No violation of any law in bringing cooperative banks under supervisory control
Posted Date : 20-Oct-2020 , 08:46:34 am | Posted By CASANSAAR
The Reserve Bank of India has said that there is no violation of any law of the nation in bringing the cooperative banks under its supervisory control.
In an affidavit filed in the Madras High Court today, the RBI has said, the recent legislation enacted in Parliament is aimed at regulating banki...
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Digital payments soar manifold in 5 years to FY20 - RBI
Posted Date : 12-Oct-2020 , 09:15:37 am | Posted By CASANSAAR
Concerted efforts by the Reserve Bank to move to a non/less-cash economy by pushing digital payments have begun to pay rich dividends as the volume of such payments has jumped manifold in the past five years, the latest data from the central bank showed.
Between 2015-16 and 2019-20, digital payme...
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RTGS system for real time fund transfer to become 24x7 from December
Posted Date : 09-Oct-2020 , 11:08:04 am | Posted By CASANSAAR
Reserve Bank of India Governor Shaktikanta Das on Friday announced that Real Time Gross Settlement (RTGS) payment system will be available round the clock from December 2020 to make online fund transfer smooth.
Here is all you need to know:
1. RTGS is a safe and secure system for funds transfe...
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M Rajeshwar Rao appointed as Deputy Governor of RBI
Posted Date : 08-Oct-2020 , 09:35:49 am | Posted By CASANSAAR
The central government on Wednesday has appointed M Rajeshwar Rao as deputy governor of the Reserve Bank of India, it said in a notification. He is currently the executive director of RBI. The Appointment Committee of the Union cabinet has approved the appointment, the notification stated. Rao succe...
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RBI excludes 6 PSBs from Second Schedule of RBI Act
Posted Date : 01-Oct-2020 , 10:50:02 am | Posted By CASANSAAR
The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank....
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New banking bill gives RBI powers to restructure co-operative banks
Posted Date : 16-Sep-2020 , 09:10:45 am | Posted By CASANSAAR
The new Banking Regulation (Amendment) Bill, 2020, introduced by the government on the first day of the Parliament's Monsoon Session, provides the Reserve Bank of India (RBI) powers to restructure cooperative banks.
The Bill was introduced by Finance Minister Nirmala Sitharaman who earlier wi...
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RBI mandates automated recognition of NPAs, provisioning by June 2021
Posted Date : 15-Sep-2020 , 10:18:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly.
In its circular, th...
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RBI issues guidelines for appointment of CCO in banks
Posted Date : 12-Sep-2020 , 10:38:12 am | Posted By CASANSAAR
Reserve Bank of India has issued guidelines for appointment of Chief Compliance Officer (CCO) in banks to ensure uniform approach with regard to compliance and risk management culture across the banking industry.
Accordingly, RBI has said that the CCO must be appointed for a minimum fixed p...
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RBI revises LFAR norms for banks to improve Audit efficacy, risk management
Posted Date : 07-Sep-2020 , 09:44:59 am | Posted By CASANSAAR
The Reserve Bank on Saturday came up with revised long format audit report (LFAR) norms with a view to improving efficacy of internal audit and risk management systems.
The LFAR, which applies to statutory central auditors (SCA) and branch auditors of banks, has been updated keepingin view the la...
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RBI revises PSL guidelines; Bank loans to start-ups to get priority sector tag
Posted Date : 05-Sep-2020 , 10:04:07 am | Posted By CASANSAAR
Reserve Bank of India has revised Priority Sector Lending guidelines. RBI said the move is aimed at addressing regional disparities in the flow of priority sector credit. In the revised guidelines, higher weightage have been assigned to incremental priority sector credit in identified districts wher...
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RBI releases framework for pan-India entity for retail payments
Posted Date : 19-Aug-2020 , 10:23:32 am | Posted By CASANSAAR
Reserve Bank of India has unveiled the framework for setting up of pan-India Umbrella Entity for Retail Payments. As per the framework, the companies with a net worth of over 500 crore rupees will be eligible to set up an umbrella entity which among other things will be permitted to set up, manage a...
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RBI Board approves transfer of Rs 57,128 Cr as surplus to central govt
Posted Date : 17-Aug-2020 , 09:27:21 am | Posted By CASANSAAR
The RBI Board has approved the transfer of 57,128 crore rupees as surplus to the central government for the accounting year 2019-20.
In a statement, RBI has informed that it has also decided to maintain a Contingency Risk Buffer at 5.5 percent.
These decisions were taken at the 584th meeting o...
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RBI revises norms for core investment Companies
Posted Date : 14-Aug-2020 , 11:00:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday announced stricter guidelines for core investment companies (CICs), mandating more disclosures, better risk management and a simpler group structure.
The new guidelines were based on the recommendations of the Working Group to Review Regulatory and Supe...
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RBI mandates system-based asset classification for UCBs
Posted Date : 13-Aug-2020 , 10:57:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday asked urban co-operative banks (UCBs) with assets of Rs.2,000 crore or more to implement system-based asset classification from 30 June 2021.
System-based asset classification refers to asset classification (downgrading as well as upgrading) carried ou...
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RBI bars banks from opening current accounts for customers having availed cash credit or overdraft facilities
Posted Date : 07-Aug-2020 , 10:28:57 am | Posted By CASANSAAR
The Reserve Bank of India has barred banks from opening current accounts for customers who have availed cash credit or overdraft facilities, with a view to improve credit discipline.
In a notification, the Central Bank said, rather than opening a new current account, all transactions should be ro...
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RBI may extend relief on repayment of loans
Posted Date : 23-Jul-2020 , 10:03:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) may allow lenders to offer companies in stressed sectors such as aviation, automobiles and hospitality the option to pause loan repayments even after the six-month moratorium ends on August 31, two people directly aware of the discussions said.
