RBI imposes fresh restrictions on gold imports to stem rupee slide
Posted Date : 23-Jul-2013 , 08:11:43 am | Posted By CASANSAAR
he Reserve Bank of India has made gold imports for domestic consumption tougher and forced exporters to bring home their dollar earnings quicker in yet another attempt to shore up the currency that's hurtling toward the Rs 60 mark to the US dollar again. If any importer of g...
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RBI starts scrutiny of nearly 3,000 private finance companies
Posted Date : 22-Jul-2013 , 08:41:43 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has started scrutiny of nearly 3,000 companies which could be carrying out non-banking finance operations without requisite registration, in the wake of concerns about their actual business activities.
The central bank's move comes against the b...
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Now, pay service tax on parking in south Delhi
Posted Date : 17-Jul-2013 , 07:00:46 am | Posted By CASANSAAR
Parking in any south Delhi area is going to get more expensive, albeit marginally. The reason: You will have to pay a 12.36 per cent service tax every time you park your car in a municipal parking.
This means, after rounding off your tax, if you paid Rs. 10 for 10 hours earlier, you...
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RBI penalises 22 banks for violating KYC norms, SBI fined Rs 3 cr
Posted Date : 15-Jul-2013 , 08:47:29 pm | Posted By CASANSAAR
The Reserve Bank of Indiaimposed penalties on 22 banks for violating rules for customer identification and anti-money laundering, ranging from Rs 50 lakh to around Rs 3 crore, it said on Monday.
RBI has imposed a total fine of Rs 49.5 crore, including SBI,P...
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No need to round off cheque amount, says RBI
Posted Date : 15-Jul-2013 , 07:20:20 am | Posted By CASANSAAR
If your bank has been refusing to accept cheques for amounts that include fraction of a rupee, it's against the rules and the bank should be penalised. In an internal circular issued earlier, the Reserve Bank of India (RBI) had warned that banks which refuse to accept cheques on such grounds from cu...
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RBI warns banks to strictly follow KYC norms or face action
Posted Date : 13-Jul-2013 , 07:10:50 am | Posted By CASANSAAR
Concerned over violation of anti-money laundering norms by banks, the RBI on Friday warned them to meticulously follow its instructions with regard to walk-in customers while selling insurance, mutual fund, gold and other products above Rs 50,000 or face action.
"It is reiterated that banks...
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RBI may ask banks to classify floating provisions as NDTL
Posted Date : 12-Jul-2013 , 08:43:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is likely to ask banks to classify floating provisions as net demand and time liability (NDTL) - a move that is expected to hurt HDFC Bank and IndusInd bank. HDFC Bank has floating provisions of Rs 1800 crore while IndusInd Bank has ...
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RBI eases offshore borrowing rules for non-bank asset finance companies
Posted Date : 09-Jul-2013 , 07:50:36 am | Posted By CASANSAAR
The Reserve Bank of India on Monday eased rules for non-bank asset finance companies to raise debt overseas by allowing the lenders to raise such funds through the automatic route as against the approval route earlier, in a step aimed at improving dollar supply amid a weakening rupee.
N...
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RBI receives 26 applications for new bank licences
Posted Date : 02-Jul-2013 , 08:00:18 am | Posted By CASANSAAR
The Reserve Bank of India has received 26 applications for new banking licences until Monday, the deadline for making a pitch, with a mix of big corporate houses led by the Tatas, the Aditya Birla group, the Rahul Bajaj group, Videocon, the Anil Ambani group and Larsen & Toubro in the race to se...
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RBI cautions banks against mis-selling insurance products
Posted Date : 28-Jun-2013 , 08:34:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), in its financial stability report has raised concern about the conduct of banks while distributinginsurance products. RBI said in some cases, it was observed banks did not have a clear segregation of duties of marketing personnel from other branch...
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RBI keeps interest rate, CRR unchanged
Posted Date : 17-Jun-2013 , 05:32:38 pm | Posted By CASANSAAR
Reserve Bank on Monday kept the key interest rates unchanged citing elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows.
The repo rate at which the RBI lends to the system has been retained at 7.25 per cent, while the cash reserve ratio will continue to be ...
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RBI hikes cap for online repatriation of export proceeds
Posted Date : 12-Jun-2013 , 08:01:38 am | Posted By CASANSAAR
With an aim to arrest rupee slide by boosting forex inflows, RBI today raised the limit for online repatriation of export proceeds by over three-fold to $ 10,000 and made it mandatory for units in Special Economic Zones to repatriate full value of exports with...
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0 | Hits : 760
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RBI asks banks to do legal audit in case of loans above Rs 5 crore
Posted Date : 08-Jun-2013 , 08:34:50 am | Posted By CASANSAAR
Reserve Bank of India told banks to do legal audit and re-verification of title deeds of loans above Rs 5 crore to check fraud. Two years back, banks were told to put a system a place wherein the concurrent auditors were required to look into the genuineness of the titl...
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RBI committee suggests changes in accounting of central bank balance sheet
Posted Date : 05-Jun-2013 , 09:30:53 pm | Posted By CASANSAAR
An RBI appointed technicalcommittee has recommended that the central bank's repo transactions be treated as lendings and borrowings and not as investments. This could address the fluctuation in accounts due to change in bond prices. The committee headed by Y H Malegam to review t...
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RBI clarifies rules for new bank licences
Posted Date : 03-Jun-2013 , 05:19:09 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) said on Monday in a clarification to queries on new bank licences that the validity of in-principle approval for new banks has been extended to 18 months from one year. RBI issued guidelines in February allowing any type of company to set...
