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RBI increases household income limits for borrowers of NBFC-MFIs
Posted Date : 09-Nov-2019 , 07:20:23 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday increased the household income limits for borrowers of NBFC-MFIs from 1 lakh to 1.25 lakh rupees for the rural areas with an aim to strengthen credit to those in the bottom of the economic pyramid. Similarly, the limit has been increased from 1.6 lakh for ur...

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RBI imposes Rs 5 lakh fine on Oxigen Services
Posted Date : 08-Nov-2019 , 10:39:58 am | Posted By CASANSAAR

The Reserve Bank yesterday said that it has imposed a fine of Rs 5 lakh on prepaid payment instrument Oxigen Services.  The RBI  said in a release that the move was taken in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, for non-compliance of...

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RBI panel proposes stricter rules for core investment companies
Posted Date : 07-Nov-2019 , 08:12:26 am | Posted By CASANSAAR

Core investment companies (CICs) will have to form board level committees, appoint independent directors and conduct internal audits, if the Reserve Bank of India (RBI) decides to accept the recommendations of a working group formed to improve their corporate governance standards. The recommendat...

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RBI issues compensation norms for foreign, private banks
Posted Date : 05-Nov-2019 , 10:25:50 am | Posted By CASANSAAR

The Reserve Bank of India has issued compensation guidelines for whole-time directors and chief executives of foreign, private, small finance, payments banks and local area banks, mandating the cash component of variable pay at 67 per cent. The RBI said if the variable pay is up to 200 per cent o...

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RBI imposes fine on Janata Sahakari Bank & Jalgaon Peoples Co-operative Bank
Posted Date : 30-Oct-2019 , 01:15:22 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Pune-based Janata Sahakari Bank and Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating income recognition, advances management and asset classification norms. The central bank said in a release today that the penalty h...

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RBI bans use of agents to chase loans
Posted Date : 23-Oct-2019 , 10:38:13 am | Posted By CASANSAAR

The Reserve Bank of India has banned the use of direct selling agents (DSAs) to source retail loans and carry out physical verification of documents of borrowers. This was communicated by the central bank in a response to queries raised by the banking industry, two senior bankers told ET. While t...

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RBI governor faces board queries on financial frauds
Posted Date : 17-Oct-2019 , 09:52:32 am | Posted By CASANSAAR

Reserve Bank of India (RBI) governor Shaktikanta Das came under pressure at the bank’s board meeting last week, with two external directors questioning how a string of frauds that have surfaced since 2018 remained undetected for years. The two board members referred to the losses suffered b...

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Category : RBI | Comments : 0 | Hits : 374

RBI raises withdrawal limit to Rs 40,000 for PMC bank account holders
Posted Date : 15-Oct-2019 , 09:07:44 am | Posted By CASANSAAR

Reserve Bank has enhanced the withdrawal limit for the account holder of Punjab and Maharashtra Cooperative Bank or PMC Bank to 40 thousand rupees from 25 thousand rupees. This is the third time, RBI has raised the withdrawal limit since its clamp down on PMC Bank last month. In a statement, RBI sai...

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RBI turns down Indiabulls Housing’s merger with Lakshmi Vilas Bank
Posted Date : 10-Oct-2019 , 09:45:09 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has rejected the planned merger between Indiabulls Housing Finance and Lakshmi Vilas Bank after examining the proposal for more than six months, during which multiple approaches were considered to ensure compliance with strict banking sector takeover rules. “...

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Online funds transfer through NEFT to be now available 24x7 - RBI
Posted Date : 05-Oct-2019 , 10:36:01 am | Posted By CASANSAAR

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) Friday said that the online money transfer through National Electronic Funds Transfer (NEFT) will be available 24x7 from now onwards. Presently, the facility is available till 7:45 pm on all working days except 2nd ...

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RBI cuts repo rate by 25 bps to 5.15%
Posted Date : 04-Oct-2019 , 12:13:02 pm | Posted By CASANSAAR

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India on Friday slashed the short-term lending rate, repo rate, by 25 basis points in its fourth bimonthly policy review. The MPC decided to continue with an accommodative stance as long as "it is necessary to revive growt...

