BANKING

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 the total foreign exchange reserves in value term

India gets payments banks

Payments Banks have now become a reality for the Indian banking industry, with Airtel becoming the first licence-holder to roll out its services for 29 states. The leading telecom service provider launched its payments bank on Thursday.

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 simultaneously stabilise both, said a Reserve Bank of India w

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 that operate in the informal sector will still be ab

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. "Asset quality will remain a negative

RBI imposes Rs 30 million penalty on Lakshmi Vilas Bank

The Reserve Bank of India has imposed a monetary penalty of Rs 30 million on Lakshmi Vilas Bank Ltd. (LVB) for contravention of instructions relating to opening and operation of current accounts, extending bill discounting facilities to non-consti

Overhauling of banking system could be next

Over a period of time, banks may go in for mergers, consolidation and lots of thinking was going into the entire process, said Banks Board Bureau chief Vinod Rai. “The entire process is being thought of, it is not going to mat

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 notes was deposited in the banks.

Mumbai: Digi Dhan Mela held to promote cashless payment

To promote and generate awareness for digital payments for citizens Maharashtra government organised Digi Dhan Mela in Mumbai on Tuesday. Headed by NITI Aayog and the department of electronics and IT, the programme promotes to encou

BHIM app crosses one million downloads

The BHIM app has crossed a million registered users on Tuesday. The smartphone application for digital banking is available for Android phones and will soon be available for iOS users within a month’s time. READ:

Review, comparison and step-by-step guide on BHIM app

Transferring and receiving money in banks was not easy until the launch of united payment interface (UPI)-based mobile banking, a product of national payments corporation of India (NPCI), a government organisation for all retail payment system in

IDFC Bank launches Aadhaar Pay

 IDFC Bank has announced the nationwide launch of IDFC Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution that uses a retailers’ own android smartphone to enable cashless payments. Aadhaar Pay has been

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 impact of the withdrawal of Rs 500 and Rs 1,000 currenc

Bank staff bearing the brunt of demonetisation: Union

It is high time the authorities woke up to the “pathetic, gruelling conditions” that bank employees are being subjected following the move to scrap Rs 500 and Rs 1,000 currency notes, said Harvinder Singh, general secretary of All Indi

Rising NPAs as a principal-agent problem

In economics, a principal-agent problem refers to the existence of a moral hazard issue when an agent acting on behalf of a principal

My NPAs, your NPAs

It is a common enough notion in the market and among investors that private sector banks have superior asset management skills and consequently, a miniscule amount of toxic assets. This popular narrative has, in turn, led to a rising demand for th

The road not taken

In May 2014, a committee headed by PJ Nayak, former chairman and CEO of Axis Bank, came out with a report that laid out a roadmap for setting public sector banks (PSBs) free from the government’s ownership. The report was prescient in its as

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 MPC, headed by the newly appointed RBI governor U

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 understand that if the economy of a particular co

You will now need to submit KYC just once

In a move that will save a lot of banking hassle for customers, the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) have directed banks and insurance companies to upload KYC documents relating to

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