RBI gives corporates one more year to pre-pay foreign loans
Posted Date : 06-Jul-2012 , 07:54:39 am | Posted By CASANSAAR
The Reserve Bank today extended the scheme for corporates to get rid of their overseas loans by pre-paying them as weak rupee increases their debt obligation.
The pre-payment of foreign currency convertible bonds (FCCBs) "shall come into force with immediate effect and the entire process of...
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RBI for electronic payments, ushering in 'less-cash' economy
Posted Date : 28-Jun-2012 , 08:33:04 am | Posted By CASANSAAR
With an aim to make payment and settlement system more safe in the country, the Reserve Bank today proposed to proactively promote electronic transactions for ushering in a 'less-cash' economy. Seeking public comments on the 'Payments System Vision Document 2012-15', RBI said the docu...
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RBI: No penalty on pre-payment of home Loans
Posted Date : 22-Jun-2012 , 07:41:00 am | Posted By CASANSAAR
In a relief to borrowers, the Reserve Bank of India (RBI) has asked banks to immediately stop charging penalty on pre-payment of home loans taken on floating interest rates. The RBI noted that the Damodaran Committee had observed that foreclosure charges levied by banks on pre-payment of h...
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RBI extends 2% interest subsidy scheme to small scale sectors
Posted Date : 21-Jun-2012 , 08:30:48 am | Posted By CASANSAAR
The Reserve Bank has extended the 2 per cent interest subsidy scheme by another year on rupee export credit to the labour-oriented and small scale sectors.
The RBI, in its circular, said that exporters of handicrafts, handlooms, readymade garments, processed agriculture products and carpets...
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RBI permits non-bank entities to set-up ATM
Posted Date : 21-Jun-2012 , 08:18:23 am | Posted By CASANSAAR
In a major RBI move to spread ATM network, non-banking entities with a minimum networth of Rs 100 crore have been allowed to set up, own and operate money dispensing machines on behalf of banks.
The Reserve Bank of India (RBI) in a notification said the automatic teller machines (ATMs...
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RBI to infuse Rs 12,000 crore into market through OMO on Jun 22
Posted Date : 19-Jun-2012 , 10:25:28 pm | Posted By CASANSAAR
The Reserve Bank today said it will pump in Rs 12,000 crore into the market through Open Market Operations on June 22 by buying government securities to ease the liquidity situation. "Consistent with the stance of monetary policy and based on the current assessment of prevailing ...
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RBI keeps repo rate, CRR unchanged to check inflation
Posted Date : 18-Jun-2012 , 12:35:30 pm | Posted By CASANSAAR
Reserve Bank of India left interest rates and the cash reserve ratio for banks unchanged on Monday, defying widespread expectations for a rate cut as it warned that doing so could worsen inflation, disappointing markets. The Reserve Bank of India kept its policy repo rate unchanged at 8% and le...
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RBI may cut rates by 25 basis points
Posted Date : 16-Jun-2012 , 08:27:34 am | Posted By CASANSAAR
RBI's flip-flop on supporting growth has tempered the market perception of a sharp cut in the repo rate on Monday. Most bankers expect that RBI may cut rates by 25 basis points, if at all it chooses to reduce them.On Thursday night, RBI deputy governor D Subbarao said inflation cannot be controlled ...
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HC admits NBFC's plea against RBI
Posted Date : 14-Jun-2012 , 07:28:35 am | Posted By CASANSAAR
The Bombay high court on Wednesday admitted a petition that has challenged an order of the Reserve Bank of India cancelling the Non Banking Financial Company (NBFC) licence of Alternative Investment and Credits Limited. The company is a ten year old NBFC operating on "Islami...
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RBI nods to much frequent NRI remittance
Posted Date : 10-Jun-2012 , 08:06:05 am | Posted By CASANSAAR
The Reserve bank of India (RBI) has permitted NRIs to send remittances more frequently. According to a latest RBI circular released on Friday, resident Indians are now allowed to receive as many as 30 remittances from NRI friends and relatives during a year as against 12 earlier.In the circular addr...
