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Posted Date : 26-Aug-2019 , 09:59:08 pm | Posted By CASANSAAR
The Central Board of the Reserve Bank of India on Monday decided to transfer a sum of Rs.1,76,051 crore to the Government of India comprising Rs.1,23,414 crore of surplus for the year 2018-19 and Rs.52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adop...
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Posted Date : 22-Aug-2019 , 08:14:13 am | Posted By CASANSAAR
The compliance culture in Indian banks is far from satisfactory and some of the big losses suffered on account of frauds could have been avoided if it was in place, the Reserve Bank of India's (RBI) deputy governor MK Jain said on August 20. Jain, who is in charge of banking and non-banking s...
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Posted Date : 17-Aug-2019 , 07:07:44 am | Posted By CASANSAAR
In a move to revive the flagging Gold Monetisation Scheme 2015, the Reserve Bank of India (RBI) has made it easier for depositors to hand over their holdings of the precious metal. In an amendment to the scheme, the RBI said that, while all deposits have to be made at collection & purity test...
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Posted Date : 16-Aug-2019 , 08:49:10 am | Posted By CASANSAAR
The Reserve Bank of India asked banks to not charge customers for failed transactions at ATMs or include it as part of the permitted ‘free ATM transactions’ per month set for users. In a circular issued on Wednesday, the central bank stated that transactions that fail due to technical...
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Posted Date : 14-Aug-2019 , 10:52:41 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday said housing finance companies (HFCs) will be treated as a category of non-banks, adding, it will release a revised regulatory framework for these entities. This comes after the Finance Act, 2019 amended the National Housing Bank Act, 1987, conferring ce...
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Posted Date : 07-Aug-2019 , 10:43:52 pm | Posted By CASANSAAR
The Reserve Bank has cut repo rate by 35 basis points to 5.40 per cent to give a fillip to the economy. Repo rate is the rate at which RBI lends to banks. This is the fourth consecutive time that the RBI's Monetary Policy Committee reduced the rate. On earlier three occasions, RBI had reduced...
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Posted Date : 07-Aug-2019 , 10:20:06 pm | Posted By CASANSAAR
The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers. Speaking at a press conference after the release of the third bi-monthly policy statement, RBI Governor Shaktikanta Das said the RBI will...
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Posted Date : 06-Aug-2019 , 07:57:19 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said it has imposed a collective penalty of Rs 8.5 crore on eleven commercial banks for violating norms on fraud classification and reporting by commercial banks and selected financial institutions (FIs). While the RBI imposed a fine of Rs 1.5 crore on Or...
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Posted Date : 03-Aug-2019 , 07:19:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has tightened the fit-and-proper criteria for directors on the boards of state-run banks, and said the Centre’s nominee director shall not be part of the nomination and remuneration committee (NRC). The revised criteria also, for the first time, laid down an exh...
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Posted Date : 03-Aug-2019 , 07:18:15 am | Posted By CASANSAAR
The Reserve Bank on Friday barred non-banking finance companies from charging pre-payment penalties or foreclosure charges from individual borrowers. "NBFCs shall not charge foreclosure charges/pre- payment penalties on any floating rate term loans sanctioned for purposes other than bu...
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Posted Date : 02-Aug-2019 , 09:13:11 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) imposed monetary penalty ranging between Rs 1-2 crore on eight public sector banks for violating norms on fraud classification, bill discounting and monitoring of end use of funds. Bank of Baroda, Bank of India, Indian Overseas Bank and Union Bank of India were fin...
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Posted Date : 02-Aug-2019 , 12:34:09 pm | Posted By CASANSAAR
The Reserve Bank of India has imposed a penalty of Rs 1.5 crore on Bank of India on account of 'Non-compliance with RBI's direction on Frauds' in Rotomac Group companies. The aforesaid penalty is required to be paid within 14 days of receipt of their order. #casansaar (Soruc...
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Posted Date : 02-Aug-2019 , 12:28:04 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday allowed Bank of China to offer regular banking services in the country. All commercial banks, like SBI, HDFC Bank, Punjab National Bank and ICICI Bank, are in the Second Schedule. Banks falling under this schedule have to adhere to the norms of the RBI. ...
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Posted Date : 31-Jul-2019 , 09:26:38 am | Posted By CASANSAAR
In more liquidity easing measures, the Reserve Bank has liberalised the end-use stipulations for the External Commercial Borrowings both for corporates as well as liquidity starved non-banking lenders. The central bank in a statement yesterday said that liberalisation will be applicable to ECBs t...