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RBI tightens loan restructuring norms; raises provision to 5%
Posted Date : 31-May-2013 , 08:08:15 am | Posted By CASANSAAR
Worried over rising NPA, the Reserve Bank today tightened rules forrestructuring of most types of loans in line with global practices. As per the latest RBI notification, provisioning on the newly restructured account has been raised to 5 per cent from June 1 from 2 per cen...
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RBI to auction inflation-indexed bonds worth Rs 1,000 cr on June 4
Posted Date : 30-May-2013 , 07:57:02 am | Posted By CASANSAAR
The Government of India have announced the sale of “New Inflation Indexed Government Stock-2023” for a notified amount of Rs.1,000 crore (nominal) through yield based auction. The auctions will be conducted using uniform price method. The auctions will ...
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RBI not to impose ban on gold coin sales by banks: RBI Governor
Posted Date : 29-May-2013 , 08:00:35 am | Posted By CASANSAAR
Ruling out ban on sale of gold coinsby banks, the Reserve Bank today asked lenders to refrain from aggressively selling the precious metal. "We do not want banks to aggressively market gold. We do not want that to become a business," RBI Governor D Subbarao told reporters on the ...
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RBI imposes restrictions on bank lending against gold
Posted Date : 27-May-2013 , 09:28:58 pm | Posted By CASANSAAR
In a bid to curb demand for gold, the Reserve Bank on Monday imposed restrictions on banks and NBFCs for providing loans against gold coins as well as units of gold ETFs and mutual funds.
"...it is advised that while granting advance against the security of specially minted gold coins sold by ...
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RBI to relax contract booking norms for exporters
Posted Date : 26-May-2013 , 08:14:01 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has decided to relax norms forexporters. “The facility of rebooking of cancelled contracts is being increased from the present limit of 25 per cent to 50 per cent and made symmetrical for both exporters and importers,” said RBI executive director G Padmana...
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RBI auctions 10-year bond worth Rs 7,000 cr
Posted Date : 18-May-2013 , 08:21:04 am | Posted By CASANSAAR
The Reserve Bank of India on Friday auctioned a new 10-year benchmark government bond worth Rs 7,000 crore at a cut-off yield of 7.16 per cent.
The bond, which will matures in 2023 and carries a coupon rate of 7.16 per cent, will be the new benchmark paper in place of the existing 8.15 per ...
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RBI inflation bonds for attracting household savings on June 4
Posted Date : 15-May-2013 , 08:47:18 pm | Posted By CASANSAAR
The Reserve Bank today announced it will launch inflation-linked bonds every month, starting June 4, to attract household savings of up to Rs 15,000 crore this fiscal so as to discourage investments in gold.
"RBI, in consultation with Government of India, has decided to laun...
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RBI eases foreign funding rules in key infra sectors
Posted Date : 15-May-2013 , 08:20:40 am | Posted By CASANSAAR
To improve flow of cheaper funds into key infrastructure sectors, the Reserve Bank of India on Tuesday eased the norms for external commercial borrowings (ECBs) for the aviation and housing sectors.
"The RBI has extended the ECB relaxation for affordable housing, which was there for one yea...
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Cobrapost sting: RBI finds violations by banks, insurers
Posted Date : 14-May-2013 , 08:37:01 am | Posted By CASANSAAR
The RBI probing allegations of money laundering by several banks and insurance firms has found that these entities not only failed to adhere to Know-Your-Customer (KYC) norms but also permitted customers to divide cash deposits into small tranches below the benchmark level to avoid reporting or dete...
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RBI puts restrictions on gold imports by banks
Posted Date : 13-May-2013 , 09:08:00 pm | Posted By CASANSAAR
With gold imports putting pressure on the current account deficit, the Reserve Bank today imposed restrictions on import of the yellow metal by banks."To moderate the demand for gold for domestic use, it has been decided to restrict the import of gold on consignment basis by...
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Action against banks involved in wrong doings soon: RBI
Posted Date : 09-May-2013 , 04:50:15 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) on Thursday said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms.
"We have done investigations, we have prepared an internal report. There are processes to be...
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Levy cheque return fee only if customers at fault: RBI to banks
Posted Date : 09-May-2013 , 07:50:27 am | Posted By CASANSAAR
In order to ensure fair practices in banking services, the Reserve Bank has asked banks to levy cheque return charges only if the customers are at fault.
RBI said those cheques required to be re-presented without any recourse to the payee should be made in the immediate next presentation clearing n...
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Responsibility to check money laundering rests with government: RBI
Posted Date : 08-May-2013 , 11:03:48 pm | Posted By CASANSAAR
Amid allegations of money laundering against banks and insurance companies by an online portal, Reserve Bank of India governor D Subbarao today said it was the responsibility of the government and tax authorities to check such activities.
"RBI is not directly involved... even banks are not directly...
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RBI to issue clarifications on bank licences soon
Posted Date : 07-May-2013 , 05:48:04 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) will shortly come out with its clarifications on issuing licences for more private sector banks, the Finance Ministry said on Tuesday.
The RBI has received queries from different individuals and entities on various aspects of ‘Guidelines for Licensing o...
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RBI tightens screws on gold funding
Posted Date : 05-May-2013 , 08:13:01 am | Posted By CASANSAAR
The apex also said detailed guidelines on the same will be issued by the end of the month.
Amid a steep fall in gold prices recently and the resultant risks to the system, RBI today further tightened screws on gold loans by banks, restricting them to finance import of the ...
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