RBI has asked banks not to charge savings bank account customers for online transactions in the NEFT or National Electronic Funds Transfer system with effect from January
Tag: Reserve Bank of India
The RBI in its Monetary Policy Report, October 2019, has also said that a combination of domestic and global headwinds has depressed economic activity in the country.
Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71 trillion as on September 27.
The governor’s assertion comes after some reports suggested that the government may seek an interim dividend of Rs 30,000 crore from the apex bank.
The PMC Bank has been barred from granting, renewing and loans and advances, make any investments, accept fresh deposits, etc, without the prior written approval from RBI.
Bankers scratch heads as RBI uses Tharoor’s ‘floccinaucinihilipilification’ during monetary policy meeting
The 29-letter word got widespread publicity last year when Shashi Tharoor mentioned it in a tweet promoting his book on PM Narendra Modi.
New Delhi: The RBI could soon start discussions to break away from the convention of reducing key policy rate by 25 basis points or multiples thereof shortly with stakeholders like lenders, domain experts and within the Central Bank. “There is a need to consider interest rate adjustments, not necessarily in[Read More…]
The central bank said that it has not issued any direction with this regard
The Indian economy may be moving towards a slowdown as the country has off-late witnessed a drop in several key economic indicators, experts said. After a fall in auto sales, a shortfall in collection of direct taxes among others, now household savings in the country too have declined. In proportion[Read More…]
Kolkata: West Bengal Chief Minister Mamata Banerjee on Monday said the dignity of the Reserve Bank of India (RBI) has “diminished” as on its foundation day, she called for maintaining “the sanctity” of the central bank along with other institutions. “On this day in 1935, the Reserve Bank of India[Read More…]
Ever since demonetisation struck the country, the Reserve Bank of India (RBI) has been rolling out new currency notes one after the other. After a series of colourful notes, the government is set to release the first-ever Rs 20 coin which is specially designed for virtually impaired people. The all-new Rs[Read More…]
Mumbai: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Bank of Maharashtra for deficiencies in regulatory compliance. According to the RBI, the fine was imposed by an order dated January 4, 2019 “for non-compliance with ‘Master Directions on Frauds-Classification and Reporting’ dated[Read More…]
Mumbai, The Reserve Bank of India (RBI) on Tuesday appointed Infosys co-founder Nandan Nilekani as the Chairman of a five-member committee to accelerate digitisation of the economy and boost financial inclusion. The committee will submit its report within 90 days from the date of its first meeting. “With a view[Read More…]
Mumbai: A day after the Reserve Bank allowed restructuring defaulted loans of up to Rs 25 crore taken by micro, small and medium enterprises (MSMEs), its Governor Shaktikanta Das said he will hold talks with representatives from the MSME and non-banking financial companies (NBFCs) next week. “Will hold meetings with[Read More…]
By Taponeel Mukherjee Access to credit, data, and transportation are among the most crucial drivers of economic well-being. To ensure better access to critical needs in India, Rod Tidwell’s famous line from Jerry Maguire, “Show me the money”, would hold in good stead. Access to the correct quality and quantity[Read More…]
With Urjit Patel calling it a day the list of resignations occurring under the Modi government increases further. Urjit Patel resigned from his post of RBI Governor 9 months before his term would have ended in September 2018. Other key persons who have quit after the Modi govt came to power are[Read More…]
Reports of RBI Deputy governor Viral Acharya resigning has been denied by RBI spokesperson. Acharya assumed the office of Deputy Governor of RBI on January 20, 2017. Viral is an alumnus of New York University (PhD), Indian Institute of Technology Bombay (B.Tech.) and Ruparel College (HSC). Who is Viral Acharya? Achievement,[Read More…]
Urjit Patel, the Governor of Reserve Bank of India has given his resignation from the post on Monday December 10. Patel said he was resigning on the account of personal reasons. “On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately.[Read More…]
Mumbai: The Reserve Bank of India (RBI) would inject Rs 8,000 crore into the market by purchasing government securities on November 22, 2018. The decision comes amid concerns of a liquidity crisis in the economy after the financial services company IL&FS reported defaults in September. “Based on an assessment of[Read More…]
New Delhi: Congress President Rahul Gandhi on Monday charged the Centre with destroying institutions and hoped Reserve Bank of India (RBI) Governor Urjit Patel will show Prime Minister Narendra Modi “his place”. He accused Modi of attempting to “destroy the RBI” through his “puppets” and “cronies”. “Modi and his coterie[Read More…]
Viral Acharya has been on the advisory council of the Bombay Stock Exchange (BSE) Training Institute
Kolkata: Assailing the Narendra Modi government for making efforts to “capture” the RBI, Congress leader and former Union finance minister P Chidambaram on Thursday said the chain of events could “irretrievably damage” the credibility and reputation of the apex bank. Chidambarm alleged the Modi government demanded Rs 1 lakh crore[Read More…]
Mumbai: Housing prices in Delhi have fallen marginally for the first time over the last eight years even as all-India house prices went up by an average of 5.3 per cent in the quarter ended June 2018, according to RBI data. “Except Delhi, all other cities recorded a rise in[Read More…]
Reserve Bank of India has reaffirmed Yes Bank to appoint a new Chief Executive Officer for the company by February 01, 2019. The RBI on Wednesday directed the private sector lender bank to look for a successor and get the appointment procedure done by February next year. The private sector[Read More…]
Mumbai: The Reserve Bank of India (RBI) is not expected to hike key lending rates in the current fiscal, a SBI Ecowrap report said on Saturday. “CPI inflation marginally increased to 3.77 per cent in September 2018. Interestingly, on a m-o-m basis, rural food inflation has registered a decline, even[Read More…]
Mumbai: Exodus of foreign funds, along with an expected rise in the US interest rates and global equities sell-off plunged the Indian rupee to a fresh record low of 74.48 to a US dollar on Thursday. However, heavy intervention by the Reserve Bank of India (RBI) and lower crude oil[Read More…]
Mumbai: The Reserve Bank of India’s (RBI) stance, along with an expected hike in the US lending rates and high crude oil prices are expected to further exert pressure on the Indian rupee in the coming week, experts say. In addition, the continuous outflow of foreign funds from the equity[Read More…]
In an effort to help the visually impaired, the Reserve Bank of India is likely to develop an app that will help them identify new currency notes. The move came after an application was filed by advocate Rohti Dandriyal in a pending PIL filed by three advocates, a company secretary[Read More…]
The world is not new to economic blunders made by over-confident rulers. The world is not new to pain. But perhaps sometimes, a nation must suffer in order to realise that to equate its ruler with its God, comes with its own perils. As early as 301 AD,[Read More…]
Kolkata: Private-lender Bandhan Bank on Friday said the Reserve Bank of India (RBI) has withdrawn its general permission to open new branches and frozen the remuneration of the lender’s MD and CEO Chandra Shekhar Ghosh till further notice as it failed to comply with a licensing condition. “RBI has communicated[Read More…]