Keyword : RBI

Urban areas see spurt in complaints against banks

Even as banking sectors extends its reach in India, especially with the launch of PM’s jan dhan yojana (PMJDY) , number of complaints received by banking ombudsmen against the commercial bank

RBI governor for better education loans regime

Reserve Bank of India governor Raghuram Rajan on Saturday sought better student loan schemes as he felt that there were lot of stress on education loans. Taking the theme of rationalizing t

Repo rate cut takes sensex to new record, cheaper loans likely

The Reserve Bank of India (RBI) again surprised the nation by holding an unscheduled monetary policy review on Wednesday and reduced the policy repo rate under the liquidity adjustment facility (LA

Bank NPAs: RBI against credit appraisal by third party

Non-performing assets (NPA) have become a major concern for the banks and the gross NPAs of the public sector banks stood at Rs 2,60,531 crore, as on December 2014. Highlighting the issue of mounti

Wealth of poor fascinates PM, asks RBI for financial inclusion roadmap

Prime minister Narendra Modi on Thursday asked the Reserve Bank India to prepare 20-year roadmap for financial inclusion while focusing on the success of the prime minister’s jan dhan yojan,

RBI rates unchanged as rains hit food prices

The Reserve Bank of India in its first monetary policy statement for the new financial year 2015-16 has not changed both the repo rate and the cash reserve ratio (CRR) due to increased food prices

Cut interest rates soon, RBI tells banks

Sounding impatient, Reserve Bank of India governor Raghuram Rajan on Tuesday made a harsh comment on the banks reluctance to lower consumer interest rates. Rajan`s harsh comments reflect th

Retail inflation falls as financial agencies forecast 7.9% growth

India`s economic growth is expected to improve to 7.9 per cent in current fiscal year. This figure has been given by global rating agency Crisil and foreign brokerage Morgan Stanley in their report

Banks to offer differential rate for term deposits

The differential interest rates based on whether the term deposits are with or without the premature withdrawal facility come to India. The Reserve Bank of India (RBI) has given gree

RS makes history, okays private member bill on transgender

After almost 45 years in legislative history, the Rajya Sabha on Friday passed a bill that seeks equal rights for the transgenders. The last private member bill was passed by the Rajya Sabha in 197

Retail inflation at four-month low, industrial output not so encouraging

While retail inflation in April fell to a four-month low of 4.87 per cent, the annual growth in production at factories, mines and utilities slowed to 2.1 percent in March, the slowest pace since l

Banks to have internal ombudsman to hear customers complaints

In the interest of consumers, the Reserve Bank of India has asked all public sector and large private banks to appoint internal ombudsman. "The internal ombudsman would be desig

Cyber crime forces RBI to scout for IT wing

To combat ever increasing issues relating to cyber crime the Reserve Bank of India (RBI) is likely to set up an information technology wing.   "We`ve to worry about increasi

Cyber crime forces RBI to scout for IT wing

To combat ever increasing issues relating to cyber crime the Reserve Bank of India (RBI) is likely to set up an information technology wing.   "We`ve to worry about increasi

Rajan gives high scores to Modi govt on creation of environment for investment

As the Modi government completes one year in office this month, RBI Governor Raghuram Rajan, who oversees nation’s monetary policies, has said that the administration had taken steps to creat

Repo rate cut to benefit consumers, EMI to drop

Showing confidence that the economy is in good shape to withstand any turbulence and sending out a strong signal to the banks to cut interest rates for consumers, the Reserve Bank of India (RBI) cu

RBI Deputy Governor, SS Mundra on financial inclusion

SS Mundra took charge as the RBI deputy governor on July 31 last year. Previously, he was chairman and managing director of the second largest bank, Bank of Baroda, where he ha

Banks cut rates as Rajan exposes their flawed logic

They get fat salary, benefits and more holidays while offering ordinary service. The bankers do not seem to care for the consumers and it takes no less than Reserve Bank’s governor Raghuram R

Banks cut rates as Rajan exposes their flawed logic

They get fat salary, benefits and more holidays while offering ordinary service. The bankers do not seem to care for the consumers and it takes no less than Reserve Bank’s governor Raghuram R

