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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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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RBI likely to cut repo rate, first time in nine months
Posted Date : 25-Jan-2013 , 08:40:45 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to reward the government next week for its efforts to reform the economy and bring its finances under control by announcing its first cut in interest rates in nine months.
The RBI has been growing in confidence that the governmen...
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RBI hikes FII limit in govt securities
Posted Date : 24-Jan-2013 , 06:00:02 pm | Posted By CASANSAAR
The Reserve Bank on Thursday hiked FII investment limits in government securities and corporate bonds by $ 5 billion each, taking the total cap in domestic debt to $ 75 billion, with a view to bridging the current account deficit.
Further liberalising the norms, the...
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Charge prepayment penalty only on fixed rate loan dues: RBI
Posted Date : 23-Jan-2013 , 01:04:55 pm | Posted By CASANSAAR
Home loan borrowers who have opted for fixed rates may have easier terms on their mortgages as the Reserve Bank of India has advised banks to revise the penalty structure on prepayments and charge it only on the outstanding amount. It has also recommended that banks should focus on raising...
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RBI directs urban co-op banks to extend interest subvention for exporters
Posted Date : 23-Jan-2013 , 09:39:08 am | Posted By CASANSAAR
With a view to encouraging exports, Reserve Bank of India, RBI has directed urban co-operative banks to extend interest subvention of 2 per cent for exporters in segments like handicraft, carpets,small and medium enterprises and certain engineering goods, by a year till March 2014. RBI in its n...
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RBI allows hotels to prepay loans through ECBs
Posted Date : 22-Jan-2013 , 09:05:41 am | Posted By CASANSAAR
Indian companies in the hotel sector (with a total project cost of Rs 250 crore or more), irrespective of their geographical location, have been allowed to tap the external commercial borrowing (ECB) route.
The ECBs will be for repayment of outstanding rupee loan(s) and/or for fre...
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Banking system shows signs of instability on rising NPAs: RBI
Posted Date : 20-Jan-2013 , 01:42:24 pm | Posted By CASANSAAR
The banking system has recently shown signs of moderate rise in instability due to increase in non-performing assets (NPAs), the Reserve Bank has said in a working paper.
"The movements in the banking stability indicator...that there are symptoms of a moderate rise in instability of the banking sec...
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Personal appearance for FEMA related cases optional: RBI
Posted Date : 19-Jan-2013 , 09:01:56 am | Posted By CASANSAAR
The Reserve Bank Friday said personal appearance before the compounding authority in FEMA cases is not mandatory and has no bearing on the penalty imposed.
"... Appearing for a personal hearing before the compounding authority is optional and the applicant can choose not to appear for it," RBI said...
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RBI permits repo in CPs, CDs, NCDs
Posted Date : 08-Jan-2013 , 09:20:07 am | Posted By CASANSAAR
The corporate bond market was in for a boost on Monday as the Reserve Bank of India (RBI) allowed repo transactions in commercial papers (CPs), certificates of deposits (CDs) and non-convertible debentures (NCDs) maturing in less than one year.
While companies issue CPs, banks issue CDs to ...
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RBI cancels registration of two NBFCs
Posted Date : 07-Jan-2013 , 10:54:53 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) today said it has cancelled registration of two non-banking financial companies — Emcorp Finance Ltd andCare Credit and Investments Company Pvt Ltd.
“Following cancellation of the registration certificate the companies cannot transa...
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Banks to put information of frauds before audit committee: RBI
Posted Date : 05-Jan-2013 , 03:08:57 pm | Posted By CASANSAAR
The Reserve Bank of India has directed banks to place information regarding any frauds before the audit committee of the board of directors every quarter.
In a notification on Friday, RBI said an annual review of frauds should also be conducted and placed before the ...
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Urjit Patel appointed RBI deputy governor
Posted Date : 02-Jan-2013 , 06:46:45 pm | Posted By CASANSAAR
Urjit Patel has been appointed as a deputy governor of the Reserve Bank of India, banking secretary DK Mittal told Reuters on Wednesday.
