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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RBI may seek details on loans to DCH
Posted Date : 30-Mar-2013 , 08:01:08 am | Posted By CASANSAAR
Canara Bank, ICICI Bank, Axis Bank and 10 other lenders to Deccan Chronicle Holdings (DCH) are likely to soon meet soon to decide on their future course of action. The ailing media group, which publishes Deccan Chronicle, Asian Age, Financial Chronicle and Andhra Bhoomi newspapers, has defaulted on ...
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RBI defers Basel-III norms for forex derivatives
Posted Date : 29-Mar-2013 , 07:51:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday postponed the implementation of Basel-III regulations for the currency derivatives segment to next January, pending resolution of norms regarding trade settlement, even as it said the new capital adequacy requirements could kick in from Sunday.
"In view o...
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Loans to PPP infra projects to be treated as secure loans: RBI
Posted Date : 26-Mar-2013 , 08:13:03 am | Posted By CASANSAAR
Gujarat, Madhya Pradesh, Bihar and Karnataka, the states that are pulling out all stops to increase infrastructure investment especially in the roads, ports and some categories of the power sector, are likely to be the most immediate political beneficiaries of a purely economic move by the Reserve B...
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Off-balance-sheet exposure not part of priority sector lending: RBI
Posted Date : 23-Mar-2013 , 08:40:11 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday asked banks not to include their contingent liabilities and off-balance-sheet items while calculating the so-called priority sector target.
Banks are required to make 40% of their loans to the so-called priority sector. This includes agriculture, expo...
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RBI cuts key policy rate by 0.25%, keeps CRR unchanged
Posted Date : 19-Mar-2013 , 12:02:26 pm | Posted By CASANSAAR
In line with expectations, the RBI Tuesday cut its short-term lending rate by 0.25 percent to spur growth and revive investment but sounded a note of caution on further easing of rates on account of high food inflation and current account deficit.
"The foremost challenge for returning the economy t...
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RBI advises banks to issue debit, credit cards with photo
Posted Date : 16-Mar-2013 , 08:37:24 am | Posted By CASANSAAR
Banks have been advised by RBI to consider issuing debit and credit cards with photographs of the cardholders to prevent misuse of stolen cards, the Lok Sabha was informed today."Banks have been advised by the RBI that, with a view to reducing the instances of misuse of lost/stol...
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Now, a phishing email in the name of RBI
Posted Date : 14-Mar-2013 , 08:52:53 am | Posted By CASANSAAR
Next time you get an email from the Reserve Bank of India think again?
An email allegedly from India's central bank, asking denizens to secure their bank account details with the RBI is fake, and an attempt by new-age fraudsters to con people into giving away bank account ...
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0 | Hits : 928
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RBI to keep tabs on all export dealings
Posted Date : 10-Mar-2013 , 10:47:11 am | Posted By CASANSAAR
Major irregularities have surfaced in the country's external trade with about 65%-96% of export data found not matching against their corresponding banking transactions. A recent check was conducted by the central bank which revealed that the unmatched data is worth more than Rs 2 lakh crore of expo...
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RBI sign first Currency Swap Agreement with Royal Monetary Authority of Bhutan
Posted Date : 09-Mar-2013 , 05:16:20 pm | Posted By CASANSAAR
The Reserve Bank of India - RBI today signed the first Currency Swap Agreement with the Royal Monetary Authority of Bhutan. A notification issued by RBI said the Royal Monetary Authority of Bhutan can draw US Dollar, Euro or Indian Rupee in multiple tranches up to a maximum of 100 million US do...
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RBI to clarify doubts on new bank licences
Posted Date : 08-Mar-2013 , 07:57:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today said it would clarify the issues raised by banking aspirants regarding the final norms on new bank licences. The clarifications would be put up on the central bank’s website, rbi.org.in.
“RBI has been receiving queries from intending applicants, see...
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RBI tightens norms for import of precious, semi-precious stone
Posted Date : 21-Feb-2013 , 07:41:14 am | Posted By CASANSAAR
The Reserve Bank tightened norms for import of precious and semi-precious stones by imposing a limit of 90 days towards letter of credit.
"It is clarified that Suppliers' and Buyers' Credit (trade credit) including the usance period of Letters of Credit opened for import ofprecious stones...
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RBI cuts key interest rates by 0.25%, Govt says cut to stimulate investment & help taming inflation
Posted Date : 29-Jan-2013 , 09:01:55 pm | Posted By CASANSAAR
The Reserve Bank today slashed its key interest rates by 0.25 per cent to 7.75 per cent . The Chairman of the Prime Minister's Economic Advisory Council, Dr. C. Rangarajan said that cut in interest rate will stimulate investment and help in anchoring inflationary expectations.The RBI Governor, D.Sub...
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