Banks to take control of defaulting companies & change managements

In far-reaching and forward looking measure the Reserve Bank of India is going to allow banks to convert debt of defaulting companies into equity and bring about change in management of these compa

Banks to take control of defaulting companies & change managements

In far-reaching and forward looking measure the Reserve Bank of India is going to allow banks to convert debt of defaulting companies into equity and bring about change in management of these compa

Last date for exchange of withdrawn pre-2005 currency notes extended

The last date for exchanging pre-2005 banknotes of all denominations has been extended till December 31, 2015. The Reserve Bank of India has urged the public deposit the old design n

Crisis in Greece may hit Indian capital market but govt yet to frame firm response

Admitting that the situation in Greece may impact India in capital inflows and outflows, finance secretary Rajiv Mehrishi on Monday said the government is in touch with the Reserve Bank to deal wit

Morning briefings: Mobile number portability comes into effect

From today mobile phone users will be able to retain their numbers when they relocate to any part of the country even if they change operators as full mobile number portability (MNP) has come into

Morning briefing: AAP, TMC, Left join Congress boycott of Lok Sabha

In a show of solidarity, nine opposition parties — Trinamool Congress, CPI(M), CPI, JD(U), RJD, NCP, RSP, Muslim League and Aam Aadmi Party — have decided to boycott the Lok Sabha for t

Subba Rao seeks veto power for RBI chief but compromise likely on casting vote

The governor of Reserve Bank of India Raghuram Rajan has received tactical support of his predecessor even as centre and the RBI are close to an agreement on the broad contours of the Monetary Poli

Inflation and assets are on top of RBI agenda in its annual report

Reserve Bank of India will focus on lower of inflation, faster resolution of distressed assets and ensuring banks have enough capital. Governor Raghuram Rajan said in the central ban

RBI has scope to cut rates, feels IMF

While asking the central banks of advanced economies to "maintain supportive policies" and refrain from raising interest rates too quickly, the International Monetary Front (IMF) has said

Wholesale prices index inflation falls to historic low, concern over deflation

The fear has always been in the air and today’s figures add to the anxiety. Deflationary trend continued for the 10th month in a row with inflation plunging to a historic low of (-)4.95% in A

Morning briefing: Promises in poll manifesto not legally enforceable, says supreme court

Tall promises made by political parties in their election manifestos got legal sanction as the Supreme Court on Monday refused to tie parties down to their grandiose claims. Refusing to entertain a

RBI cuts repo rate by 50 basis points to boost economy

The Reserve Bank of India has cut the repurchase, or repo rate by 50 basis points to 6.75%, the lowest the key interest rate has been in four years. In a big boost for the markets and economy, RBI

Evening digest: Kerala CM writes to PM Modi against crackdown on beef

Kerala government has dismissed the charges that beef curry was served at Kerala House in Delhi. The Kerala government has filed a complaint over entry of activists without permission. Kerala Chief

Morning briefing: Don is back in India, CBI custory for Chhota Rajan

Gangster Chhota Rajan was brought to Delhi this morning after being deported from Indonesia. He evaded the police in several countries for over two decades. A special plane sent by New Delhi to bri

Morning briefing: 7th pay commission report today, staff observing protest day

The 7th pay commission will submit its report to the government at 7.30 pm today. The recommendations of the commission have to be implemented with effect from 1 January 2016 and are likely to furt

Evening digest: Centre snubs SC as it declines to frame draft procedure on judges appointment

Government today expressed its inability before the supreme court in formulating the draft Memorandum of Procedure (MOP) for appointment of judges in the higher judiciary. Attorney General Mukul Ro

Morning briefing: RBI governor worried about drop in public and private investments

The Reserve Bank of India (RBI) chief Raghuram Rajan said on Friday that a drop in public and private investments were the main concerns he had about the country`s economic growth. Speaking in Hong

RBI policy rates unchanged, banks told to cut rates

  While nudging the banks once again to hurry up with the full transmission of its cut in repo rate (since January) to borrowers, the reserve bank of India did not change policy rates

RBI policy rates unchanged, banks told to cut rates

  While nudging the banks once again to hurry up with the full transmission of its cut in repo rate (since January) to borrowers, the reserve bank of India did not change policy rates

Morning briefing: First list of 20 smart cities today

The government will on Thursday announce the names of the first 20 urban areas that will be developed as smart cities. In subsequent years, the government will announce 40 cities each to be develop

Time for deep incision

Now go and bury it,” said major general Ian Cardozo, then a major with the 5 Gorkha Rifles, during the 1971 Indo-Pak war that led to liberation of Bangladesh. He had accidently stepped on a m

What about people`s right to know who the bank defaulters are?

