Rate hike will hurt investor confidence: industry
Posted Date : 26-Jul-2011 , 02:07:28 pm | Posted By CASANSAAR
ndustry was united in its response to the rate hike announced by the Reserve Bank of India today, as several corporate leaders feared that the 50-basis-point increase in repo and reverse repo rates would see production and borrowing costs go up. Here is what some of them had to say:
Arvind ...
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RBI likely to raise policy rates by 25 basis points: Bankers
Posted Date : 24-Jul-2011 , 05:05:49 pm | Posted By CASANSAAR
Faced with inflation much above the comfort level, the Reserve Bank is likely to raise key interest rates by another 25 basis points in its first quarterly review of monetary policy 2011-12 on July 26. "There is a general perception that (policy) rates are going to go up by 25 basis point...
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RBI to issue new coins of 50 paise to Rs 10 denomination
Posted Date : 23-Jul-2011 , 07:18:44 am | Posted By CASANSAAR
The Reserve Bank today said it will soon put into circulation new coins in five denominations, ranging from fifty paise to Rs 10. "The RBI will shortly put in circulation... coins of the fifty paise, one rupee , two rupees, five rupees and ten rupees denominations," the apex bank said in a statement...
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RBI seen raising rates again in July, may pause after
Posted Date : 20-Jul-2011 , 01:50:59 pm | Posted By CASANSAAR
RBI is expected to raise its key policy rate by a further 25 basis points next week after inflation quickened in June and may hike once more by the end of the year, before pausing its long tightening campaign, a new Reuters poll shows. Expectations that the repo rate will peak at 8 percent by e...
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RBI wants all PSBs to have uniform pension provision
Posted Date : 14-Jul-2011 , 03:16:57 pm | Posted By CASANSAAR
After coming down heavily on banks for not making adequate provision for increased pension liabilities arising out of wage revision, the Reserve Bank of India (RBI) now wants all public sector banks to have uniform pension liabilities.
According to sources in the banking industry, the centr...
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RBI fines 48 banks for violation of KYC, AML norms in six months
Posted Date : 10-Jul-2011 , 10:12:53 pm | Posted By CASANSAAR
At a time when the government is grappling with the black money menace, the RBI has penalised as many as 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. In the first six months of 2011, the apex bank has slapped penalties on 4...
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RBI caps banks
Posted Date : 07-Jul-2011 , 07:32:01 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday capped banks’ investments in non-financial companies to prevent commercial lenders from taking control of the management of these entities.
Investments are capped at 10% of the equity of the company or equity and reserves of the bank, which...
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RBI imposes Rs 25 lakh fine on Citibank
Posted Date : 05-Jul-2011 , 07:22:43 am | Posted By CASANSAAR
The Reserve Bank of India on Monday imposed a penalty of 25 lakh on Citibank for violation of anti money laundering (AML) and know your customer norms that led to a 400-crore fraud at one of its branches in Gurgaon. "The failure in following the KYC/AML guidelines while opening accounts led to the p...
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Report fraud cases of Rs 1 cr and above to CBI: RBI to banks
Posted Date : 01-Jul-2011 , 10:09:11 am | Posted By CASANSAAR
In order to check banking frauds, the Reserve Bank of India (RBI) today asked public sector lenders to promptly report cases of cheating involving Rs 1 crore and above to the CBI, and of the lesser amount to the police.
"Incidence of frauds, dacoities, robberies, etc, in banks is a matter o...
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Foreign banks must improve their reporting: RBI deputy governor
Posted Date : 29-Jun-2011 , 08:21:45 am | Posted By CASANSAAR
The Reserve Bank of India has expressed its dissatisfaction on the reporting standards of foreign banks operating in the country, which it says need improvement. RBI deputy governor KC Chakrabarty said: "You need technology if you have a large branch network. Foreign banks don't have very large netw...
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RBI warns banks on real estate valuation frauds
Posted Date : 25-Jun-2011 , 07:41:41 am | Posted By CASANSAAR
Alarmed by inflated valuations of real estate properties for the purpose of loans, the Reserve Bank of India (RBI) has asked all banks to submit an action-taken report on the issue.
The matter was raised last week by RBI Governor D Subbarao during a meeting of the Board for Financial Superv...
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RBI imposes monetary penalty on Kheda-based bank
Posted Date : 17-Jun-2011 , 09:21:37 am | Posted By CASANSAAR
The Reserve Bank has imposed a monetary penalty of Rs 1 lakh on Kheda-based Pij People's Cooperative Bank for violation of anti-money laundering guidelines."RBI has imposed a monetary penalty of Rs 1 lakh on the Pij People's Cooperative Bank Ltd... for not reporting cash transactions in excess of Rs...
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RBI
Posted Date : 16-Jun-2011 , 08:02:32 am | Posted By CASANSAAR
The June Financial Stability Report of the Reserve Bank of India (RBI) has a section on stress testing of banks. RBI projected banks’ balance sheets for 2011-12 and finds that at end-March 2012, the level of gross non-performing assets (NPAs) will rise to 2.92% of advances, assuming the tighte...
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RBI rate hikes: 10 times in 15 months
Posted Date : 16-Jun-2011 , 02:07:38 am | Posted By CASANSAAR
Be prepared to pay more every month on your home, auto and other loans, as the Reserve Bank today, for the 10th time since March, 2010, raised key interest rates by 25 basis points in its effort to control spiralling inflation.The RBI has raised the short-term lending (repo) rate by 25 basis points ...
