RBI releases calendar for issuance of gold bonds for first half of FY 19
Posted Date : 31-May-2019 , 10:16:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) May 30 announced calendar for issuance of Sovereign Gold Bonds for the first half of the current fiscal. The Sovereign Gold Bonds (SGB) will be issued every month from June 2019 to September 2019, RBI said in a statement.
"The Bonds will be sold through Schedu...
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RBI extends relaxed norms for NBFC loan securitisation till December 31
Posted Date : 30-May-2019 , 09:45:08 am | Posted By CASANSAAR
The RBI extended minimum holding period requirement for NBFCs to raise funds via loan securitisation to help the sector overcome liquidity shortage.
Non-banking financial companies (NBFCs) have been permitted to securitise loans of over five-year maturity after holding them for six months on thei...
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Banks can use Aadhaar for KYC with customer's consent - RBI
Posted Date : 30-May-2019 , 09:41:06 am | Posted By CASANSAAR
Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.
The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated b...
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RBI extends timings for RTGS transactions from 4:30 pm to 6 pm
Posted Date : 28-May-2019 , 09:07:58 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6 pm from 4:30 pm. The new time window for RTGS will come into effect from June 1.
The RTGS is an online fund transfer system, supported by the RBI, which enables tran...
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HC issues notice to PayTM, RBI on company's postpaid wallet service
Posted Date : 28-May-2019 , 09:46:25 am | Posted By CASANSAAR
The Delhi High Court on Monday notices to the Reserve Bank of India (RBI) and PayTM, seeking their response to a Public Interest Litigation (PIL) which claims that the digital payment company is violating the banking rules by operating a post-paid wallet. A division bench led by Chief Justice Rajend...
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RBI tweaks norms on VRR investment by FPIs
Posted Date : 25-May-2019 , 09:46:19 am | Posted By CASANSAAR
The Reserve Bank of India Friday fixed the investment limit at Rs 54,606.55 crore for foreign portfolio investors (FPIs) under the voluntary retention route (VRR), which allows to park funds in both government securities as well as corporate debt. VRR for investments by FPIs was introduced on March ...
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RBI plans specialized structure for regulation, supervision of banks
Posted Date : 24-May-2019 , 10:01:34 am | Posted By CASANSAAR
The central board of Reserve Bank of India (RBI) approved creating a specialized supervisory and regulatory structure for commercial banks, urban cooperative banks and non-banking financial companies (NBFCs).
The decision is based on the recommendations of an internal committee under the cu...
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RBI to hold Structured Meetings with bank auditors to deal with divergences
Posted Date : 21-May-2019 , 10:03:16 am | Posted By CASANSAAR
To deal with the issue of banks diverging from the prescribed asset classification norm and consequent under-provisioning, the Reserve Bank of India (RBI) has kickstarted the process of holding structured meetings with their statutory central auditors (SCAs) at the end of every quarter.
T...
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RBI directs Non-Banking Finance Companies to appoint Risk Officers
Posted Date : 17-May-2019 , 10:05:58 am | Posted By CASANSAAR
Reserve Bank of India said on Thursday that shadow banks also known as non-banking finance companies (NBFC) with asset size of more than Rs 5,000 crore should appoint a chief risk officer (CRO) in a move to tighten regulation after a series of defaults at top lender Infrastructure Leasing & Fina...
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Banks must turn towards global trade-finance instruments - RBI
Posted Date : 11-May-2019 , 09:09:54 am | Posted By CASANSAAR
Banks need to expand their global banking relationship and shift towards globally accepted trade finance instruments instead of indigenous instruments (such as letter of undertaking/ letter of credit), according to a Reserve Bank of India paper.
This, however, may push up costs, the paper added. ...
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RBI weighs incentives for banks to move IBC
Posted Date : 06-May-2019 , 10:10:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is understood to be weighing a plan to ‘incentivise’ lenders to take errant borrowers to bankruptcy court.
It’s part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A mon...
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RBI moves to tighten current account operating norms to check fund diversion
Posted Date : 29-Apr-2019 , 07:53:08 am | Posted By CASANSAAR
In a move to tackle fund diversion, the Reserve Bank of India (RBI) has proposed sterner rules on opening and running of current accounts of corporate borrowers.
Current accounts, according to a draft circular shared by the regulator with the banking industry, can “only be opened&rdqu...
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RBI to give info on bank inspection reports under RTI - SC
Posted Date : 27-Apr-2019 , 09:15:28 am | Posted By CASANSAAR
The Supreme Court on Friday reprimanded the Reserve Bank of India (RBI) for refusing to disclose information pertaining to the annual inspection report on banks under the Right to Information (RTI) Act, and warned that any further attempts by the banking sector regulator to hold back such informatio...
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RBI may offer more time for bank-led resolution of NPAs
Posted Date : 24-Apr-2019 , 09:40:54 am | Posted By CASANSAAR
The RBI is likely to adopt a more accommodative approach towards resolution of stressed assets when it issues a revised circular, replacing the controversial February 12 circular quashed by the Supreme Court.
Sources said the major contention in the Reserve Bank of India's (RBI) controv...
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RBI clarification on 5 day week in commercial banks
Posted Date : 21-Apr-2019 , 07:19:23 am | Posted By CASANSAAR
It has been reported in certain sections of the media that commercial banks would have a 5 day week in terms of RBI instructions. It is clarified that this information is not factually correct.
RBI has not issued any such directions.
Yogesh Dayal
Chief General Manager
Press Release: 2018-2...
