RBI panel recommends conversion of UCBs with Rs 20,000 cr rev into regular banks
Posted Date : 24-Aug-2015 , 08:29:11 am | Posted By CASANSAAR
A Reserve Bank of India (RBI) panel has recommended conversion of Urban Cooperative Banks (UCBs), which have a revenue of more than Rs 20,000 crore into regular banks.
The recommendation has been made with the objective of allowing UCBs to grow and proliferate further for financial inclusion.
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RBI grants In-Principle approval to 11 payment banks applicants
Posted Date : 19-Aug-2015 , 11:12:38 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday granted in-principle approval to 11 payment banks applicants under the Guidelines for Licensing of Payments Banks.
RBI had received 41 applications for payments banks. The central bank has approved applications of Aditya Birla Nuvo Limited, Airte...
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RBI to transfer Rs 65,896 cr surplus to govt
Posted Date : 14-Aug-2015 , 07:48:37 am | Posted By CASANSAAR
Reserve Bank of India will transfer its surplus profit of 65,896 crore rupees to the Centre. This amount is 25 percent higher than previous year. RBI’s Central Board of Directors met in Mumbai yesterday and approved the transfer of surplus amount for the year ended June 30, 2015. The Reserve B...
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RBI allows banks to shift, merge or shut urban branches
Posted Date : 07-Aug-2015 , 08:01:05 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday allowed banks to shift, merge or close branches in urban areas without seeking its prior permission.
In a notification on its website, RBI said banks can “shift, merge or close all branches except rural branches and sole semi-urban branches at t...
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RBI warns banks against under-declaring bad loans
Posted Date : 06-Aug-2015 , 08:55:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has warned banks against under-declaring non-performing assets (NPAs) and on ever-greening of accounts to prevent them from slipping into default.
RBI governor Raghuram Rajan said, "We are increasingly turning towards taking action on such divergen...
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RBI eases norms for liquidity operations
Posted Date : 28-Jul-2015 , 08:49:54 am | Posted By CASANSAAR
In a bid to simplify and smoothen liquidity management, the Reserve Bank of India (RBI) will process all bids at its daily fixed repo and reverse repo auctions and the Marginal Standing Facility auctions using straight through processing (STP) whereby the bank will get instant credit or debit of fun...
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RBI eases norms for liquidity operations
Posted Date : 28-Jul-2015 , 08:48:56 am | Posted By CASANSAAR
In a bid to simplify and smoothen liquidity management, the Reserve Bank of India (RBI) will process all bids at its daily fixed repo and reverse repo auctions and the Marginal Standing Facility auctions using straight through processing (STP) whereby the bank will get instant credit or debit of fun...
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FinMin releases revised draft of Indian Financial Code
Posted Date : 24-Jul-2015 , 09:09:30 am | Posted By CASANSAAR
In a move that may dilute powers of RBI chief, the government on Thursday proposed taking away his authority to veto the interest rate decision of the central bank’s monetary policy committee.
The revised draft of Indian Financial Code (IFC), released on Thursday by th...
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RBI sets up panel for action plan on financial inclusion
Posted Date : 15-Jul-2015 , 10:35:04 pm | Posted By CASANSAAR
The Reserve Bank of India has set up a committee to work out a five-year action plan to spread the reach of financial services to unbanked population. According to a press release issued by RBI today, the 14-member panel, to be headed by RBI executive director Deepak Mohanty, will review the existin...
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RBI asks banks to use info from CRILC to open Current Account
Posted Date : 03-Jul-2015 , 08:16:34 am | Posted By CASANSAAR
With a view to improve credit discipline and reduce NPA level, the Reserve Bank today asked lenders to make use of credit information available with Central Repository of Information on Large Credits (CRILC) for opening of current accounts.
Banks are advised to make use of the information availab...
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RBI to remain open on July 1 to facilitate transactions
Posted Date : 30-Jun-2015 , 08:28:07 am | Posted By CASANSAAR
The Reserve Bank of India will remain open on July 1 to facilitate settlement of public and market transactions.
"On a review and in order to facilitate the settlement of market transactions as also to aid the transactions of the general public, the Reserve Bank of India has decided that i...
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Standard Format for Banks to Share Money Laundering Info on Anvil: Report
Posted Date : 28-Jun-2015 , 10:42:16 pm | Posted By CASANSAAR
The Reserve Bank of India, lenders and law enforcement agencies are working on a standard reporting format for banks to share investigation-related information after central agencies like Intelligence Bureau (IB) and Central Bureau of Investigation (CBI) complained about receiving data in different ...
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Banks can borrow from international institutions without RBI nod
Posted Date : 26-Jun-2015 , 08:41:38 am | Posted By CASANSAAR
Easing norms for accessing foreign funds, RBI allowed banks to borrow from international financial institutions for general banking business without seeking its permission.
“With a view to providing greater flexibility in seeking access to overseas funds, it has now been decided...
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RBI extends deadline for exchanging pre-2005 notes to Dec 31
Posted Date : 25-Jun-2015 , 09:25:54 pm | Posted By CASANSAAR
For the third time, the Reserve Bank of India on Thursday extended the deadline for exchanging pre-2005 currency note by six months to December 31, 2015.
With less than a week left for the last day to exchange all pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations, the ...
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Standards adopted by RBI compliant with Basel standards
Posted Date : 17-Jun-2015 , 01:36:01 pm | Posted By CASANSAAR
The standards adopted by the Reserve Bank of India (RBI) with regard to risk-based capital requirements are 'compliant' with minimum Basel capital standards, the central bank said on Tuesday.