Patel will replace Subir Gokarn, who was heading the monetary policy department, among others in the central bank.
P...
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Strike by RBI staff deferred
Posted Date : 31-Dec-2012 , 10:10:57 pm | Posted By CASANSAAR
The United Forum of Reserve Bank Officers and Employees has decided to defer tomorrow's proposed nationwide strike.
The forum said in a statement that the decision to defer the strike was taken after the RBI management gave an assurance that the currency and coins counters of the central ba...
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RBI defers implementation of Basel III norms to April 1
Posted Date : 30-Dec-2012 , 09:25:10 am | Posted By CASANSAAR
The Reserve Bank of India has rescheduled the date for implementation of Basel III norms to April 1. The earlier deadline was January 1, 2013.
This comes as a relief for banks as Basel III norms require the equity capital of a bank to be not less than 5.5 per cent of risk-weighted loans, as per the...
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Nationwide RBI employees strike on January 1
Posted Date : 29-Dec-2012 , 08:38:58 am | Posted By CASANSAAR
Employees and officers under the banner of United Forum of RBI Officers and Employees have called a country-wide strike on January one 2013 to protest the decision to close currency notes and coins issue counters from that date.
In a press statement issued by the forum, General Secretary of...
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RBI proposal may put 70% NBFCs out of business; over 9,000 companies may lose licences
Posted Date : 27-Dec-2012 , 08:09:22 am | Posted By CASANSAAR
More than two-thirds of non-banking finance companies (NBFCs) face closure if the Usha Thoratpanel recommendation on minimum asset size is implemented by the Reserve Bank of India, shutting a vital source of funding in many parts of the country.Nearly 9,000 companies lending to borro...
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RBI to inject Rs 8,000 crore cash in debt markets this week
Posted Date : 25-Dec-2012 , 08:37:18 am | Posted By CASANSAAR
The Reserve Bank of India on Monday said it will pump in Rs 8,000 crore in the market on December 28 by buying government securitiesto ease the liquidity situation.
“Consistent with the stance of monetary policy and based on the current assessment of prevailin...
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Highlights of RBI policy review
Posted Date : 18-Dec-2012 , 01:55:18 pm | Posted By CASANSAAR
The RBI left its key interest rates unchanged as expected on Tuesday but said policy focus was shifting towards growth, reiterating its October guidance of further easing in the first quarter of 2013 as inflation was seen cooling.
"In view of inflation pressures ebbing,&nbs...
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RBI allows foreign funding for low-cost housing
Posted Date : 17-Dec-2012 , 09:23:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday allowed property developers to borrow money overseas through external commercial borrowing (ECB) for funding low-cost housing projects.
Housing finance companies can also avail of ECB for financing prospective owners of low-cost housing units, t...
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RBI fixes reference rate of rupee for US dollar and EURO
Posted Date : 06-Dec-2012 , 07:21:30 am | Posted By CASANSAAR
The Reserve Bank today fixed the reference rate of the rupee for the US dollar at 54.5690 and the euro at 71.5 as against 54.9 a dollar and 71.7 a euro as on Tuesday.In a press release issued by RBI, the exchange rates for the pound and yen against the rupee were quoted at 87.9 a pound and 66.3 per ...
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RBI relaxes borrowing rules for mobile auction winners
Posted Date : 27-Nov-2012 , 08:53:25 am | Posted By CASANSAAR
The Reserve Bank of India ( RBI) has relaxed overseas borrowing rules for successful bidders in the country's cellphone airwaves auction, making it easier for them to raise money to pay the cash-strapped government.
The RBI said on Monday the winning bidders could use short-t...
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RBI to soon allow Aadhaar for banking transactions
Posted Date : 26-Nov-2012 , 08:56:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Sunday said it will soon allow Aadhaar card as an identity proof for banking transactions that will enable banks to ease the KYC (know-your-customer) process for millions of customers.
The central bank will soon issue a circular allowing the use of the Aadhaar as ...
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