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RBI enhances withdrawal limit for PMC Bank depositors to Rs 25,000
Posted Date : 04-Oct-2019 , 08:44:36 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has once again enhanced the withdrawal limit for depositors of Punjab and Maharashtra Co-operative Bank to Rs 25,000 from Rs 10,000. The central bank promised to keep an eye on the position of the co-operative bank and take necessary steps in the interest of PMC Bank ...

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RBI modifies directions slapped on PMC Bank
Posted Date : 26-Sep-2019 , 09:25:27 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) today reviewed and modified the directions slapped on Punjab and Maharashtra Cooperative Bank Ltd, Mumbai in Maharashtra. According to the modified directives, it has been decided to allow the depositors to withdraw a sum not exceeding 10,000 rupees of the total ba...

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Category : RBI | Comments : 0 | Hits : 212

RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account
Posted Date : 25-Sep-2019 , 10:03:23 am | Posted By CASANSAAR

As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans. The RBI monitors banks' health and issues such directions in case of concerns over financial health of an institution. However, no reasons were spec...

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Category : RBI | Comments : 0 | Hits : 116

RBI tightens norms for banks, up penalties for failed ATM transactions
Posted Date : 21-Sep-2019 , 09:35:37 am | Posted By CASANSAAR

The Reserve Bank Friday prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and also notified compensations payable for various types of customer complaints. The financial compensation should be done suo motu by the bank, without waiting for a complaint or a c...

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Category : RBI | Comments : 0 | Hits : 268

RBI revises norms for Concurrent Audit System of Banks
Posted Date : 20-Sep-2019 , 09:48:56 am | Posted By CASANSAAR

The Reserve Bank of India ( RBI) has revised the norms for concurrent audit system of banks. Concurrent audit aims at shortening the interval between a transaction and its independent examination. Some of the revised norms included the option to consider whether concurrent audit should be done...

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Category : RBI | Comments : 0 | Hits : 1896

RBI determined to move to external benchmark on October 1
Posted Date : 20-Sep-2019 , 09:14:40 am | Posted By CASANSAAR

Reserve Bank of India (RBI) is determined to go ahead with the linkage of bank lending rates with external benchmarks and is also studying the possibility of mandating non-banking finance companies (NBFCs), people familiar with the matter said. Earlier this month, RBI made it mandatory for banks ...

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Category : RBI | Comments : 0 | Hits : 161

RBI extends coverage of Bharat Bill Payment System
Posted Date : 17-Sep-2019 , 09:15:04 am | Posted By CASANSAAR

In a consumer friendly initiative, the RBI on Monday expanded the scope of Bharat Bill Payment System (BBPS) to cover all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes. Currently, the facility of payment of recurring bills through BBPS is available o...

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Category : RBI | Comments : 0 | Hits : 296

RBI proposes new rules for getting small bank license
Posted Date : 16-Sep-2019 , 08:56:47 am | Posted By CASANSAAR

In a bid to get more participants in the small finance banking space, the Reserve Bank of India on Friday said it is thinking of permitting small private entities, payment banks, NBFCs, MFIs and cooperative banks to apply and convert into a small finance bank (SFB). RBI clarified only small priva...

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Category : RBI | Comments : 0 | Hits : 417

RBI increases banks' loan exposure limit to single NBFC
Posted Date : 13-Sep-2019 , 09:43:28 am | Posted By CASANSAAR

The RBI on Thursday increased loan exposure limit of banks to a single NBFC (excluding gold loan companies) from 15% to 20% of its capital base, a move that will help increase credit supply to the crisis-ridden shadow banking sector. According to the extant 'Large Exposures Framework (LEF)...

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RBI panel suggests new intermediary under NHB
Posted Date : 11-Sep-2019 , 08:02:57 am | Posted By CASANSAAR

A Reserve Bank of India (RBI) panel, which was tasked with reviewing the existing state of housing finance securitization, and suggest measures to make the market more attractive, has recommended that an intermediary be set up under the National Housing Bank (NHB), wherein the government will have a...

