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  • RBI amends Banking Ombudsman Scheme
    Posted Date : 25-Jun-2017 , 09:40:32 am | Posted By CASANSAAR

    The central bank has extended the scope of Banking Ombudsman Scheme. The Reserve bank said that under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India....

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  • GST to lower overall tax burden over time - RBI governor
    Posted Date : 23-Jun-2017 , 06:57:49 am | Posted By CASANSAAR

    As the four-rate structure, Goods and Services Tax will come into force in all states across the country except Jammu & Kashmir from the midnight of June 30, the Reserve Bank of India Governor Mr. Urjit Patel today expressed optimistic view that GST would eventually reduce taxes and inefficienci...

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  • RBI identifies 12 mega defaulters for insolvency, their total NPA Rs 175000 Cr
    Posted Date : 14-Jun-2017 , 07:59:37 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) is moving to resolve the bad loan crisis with an Internal Advisory Committee (IAC) of the RBI having identified 12 accounts of corporate borrowers who owe over Rs 5,000 crore each — and overall involve an amount of close to Rs 175,000 crore — for insolvenc...

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  • RBI directs bank branches to comply with PPO order
    Posted Date : 09-Jun-2017 , 09:26:43 am | Posted By CASANSAAR

    The Reserve Bank has asked bank branches to record pension payment order (PPO) number in the passbooks of pensioners to avoid any hassle in case the PPO is lost. The Finance Ministry's Central Pension Accounting Office in September 2014 had issued a memorandum asking Centralised Pension Proce...

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  • RBI clarifies PCA does not restrict bank's public operation
    Posted Date : 06-Jun-2017 , 08:11:17 am | Posted By CASANSAAR

    The Reserve Bank of India has clarified that the Prompt Corrective Action (PCA) framework invoked on banks will not restrict operations for the general consumers or public at large. Amid some misinformed reports in media including social media, the RBI has clarified in a statement on Monday that ...

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  • Bank account number portability can be reality soon - RBI
    Posted Date : 31-May-2017 , 08:16:37 am | Posted By CASANSAAR

    Customers may soon get to seamlessly switch to another bank with the same account number without losing any transaction details such as credit/debit history — all thanks to Reserve Bank of India's push. With increase in Aadhaar enrollment and technology advancements, banks and stakehold...

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  • RBI invites applications for Dy Governor, may hire from pvt sector for 1st time
    Posted Date : 26-May-2017 , 07:43:42 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Wednesday released a public notice inviting applications for the post of a Deputy Governor. This is the first time that RBI may be inviting applications from the private sector. Currently, the RBI has four Deputy Governors of whom two are internal appointees. Th...

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  • RBI refuses to disclose list of loan defaulters
    Posted Date : 24-May-2017 , 06:41:21 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an order of the Supreme Court in 2015 to make this information public. The case relates to an RTI application filed by activist Subhash Agrawal who had sought to know the list o...

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  • RBI to reconstitute oversight committee to deal with bad loans
    Posted Date : 23-May-2017 , 07:46:04 am | Posted By CASANSAAR

    The Reserve Bank said it will reconstitute the oversight committee (OC) under its aegis to operationalise the banking ordinance for resolving the issue of bad loans that have soared to over Rs 8 lakh crore. The central bank said it has been decided to reconstitute the OC under the aegis of the ce...

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  • RBI ombudsman for one redressal system for all financial transactions
    Posted Date : 22-May-2017 , 07:39:49 am | Posted By CASANSAAR

    There is a need for a single redressal mechanism for all types of financial transactions in the country , feels Ranjana Sahajwala, ban of the RBI. king ombudsman of the RBI. The RBI created the office of banking ombudsman (OBO) to act as a mediator or adjudicator between the customer and the bank...

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  • RBI liberalises tier-I presence in new bank branch policy
    Posted Date : 18-May-2017 , 10:19:25 pm | Posted By CASANSAAR

    RBI today came out with final guidelines on branch authorisation, with a refined definition on what constitutes a bank branch and liberalised policies on presence in tier-I centres. It also widened the role of bank boards, making them responsible for complying with the new guidelines. The RBI ...

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  • RBI's hiring a CFO - Here’s your chance to earn Rs 4 lakh a month
    Posted Date : 16-May-2017 , 10:30:01 am | Posted By CASANSAAR

    If you are a Chartered Accountant (CA) aged 45-55 years of age, a job is awaiting you. The Reserve Bank of India has opened applications for the job of Chief Financial Officer at the rank of Executive Director. This is a first by the central bank as till now, it did not have a dedicated official ...

