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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RBI plans to request Tirupati, Shirdi shrines to sell their gold pile to rescue Re fall
Posted Date : 31-Aug-2013 , 09:36:23 am | Posted By CASANSAAR
With all efforts to arrest the rupee's slide coming to a naught, policymakers now plan to knock on the doors of temples — from Tirupati to Shirdi — seeking a boon to feed Indians' fetish for gold without importing it.The Reserve Bank of India, which has been making gold im...
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PM for new thinking on RBI's monetary policy
Posted Date : 18-Aug-2013 , 09:00:25 am | Posted By CASANSAAR
Prime Minister Manmohan Singh on Saturday called for evolving a fresh thinking on Reserve Bank of India (RBI)’s monetary policy in a globalised economy and dealing with the constraints of its macro economic policies.
“The time has come to look at the possibilities and limitation...
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Raghuram Rajan appointed as next RBI Governor for three years, to succeed Subbarao
Posted Date : 06-Aug-2013 , 10:55:37 pm | Posted By CASANSAAR
Raghuram Rajan, currently the Chief Economic Advisor to the government of India was on Tuesday appointed the Reserve Bank of India's (RBI) governor for three years.Rajan will replace D Subbarao, who completes his five-year term on September 4, and will be the 23rd Governor of the central bank."Prime...
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RBI's liquidity tightening threatens to take toll on banks' asset quality
Posted Date : 05-Aug-2013 , 08:11:51 am | Posted By CASANSAAR
The Reserve Bank of India's recent liquidity tightening measures, which threaten to take a fresh toll on banks' asset quality, come at a time when commercial banks led by the public sector brigade were beginning to see visible results in their crack down on runaway non-performing loans.
For...
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RBI maintains status quo; leaves rates unchanged
Posted Date : 30-Jul-2013 , 11:17:37 am | Posted By CASANSAAR
Reserve Bank on Tuesday kept the key interest rates unchanged in its first quarter monetary policy review with focus on stabilising the domestic currency and containing the current account deficit.
Presently, the short-term lending (repo) rate, or the rate at which RBI lends to banks, is at 7.25 pe...
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RBI unlikely to change rates, EMIs won't rise
Posted Date : 30-Jul-2013 , 08:16:34 am | Posted By CASANSAAR
Interest rates are not likely to rise, finance minister P Chidambaram said on Monday, a day ahead of the Reserve Bank of India's monetary policy review, which, among other things, nudges banks to raise, hold or cut interest rates on deposits and loans.
The implication: if RBI governor D Su...
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RBI may consider fraud registry to deal with financial crimes
Posted Date : 27-Jul-2013 , 08:39:50 am | Posted By CASANSAAR
The Reserve Bank could consider setting up of a Fraud Registry on the lines of Credit Information Bureau to check criminal activities in the financial sector. "Establishment of a Fraud Registry on the lines of credit information bureau could be considered by the (central bank)," said&...
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RBI directs banks to collect EMIs through electronic transfers
Posted Date : 25-Jul-2013 , 08:29:08 am | Posted By CASANSAAR
Auto and home loan borrowers need not pay post-dated cheques towards EMIs as RBI has directed banks to collect monthly instalments through electronic mode wherever the facility for such fund transfer is available.
Banks are advised that no fresh or additional post-dated cheques (PDC) or equated mon...
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RBI relaxes KYC norms for banks on data updation
Posted Date : 24-Jul-2013 , 08:19:52 am | Posted By CASANSAAR
Banks will now be required to update KYC data only once in two years for high risk entities, and just once in 10 years for low-risk clients, RBI said today. "The issue has been reviewed in the light of practical difficulties/constraints expressed by bankers/customers in obta...
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RBI imposes fresh restrictions on gold imports to stem rupee slide
Posted Date : 23-Jul-2013 , 08:11:43 am | Posted By CASANSAAR
he Reserve Bank of India has made gold imports for domestic consumption tougher and forced exporters to bring home their dollar earnings quicker in yet another attempt to shore up the currency that's hurtling toward the Rs 60 mark to the US dollar again. If any importer of g...
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