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Category : RBI | Comments : 0 | Hits : 241

RBI refuses to extend Equitas SFB’s deadline for listing
Posted Date : 07-Sep-2019 , 08:31:49 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has refused to extend Chennai-based Equitas Small Finance Bank’s deadline for listing. The banking regulator said that the bank cannot open new branches till further orders. The order comes at a time when the bank completed three years of operations. RBI said...

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Category : RBI | Comments : 0 | Hits : 296

RBI makes repo-linked interest rates mandatory
Posted Date : 05-Sep-2019 , 09:07:09 am | Posted By CASANSAAR

The Reserve Bank of India has made it mandatory for banks to link all of their new loan products, be it personal, housing or auto to an external benchmark like the policy repo rate.  Stating that transmission of policy rate benefits under the current framework has not been satisfactory, RBI ...

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Category : RBI | Comments : 0 | Hits : 297

RBI's task force recommends moves to ease credit markets
Posted Date : 04-Sep-2019 , 08:25:31 am | Posted By CASANSAAR

A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors (FPIs) to directly purchase distressed loans from banks. These moves are aimed at d...

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Category : RBI | Comments : 0 | Hits : 179

RBI extends deadline for PPIs to become full KYC complaint
Posted Date : 31-Aug-2019 , 10:50:09 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday extended the timeline for the conversion of minimum detail Prepaid Payment Instruments to KYC-compliant PPIs from 18 months to 24 months, a move welcomed players in the segment. The Payments Council of India (PCI) which represents the players in the payme...

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Bank frauds jump 74% To Rs.71,543 Cr in 2018-19 - RBI
Posted Date : 29-Aug-2019 , 09:26:14 pm | Posted By CASANSAAR

Frauds in the banking system shot up by 74 per cent to Rs. 71,543 crore in financial year 2018-19 compared with frauds worth Rs. 41,167 crore committed in the financial year 2017-18, the Reserve Bank of India said in its annual report on Thursday. The average lag between the date of occurrence of fr...

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Category : RBI | Comments : 0 | Hits : 408

RBI to transfer Rs.1.76 lakh Cr to Government
Posted Date : 26-Aug-2019 , 09:59:08 pm | Posted By CASANSAAR

The Central Board of the Reserve Bank of India on Monday decided to transfer a sum of Rs.1,76,051 crore to the Government of India comprising Rs.1,23,414 crore of surplus for the year 2018-19 and Rs.52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adop...

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Category : RBI | Comments : 0 | Hits : 173

RBI lashes out on banks for poor compliance
Posted Date : 22-Aug-2019 , 08:14:13 am | Posted By CASANSAAR

The compliance culture in Indian banks is far from satisfactory and some of the big losses suffered on account of frauds could have been avoided if it was in place, the Reserve Bank of India's (RBI) deputy governor MK Jain said on August 20. Jain, who is in charge of banking and non-banking s...

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Category : RBI | Comments : 0 | Hits : 230

RBI makes it easier to deposit gold under scheme
Posted Date : 17-Aug-2019 , 07:07:44 am | Posted By CASANSAAR

In a move to revive the flagging Gold Monetisation Scheme 2015, the Reserve Bank of India (RBI) has made it easier for depositors to hand over their holdings of the precious metal. In an amendment to the scheme, the RBI said that, while all deposits have to be made at collection & purity test...

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Category : RBI | Comments : 0 | Hits : 406

Banks cannot charge for failed transactions, balance enquiry - RBI
Posted Date : 16-Aug-2019 , 08:49:10 am | Posted By CASANSAAR

The Reserve Bank of India asked banks to not charge customers for failed transactions at ATMs or include it as part of the permitted ‘free ATM transactions’ per month set for users. In a circular issued on Wednesday, the central bank stated that transactions that fail due to technical...

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Category : RBI | Comments : 0 | Hits : 290

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