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Posted Date : 30-Jul-2019 , 09:54:52 am | Posted By CASANSAAR
The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines. The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15 lakh rupees while Hip Bar Pvt Ltd faced a fine ...
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Posted Date : 25-Jul-2019 , 10:44:03 pm | Posted By CASANSAAR
A Committee constituted by Reserve Bank of India (RBI), headed by former SEBI Chairman UK Sinha, has recommended that the limit for collateral free lending should be increased to Rs 20 lakh for MSMEs and Self-Help Groups (SHGs). The Committee has also recommended revision of loan limit sanctioned...
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Posted Date : 24-Jul-2019 , 06:48:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will undertake review and reframing of its organisational structure to implement strategies that form its vision statement for 2019-22. The apex bank will also enhance the performance assessment system for its employees, RBI said, adding that it will also use techn...
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Posted Date : 18-Jul-2019 , 09:33:42 am | Posted By CASANSAAR
Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which over the last one year has placed significant respo...
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Posted Date : 16-Jul-2019 , 10:15:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has penalised State Bank of India and Union Bank of India for violating certain regulatory guidelines. SBI was fined Rs. 7 crore for non-compliance with the directions issued by the RBI on Income Recognition and Asset Classification (IRAC) norms, code of conduct fo...
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Posted Date : 14-Jul-2019 , 06:05:48 pm | Posted By CASANSAAR
The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction. At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides...
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Posted Date : 04-Jul-2019 , 02:58:09 pm | Posted By CASANSAAR
The Delhi High Court today asked Reserve Bank of India and Enforcement Directorate to respond to a plea alleging that online payment platform PayPal was operating illegally without the central bank's authorization. The bench of Chief Justice D N Patel and Justice C Hari Shankar issued not...
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Posted Date : 01-Jul-2019 , 09:56:42 pm | Posted By CASANSAAR
The government is considering strengthening the Reserve Bank's regulatory and supervisory powers over the non-banking finance companies (NBFCs), Finance Minister Nirmala Sitharaman said in the Lok Sabha Monday. Replying to a question, the minister said RBI was closely monitoring the liquidity...
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Posted Date : 30-Jun-2019 , 04:13:35 pm | Posted By CASANSAAR
The Reserve Bank of India is reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report (FSR). "There is a significant time-lag between the occurrence of a ...
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Posted Date : 27-Jun-2019 , 08:39:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Wednesday asked the public, casting aside their doubts, to continue accepting coins of various denominations pumped into circulation regularly. The RBI puts into circulation coins minted by the central government. It said coins have distinctive features which ar...
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Posted Date : 25-Jun-2019 , 05:54:57 am | Posted By CASANSAAR
The Reserve Bank of India Monday launched an application on its website for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI's grievance redre...
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Posted Date : 19-Jun-2019 , 09:48:12 am | Posted By CASANSAAR
Reserve Bank 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 currenc...
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Posted Date : 12-Jun-2019 , 08:53:13 am | Posted By CASANSAAR
Reserve Bank's new guidelines to deal with bad loans will provide lenders the headroom and flexibility for resolution of large ticket stressed asset cases under the Insolvency and Bankruptcy Code (IBC), according to a report. The RBI came out with a revised prudential framework for resolution...
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Posted Date : 12-Jun-2019 , 08:46:46 am | Posted By CASANSAAR
The Reserve Bank of India has constituted a six-member committee to review the entire gamut of ATM charges and fees. In a press release, the RBI said, Chief Executive of Indian Banks’ Association VG Kannan will chair the committee consisting of senior officers from National Payments Corporatio...
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Posted Date : 11-Jun-2019 , 08:57:22 am | Posted By CASANSAAR
Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on June 10. However, the banks cannot ask the account holders to maintain any minimum balance in lieu of such facilities. Earlier, additional facilities made these ...
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Posted Date : 07-Jun-2019 , 08:37:53 am | Posted By CASANSAAR
The Reserve Bank of India Thursday announced it was waiving off charges that are applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). The central bank asked consumer banks to pass on this benefit to customers, essentia...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
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- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Top Most RBI News On Casansaar Includes Latest News Details On Fema Forms,Fema Declaration,Updates On Reserve Bank Of India,RBI Circulars,Sebi,CA Firm.
