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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : RBI

RBI amends timings for debt markets from 7 April
Posted Date : 05-Apr-2020 , 10:00:03 am | Posted By CASANSAAR

The Reserve Bank of India announced a change in debt money market timings from the existing 9 am-5 pm to 10 am-2 pm, in view of the lockdown. The new arrangement will come into effect on 7 April and continue till 17 April. “The resultant dislocations have adversely impacted the functioning ...

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RBI denies banks' request for stay on asset classification norms amid COVID-19 Crisis
Posted Date : 03-Apr-2020 , 08:27:50 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has denied a request from banks to put a stay on the asset classification norms, according to a report by The Economic Times. The central bank's instruction could hurt companies hoping to avoid being labelled as defaulters amid the coronavirus outbreak. Comp...

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RBI announces further measures for dealing with the COVID-19 pandemic
Posted Date : 02-Apr-2020 , 11:49:54 am | Posted By CASANSAAR

1. Extension of realisation period of export proceeds Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pan...

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RBI approves amalgamation of 10 public sector banks from April 1
Posted Date : 29-Mar-2020 , 10:05:36 am | Posted By CASANSAAR

Reserve Bank of India on Saturday said it has approved the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank. The scheme will ...

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RBI permits 3 month moratorium on EMI payments on all outstanding loans
Posted Date : 27-Mar-2020 , 08:49:22 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) Governor Shaktikanta Das today announced cut in benchmark interest rate, Repo Rate by 75 basis points to 4.4 per cent to deal with the hardship caused due to the outbreak of COVID-19. The central bank also reduced the Cash Reserve Ratio (CRR) of all banks by 100 ba...

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RBI cut Repo rate by 75 bps to 4.4%, CRR by 100 bps to 3%
Posted Date : 27-Mar-2020 , 11:07:05 am | Posted By CASANSAAR

Reserve Bank of India (RBI) governor Shaktikanta Das March 27 announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic. Repo rate cut by 75 bps to 4.4%, CRR by 100 bps to 3%, banks allowed 3-month moratorium on all loans: ...

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RBI to inject Rs 30,000 Cr liquidity into market next week
Posted Date : 20-Mar-2020 , 09:07:58 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) will inject liquidity of Rs 30,000 crore through open market operations next week to maintain financial stability in the system in the wake of the coronavirus outbreak. The RBI has decided to conduct purchase of government securities under open market operations (O...

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RBI unveils Rs 1 Lakh Cr liquidity infusion to fight virus effect
Posted Date : 17-Mar-2020 , 09:17:10 am | Posted By CASANSAAR

Reserve Bank of India (RBI) governor Shaktikanta Das announced a Rs 1-lakh-crore liquidity infusion for banks through a long-term repo operation (LTRO) at the central bank’s policy rate of 5.15%. It also announced a second six-month dollar-swap facility. Under this, the central bank will make ...

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Category : RBI | Comments : 0 | Hits : 513

RBI issues new rules for Debit / Credit Cards
Posted Date : 16-Mar-2020 , 11:57:52 am | Posted By CASANSAAR

The new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and c...

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Category : RBI | Comments : 0 | Hits : 1044

RBI issues guidelines for Ind AS implementation by NBFCs, ARCs
Posted Date : 14-Mar-2020 , 10:05:00 am | Posted By CASANSAAR

The Reserve Bank on Friday came out with regulatory guidelines for implementation of Indian Accounting Standards (Ind AS) by non-banking financial companies (NBFCs) and asset reconstruction companies (ARCs) while preparing their financial results.  The guidelines, which are aimed at promotin...

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SC allows cryptocurrency trading, Cancels RBI's 2018 circular
Posted Date : 04-Mar-2020 , 11:49:17 am | Posted By CASANSAAR

The Supreme Court on Wednesday allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin.  The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating b...

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RBI raps PSU bank heads over poor credit growth
Posted Date : 03-Mar-2020 , 10:26:07 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday pulled up heads of public sector banks (PSBs) for poor credit growth, two top executives of state-owned banks said, requesting anonymity.  In a post-policy meeting, RBI governor Shaktikanta Das and deputy governor N.S. Vishwanathan also tried to find...

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RBI directs banks to link all the new floating rate loans to medium enterprises with external benchmark
Posted Date : 27-Feb-2020 , 10:36:33 am | Posted By CASANSAAR

The Reserve Bank has directed banks to link all the new floating rate loan to medium enterprises with external benchmark.In a circular, RBI said that the direction will be effective from 1st April 2020. With respect to micro and small enterprises, floating rate loans are already linked with external...

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RBI issues clarification on CRR Calculation
Posted Date : 27-Feb-2020 , 09:44:27 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday issued further clarifications on the recently announced relaxation on cash reserve ratio (CRR) calculations for incremental credit extended for automobiles, residential housing and micro, small and medium enterprises (MSMEs). The central bank explained...

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RBI board recommends aligning accounting year with fiscal year from 2020-21
Posted Date : 16-Feb-2020 , 09:45:46 am | Posted By CASANSAAR

The Reserve Bank board on Saturday recommended aligning the central bank's accounting year, beginning July, with the financial year from 2020-21, an official statement said. The Central Board of Directors of the RBI at its 582nd meeting reviewed the current economic situation, global and dome...

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RBI appoints five executive Directors
Posted Date : 14-Feb-2020 , 10:38:22 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has elevated five officials to the executive directors’ post. The officials will be taking charge during the year. Those elevated are Indrani Banerjee, Regional Director, Nagpur, Saurav Sinha, chief general manager-in-charge, Vivek Deep, CGM in-charge, J.K...