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Reinsurance brokers permitted to open foreign currency accounts - RBI
Posted Date : 13-Apr-2019 , 09:44:52 am | Posted By CASANSAAR
The Reserve Bank of India said reinsurance brokers have been permitted to open non-interest bearing foreign currency accounts with banks for undertaking transactions.
Earlier, the Insurance Regulatory and Development Authority of India (Irdai) had issued notification in this regard.
Follo...
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RBI issues norms for banks to set up currency chests
Posted Date : 09-Apr-2019 , 09:14:07 am | Posted By CASANSAAR
Reserve Bank of India(RBI) has come out with guidelines for banks to set up new currency chests, which include minimum area of 1,500 square feet for strong room.
The RBI said that the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day. It added that for tho...
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RBI to frame new rules on recasting bad loans after SC scraps circular
Posted Date : 05-Apr-2019 , 08:04:52 am | Posted By CASANSAAR
With the Supreme Court striking down the Reserve Bank of India's (RBI’s) February 12, 2018, circular, Governor Shaktikanta Das said on Thursday that the central bank would shortly come up with a revised circular for restructuring stressed assets.
Das said the apex court's order had ...
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Reserve Bank of India cuts repo rate by 25 bps to 6%
Posted Date : 04-Apr-2019 , 02:46:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday cut the repo rate by 25 basis points to 6 percent in the first bi-monthly monetary policy meet of the financial year (FY) 2019-20. It was the first back-to-back rate cut by the central bank since the Monetary Policy Committee (MPC) was formed in late 2016....
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RBI makes NPA divergence rule easier for banks
Posted Date : 02-Apr-2019 , 09:33:45 am | Posted By CASANSAAR
Reserve Bank of India has made life a little bit easier for banks by tweaking the bad loan divergence rule. Banks’ disclosure of divergence practice mandated by RBI aims at improving transparency in asset classification and preventing under-reporting of bad loans. The central bank has on Monda...
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RBI norms on bank exposure come into effect from 1st April
Posted Date : 01-Apr-2019 , 08:12:16 am | Posted By CASANSAAR
New guidelines on bank exposure to large borrowers take effect on 1 April, even as the Indian Banks’ Association (IBA) has made a last-ditch attempt to defer the deadline.
The new guidelines cap a bank’s exposure to a group of connected companies at 25% of its core capital, and to an ...
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All commercial and co-operative banks will remain closed on April 1st
Posted Date : 31-Mar-2019 , 09:25:04 pm | Posted By CASANSAAR
All commercial and co-operative banking institutions will remain closed on Monday i.e. April 1 on account of annual closing of accounts, the Reserve Bank of India said. Bank branches, however, will be open on Sunday to facilitate government receipt and payment transactions.
The central bank, in a...
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SC takes strong note of non-disclosure of banks' inspection reports by RBI
Posted Date : 27-Mar-2019 , 08:53:38 am | Posted By CASANSAAR
The Supreme Court Tuesday took strong note of non-disclosure of the annual inspection report of banks by the RBI under the Right to Information Act.
A bench comprising justices L N Rao and M R Shah said it may initiate contempt proceedings against the Reserve Bank Of India (RBI) for not disclosin...
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RBI slaps Rs 2 crore penalty on PNB
Posted Date : 26-Mar-2019 , 07:07:09 pm | Posted By CASANSAAR
The Reserve Bank of India has slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations.
SWIFT is a global messaging software used for sharing information on inter-bank transactions by financial entities.
In ...
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RBI again defers Indian Accounting Standards implementation by banks
Posted Date : 23-Mar-2019 , 10:22:46 am | Posted By CASANSAAR
The Reserve Bank on Friday again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration.
Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind...
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RBI urges banks to closely watch end use of funds via surveillance
Posted Date : 19-Mar-2019 , 09:15:46 am | Posted By CASANSAAR
The RBI is pushing banks to tighten the process of monitoring the end use of funds through enhanced surveillance as it seeks to arrest evergreening and prevent divergence of funds by corporate borrowers.
Senior bank executives said the urgency from the RBI has been heightened after the annu...
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RBI issues guidelines to prevent market abuse
Posted Date : 16-Mar-2019 , 08:59:03 am | Posted By CASANSAAR
The Reserve Bank of India has come out with guidelines to prevent misuse of price-sensitive information by participants in markets for financial instruments.
The RBI said market participants, either acting independently or in collusion, shall not undertake any action with the intention to manipul...
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RBI notifies 2% interest subsidy scheme for short-term crop loans
Posted Date : 08-Mar-2019 , 08:14:11 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Thursday notified the norms for banks with regards to two per cent interest subvention or subsidy for short-term crop loans during 2018-19 and 2019-20.
The Centre has already approved the scheme.
To provide short-term crop loans up to Rs 3 lakh to fa...
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Supreme Court to start hearing plea against RBI Feb 12 circular
Posted Date : 06-Mar-2019 , 07:33:24 am | Posted By CASANSAAR
The Supreme Court will start hearing on the power, sugar, and shipping companies’ challenge to the Reserve Bank of India’s (RBI) February 12 circular from Wednesday.
With a total exposure of nearly Rs 2 trillion in the power sector alone, companies, hoping for a verdict in their favou...
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RBI fines SBI, ICICI Bank and 17 others for non-compliance on SWIFT use
Posted Date : 06-Mar-2019 , 07:28:09 am | Posted By CASANSAAR
India's central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT.
The Reserve Bank of India (RBI) imposed the fines over the past four days, according to st...
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