The Reserve Bank of India (RBI) has submitted to the supreme court, in sealed cover, a list of defaulters on loans worth Rs. 500 crore or more, according to

End vilification of India Inc: ASSOCHAM

 The associated chamber of commerce of India [ASSOCHAM] has asked the Narendra Modi government to change the definition of NPAs [non-performing assets] – from the present 90 days limit t

A unified way of doing banking

The banking coverage might be poor in rural parts but in cities many people have at least two bank accounts. Keeping a tab on them is a hassle. More so, if you are managing them on a smartphone. Yo

Beyond the rate: Rajan’s prognosis for economy

In the second bi-monthly monetary policy statement of 2016-17, RBI governor Raghuram G Rajan on Tuesday decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged

Five stories you must read over the weekend

They live as whole families in small straw huts they made with their bare hands, on a patch of land miles away from the nearest town. It looks desolate. But it is, they tell me, “p

Common service centers to work as payment gateway

 The Reserve Bank of India (RBI) has granted in-principle license to common service centers (CSCs), operating across rural India, to operate as Bharat Bill Payment System Operating Units (BBPO

Has Modi govt erred in Raghuram Rajan`s exit from RBI?

Has Modi govt erred in Raghuram Rajan`s

Thus spake outgoing RBI governor Raghuram Rajan

Amidst the speculations and debate over serving a second term as Reserve Bank of India (RBI) governor, Raghuram Rajan declared that he would return to academia after his term finished in September.

We respect Raghuram Rajan’s decision: Sitharaman

Commerce minister Nirmala  Sitharaman on Monday tried to play down the  controversy regarding RBI governor

Preventing bad loans

The level of NPAs with public sector banks accumulating over the last many years has seen a sharp spike and is not going to come down in a short or medium time frame. It is also necessary for us to

India’s economic growth below potential, says Rajan

Outgoing reserve bank of India (RBI) governor Raghuram Rajan feels that India’s economic growth is below its potential. In a foreword to RBI’s annual report 2015-16, Rajan highl

Industrial output down, inflation at 5.05 percent

 India’s industrial output declined by 2.4 percent in the month of July after it had climbed 1.95 percent the month before. However, the government data also showed a slower inflation at

MPC cuts interest rate by a quarter point

In the fourth bi-monthly monetary policy statement, the Reserve Bank of India’s monetary policy committee (MPC) reduced the repo rate by 25 basis points, from 6.5 percent to 6.25 percent. The

Case against cash

Can you imagine a day without cash? The answer is an obvious ‘no’. The rustle of notes and jingle of coins still have the power to light up any face. In fact, more than 99 percent of tr

Do you know how much the govt pays to print a Rs 10 note?

Hard cash is not free. In fact, the Rs 10 note costs between 70 paise and Rs 1.12 to print.   An RTI response on the printing cost of currency notes has revealed that dif

UPI can be critical component for cashless initiatives

In April, former Reserve Bank of India (RBI) governor Raghuram Rajan launched united payment interface (UPI), a payment technology product by National Payments Corporation of India (NPCI), an umbre

AI looking to rejig Rs 10,000 crore debt under RBI’s new scheme

  National carrier Air India, which is making operational profit now, is looking to rejig debt worth Rs 10,000 crore under the scheme for sustainable restructuring of bad assets floated by the

Is India headed towards becoming a cashless economy?

Prime minister Narendra Modi’s dramatic Tuesday evening announcement to scrap currency notes of Rs.500 and Rs.1000 denomination is aimed putting an end to the grey economy,

Your scrapped currency may end up as paperboard

Now that the government has decided to scrap currency notes of Rs 500 and Rs 1,000 denomination, the millions of notes will end up as briquettes that can even be used for land fillings or for makin

Why Modi’s next target is benami property

Taking Rs 500 and Rs 1,000 notes out of currency is, of course, not enough to fight black money. In the days to come, the Modi government will have to take a series of moves to make this step e

Did anybody do any homework before launching this surgical strike?

