RBI imposes Rs 1.72 Cr Penalty on SBI
Posted Date : 11-May-2025 , 10:08:53 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has penalised the State Bank of India with Rs 1.72 crore for non-compliance with certain directions.
As per a statement from the RBI, the state-owned lender failed to comply certain certain directions issued by RBI on ‘Loans and Advances- Statutory and ...
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RBI tightens norms related to digital lending
Posted Date : 10-May-2025 , 09:28:06 am | Posted By CASANSAAR
In a bid to rein in excesses in the digital lending ecosystem, the Reserve Bank of India (RBI) rolled out a new set of master directions focused heavily on consumer protection.
Regulated entities(REs) must now furnish to borrowers digitally signed loan documents and a key fact statement, while al...
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RBI, DFS and CAG discuss new norms for Statutory Auditors of Public Sector Banks
Posted Date : 02-May-2025 , 09:42:56 pm | Posted By CASANSAAR
In the wake of recent developments involving IndusInd Bank, regulatory authorities are considering new norms for concerning the appointment and functioning of statutory auditors in public sector banks.
According to sources, a high-level meeting was held in the first week of April, involving the R...
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RBI imposes penalties on five major banks for compliance failures
Posted Date : 03-May-2025 , 07:51:00 am | Posted By CASANSAAR
The Reserve Bank of India imposed a monetary penalty on five banks --ICICI Bank, Axis Bank, Bank of Maharashtra, Bank of Baroda and IDBI Bank. ICICI Bank was fined Rs.97.8 lakh, Axis Bank Rs.29.6 lakh, Bank of Maharashtra Rs.31.8 lakh, Bank of Baroda Rs.61.4 lakh and IDBI Bank Rs. 31.8 lakh on ...
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RBI |
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RBI instructs Banks, Financial Companies & other Regulated Entities to use PRAVAAH portal
Posted Date : 30-Apr-2025 , 09:38:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has given clear instructions that from May 1, 2025, all banks, financial companies, and other regulated entities must use the PRAVAAH portal to submit any applications for authorisations, licenses, and approvals.
In an official statement released on Monday, the RBI...
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RBI Allows Minors over 10 Years to open Bank Accounts Independently
Posted Date : 22-Apr-2025 , 11:34:04 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is now allowing minors aged 10 years and above to open and operate savings and term deposit accounts independently.
This new directive, issued on April 21, is designed to foster greater financial inclusion among younger individuals. Issued on April 21, the ne...
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RBI Imposes Rs 1.29 Cr fine on 3 Major Banks for lapses in KYC, Customer Service
Posted Date : 19-Apr-2025 , 08:31:30 am | Posted By CASANSAAR
In a significant enforcement action, the Reserve Bank of India (RBI) on Thursday imposed monetary penalties totalling Rs 1.29 crore on three major banks – Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank (PNB) – for various regulatory non-compliances.
The punitive ...
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RBI |
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RBI Issues Master Direction on Deposits, Accounts for overseas Branches
Posted Date : 18-Apr-2025 , 08:57:56 am | Posted By CASANSAAR
The RBI on Thursday said banks can open/close rupee accounts (non-interest bearing) in the name of their overseas branches or correspondents without prior reference to the central bank.
However, the opening of rupee accounts in the name of branches of Pakistani banks operating outside Pakistan re...
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RBI |
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0 | Hits : 492
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RBI Cuts Repo Rate For 2nd Time To 6%
Posted Date : 10-Apr-2025 , 07:49:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points, bringing it down from 6.25% to 6% - a move expected to ease borrowing costs for individuals and businesses.
RBI Governor Sanjay Malhotra announced the decision during the first Monetary Policy Committee (MPC) meeting of F...
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Poonam Gupta's appointment as RBI Deputy Governor
Posted Date : 03-Apr-2025 , 08:35:16 am | Posted By CASANSAAR
The Centre has appointed Poonam Gupta, Director General of the National Council of Applied Economic Research (NCAER), as the Deputy Governor of the Reserve Bank of India (RBI) for a three-year term.
