transactions
Posted Date : 04-Jan-2014 , 08:39:50 am | Posted By CASANSAAR
The Reserve Bank of India (RBI)’s panel on financial benchmarks has made several recommendations to bring in more transparency and improve the functioning of financial benchmarks.
The panel said in its draft report the methodology used to calculate these benchmarks should be based o...
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RBI |
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Banks free to charge 'reasonable ATM fees': RBI
Posted Date : 03-Jan-2014 , 08:13:29 am | Posted By CASANSAAR
Amid growing clamour from banks to charge customers for transactions at ATMs to make them economically viable, RBI Deputy Governor K C Chakrabarty today said the regulator will have no objections if the lenders charge "reasonable fee" for such services.
"If banks charge a reasonable fee on ATM tran...
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RBI seeks taxman
Posted Date : 02-Jan-2014 , 09:33:41 am | Posted By CASANSAAR
The Reserve Bank of India has asked the income-tax authorities information on six issues related to tax compliance of the 25 groups that have thrown their hat in the ring for starting a bank.
Faced with the Herculean task of generating tax compliance reports on more than 1,500 entities asso...
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RBI |
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RBI clarifies on
Posted Date : 31-Dec-2013 , 05:25:05 pm | Posted By CASANSAAR
The Reserve Bank of India has said that banks will honour all currency notes, scribbled and unscribbled, after rumours spread through some local media that the central bank has advised banks not to accept notes that were scribbled upon.
Scribbling on the top of the note is a widespread prac...
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RBI |
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RBI extends date of issue of inflation-indexed bonds to March 31
Posted Date : 30-Dec-2013 , 08:04:01 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday extended the time for issuance of inflation indexed bonds to March 31, 2014 from the earlier December 31, 2013.
The RBI in consultation with government earlier this month launched Inflation-Indexed National Saving Securities-Cumulative (IINSS-C), whic...
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RBI asks people to be cautious of Bitcoins
Posted Date : 28-Dec-2013 , 08:02:18 pm | Posted By CASANSAAR
RBI today cautioned people about Bitcoins, virtual currency which has risen sharply in value in the past few months, but said any regulation on it would come only after it understood the subject.
There was no regulation on Bitcoin anywhere in the world and so people should be cautious, should under...
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Credit card dues for 90 days are NPAs: RBI
Posted Date : 21-Dec-2013 , 08:51:16 am | Posted By CASANSAAR
Tightening norms for credit card issuers, RBI today asked banks to treat outstandings as bad loans in case customers fail to pay the minimum due amount within a stipulated 90 period.
With a view to bringing consistency and inducing transparency, the RBI said, "it is advised that a credit ca...
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RBI surprises market, keeps interest rates unchanged
Posted Date : 18-Dec-2013 , 11:40:42 am | Posted By CASANSAAR
In a surprise move, the Reserve Bank on Wednesday kept the repo rate- the rate at which the central bank lends money to commercial banks- unchanged at 7.75 percent in its mid-quarter review of monetary policy.
Similarly the reverse repo rate too stays at 6.75 percent, the cash reserve ratio (...
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0 | Hits : 819
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RBI outlines action plan to tackle NPAs
Posted Date : 18-Dec-2013 , 08:20:21 am | Posted By CASANSAAR
The Reserve Bank of India, on Tuesday, outlined a corrective action plan to minimise rising non-performing assets (NPAs). The plan would include incentivising early identification of problem cases, timely restructuring of accounts, which are considered to be viable, and taking prompt steps by banks ...
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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 |
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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 |
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0 | Hits : 800
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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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0 | Hits : 815
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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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