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

RBI imposes Rs 1.45 Cr Penalty on Central Bank of India for non-compliance
Posted Date : 14-Jun-2024 , 09:36:02 pm | Posted By CASANSAAR

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE...

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Category : RBI | Comments : 0 | Hits : 455

RBI suffers system failure in automated system for Banks
Posted Date : 13-Jun-2024 , 12:41:47 pm | Posted By CASANSAAR

India's central bank system that enables lenders to manage their day-to-day liquidity needs did not work on Tuesday due to a technical issue, treasury officials said, its first such failure since it was set up nearly four years ago.   The automated sweep-in and sweep-out system (ASISO), u...

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RBI Monetary Policy - RBI keeps repo rate unchanged at 6.5%
Posted Date : 07-Jun-2024 , 10:42:37 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the second bi-monthly monetary policy of the financial year 2024-25 on Friday.  This is the first RBI policy after the Lok Sabha election results 2024. The RBI Governor headed six-member Monetary Policy Committee (MPC) decide...

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RBI approves highest-ever dividend of Rs 2.11 lakh Cr to Govt
Posted Date : 22-May-2024 , 08:09:13 pm | Posted By CASANSAAR

The Reserve Bank of India will pay a record Rs 2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of what was budgeted expectation, helping shore up revenue ahead of a new government taking office. The RBI board, at its 608th meeting on Wednesday, approved t...

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RBI may transfer dividend of around Rs 1 lakh Cr to Government
Posted Date : 20-May-2024 , 04:39:29 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) is expected to transfer a substantial dividend, possibly around Rs 1 lakh crore, to the government, significantly higher than last year's payout, reported The Economic Times. Recently, the RBI announced a significant reduction in the government's borrowing ...

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Category : RBI | Comments : 0 | Hits : 866

RBI directs NBFCs to adhere to cash disbursal limit of Rs 20,000 for loans
Posted Date : 09-May-2024 , 07:00:56 am | Posted By CASANSAAR

The Reserve Bank of India has directed non-bank finance companies (NBFC) to strictly adhere to IT Act on cash disbursements. This means, NBFCs must stick to a cap of Rs 20,000 while disbursing cash loans. According to a Reuters report, this direction comes in a bid to deter cash transactions. ...

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Category : RBI | Comments : 0 | Hits : 2291

RBI proposes tighter project finance rules
Posted Date : 04-May-2024 , 07:53:12 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday proposed tighter rules to govern lending to projects under implementation. The central bank’s draft rules include a classification of the projects as per their phase and higher provisioning of up to 5 per cent during the construction phase, even if the...

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RBI comes out with FEMA regulations for direct listing on international exchange
Posted Date : 25-Apr-2024 , 09:57:44 am | Posted By CASANSAAR

Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively. Regulations have been ...

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Category : RBI | Comments : 0 | Hits : 1813

RBI directs payment firms to track high-value, fishy transactions during elections
Posted Date : 23-Apr-2024 , 08:19:47 am | Posted By CASANSAAR

The Lok Sabha elections 2024 are in full swing with electioneering adding much colour to the entire process. However, to ensure that there is no wrongdoing, the Reserve Bank of India (RBI) has sent a missive to Payment System Operators (PSOs) asking them to keep a watch on all suspicious high-value ...

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Category : RBI | Comments : 1 | Hits : 4956

RBI Issues Draft Guidelines on Payment Aggregators
Posted Date : 18-Apr-2024 , 11:05:18 am | Posted By CASANSAAR

he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem. The draft also covers the physical point-of-sale activities of payment aggregators (PAs). The RBI said that given the growth in di...

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RBI eases rules on hedging of gold price risk in overseas markets
Posted Date : 16-Apr-2024 , 01:54:54 am | Posted By CASANSAAR

The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC. Resident entities such as banks were permitted t...

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RBI imposes monetary penalty on 5 co-operative banks for rule violation
Posted Date : 22-Mar-2024 , 07:25:21 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on March 21 said it has imposed monetary penalty on five co-operative banks for rule violations. These banks are Pragati Mahila Nagrik Sahakari Bank, Janata Co-operative Bank, Jila Sahakari Kendriya Bank, Karad Urban Co-operative Bank, and The Kalupur Commercial Co...

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Category : RBI | Comments : 0 | Hits : 1341

RBI organises Annual Conference of the RBI Ombudsmen
Posted Date : 20-Mar-2024 , 02:52:01 pm | Posted By CASANSAAR

  The Reserve Bank of India organised the Annual Conference of RBI Ombudsmen, on March 15, 2024 in Mumbai. The theme of the conference was “Protecting the Consumers – Building Robust Systems and Procedures”. The Conference was attended by Chairman/ Managing Director & C...

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Category : RBI | Comments : 0 | Hits : 1402

RBI alerts banks on heightened cyber security threats
Posted Date : 19-Mar-2024 , 07:54:39 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has cautioned some banks, urging them to fortify their defences against potential cyber attacks, as per a Moneycontrol report citing industry sources. The warnings, issued to select banks, follow the central bank's recent Cyber Security and Information Technolo...

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RBI Ombudsman received more complaints against private banks per branch in FY23
Posted Date : 13-Mar-2024 , 07:32:36 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) received 6.52 complaints per branch against RBL Bank between April 1, 2022 and March 31, 2023 through the offices of RBI Ombudsman (ORBIOs), according to the latest annual report. This is the highest number of complaints per branch against any private banks, as per th...

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Category : RBI | Comments : 0 | Hits : 1440

RBI urges financial institutions to disclose climate risks
Posted Date : 29-Feb-2024 , 05:25:15 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday proposed a four-year road map starting 2025-26 for regulated entities (REs) – banks, financial institutions, and non-banking finance companies (NBFCs) – to disclose climate-related financial risks under the standard framework. The regulated...