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Lending from CRR buffer to get 5-year exemption: RBI
Posted Date : 11-Feb-2020 , 10:15:50 am | Posted By CASANSAAR

The Reserve Bank of India has said that the special lending window with Cash Reserve Ratio exemption will be open from 14th of February and incremental loans disbursed under this facility will have CRR exemption for the next five years. The central bank circular issued in Mumbai yesterday said th...

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RBI publishes draft framework for new payment system
Posted Date : 11-Feb-2020 , 09:44:39 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday published draft framework for authorisation of a new pan India umbrella organization for retail payment systems. The central bank has invited comments on the draft framework from all stakeholders by February 25. At present, National Payments Corporatio...

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Category : RBI | Comments : 0 | Hits : 155

RBI to implement Pan-India cheque truncation system by Sep
Posted Date : 07-Feb-2020 , 09:48:46 am | Posted By CASANSAAR

In a bid to accelerate clearance of cheques, the Reserve Bank of India (RBI) on Thursday said it has decided to implement a cheque truncation system (CTS) across the country by September this year.  RBI introduced this system in 2010. At present, it is operational in some major cities. "...

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Category : RBI | Comments : 0 | Hits : 223

RBI keeps repo rate, reverse repo rate unchanged
Posted Date : 06-Feb-2020 , 08:54:38 pm | Posted By CASANSAAR

RBI Governor Shaktikanta Das today said that the Monetary Policy Committee’s decision to maintain status quo on policy rates for the second time in a row, must not be viewed as a pointer for future action. Addressing the post-policy press conference in Mumbai today, Mr. Das said even though...

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Category : RBI | Comments : 0 | Hits : 75

Cabinet approves amendment to bring cooperative banks under RBI
Posted Date : 06-Feb-2020 , 10:03:15 am | Posted By CASANSAAR

The Union Cabinet on Wednesday approved amendments to the Banking Regulation Act to bring cooperative banks under the regulatory mechanism of Reserve Bank of India. The government has taken this move in the wake of the Punjab and Maharashtra Co-operative (PMC) Bank crisis. The move will ensure gr...

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Category : RBI | Comments : 0 | Hits : 207

RBI imposes Rs 1 Cr penalty on HDFC Bank
Posted Date : 29-Jan-2020 , 10:51:37 pm | Posted By CASANSAAR

The Reserve Bank of India has imposed a penalty of Rs 1 crore on HDFC Bank for non-compliance with Know Your Customer (KYC) norms, the central bank said on Wednesday. The RBI in a release said that supervisory evaluation of the bank (2016-17) revealed that the HDFC Bank had “failed to exerc...

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Category : RBI | Comments : 0 | Hits : 278

RBI raises short-term investment limit of FPIs to 30% from 20% of portfolio
Posted Date : 24-Jan-2020 , 10:42:39 am | Posted By CASANSAAR

With foreign investors dumping Indian debt but keeping up their investment in equities, the Reserve Bank of India (RBI) on Thursday increased the short-term investment limit of such investors. It doubled the limit in case they voluntarily disclose their investment plan before hand. In two separat...

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Category : RBI | Comments : 0 | Hits : 297

RBI issues new debit and credit card rules to improve convenience and security
Posted Date : 15-Jan-2020 , 10:41:54 pm | Posted By CASANSAAR

As over the years, the volume and value of transactions made through cards have increased manifold, the Reserve Bank of India on Wednesday issued new rules for credit and debit cards to improve user convenience and increase the security of card transactions. RBI asks banks to allow only domestic ...

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Category : RBI | Comments : 0 | Hits : 1104

RBI amends KYC norms, allows banks to use V-CIP
Posted Date : 11-Jan-2020 , 07:32:56 pm | Posted By CASANSAAR

The RBI has amended the KYC norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers remotely. The V-CIP, which will be consent-based, will make it easier for banks and other regulate...

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Category : RBI | Comments : 0 | Hits : 156

RBI extends recurring payments feature to UPI
Posted Date : 11-Jan-2020 , 12:00:26 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) will now allow consumers to give an e-mandate for recurring payments made through Unified Payments Interface (UPI), a move that is expected to ease small digital payments made at grocery shops and local stores. This functionality will allow UPI users to bypass addi...

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Category : RBI | Comments : 0 | Hits : 422

RBI releases national strategy for financial inclusion
Posted Date : 11-Jan-2020 , 11:54:15 am | Posted By CASANSAAR

Wider acceptance and adoption of digital payments will play a key role towards financial inclusion, according to the Reserve Bank of India’s (RBI’s) recommendation for sustainable financial inclusion during 2019-20. Along with traditional banking outlets, payments banks, small finance...

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Category : RBI | Comments : 0 | Hits : 70

RBI amends KYC norms, allows banks to use V-CIP
Posted Date : 10-Jan-2020 , 10:21:28 am | Posted By CASANSAAR

The RBI has amended the KYC norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers remotely. The V-CIP, which will be consent-based, will make it easier for banks and other regulate...

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Category : RBI | Comments : 0 | Hits : 384

RBI allows 24x7 forex market operations via select banks
Posted Date : 08-Jan-2020 , 10:19:21 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday said select banks in India can offer forex rates to Indian clients beyond the inter-bank market hours, which now run from 9 am to 5 pm. In effect, this opens up the forex market in India round the clock, allowing Indians to hedge their foreign exchange risks...

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Category : RBI | Comments : 0 | Hits : 312

RBI announces special OMO of Rs 10,000 Cr on Jan 6
Posted Date : 03-Jan-2020 , 08:55:33 am | Posted By CASANSAAR

The Reserve Bank on Monday will carry a special simultaneous open market operation to buy and sell government bonds of Rs 10,000 crore each. "On a review of the current liquidity and market situation and an assessment of the evolving financial conditions, the Reserve Bank has decided to cond...

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Category : RBI | Comments : 0 | Hits : 157

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