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 […]
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 […]
RBI cancels licence of Mumbai-based bank
NEW DELHI: The Reserve Bank of India (RBI) on Saturday said it has cancelled the licence of city-based The CKP Co-operative Bank Ltd as its financial position is unsustainable and also not in a position to pay its depositors. The bank is not satisfying the stipulated minimum regulatory capital requirement of 9 per cent, the […]
Banks technically write off over Rs 68,000 crore loans, Mehul Choksi among 50 top wilful defaulters: RTI
NEW DELHI: Indian banks have technically written off a staggering amount of Rs 68,607 crore due from 50 top wilful defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI from the Reserve Bank of India (RBI). Prominent RTI activist Saket Gokhale had filed an RTI query with the RBI seeking details of […]
RBI says closely monitoring situation, will take steps for market stability
NEW DELHI: The Reserve Bank of India (RBI) on Friday said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable. The statement comes at a day when trading on the Indian stock exchanges hit a “circuit breaker” — first time since […]
RBI keeps benchmark interest rate unchanged at 5.15%
NEW DELHI: The Reserve Bank of India (RBI) on Thursday kept the key policy rate unchanged at 5.15 per cent and decided to continue with its accommodative stance to support the economy. The central bank also revised GDP growth downwards to 5 per cent for 2019-20 from 6.1 per cent projected in its October policy. […]
Public Sector Banks reported Rs 95,700 crore worth of frauds in April- September
NEW DELHI: Government owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed on Tuesday. “According to Reserve Bank of India (RBI), frauds as per year of reporting, as reported by Public Sector Banks (PSBs), during the period from April 1, 2019 to […]
RBI rate decision, macro data to steer markets in holiday-shortened week
NEW DELHI: The Reserve Bank of India’s (RBI) interest rate decision, macroeconomic data points and global cues would be the key driving factors for the equity market in the holiday-shortened week ahead, say analysts. Markets would remain closed on Wednesday for ‘Mahatma Gandhi Jayanti’. “Markets are expected to consolidate further with the bias on the […]
RBI allows coop bank PMC customers to withdraw Rs 10,000
NEW DELHI: In a relief to the harried customers of crisis-hit Punjab & Maharashtra Cooperative Bank, the Reserve Bank of India (RBI) on Thursday increased the cash withdrawal limit to Rs 10,000 per account, which will help over 60 percent customers of the crippled lender. The RBI had Tuesday imposed a slew of restrictions on […]
Experience more relevant than what you learnt 35-40 years ago: RBI governor
NEW DELHI: Shaktikanta Das has played down many jokes and spoofs about his history background soon after his surprise appointment as the 25th governor of the Reserve Bank of India last December after the “protest” resignation of Urjit Patel. Academic qualification of the head of the central bank is not relevant, but what matters is […]
RBI proposes Rs 200 crore minimum capital for small banks under ‘on tap’ licence regime
NEW DELHI: The Reserve Bank of India (RBI) on Friday proposed a minimum equity capital of Rs 200 crore to set up a small finance bank (SFB) under the ‘on tap’ licence regime to expand the banking services through high technology-low cost operations. Releasing the draft guidelines for ‘on tap’ licensing of SFBs in the […]
Welcome move, immediate action needed: Realtors
NEW DELHI: The fourth repo rate cut this year by the Reserve Bank of India (RBI) and the biggest one for now has sent a signal of hope in the real estate sector. A 35 basis point cut by the RBI and enhanced exposure limit to single Non Banking Financial Company (NBFC) is likely to […]
RBI Monetary Policy: NBFCs can now on-lend to the priority sector through banks
NEW DELHI: “The fourth straight cut in the benchmark repo rate is a welcome step which will make borrowings cheaper and would help boost in demand in several sectors like real estate and auto which has been sagging since last several quarters,” said Niranjan Hiranandani, President NAREDCO. “It would also help in bringing about some balance between […]
RBI cuts key rate by 35 bps to boost economic activity, lowest since April 2010
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday cut key interest rate for the fourth consecutive time, as it reduces repo rate by 35 basis points to 5.40 per cent to boost the slowing economy. The repo rate is lowest since April 2010. The six-member monetary policy committee (MPC) also maintained the accommodative […]
Reserve Bank of India fines HDFC Bank Rs 1 crore for violation of KYC norms
NEW DELHI: Reserve Bank of India (RBI) on Tuesday fined country’s largest private sector lender HDFC Bank Rs 1 crore for not reporting frauds and non-compliance with other directions. The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the RBI said. “Examination […]
RBI issues new NPA recognition norms
NEW DELHI: The Reserve Bank of India on (Friday) issued a new framework for resolution of bad loans, replacing the previous norms quashed by the Supreme Court in April, offering a 30-day gap for stress recognition instead of the one-day default earlier. The new norms replaces all the earlier resolution plans such as the framework […]