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Rising interest rates to hurt bank profitability: RBI
Posted Date : 15-Jun-2011 , 07:47:27 am | Posted By CASANSAAR
The Reserve Bank today cautioned rising interest rate and high cost of funds could hurt the profitability of the banking sector."Going ahead, with hardening interest rates and the imminent increase in cost of funds, the credit growth is expected to slow down, which could adversely affect the profita...
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Transactions by cheques up marginally in April: RBI
Posted Date : 14-Jun-2011 , 07:14:47 am | Posted By CASANSAAR
Cheque transactions worth over Rs 8.66 lakh crore were carried out in the country during April, 2011, a growth of over 0.7 per cent from the same month last year. Banks had cleared cheques worth almost Rs 8.60 lakh crore in April 2010, as per the latest data from the Reserve Bank . However, the tota...
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Inflation crosses 9%,RBI could further hike interest rates
Posted Date : 14-Jun-2011 , 05:56:03 am | Posted By CASANSAAR
Resuming its upward climb, the headline inflation in May rose to 9.06 per cent on costlier fruits, petrol and manufactured goods and heightened fears of another hike in interest rates by the RBI on Thursday.Even as the increasing prices of essential items pushed up the inflation rate during the repo...
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Swings in banks' earnings is not reflective of best practices: RBI
Posted Date : 06-Jun-2011 , 09:43:14 pm | Posted By CASANSAAR
Violent swings in banks' earnings whenever there is a change of guard, known as the new broom syndrome, is not reflective of best practices, said a central banker in a veiled caution to local lenders to end accounting jugglery to dress up performance. "Financial reporting should not be as per the mi...
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RBI monitoring economy, liquidity before policy action
Posted Date : 06-Jun-2011 , 10:57:22 am | Posted By CASANSAAR
Ahead of its mid-quarterly policy review, the Reserve Bank today said it is monitoring the economic data and also the liquidity situation, and would take a forward-looking view while deciding on the policy action."We would monitor various data...and take a forward- looking view and take action", RBI...
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Capital inflows not sensitive to interest rate changes: RBI
Posted Date : 05-Jun-2011 , 09:00:12 pm | Posted By CASANSAAR
Foreign capital inflows are insensitive to interest rate changes in the country, according to a Reserve Bank of India (RBI) study. It said that a percentage point rise in interest rate results in just about 0.05 percentage points increase in net capital flows to India. The RBI said domestic industri...
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RBI panel calls for secure systems to check credit card frauds
Posted Date : 02-Jun-2011 , 12:03:11 pm | Posted By CASANSAAR
Amid rising instances of debit and credit card frauds, a RBI panel has recommended that banks should put in place secure systems to check such cases within a year's time."All acquirers and issuers may put in place adequate fraud risk management systems and processes (within) 12 months," said the pan...
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RBI asks banks to reimburse failed ATM transactions in 7 days
Posted Date : 27-May-2011 , 06:54:42 am | Posted By CASANSAAR
The Reserve Bank today directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's complaint or else pay a Rs 100 per day compensation."The time limit for resolution of customer complaints by the issuing...
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RBI panel for tighter reporting norms for derivatives
Posted Date : 25-May-2011 , 11:20:37 am | Posted By CASANSAAR
In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives.The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of In...
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Bank directors must furnish info on regulatory strictures: RBI
Posted Date : 23-May-2011 , 09:05:55 pm | Posted By CASANSAAR
In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them.
The banking regulator has partially modified the format of ‘Declaration a...
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RBI backs holding co for banks, NBFCs
Posted Date : 23-May-2011 , 08:53:55 pm | Posted By CASANSAAR
Conglomerates like ICICI Bank, SBI and HDFC will find it easier to raise capital for new financial activities with the Reserve Bank of India favouring a holding company structure for both banking and non-banking financial groups. The central bank in its proposed norms for holding companies has said ...
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RBI raises provisioning for bad loans
Posted Date : 18-May-2011 , 09:07:00 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday tightened the prudential norms for banks and raised provisioning requirement for bad loans by up to 10 per cent, a development that would impact bottom lines of banks.
Advances classified as sub-standard will attract a provision of 15 per cent ag...
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RBI may have to sacrifice growth to tame inflation: RBI governor
Posted Date : 17-May-2011 , 09:27:58 pm | Posted By CASANSAAR
RBI governor D Subbarao has said the central bank may have to sacrifice growth to manage inflation. "High inflation negates prospects of growth," said Mr Subbarao, speaking at the Indira Gandhi Institute of Development Research in Mumbai on Monday. "For faster growth, we need to manage the growth-in...
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Foreign bank CEOs must ensure compliance: RBI
Posted Date : 11-May-2011 , 08:54:59 pm | Posted By CASANSAAR
Tightening its regulations over the operations of foreign banks in the country, the Reserve Bank of India (RBI) has asked their chief executive officers (CEO) to monitor the compliance system.
It is observed that operations of foreign banks functioning in India as branches of the pa...
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Draft norms on new banking licences soon: RBI official
Posted Date : 10-May-2011 , 11:49:46 am | Posted By CASANSAAR
Reserve Bank of India (RBI) would shortly come out with draft norms on new banking licences, a senior RBI official said."RBI will shortly come out with draft guidelines on new banking licenses", B Mahapatra, CGM in-charge of Department of Banking Operations and Development, RBI, said.Last year...
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RBI penalises two cooperative banks
Posted Date : 10-May-2011 , 11:48:52 am | Posted By CASANSAAR
The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People's Cooperative Bank -- for violation of banking norms.The Gandhinagar-based Randheja Commercial Co-operative Bank has been penalised for violat...
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