Her appointment comes ahead of the crucial Monetary Policy Committee (MPC) meeting scheduled...
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President Murmu asks RBI, banks to guard against e-frauds
Posted Date : 02-Apr-2025 , 09:26:17 am | Posted By CASANSAAR
President Droupadi Murmu urged the RBI to enhance vigilance against financial fraud and cyber threats as technology advances. She praised the RBI's role in maintaining trust and stability over the past 90 years and emphasized its importance in driving financial innovation and ensuring a secure d...
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RBI imposes Rs.75 lakh penalty on HDFC Bank, Rs.68.2 lakh on Punjab & Sind Bank
Posted Date : 27-Mar-2025 , 09:29:10 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalties on HDFC Bank and Punjab & Sind Bank for non-compliance with its regulatory guidelines, according to the press statement issued by the RBI on Wednesday (March 26). While HDFC Bank is slapped with a Rs.75 lakh penalty for violations re...
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RBI approves hike in ATM interchange fees
Posted Date : 24-Mar-2025 , 07:50:34 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees, raising charges by Rs 2 for financial transactions and Re 1 for non-financial transactions. The revision, effective May 1, is expected to have a greater impact on smaller banks with limited ATM network.
Banks have n...
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RBI |
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RBI proposes relief from foreclosure charges on floating-rate loans
Posted Date : 06-Mar-2025 , 09:50:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed a policy change aimed at providing significant relief to borrowers by recommending the removal of foreclosure charges on floating-rate loans taken by individuals for non-business purposes. The proposal was mentioned in a draft circular titled 'Respons...
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RBI eases lending rules for small borrowers and NBFCs
Posted Date : 26-Feb-2025 , 11:18:44 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has eased the stricter loan rules for small borrowers and non-bank lenders at a time when the economy is showing signs of slowing down.
The RBI has also put on hold its earlier proposals to increase the capital that banks must set aside for new project loans and th...
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RBI relaxes certain norms for urban co-operative banks
Posted Date : 25-Feb-2025 , 07:25:45 am | Posted By CASANSAAR
India's central bank on Monday revised certain norms for urban co-operative banks (UCBs), with a view of providing them with greater operational flexibility, while meeting regulatory objectives.
UCBs are financial institutions operating in urban and semi-urban areas, offering banking services...
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RBI |
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RBI cut Repo Rate by 25 basis points to 6.25%
Posted Date : 07-Feb-2025 , 12:05:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has reduced its key repo rate for the first time in nearly five years to boost the economy. The RBI Monetary Policy Committee (MPC) has unanimously decided to cut the key rate by 25 bps from 6.5% to 6.25%, Sanjay Malhotra said this morning in his first key address aft...
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RBI readies Rs. 1.5 lakh crore injection durable liquidity into the banking system,
Posted Date : 28-Jan-2025 , 07:56:18 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) announced measures to inject durable liquidity into the banking system, including a ?60,000-crore bond purchase and a $5-billion USD/rupee swap auction. These actions are expected to ease liquidity conditions and raise the probability of a repo rate cut in February, p...
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RBI |
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RBI publishes Payment System Report for Dec 2024
Posted Date : 28-Jan-2025 , 07:51:12 pm | Posted By CASANSAAR
The Reserve Bank of India has published the Payment System Report, December 2024. The report analyses the trends in payment transactions carried out using various payment systems in India during the last five calendar years up to CY-2024. It also covers important developments in the payment ecosyste...
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RBI announces measures to inject liquidity into banking system
Posted Date : 28-Jan-2025 , 08:55:18 am | Posted By CASANSAAR
The Reserve Bank of India's (RBI) measures, expected to collectively infuse 1.5 trillion rupees into the banking system, come after months of a cash crunch in the banking system that had pushed up overnight and short-term lending rates.
"The urgency that was being felt in the market has ...
