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Posted Date : 18-Mar-2018 , 10:50:34 am | Posted By CASANSAAR
As much as Rs 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks, data from the Reserve Bank of India has revealed. The largest amount — Rs 1,262 crore — is lying with the State Bank of India, Rs 1,250 crore with PNB, while all other nationalis...
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Posted Date : 16-Mar-2018 , 08:26:56 pm | Posted By CASANSAAR
RBI has issued a Prompt Corrective Action (PCA) framework to maintain sound financial health of banks. In a written reply to a question in the Lok Sabha today, Minister of State for Finance Shiv Pratap Shukla said, it facilitates banks in breach of risk thresholds for identified areas of mo...
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Posted Date : 14-Mar-2018 , 11:31:29 pm | Posted By CASANSAAR
RBI Governor Urjit Patel has sought more powers to deal with frauds at public sector banks (PSBs) such as PNB scam. Speaking at Gujarat National Law University Gandhinagar yesterday, he said RBI's power over public sector banks are weaker than the private sector banks. Referring to the ...
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Posted Date : 13-Mar-2018 , 08:33:09 pm | Posted By CASANSAAR
The Reserve Bank of India today discontinued Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits. The RBI, in a circular, said it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category -I banks...
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Posted Date : 11-Mar-2018 , 09:50:53 pm | Posted By CASANSAAR
Rattled by a spate of banking frauds, RBI has initiated special audit of State-owned lenders with focus on trade financing activities, especially relating to issuance of letters of undertaking (LoUs) by them, banking sources said. In addition, the RBI has asked all banks for details of the LoUs t...
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Posted Date : 10-Mar-2018 , 09:18:11 am | Posted By CASANSAAR
RBI has imposed a penalty of Rs 5 crore on Airtel Payments Bank for violating operating guidelines and Know Your Customer (KYC) norms. The fine was imposed after RBI scrutinised the bank’s documents relating to opening of accounts without any specific or clear consent from the customers....
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Posted Date : 08-Mar-2018 , 08:38:08 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of Rs 40 lakh on State Bank of India for non-compliance of its directions on detection and impounding of counterfeit notes. An RBI notification issued from Mumbai today informs that the action is based on deficiencies in regulatory co...
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Posted Date : 05-Mar-2018 , 10:17:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has further tightened the priority sector lending (PSL) norms for foreign banks by directing them to mandatorily create sub-targets so that they lend a portion of their loans to small and marginal farmers as well as micro enterprises (MSMEs) from April. The m...
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Posted Date : 28-Feb-2018 , 10:30:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has increased the exposure limits for residents and FPIs in the exchange traded currency derivatives (ETCD) market. “It has now been decided to permit persons resident in India and FPIs (foreign portfolio investors) to take positions (long or short), without ...
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Posted Date : 24-Feb-2018 , 09:45:00 am | Posted By CASANSAAR
The RBI launched 'Ombudsman Scheme' for non-banking financial companies (NBFC) for redressal of complaints against them. "The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme,&...
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Posted Date : 16-Feb-2018 , 09:43:36 am | Posted By CASANSAAR
RBI has directed all banks to accept small denomination notes and coins tendered at their counters. The apex bank issued a notification in Mumbai yesterday, saying such denial of service causes inconvenience to the public at large as shopkeepers and traders refuse to accept coins for payment of good...
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Posted Date : 14-Feb-2018 , 09:32:51 am | Posted By CASANSAAR
In a bid to hasten the resolution of bad loans, RBI has tightened rules to make banks identify and tackle any non-payment of loan rapidly, a move the government said should act as a "wake up call" for defaulters. The Reserve Bank of India abolished half a dozen existing loan-restructuri...
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Posted Date : 13-Feb-2018 , 09:40:43 am | Posted By CASANSAAR
Reserve Bank of India has issued a revised framework for expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC). The new guidelines have specified framework for early identification and reporting of stres...
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Posted Date : 11-Feb-2018 , 08:18:26 pm | Posted By CASANSAAR
The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness". This is being done in an "expedited manner", the central bank said...
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Posted Date : 09-Feb-2018 , 09:28:45 am | Posted By CASANSAAR
At a time when the Centre is encouraging people to adopt digital transactions, some banks are allegedly not enforcing RBI directions to provide an additional authentication system for online transactions. The Delhi High Court has decided to examine the issue to protect consumers from rising incident...
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Posted Date : 09-Feb-2018 , 09:26:37 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday cautioned members of the public that it has come across a fake website www.indiareserveban.org created by some unknown person(s) with a layout similar to the original RBI website and containing a provision for ‘Bank verification with online account-holders...