As soon as the government announced its decision to demonetise Rs 500 and Rs 1,000 notes on the night of November 8, there has been an emergency-like situation across the country. With serpentine q

7 things govt should have known before launching the surgical strike

It’s been 10 days of suffering and chaos for people,and the way the government is continuously learning from its mistakes - announcing reliefs and exemptions, and then even rolling back some

While we stand in queues, world learns free lessons

By far the most sweeping change in currency policy that has occurred anywhere in the world in decades: that’s what former US treasury secretary and Harvard economist Lawrence H Summers along

E-wallet limit doubled to Rs 20,000

 The Reserve Bank of India (RBI) on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. Also, merchants can transfer up to Rs 50,000 per month from these

E-wallet limit doubled to Rs 20,000, says Shaktikanta Das

The Reserve Bank of India (RBI) on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. Also, merchants can transfer up to Rs 50,000 per month from these so-cal

In 1978, the common man was not hurt at all

The sudden announcement of demonetisation came as an inconvenience to 76-year-old SK Nangia. The morning after November 8, he had to travel to Hastinapur from Delhi by road, covering a distance o

The same blues on the other side of the counter

Since November 8, never-ending queues, rising tempers, despair and frustration have become a routine. It’s a nightmare for people who are struggling to deposit or exchange money at banks. And

Procedural changes from 1978 may have created huge loopholes

On November 8, the Government of India announced its decision to pull high-value currency notes of Rs. 500 and Rs. 1,000 denomination out of circulation, with immediate effect. A detailed procedure

Demonetisation is a regressive and anti-poor measure: KC Chakrabarty

Dr KC Chakrabarty, former deputy governor, Reserve Bank of India, headed currency management at the central bank before taking premature retirement in March 2014. Known for his frank an

Demonetisation: Revised income tax returns may be scrutinised

If you are planning to file a revised income tax return following demonetisation, then be warned. The income tax department will be looking out for manipulation or fudging and such cases may be tak

Steps have been taken to tackle black money: Amitabh Kant

The government has initiated numerous steps to combat the scourge of corruption and black money in the last two and a half years, said NITI Aayog CEO Amitabh Kant on Thursday. Addres

Demonetisation severely imperilled India’s economy: Harvard Business Review

India is in the throes of an unprecedented social experiment in enforced digital disruption, and the world has much to learn from it, said an article: ‘India’s Botched War on Ca

Hulkonomics and the 2D effect (Or how I learned to stop worrying and love demonetisation)

A close friend, stock market wizard and intellectual sparring partner, also a Marvel Comics and Stan Lee fan, has been keenly following the demonetisation debate in media and elsewhere. &ld

Two counts of failure

The Indian government has audaciously put the demonetisation show on the road, though with little consideration of infrastructural, banking and connectivity back-up. After making his own set of pol

Demonetisation: Rule changed yet again

One thing consistent about demonetisation has been the ever-changing rules. Monday saw a new rule in place. One can now deposit the scrapped currency of Rs 500 and Rs 1,000

Demonetisation impact on formal remittances could be significant: Expert

The longer run impact of demonetisation on formal domestic remittances could be significant. Following up on a major financial inclusion initiative (Jan Dhan Yojana) and new payments banks, this mo

Reverse Bank of India

 The Reserve Bank of India on Wednesday withdrew its order of December 19 which had stipulated that the demonetised currency notes could be deposited only once in the quantum of Rs 5,000 or mo

Currency in circulation plunged by Rs 7.4 trillion up to December 2: RBI

Liquidity conditions have undergone large shifts in Q3 so far, said the Reserve Bank of India which added that surplus conditions in October and early November were overwhelmed by the impac

Demonetisation hits handicraft business at Rann Utsav

Mangal Bhai Rama Harijan is a craftsman from Kawada village, 50 kilometres from the Great Rann of Kutch in Gujarat, the place where India’s most prominent cultural festival takes place every

Post-truth? Take demonetisation, for instance…

How would you describe the post-truth phenomenon in the Indian context? Speaking in the context of post-truth, we have a live instance of it in the demonetisation pl