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RBI announces steps to inject liquidity in banking system
Posted Date : 27-Jan-2025 , 07:40:58 pm | Posted By CASANSAAR
MUMBAI: The Reserve Bank of India on Monday said it will purchase government securities worth Rs 60,000 crore in three tranches and announced several other steps to inject liquidity into the banking system.
As part of measures to manage liquidity conditions, the central bank also announced a ...
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RBI's new Guidelines - Banks will call you only from These 2 Numbers
Posted Date : 23-Jan-2025 , 11:40:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has recently introduced two dedicated phone number series for financial institutions to make transaction and marketing calls to their customers. This new initiative is designed to protect mobile users from financial frauds disguised as bank communications. According t...
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RBI |
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RBI allowed asset reconstruction companies (ARCs) to settle dues with borrowers
Posted Date : 21-Jan-2025 , 07:09:34 pm | Posted By CASANSAAR
The RBI has revised the guidelines for asset reconstruction companies (ARCs), allowing them to settle dues with borrowers after evaluating recovery possibilities. ARCs are now required to frame a board-approved settlement policy. For accounts with over Rs 1 crore, proposals must still be reviewed by...
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RBI |
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RBI eases norms for ARCs to settle with defaulters
Posted Date : 21-Jan-2025 , 11:32:19 am | Posted By CASANSAAR
The Reserve Bank on Monday asked Asset Reconstruction Companies (ARCs) to go for settlement with borrowers only after exhausting all possible ways to recover dues.
The central bank has revised the 'Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 202...
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RBI |
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India
Posted Date : 18-Jan-2025 , 06:48:46 pm | Posted By CASANSAAR
India’s foreign exchange reserves declined by 8.7 billion dollars to 625.87 billion dollars in the week ending January 10, the latest data released by the Reserve Bank of India (RBI) showed today. In the previous week, the country’s forex reserves had dropped by 5.6 billion dollars for t...
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India
Posted Date : 18-Jan-2025 , 06:43:58 pm | Posted By CASANSAAR
The Reserve Bank’s monthly bulletin for January 2025 has informed us that India’s economic growth is poised to rebound as domestic demand has started to regain strength. As per the ‘State of the Economy’ article authored by a team led by RBI Deputy Governor Michael Debabrata ...
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RBI |
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RBI injected over Rs. 40,000 crore into the banking system through 2 Auctions
Posted Date : 17-Jan-2025 , 01:46:17 am | Posted By CASANSAAR
RBI injected over Rs. 40,000 crore into the banking system through 2 Auctions
Reserve Bank of India injected over Rs.40,000 crore into the banking system through two operations, addressing a liquidity deficit that breached Rs.2 lakh crore. The RBI accepted Rs.30,760 crore from overnight VRR aucti...
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RBI |
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RBI Announces steps to encourage cross-border transactions in Indian rupee
Posted Date : 16-Jan-2025 , 06:57:40 am | Posted By CASANSAAR
RBI announces steps to encourage cross-border transactions in Indian rupee
MUMBAI: The Reserve Bank of India (RBI) on Thursday announced liberalised norms to encourage use of Indian Rupee and local/ national currencies to settle cross border transactions.
The decision comes at a time when the do...
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RBI |
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RBI Said to ease rupee drought with FX swaps
Posted Date : 13-Jan-2025 , 06:35:36 pm | Posted By CASANSAAR
RBI Said to ease rupee drought with FX swaps
The Reserve Bank of India used dollar-rupee swaps to inject $3 billion worth of rupee liquidity to ease a financial squeeze. This move was made to counteract a tightening of rupee liquidity due to tax settlements and stock purchases. However, this acti...
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RBI |
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Business correspondents Requested RBI to ease domestic transfer limits and rules
Posted Date : 13-Jan-2025 , 04:48:11 pm | Posted By CASANSAAR
Business correspondents Requested RBI to ease domestic transfer limits and rules
Business correspondents have requested the RBI to double the monthly transfer limit to ?50,000 and reduce two-factor authentication to once a month. They have also flagged misuse of the system by some entities to byp...
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RBI |
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