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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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RBI to issue revised norms for housing finance companies
Posted Date : 14-Aug-2019 , 10:52:41 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday said housing finance companies (HFCs) will be treated as a category of non-banks, adding, it will release a revised regulatory framework for these entities.
This comes after the Finance Act, 2019 amended the National Housing Bank Act, 1987, conferring ce...
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RBI slashes repo rate by 35 basis points
Posted Date : 07-Aug-2019 , 10:43:52 pm | Posted By CASANSAAR
The Reserve Bank has cut repo rate by 35 basis points to 5.40 per cent to give a fillip to the economy. Repo rate is the rate at which RBI lends to banks. This is the fourth consecutive time that the RBI's Monetary Policy Committee reduced the rate.
On earlier three occasions, RBI had reduced...
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RBI announces NEFT facility will be available round-the-clock for customers
Posted Date : 07-Aug-2019 , 10:20:06 pm | Posted By CASANSAAR
The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers.
Speaking at a press conference after the release of the third bi-monthly policy statement, RBI Governor Shaktikanta Das said the RBI will...
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RBI slaps Rs 8.5 crore fine on 11 banks for not complying with fraud reporting
Posted Date : 06-Aug-2019 , 07:57:19 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said it has imposed a collective penalty of Rs 8.5 crore on eleven commercial banks for violating norms on fraud classification and reporting by commercial banks and selected financial institutions (FIs).
While the RBI imposed a fine of Rs 1.5 crore on Or...
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RBI tightens fit-and-proper criteria for directors on PSB boards
Posted Date : 03-Aug-2019 , 07:19:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has tightened the fit-and-proper criteria for directors on the boards of state-run banks, and said the Centre’s nominee director shall not be part of the nomination and remuneration committee (NRC). The revised criteria also, for the first time, laid down an exh...
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RBI bans NBFCs from charging loan foreclosure penalties
Posted Date : 03-Aug-2019 , 07:18:15 am | Posted By CASANSAAR
The Reserve Bank on Friday barred non-banking finance companies from charging pre-payment penalties or foreclosure charges from individual borrowers.
"NBFCs shall not charge foreclosure charges/pre- payment penalties on any floating rate term loans sanctioned for purposes other than bu...
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RBI slaps fine on eight public sector banks for violating norms
Posted Date : 02-Aug-2019 , 09:13:11 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) imposed monetary penalty ranging between Rs 1-2 crore on eight public sector banks for violating norms on fraud classification, bill discounting and monitoring of end use of funds.
Bank of Baroda, Bank of India, Indian Overseas Bank and Union Bank of India were fin...
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RBI imposes penalty of Rs 1.5 cr on Bank of India
Posted Date : 02-Aug-2019 , 12:34:09 pm | Posted By CASANSAAR
The Reserve Bank of India has imposed a penalty of Rs 1.5 crore on Bank of India on account of 'Non-compliance with RBI's direction on Frauds' in Rotomac Group companies.
The aforesaid penalty is required to be paid within 14 days of receipt of their order. #casansaar (Soruc...
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RBI allows Bank of China to offer regular banking services in India
Posted Date : 02-Aug-2019 , 12:28:04 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday allowed Bank of China to offer regular banking services in the country. All commercial banks, like SBI, HDFC Bank, Punjab National Bank and ICICI Bank, are in the Second Schedule. Banks falling under this schedule have to adhere to the norms of the RBI.
...
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RBI relaxes External Commercial Borrowing norms for corporates , non-banking lenders
Posted Date : 31-Jul-2019 , 09:26:38 am | Posted By CASANSAAR
In more liquidity easing measures, the Reserve Bank has liberalised the end-use stipulations for the External Commercial Borrowings both for corporates as well as liquidity starved non-banking lenders.
The central bank in a statement yesterday said that liberalisation will be applicable to ECBs t...
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