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RBI may slash repo rate by 0.25%: Nomura
Posted Date : 06-Jun-2012 , 08:18:45 am | Posted By CASANSAAR
Global financial services firm Nomura Tuesday said it expects 0.25 percent cut in short term lending rate by the Reserve Bank in its upcoming monetary policy review on June 18."We now expect a 25 basis points repo rate cut on June 18 due to weaker-than-expected real GDP growth of 5.3 percent in Q1 2...
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RBI imposes restrictions on forex dealers as Re breaches 55-mark
Posted Date : 22-May-2012 , 08:32:31 am | Posted By CASANSAAR
The rupee breached the Rs 55 mark to the US dollar amid speculation a state-run company was buying greenback to repay overseas loans, and because of demand for oil imports.The central bank said capital inflows will determine the direction of the rupee and stepped in to arrest volatility in currency ...
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RBI ask banks to reduce exposure to NBFC's giving gold loans
Posted Date : 18-May-2012 , 08:48:31 pm | Posted By CASANSAAR
Worried over a spurt in gold imports, the RBI today asked banks to reduce exposure to NBFCs, which give loan against the precious metal, at the earliest and bring it under the prescribed limit within six months.
"Banks which are currently having exposures to such NBFC's (giving gold loans...
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RBI announces SAARC swap arrangement
Posted Date : 17-May-2012 , 08:04:04 am | Posted By CASANSAAR
The Reserve Bank of India announced that India will offer Swap Arrangement of two billion dollars both in foreign currency and Indian currency. Speaking at the 24th SAARC, Finance Governors meeting in Pokhara on Wednesday, the Governor of RBI, Dr. D. Subbarao made this announcement and said the arra...
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RBI asks exporters to sell 50 pc of forex earnings
Posted Date : 10-May-2012 , 10:21:09 pm | Posted By CASANSAAR
In order to arrest the declining value of the rupee, the Reserve Bank today asked exporters to sell 50 per cent of their retained foreign exchange earning.
The central bank has also fixed limit for intra-day trading of foreign currency by banks.
"On a review of the scheme, it has...
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RBI further eases norms on FX deposits
Posted Date : 09-May-2012 , 10:40:51 pm | Posted By CASANSAAR
The RBI has allowed banks to use funds from foreign currency non-resident deposits as collateral against lending to related local residents.
The funds in the foreign currency non-resident (FCNR) can be used for foreign exchange needs or for working capital needs in rupees for exporters and corpor...
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RBI allows transfer of funds within NRI accounts
Posted Date : 09-May-2012 , 08:35:24 am | Posted By CASANSAAR
The Reserve Bank on Monday allowed non-resident Indians (NRIs) to transfer funds from non-resident ordinary (NRO) account to Non-Resident External (NRE) account subject to a ceiling of $1 million in a financial year.
"On a review, it has been decided that henceforth NRI... shall be eligible...
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RBI issues Basel III norms
Posted Date : 03-May-2012 , 07:57:47 am | Posted By CASANSAAR
The Reserve Bank of India has laid out a six-year road map to make Indian banks safer and avoid recurrence of the 2008 crisis, but it will need an estimated Rs 1.5 lakh crore in capital at a time it is scarce. The central bank has raised the equity component in overall capital and restricted div...
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India's financial system is strong: RBI
Posted Date : 27-Apr-2012 , 07:17:28 am | Posted By CASANSAAR
A day after global credit rating agency, S&P cut India's outlook to negative, the Reserve Bank of India today said the country's financial system is strong, and sometimes these ratings are discounted by the markets.RBI Deputy Governor K. C. Chakrabarty also said the Reserve Bank will intervene i...
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RBI permits all financial institutions to participate in CDS
Posted Date : 24-Apr-2012 , 08:17:19 am | Posted By CASANSAAR
The Reserve Bank on Monday allowed all financial institutions to participate in the credit default swap (CDS) market to help such entities to protect their risk."It has now been decided to permit all India financial institutions, namely, EXIM Bank, NABARD, NHB and SIDBI to participate in the CDS mar...