The banking regulato...
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RBI issues Fair Practices Code for Asset Reconstruction Companies
Posted Date : 17-Jul-2020 , 09:52:18 am | Posted By CASANSAAR
In the backdrop of likely rise in Non Performing Assets (NPA) due to the pandemic, the Reserve Bank of India (RBI) has announced guidelines for “Fair Practices Code” (FPC) for Asset Reconstruction Companies (ARCs) to ensure highest standards of transparency and fairness while dealing wit...
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RBI proposes entity to revive troubled banks
Posted Date : 12-Jul-2020 , 09:11:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) governor Shaktikanta Das has made a case for a resolution corporation that will revive stressed banks as an alternative to the traditional practice of merging failed institutions with stronger ones. A bill which proposed the corporation in 2017, was withdrawn followin...
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PNB reports Rs 3,688 Cr fraud by DHFL to RBI
Posted Date : 10-Jul-2020 , 10:17:34 am | Posted By CASANSAAR
Punjab National Bank has decided to report a fraud of Rs 3,688.58 crore by Dewan Housing Finance Corporation Ltd (DHFL) to the Reserve Bank of India (RBI).
“A fraud of Rs 3,688.58 crore is being reported by the bank to the RBI in the accounts of the company (DHFL). The bank has already made...
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Madras HC issues notice to RBI to respond to PIL challenging NPA norms
Posted Date : 10-Jul-2020 , 10:13:25 am | Posted By CASANSAAR
The Madras High Court today issued a notice to the Reserve Bank of India (RBI), asking it to respond to a Public Interest Litigation (PIL) filed with the Court challenging the Non-Performing Assets (NPA) norms set by the banking regulator.
The notice was issued by Justice M M Sundresh and Justice...
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RBI announces fresh OMO for sale, purchase of govt securities for Rs 10,000 Cr each
Posted Date : 30-Jun-2020 , 10:11:04 am | Posted By CASANSAAR
The Reserve Bank of India on Monday announced another ‘operation twist’, also known as open market operations (OMO), under which it conducts simultaneous sale and purchase of bonds.
“On a review of current and evolving liquidity and market conditions, the RBI h...
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RBI extends enhanced borrowing limit under MSF till Sep 30
Posted Date : 28-Jun-2020 , 09:44:25 am | Posted By CASANSAAR
The RBI has also extended the relaxation on the minimum daily maintenance of the CRR at 80 per cent till September 25, 2020.
Amid ongoing economic woes created by the coronavirus pandemic, the Reserve Bank has decided to extend the enhanced borrowing facility provided to banks to meet their liqui...
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RBI Committee Recommends Hike in ATM Charges; Limit Cash Withdrawals to Rs 5,000 per Transaction
Posted Date : 24-Jun-2020 , 09:43:18 am | Posted By CASANSAAR
A committee appointed by the Reserve Bank of India (RBI), headed by chief executive of Indian Banks’ Association (IBA) and consisting of representatives from all stakeholders, except bank customers, has recommended an increase in interchange charges for all transactions carried out on automate...
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RBI asks banks, NBFCs to increase awareness campaigns against frauds
Posted Date : 23-Jun-2020 , 09:50:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday told banks, non-banks and payments service providers to undertake targeted multi-lingual campaigns by way of SMSs, advertisements in print and visual media, etc, to educate their users on safe and secure use of digital payments.
In a circular, the Reserve...
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New rules proposes for housing finance companies by RBI
Posted Date : 18-Jun-2020 , 09:18:22 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday proposed to tighten the rules governing home financiers, including putting restrictions on lending to builders and doubling the minimum net owned funds criterion.
The regulator’s proposal has also clearly defined home finance firms and those that...
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RBI sets up panel to review ownership, corporate structure of Private sector banks
Posted Date : 14-Jun-2020 , 10:42:20 am | Posted By CASANSAAR
The Reserve Bank of India has constituted a five-member Internal Working Group to review the guidelines related to ownership, governance and corporate structure of private sector banks. In a press release, RBI informed that RBI Central Board Director P K Mohanty will head the committee, which will s...
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Delhi HC notice to Centre, RBI on plea for restructuring of loans by banks, NBFCs
Posted Date : 12-Jun-2020 , 09:40:00 am | Posted By CASANSAAR
Delhi High Court has issued notice to the Central government, Reserve Bank of India (RBI) and others on a plea seeking directions to allow a one-time restructuring of loans by all banks and non-banking financial companies (NBFCs) in the wake of coronavirus-induced lockdown.
A bench of Justice Nav...
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RBI asks SBI to appoint a Chartered Accountant as CFO
Posted Date : 11-Jun-2020 , 10:21:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked State Bank of India (SBI) to appoint chartered accountant (CA), with relevant experience, as its chief financial officer (CFO). At present, SBI does not have a CA in its top ranks — deputy managing director (DMD) or chief general manager.
A senior S...
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RBI proposes major changes in securitisation norms
Posted Date : 09-Jun-2020 , 08:57:44 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday proposed major changes in securitisation norms aimed at development of a strong and robust market for the same in the country.
Securitisation involves transactions where credit risk in assets are redistributed by repackaging them into tradeable securities...
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Sovereign Gold Bond to open on Monday, issue price fixed at Rs 4,677/gm
Posted Date : 08-Jun-2020 , 09:00:51 am | Posted By CASANSAAR
The third instalment of the Sovereign Gold Bond (SGB) scheme, issued by the Reserve Bank of India (RBI) on behalf of the government, will open for subscription for five days from Monday, June 8.
The Sovereign Gold Bond Scheme 2020-21 Series III will be opened for subscription for June 8 to June 1...
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