RBI bars Bandhan Bank from opening new branches in India
NEW DELHI: Reserve Bank of India has restrained Bandhan Bank from opening new branches and also ordered freezing of remuneration of its CEO Chandra Shekhar Ghosh for not meeting the licensing conditions, the newly-launched bank said on Friday. The bank, on its part, said it is taking steps to comply with licensing condition to bring […]
Microfinance institutions should expand presence in North India
NEW DELHI: Reserve Bank of India (RBI) Deputy Governor N S Vishwanathan said on Thursday that there is much scope for increasing credit penetration in Northern part of the country and microfinance institutions (MFIs) should expand their presence there. Vishwanathan further said that MFIs need to become more efficient and invest more money in technology […]
RBI submitted a list of high profile fraud cases to PMO: Raghuram Rajan
NEW DELHI: A list of high profile cases related to banking frauds was sent to the Prime Minister’s Office (PMO) for a coordinated action, said former RBI Governor Raghuram Rajan in a note to Parliamentary panel. In the note to Chairman of Estimates Committee Murli Manohar Joshi, Rajan said that the size of frauds in […]
Google ready to comply with RBI norms for payment services, says official
NEW DELHI: Internet major Google is learnt to have agreed to follow the RBI’s local data storage norm for payment services but wants time until December to comply with, according to a government source. “Google during the US visit of Law and IT minister Ravi Shankar Prasad conveyed to him that they are ready to […]
Finance Ministry in touch with RBI for market intervention to contain rupee value
NEW DELHI: The finance ministry is in touch with the Reserve Bank for market intervention to check declining value of rupee, which has weakened to a low of 72.45 to a dollar, an official said Monday. The RBI has been selling dollars to arrest declining rupee, which led to decline in forex reserves from USD […]