Demonetisation undermines the right to food and the right to life

The right to food campaign is dismayed by the Indian government`s reckless attempt to renew currency notes, known as "demonetization", without any serious attention to the consequences it

The great Indian flip-flop trick

Chances are you have already chosen which side of the fence you are on when it comes to the demonetisation debate. Demonetising 86% of the currency is an unprecedented step and India is flying by t

We’re still reconciling figures: RBI

The Reserve Bank of India on Thursday clarified that it was still in the process of reconciling the figures of the demonetized currency, following media reports which said that most of the scrapped

Govt must not renege on the commitment made on November 8

People may recall the passionate justification that prime minister gave on November 8 when he announced the decision to demonetise currency notes of Rs 500 and Rs 1,000 denomination. The entire cou

Demonetisation carried pain, admits Arun Jaitley

The implementation of the demonetisation decision carried pain. “It can lead to short term criticism and inconveniences. Drop in economic activity on account of the currency squeeze during th

Subdued prospects for Indian banks: Moody’s

Moody`s Investors Service and its Indian affiliate, ICRA Limited, see subdued prospects for India`s banks, with both identifying asset deterioration as a key challenge over the medium term.

Credit shocks could have important policy implications: RBI paper

House and equity prices respond at varying speeds and significantly varying magnitude to monetary policy shocks, signifying that it may turn out to be challenging for policy makers to simultaneou

Paytm Payment Bank to be in operation from January 15

If you have a Paytm account and there is money in your wallet, then soon you can get interest on your money. The statement came from the Paytm’s blog post, in which the company announced th

Benami property, black money and demonetisation

The Demonetisation, the black money and the benami property, the three vibrant words in the Indian economy, has impacted the life of people across the country. In the fight against black money, pri

People will now use Rs 2,000 notes to store wealth: Fitch

There are considerable uncertainties over the potential positive effects of demonetisation, said global ratings agency Fitch. “Most importantly, demonetisation is a one-off event. People th

RBI holds over 500 tonnes of gold

The Reserve Bank holds 557.77 tonnes of gold; of which, 265.49 tonnes are held overseas in safe custody with the Bank of England and the Bank for International Settlements (BIS). Gold as a share of

“India is at an exciting but challenging time”

“India is at an exciting but challenging time,” said Viral Acharya who takes over as RBI’s deputy governor on Friday. “As one of the world’s fastest growing

Cooperative banks can’t accept deposits under PMGKDS: RBI

The Reserve Bank of India has said that cooperative banks cannot accept deposits under Pradhan Mantri Garib Kalyan Yojana.

Decline in business sentiment: RBI survey

The Reserve Bank of India’s Industrial Outlook Survey has indicated a decline in business sentiments. This round of the survey was conducted during October-December 2016. The s

RBI cautions about Bitcoins

The Reserve Bank of India has cautioned about virtual currencies, including Bitcoins. The RBI advised that it has not given any licence / authorisation to any entity / company to ope

RBI keeps repo rate unchanged

The Reserve Bank of India (RBI) on Thursday kept the repo rate, which is the short-term lending rate, unchanged at 6.25 percent. Repo rate is the rate at which the central bank of a

Digital payments are fine, but cash seems here to stay: Expert

If the finance ministry and the RBI are serious about promoting the shift to digitalisation, they’re going to need to increase the incentives and reduce the costs to average citizens, every

RBI looks at rationalising debit card transaction rate for merchants

The Reserve Bank of India (RBI) has sought public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions. MDR is the rate charged

I believe we are at crossroads, says deputy governor RBI

  Only a bank that fears losing its deposit base or incurring the wrath of its shareholders is likely to recognise losses in a timely manner. In many of our banks, such market di

Countries are printing more and more of currency: RBI deputy governor

     “As regards death of currency, it is not a new subject. It has been predicted right from early 1950s,” said R Gandhi, deputy governor Reser

Demonetisation: Requests to change scrapped notes still pour in at RBI

 It’s been four months since demonetization took place, yet requests to change the scrapped Rs 500 and Rs 1000 currency notes are still coming at the Reserve Bank of India (RBI).