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RBI cuts repo rate by 50 bps, keeps CRR unchanged
Posted Date : 17-Apr-2012 , 11:40:48 am | Posted By CASANSAAR
India's central bank cut interest rates on Tuesday for the first time in three years by an unexpectedly sharp 50 basis points to give a boost to flagging economic growth but warned that there is limited scope for further rate cuts. The Reserve Bank of India cut its policy repo rate to 8.00 percen...
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RBI may likely cut rates by 25 bps on growth concerns
Posted Date : 14-Apr-2012 , 08:50:36 pm | Posted By CASANSAAR
The RBI may cut the repo rate by 25 basis points as economic recovery continues to remain fragile, say economists.
With factory output growth, as measured by the index of industrial production (IIP), in the April 2011-February 2012 period slowing to 3.5 per cent, against 8.1 per cent in the year-...
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RBI tightens banks' reporting norms to monitor gold import
Posted Date : 04-Apr-2012 , 08:23:51 am | Posted By CASANSAAR
The Reserve Bank on Tuesday tightened the reporting requirements under which banks will have to submit a monthly statement informing the central bank about the quantity of gold imported and mode of payment adopted."It has been decided to further rationalise the entire reporting system on import of g...
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Companies must obtain permission to operate FCA abroad: RBI
Posted Date : 02-Apr-2012 , 10:31:44 pm | Posted By CASANSAAR
The Reserve Bank of India, RBI on Monday said that Indian companies will require to obtain its prior permission to open, hold and maintain foreign currency account -FCA abroad for the purpose of overseas direct investments.The RBI has issued a notification to this effect. According to the notificati...
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RBI relaxes various norms on overseas direct investments
Posted Date : 29-Mar-2012 , 01:33:17 pm | Posted By CASANSAAR
The Reserve Bank of India has relaxed various norms on overseas direct investments to offer more flexibility to the Indian companies and individuals. The RBI said in a notification that proposals from the Indian party for creation of charge in the form of pledge or mortgage on the immovable or movab...
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RBI slams banks on term deposit rates
Posted Date : 27-Mar-2012 , 02:59:01 pm | Posted By CASANSAAR
RBI has asked banks to avoid offering sharply different rates on deposits with similar maturities, saying that something is wrong with lenders if their retail and bulk deposit rates vary too much.
"If it (the difference between retail and bulk deposit rates) varies too much...
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RBI keeps rate unchanged; inflation to guide future action
Posted Date : 15-Mar-2012 , 12:38:35 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) today kept key policy rate unchanged and said future policy action would be determined by the movement in inflation. "On the basis of the current macroeconomic assessment, it has been decided to keep the policy repo rate under the liquidity adjustment f...
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RBI cuts CRR by 75 bps to 4.75%
Posted Date : 10-Mar-2012 , 08:05:47 am | Posted By CASANSAAR
The Reserve Bank of India cut the cash reserve ratio, the share of deposits that banks must hold with it, by 75 basis points to 4.75 percent after the close of local markets.
The sharp and accelerated CRR cut upset conventional market wisdom that the RBI's mid-quarter policy review scheduled for ...
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RBI to buy govt securities worth Rs 12,000 cr
Posted Date : 23-Feb-2012 , 07:45:50 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today announced that it would purchase government securities worth Rs 12,000 crore through open market operations (OMOs) on Friday to ease the current liquidity crisis.
"Consistent with the stance of monetary policy and based on the current assessment of pr...
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RBI asks banks to formulate UCI code for customers
Posted Date : 20-Feb-2012 , 08:29:35 am | Posted By CASANSAAR
The Reserve Bank of India has advised banks to consider putting in place unique customer identification (UCI) numbers for customers and filter out multiple banking facilities availed by them through a de-duplication exercise.
Currently, the Reserve Bank guidelines permit the use of Aadhaar ...
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