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Posted Date : 08-Feb-2018 , 08:31:29 am | Posted By CASANSAAR
The Reserve Bank of India has said that it will link the base rate with the MCLR from 1st of April this year to ensure expeditious transmission of its policy rate to borrowers. In a statement, RBI said, though it had introduced the Marginal Cost of Funds based Lending Rates (MCLR) system with effect...
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Posted Date : 06-Feb-2018 , 09:37:03 am | Posted By CASANSAAR
Reserve Bank of India’s Monetary Policy Committee (MPC) meeting will begin today in Mumbai. The six-member MPC headed by RBI Governor Urijit Patel will meet for the Sixth Bi-monthly Monetary Policy Statement for 2017-18. RBI may keep policy rates on hold this week. It may toughen its warnin...
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Posted Date : 02-Feb-2018 , 09:06:54 am | Posted By CASANSAAR
The finance ministry sought application from eligible candidates for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra retired on completion of his three-year term on July 31, 2017. Although interviews were conducted on July 29 last year, the government has decided to ...
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Posted Date : 02-Feb-2018 , 09:00:59 am | Posted By CASANSAAR
The government will amend the Reserve Bank of India Act to allow the central bank to suck our excess liquidity from the money market without offering any securities as collateral. This will provide the RBI a new tool in liquidity management particularly in times when the money market liquid...
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Posted Date : 25-Jan-2018 , 08:53:51 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has warned lenders about cryptocurrencies, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of bitcoins and similar digital tender, said two people aware of the matter. While the central bank stopped ...
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Posted Date : 23-Jan-2018 , 08:51:32 am | Posted By CASANSAAR
The government and the Reserve Bank of India (RBI) may postpone the implementation of new accounting standards for banks because of the legislative changes and additional capital requirements the process would entail, according to three senior officials familiar with the matter. Banks and non-ban...
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Posted Date : 18-Jan-2018 , 09:06:07 am | Posted By CASANSAAR
Dispelling rumours and addressing the reluctance of traders to accept Rs 10 coins, the Reserve Bank of India said that all of the 14 designs of the coin are valid and legal tender for transactions. "It has come to the notice of the Reserve Bank that in certain places there is reluctance on part...
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Posted Date : 11-Jan-2018 , 08:58:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) notified that existing non-banking financial companies cannot operate as peer-to-peer lenders. Further, new applicants for peer-to-peer lending license will need to provide the list of promoters and the source of funds for the minimum capital requirement of Rs20mn, th...
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Posted Date : 05-Jan-2018 , 01:26:54 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against public sector lender Allahabad Bank, owing to its high net non-performing assets (NPAs) and negative return on assets (RoA) for two consecutive years. While in 2016-17, the bank’s net NPA ratio stood at 8.9...
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Posted Date : 17-Dec-2017 , 11:04:29 am | Posted By CASANSAAR
Syndicate Bank has emerged as the latest entrant on the Reserve Bank of India's hit list for violation of norms. The central bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector lender for violating the Know Your Customer (KYC)/Anti-Money Laundering (AML) norms. ...
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Posted Date : 10-Dec-2017 , 07:55:46 pm | Posted By CASANSAAR
Taking the fight to the arena used by fraudsters promising prize money from the RBI, the central bank has itself launched an SMS campaign and a 'missed-call' helpline to warn people against such scams. Typically, such fraudsters make calls or send SMSes and emails to gullible people promi...
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Posted Date : 07-Dec-2017 , 07:18:17 pm | Posted By CASANSAAR
In order to promote digital payments, RBI has come out with differentiated merchant discount rates (MDR) for debit card transactions, prescribing separate caps for small and large traders. MDR is the rate charged to a merchant by a bank for providing debit and credit card services. As pe...
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Posted Date : 06-Dec-2017 , 07:51:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has kept the key interest rate unchanged at 6 per cent in its fifth bi-monthly monetary policy review for the year 2017-18 today. The central bank has raised inflation forecast to 4.3-4.7 per cent in third and fourth quarters of current fiscal and kept the economic...
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Posted Date : 05-Dec-2017 , 07:21:51 am | Posted By CASANSAAR
The Reserve Bank of India, RBI has reiterated its concern over the use of Bitcoins and other virtual currencies saying it has not issued licenses or authorisations to companies to trade in these currencies. Earlier on two occassions, the RBI has cautioned users, holders and traders of Virtu...
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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.
