RTGS transfers can be done 24×7 from December
NEW DELHI: In a move to facilitate more convenience for online fund transfers, the Reserve Bank of India (RBI) has decided to make Real Time Gross Settlement (RTGS) system available round the clock from December 2020. The decision comes after the RBI made the National Electronic Funds Transfer (NEFT) system available round the clock throughout […]
How real estate industry leaders react to RBI’s monetary policy
NEW DELHI:Today, maintaining status quo for the second time in a row, Reserve Bank of India (RBI) led by Governor Shaktikanta Das, has decided to keep benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying more rate cuts in the future if the need arises to support the economy hit […]
Highlights of RBI’s monetary policy statement
NEW DELHI: Following are the highlights of RBI Governor Shaktikanta Das’ statement and resolution of the Monetary Policy Committee (MPC): * Benchmark lending rate kept unchanged at 4 pc * Indian economy expected to contract 9.5 pc this fiscal with downside risks * Contraction 9.8 per cent projected in July-September; 5.6 pc in October-December and […]
Government appoints M Rajeshwar Rao as RBI deputy governor
NEW DELHI: The government of India on Wednesday appointed RBI’s senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. “The Appointments Committee of the Cabinet has […]
RBI affirms currency notes potential corona carriers: CAIT
NEW DELHI: The Confederation of All India Traders (CAIT) on Sunday said that the Reserve Bank of India (RBI) had affirmed the possibility of currency notes as potential carriers of novel coronavirus and demanded government incentives for digital payments. The development comes after CAIT wrote a letter to Union Finance Minister Nirmala Sithraman on March […]
Forex reserves climb USD 582 million to record USD 542.013 billion
NEW DELHI: The country’s foreign exchange reserves rose by USD 582 million to reach a lifetime high of USD 542.013 billion in the week ended September 4, RBI data showed on Friday. In the previous week ended August 28, the reserves had surged by USD 3.883 billion to USD 541.431 billion. In the reporting week, […]
RBI issues norms for banks to appoint Chief Compliance Officers
NEW DELHI: The Reserve Bank of India (RBI) on Friday came out with guidelines for banks to appoint Chief Compliance Officers (CCO). In a circular, the central bank said that it has come up with the guidelines to bring uniformity in approach followed by banks, as also to align the supervisory expectations on CCOs with […]
RBI’s nod for Murali Ramakrishnan’s appointment as South Indian Bank MD
NEW DELHI: The Reserve Bank of India (RBI) has approved the appointment of Murali Ramakrishnan as the MD and CEO of South Indian Bank with effect from October 1. In a regulatory filing on Thursday, the bank said that the RBI approved the appointment for a period of three years through a letter dated September […]
Modi government communicates borrowing options to settle GST compensation to States
NEW DELHI: States will have to forego borrowing flexibility of 1% of state GDP given under the Atmanirbhar Bharat package if they opt to settle their entire GST compensation shortfall for FY21 through market borrowings. As per the design of the options given to the states by the Narendra Modi government (Centre) to meet GST compensation […]
States stare at Rs 2.35 lakh crore GST revenue shortfall; Centre gives 2 options to borrow via RBI
NEW DELHI: Amid a chorus by non-NDA ruled states for compensation of GST revenue shortfall, the Centre on Thursday presented two options to states under which they can borrow from the market to make up for the estimated deficit of Rs 2.35 lakh crore this fiscal. At the end of a five-hour long meeting of the […]
RBI to conduct open market operations worth Rs 20,000 crore
NEW DELHI: The Reserve Bank of India (RBI) on Tuesday announced the sale and purchase of government securities worth Rs 20,000 crore under open market operations. The OMO would be conducted in two tranches, each worth Rs 10,000 crore. The auctions would be conducted on August 27, 2020 and September 3, 2020. “On a review […]
Review appointment of KV Kamath as head of loan rejig panel: AIBEA to RBI
NEW DELHI: The All India Bank Employees Association (AIBEA) has expressed its opposition to the appointment of ICICI Banks former CEO and non Executive Chairman K.V.Kamath as the Head of the Expert Committee on Resolution Framework for Covid19-related Stress as his name figures in a CBI First Information Report (FIR). The AIBEA in a letter […]
Forex reserves soar to record high of USD 490.04 billion
NEW DELHI: The country’s foreign exchange reserves swelled by USD 3.005 billion to a lifetime high of USD 490.044 billion in the week to May 22, mainly on account of a rise in foreign currency assets, Reserve Bank of India (RBI) data showed on Friday. In the previous week, the reserves had increased by USD […]
CREDAI requests RBI to pass on the benefit of the Rate Cuts
NEW DELHI: CREDAI, the apex developer’s body has written a letter to Shaktikanta Das, Governor, Reserve Bank of India requesting to pass on the benefit of reduction in repo rates and reverse repo rates to NBFCs and HFCs. “During the current crisis emanating from the COVID-19, RBI has announced various measures to infuse liquidity in […]
Real estate developers want banks to pass on benefit of rate cut to customers; demand one-time debt restructuring
NEW DELHI: Real estate developers on Friday welcomed cut in key interest rates but said the RBI needs to take more steps, such as one-time debt restructuring of builders loan, to provide relief to the industry which has been hit badly by the lockdown. The RBI needs to ensure that banks pass on the benefits […]
RBI extends moratorium on loans for another 3 months till August
NEW DELHI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis. In March, the central bank had allowed a three-month moratorium on payment of all […]