RBI in a release said that the Basel Committee on Banking Supervision (BCBS) under th...
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RBI Issues Final Guidelines for Interest Rate Futures
Posted Date : 13-Jun-2015 , 08:56:16 am | Posted By CASANSAAR
RBI issued final guidelines for the 6-year and 13-year cash settled interest rate futures (IRF).
"The final guidelines for introduction of the 6-year and the 13-year cash settled IRF on government securities with residual maturity of 4-8 years and 11-15 years, respectively have been issued,&...
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Utility Bills Valid Proof of Address to Open Account: RBI
Posted Date : 12-Jun-2015 , 08:21:49 am | Posted By CASANSAAR
Bills for postpaid mobile service, piped gas and water supply can now be submitted as proof of address for opening account with banks or other financial institutions, the Reserve Bank of India said on Thursday.
"Utility bill which is not more than two months old of any service provider (elec...
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RBI permits NRIs to invest in Chit Funds
Posted Date : 12-Jun-2015 , 08:14:51 am | Posted By CASANSAAR
The Reserve Bank India (RBI) has permitted non-resident Indians (NRIs) to invest in regulated chit funds. This permission comes with riders. Indians abroad can subscribe to chit funds through banking channels, including accounts maintained in India.
The state governments or Registrar of Chits may...
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Banks can bring in foreign promoters after taking over defaulting companies: RBI
Posted Date : 09-Jun-2015 , 08:10:30 am | Posted By CASANSAAR
The RBI on Monday unveiled the much-talked-about "strategic debt restructuring" scheme which paves the way for banks to trigger a change in management of chronically defaulting companies. New norms announced by the RBI allowing banks to convert debt of defaulting companies into equity also...
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RBI cuts repo rate 25 bps to 7.25%, Leaves CRR and SLR unchanged
Posted Date : 02-Jun-2015 , 11:10:38 am | Posted By CASANSAAR
In keeping with demands by industry as well as the Finance Ministry, the Reserve Bank of India on Tuesday cut the benchmark rate cut by 25 basis points to 7.25%,. The latest cut takes the number of rate cuts this calendar year to three; the central bank had cut the repo rate...
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FinMin, RBI set up panel on reducing cash transactions
Posted Date : 01-Jun-2015 , 10:15:44 am | Posted By CASANSAAR
To reduce cash transactions in the economy and boost the usage of cards and point of sales (PoS) terminals, the Union finance ministry and Reserve Bank of India (RBI) have set up a committee to look at ways to encourage use of plastic money.
The committee has representatives from National Payment...
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RBI releases draft guidelines on net stable funding ratio
Posted Date : 29-May-2015 , 08:30:42 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on Thursday released draft guidelines on implementation of net stable funding ratio (NSFR) in Indian banks.
NSFR is defined as the amount of available stable funding (ASF) relative to the amount of required stable funding (RSF). The NSFR promotes resilience over a long...
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RBI says bank boards to do detailed scrutiny of financial results
Posted Date : 15-May-2015 , 08:12:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has said bank boards should do a detailed scrutiny of their quarterly and annual financial results in their board discussions. According to seven critical themes prescribed by the P J Nayak committee, instituted by RBI that reviewed bank boards’ governance, the ...
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RBI instructs banks to appoint internal ombudsman
Posted Date : 12-May-2015 , 08:04:46 am | Posted By CASANSAAR
The Reserve Bank of India has asked all public sector banks, some private sector and foreign banks to appoint an internal ombudsman.
The internal ombudsman who would be designated Chief Customer Service Officer (CCSO) should not have worked in the bank in which he/she is appointed as CCSO, the ...
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RBI tightens wilful defaulter norms to bring promoter directors under its ambit
Posted Date : 28-Apr-2015 , 08:38:06 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has clarified that only nominee and independent directors who are not whole-time board members of a firm deemed as a 'wilful defaulter' would be excluded from being labelled as a party to the default. It has, however, said that promoters who are not whole-time...
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RBI revises priority sector norms, includes more categories
Posted Date : 24-Apr-2015 , 08:06:05 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has revamped priority sector lending (PSL) norms. Now, loans to sectors such as social infrastructure, renewable energy and medium enterprises will also be treated as PSL.
While retaining the 40 per cent PSL target for domestic banks, the distinction between direct...
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RBI introduces early warning system to detect frauds
Posted Date : 23-Apr-2015 , 08:42:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has put in place an early warning system to prevent financial frauds.
The market intelligence units in its regional offices have been asked to pick-up early warnings on unscrupulous practices followed by financial institutions. This is part of the restructuring o...
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RBI planning to implement interoperable cash transfer
Posted Date : 22-Apr-2015 , 08:27:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is working on a proposal submitted by the National Payment Corporation (NPCI) to connect all cash deposit machines through the National Financial Switch (NFS).
This will make these machines interoperable and allow a customer of a particular ba...
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RBI allows banks to tie up with e-commerce companies
Posted Date : 21-Apr-2015 , 07:50:24 am | Posted By CASANSAAR
The Reserve Bank of India has said that it is not averse to banks entering into joint ventures with e-commerce firms to smoothen payments or appointing them as business correspondents for acquiring new customers. Integrating e-commerce with their own platforms will allow banks to work around the two...
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RBI debuts on social media with Twitter handle launch
Posted Date : 15-Apr-2015 , 07:31:58 am | Posted By CASANSAAR
To connect directly with the citizens, the Reserve Bank of India (RBI) will send alerts about announcements from itsTwitter handle, @RBI_Official, and is also planning to have a Facebook page.
RBI has also revamped its website, and will make its presence on YouTube.
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