Demonetisation impact on real economy transient: RBI

    Overall, the assessment is that the impact of demonetisation on the real economy has been transient, given the information available so far, said a Reserve B

India may soon have plastic banknotes

It has been decided to conduct a field trial with plastic banknotes at five locations of the country, said Arjun Ram Meghwal, minister of state in the finance ministry in the Lok Sabha.

Cooperative banks not playing to script

The cooperative banks, largely controlled by politicians, are today groaning under the weight of its own contraindication – it is flush with funds following demonetisation, yet it suffers fro

Why India needs a bullion bank

India’s affinity for gold is a well-known fact, so is its dependence on gold imports to meet the domestic demand. More than 98 percent of the gold consumed in the country is met throu

Bad loan clean-up prospects at Indian banks improving: Fitch

Recent regulatory actions in India suggest the authorities are making a more concerted push to tackle banks` bad loan problems, says Fitch Ratings. "We believe that asset resolu

GST likely to strengthen cooperative federalism: RBI

The Goods and Services Tax (GST) is likely to strengthen cooperative federalism and have far-reaching implications for growth, inflation, public finances and external competitiveness in the India

Bank account number portability possible: RBI deputy governor

RBI deputy governor SS Mundra has spoken about the idea of ‘account number portability’, which he had first advocated a couple of years ago.   “Back

Transitory effects of demonetisation have lingered on: RBI

The Reserve Bank of India on Wednesday kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25 percent and the Monetary Policy Committee noted that incoming data

Recalling a time when BJP opposed GST

The Bharatiya Janata Party is today going to town over the Goods and Services Tax (GST). But, there was a time in the recent past when the party opposed it tooth and nail, with the Gujarat govern

Here’s why GST is expected to be a game changer

The Goods and Services Tax (GST) is expected to be a game changer.   According to the

At midnight, India got its biggest tax reform

At the stroke of midnight hour, India got converted into one seamless market, with multiple taxes being replaced with singular Goods and Service Tax (GST).   GST was

A fifth of Rs 29 lakh crore are NPAs

Banks have advanced a staggering Rs 29,46,060 crore to the industrial sector, of which Rs 6.93 lakh crore are non-performing assets (NPAs).   Finance minister Arun Ja

Almost 99 percent of demonetised currency is back: RBI

As much as Rs 15.28 lakh crore out of Rs 15.44 lakh crore of the scrapped currency has come back, the Reserve Bank of India said on Wednesday. RBI released its annual report 2017 whic

Over 450,000 villages now have access to banking

 Over 450,000 villages now have access to banking in one form or the other, said the RBI in its annual report.   “As on March 31, 2017, 96 percent (472,136 vil

Total cost of farm loan waiver about Rs 130,000 crore: RBI chief

 Beginning with Tamil Nadu in 2016, domino effects have spread in 2017 to several states and the total cost of farm loan waivers announced amounts to around Rs 1,30,000 crores, which is 0.8 pe

RBI holds over 550 tonnes of gold

The Reserve Bank holds 557.77 tonnes of gold; of which, 265.49 tonnes are held overseas in safe custody with the Bank of England and the Bank for International Settlements (BIS). An

Funding needed to bolster liquidity crunched SMEs: RBI paper

Bolstering the funding sources for efficient but liquidity crunched small and medium-scale enterprises is also likely to be important in arresting the next wave of NPAs, said an RBI paper.

RBI lowers economic growth forecast

 The projection of real Gross Value Added (GVA) growth for 2017-18 has been revised down to 6.7 percent from the August 2017 projection of 7.3 percent, with risks evenly balanced, said the Res

Bank recapitalisation plan will safeguard economic future: RBI chief

A well-capitalised banking, and in general, financial intermediation, system is a pre-requisite for stable economic growth, said RBI governor Urjit Patel who added that economic history has shown u

How Thomson Reuters can help in cracking down on black money

Post-demonetisation, there has been a crackdown on shell companies, a way to convert black money into white. Recently, prime minister Narendra Modi said that shell companies would all be elimin

RBI mulls whether to shift loan pricing system to external benchmark

An efficient monetary transmission is a sine qua non for the successful pursuit of its objectives by any central bank. Over the past two decades, it has been the endeavour of the Reserve Bank of In



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