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Category : RBI | Comments : 0 | Hits : 326

RBI to examine overseas investment rules
Posted Date : 22-Feb-2024 , 09:32:08 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) will meet banks to sort out the grey areas in overseas investment (OI) regulations which have stalled the plans of several wealthy Indians, business families, and startups from taking exposures to foreign securities, funds and companies. Can a resident individual s...

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Category : RBI | Comments : 0 | Hits : 796

RBI asks Visa, Mastercard to stop card-based commercial payments
Posted Date : 15-Feb-2024 , 07:37:33 am | Posted By CASANSAAR

The Reserve Bank has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance. While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response fro...

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Category : RBI | Comments : 0 | Hits : 749

RBI bars Paytm Payments Bank from offering services effective March 2024
Posted Date : 01-Feb-2024 , 08:18:12 am | Posted By CASANSAAR

Reserve Bank of India has imposed restrictions on Paytm Payments Bank and barred the entity from offering incremental banking services effective March 2024, due to concerns regarding breach of and compliance with regulatory norms. “The Comprehensive System Audit report and subsequent compli...

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Category : RBI | Comments : 0 | Hits : 1808

Revised norms on fair lending practice effective from April 1 - RBI
Posted Date : 15-Jan-2024 , 09:52:03 pm | Posted By CASANSAAR

The revised fair lending practice, which prohibits banks and NBFCs from using penal charges on loan defaults as a revenue enhancement tool, will come into effect from April 1, the Reserve Bank said on Monday. Concerned over the practice of banks and non-banking financial companies (NBFCs) using p...

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RBI proposes banks with less than 6% net NPAs to declare dividends
Posted Date : 03-Jan-2024 , 08:31:24 am | Posted By CASANSAAR

The Reserve Bank on Tuesday proposed allowing banks having net non-performing assets (NPAs) ratio of less than 6 per cent to declare dividends. As per the prevailing norms last updated in 2005, banks need to have a NNPA ratio of up to 7 per cent to become eligible for declaration of dividends. ...

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Category : RBI | Comments : 0 | Hits : 1405

RBI asks banks to annually review accounts inoperative for over a year
Posted Date : 02-Jan-2024 , 08:55:09 am | Posted By CASANSAAR

The Reserve Bank of India has asked banks to annually review accounts that have not seen customer-induced transactions for over a year, and term deposit accounts where there is no explicit renewal mandate and the funds have not been withdrawn after maturity. It also barred banks from levying pena...

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Category : RBI | Comments : 0 | Hits : 1202

RBI drafts new rules for Authorised Persons to become Money Changers.
Posted Date : 28-Dec-2023 , 08:19:14 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is drafting new rules to allow ‘authorised persons' to become money changers under the Foreign Exchange Management Act (FEMA) First announced in RBI's statement on Development and Regulatory Politics dated June 8, 2023, a draft licensing framework in ...

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Category : RBI | Comments : 0 | Hits : 429

RBI Releases Draft Licensing Framework for Authorised Persons Under FEMA
Posted Date : 27-Dec-2023 , 08:02:57 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) today released a draft 'Licensing Framework for Authorised Persons (APs)' under Foreign Exchange Management Act (FEMA), 1999.   According to RBI release, the focus of the draft norms is on rationalising the authorisation framework for money changers in ...

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Category : RBI | Comments : 0 | Hits : 379

RBI updates the Alert List of unauthorized forex trading platforms
Posted Date : 28-Nov-2023 , 07:16:09 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has added the following entities/platforms/websites to the Alert List of unauthorized forex trading platforms. Updated Alert List is available here.   Sr. No Name Website 1 Admiral Market https://admiralmarket...

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Category : RBI | Comments : 0 | Hits : 425

RBI imposes Penalty on PNB, Federal Bank, 2 other entities
Posted Date : 03-Nov-2023 , 08:15:34 pm | Posted By CASANSAAR

The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India P...

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Category : RBI | Comments : 0 | Hits : 1326

People can send Rs 2,000 notes by post to RBI offices for direct credit in bank accounts
Posted Date : 03-Nov-2023 , 07:03:33 am | Posted By CASANSAAR

People can send their Rs 2,000 banknotes to specified regional offices of the Reserve Bank through the insured post for credit in their bank accounts. This is a hassle-free option for the people who are away from the regional offices of the Reserve Bank. Besides, the RBI is offering TLR (Tripl...

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Category : RBI | Comments : 0 | Hits : 651

RBI asks Private Bbanks to have at least 2 Whole-Time Directors
Posted Date : 26-Oct-2023 , 07:35:35 am | Posted By CASANSAAR

The Reserve Bank of Indiaon Wednesday asked private banks and wholly-owned subsidiaries of foreign banks to ensure at least two Whole Time Directors (WTDs), including the MD & CEO, on their boards to facilitate succession planning. Given the growing complexity of the banking sector, it becomes i...

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Category : RBI | Comments : 0 | Hits : 519

RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms
Posted Date : 17-Oct-2023 , 08:07:04 pm | Posted By CASANSAAR

The Reserve Bank on Tuesday said it has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms. The penalty on private sector lender ICICI Bank has been imposed for contravention of norms related to 'Loans and ...

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Category : RBI | Comments : 0 | Hits : 609

RBI asks banks to monitor personal loans
Posted Date : 08-Oct-2023 , 08:44:12 am | Posted By CASANSAAR

Reserve Bank of India (RBI) is monitoring certain components of personal loans for signs of incipient stress, at a time when the unsecured retail loan portfolio of lenders has grown at a rapid pace. “Banks and NBFCs would be well advised to strengthen their internal surveillance mechanisms,...

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Category : RBI | Comments : 0 | Hits : 953

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