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  • RBI makes substantial changes in norms for dealing with stressed loans
    Posted Date : 06-May-2017 , 09:13:26 pm | Posted By CASANSAAR

    RBI has made substantial changes in the norms for dealing with stressed loans and warned banks they will be penalised for missing Non-Performing Assets (NPA) resolution timelines. RBI, through a notification, eased the decision making process in the Joint Lenders' Forum and Corrective Action ...

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  • RBI gets proactive to tackle India's Rs.7 Lakh crore bad loans pileup
    Posted Date : 03-May-2017 , 09:36:41 am | Posted By CASANSAAR

    In April, the Reserve Bank of India advised banks to closely monitor loans to telecom operators after Airtel, Vodafone and Idea got caught up in a price war with Reliance Jio. The apex bank had asked banks to consider setting aside higher provisions for loans in stressed sectors by June 30. The advi...

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  • RBI fines Kotak Mahindra, HSBC for violating FEMA
    Posted Date : 26-Apr-2017 , 09:48:01 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Wednesday imposed a monetary penalty on Kotak Mahindra Bank and Hong Kong & Shanghai Banking Corp. Ltd for violation of instructions on reporting requirements of the Foreign Exchange Management Act (FEMA), 1999. The central bank slapped a fine of Rs70,000 on...

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  • RBI Governor suggests merging public sector banks
    Posted Date : 26-Apr-2017 , 10:30:05 am | Posted By CASANSAAR

    RBI Governor Urjit Patel has said the Indian banking system could be better off if some public sector banks are consolidated to have fewer but healthier entities, as it would help in dealing with the problem of stressed assets.  "As many have pointed out, it is not clear that we need so...

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  • RBI asks banks to closely monitor loans to telecom sector
    Posted Date : 20-Apr-2017 , 09:12:10 am | Posted By CASANSAAR

    The RBI asked banks to make higher provisioning for loans to the telecom sector that is facing financial stress and closely monitor their exposure to avoid any adverse impact on businesses . The sector has a debt of about Rs 4.6 lakh crore even as it is faces pressure on revenues and profitability...

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  • RBI to set up computer emergency response unit
    Posted Date : 18-Apr-2017 , 08:24:37 am | Posted By CASANSAAR

    The Sub-Committee of the Financial Stability and Development Council (FSDC), which met on Monday, discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said. “Issues such as setting up of Computer Emergency Respon...

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  • RBI proposes simplified forex hedging facility
    Posted Date : 13-Apr-2017 , 08:21:24 am | Posted By CASANSAAR

    Reserve Bank of India on Wednesday unveiled draft guidelines relating to simplified hedging facility for resident entities with foreign currency exposures and non-resident entities with rupee exposures, other than individuals, to enable them to hedge underlying exchange rate risk. The facility is...

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  • RBI proposes wholesale, long-term finance banks
    Posted Date : 08-Apr-2017 , 08:46:02 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Friday proposed to float wholesale and long-term finance (WLTF) banks that would fund long-term high-value projects — something similar to the development finance institutions (DFIs) of the past.  “Going forward, considering the existing landsca...

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  • NEFT transfer to get quicker as RBI cuts clearance time
    Posted Date : 07-Apr-2017 , 07:27:55 am | Posted By CASANSAAR

    The Reserve Bank has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience. In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement...

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  • RBI maintains status quo on repo rate
    Posted Date : 06-Apr-2017 , 08:39:53 pm | Posted By CASANSAAR

    The Reserve Bank left its benchmark lending rate, Repo rate, unchanged at 6(point)25 per cent for the fourth monetary policy review in a row today citing upside risk to inflation. RBI however increased the reverse repo rate -- which it pays to banks for parking funds with it -- by 0.25 per cent t...

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  • RBI exempts banks from opening on April 1 on annual closing
    Posted Date : 30-Mar-2017 , 10:23:34 am | Posted By CASANSAAR

    Reversing its earlier order, the Reserve Bank of India said that the bank branches dealing in government businesses need not remain open on April 1 in view of the annual closing business. In its earlier directive on March 24, the RBI had asked all authorised banks to be open on all days from Marc...

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  • RBI puts IDBI Bank, Indian Overseas Bank and UCO Bank under watch for spike in bad assets
    Posted Date : 24-Mar-2017 , 08:41:05 am | Posted By CASANSAAR

    The Reserve Bank of india has put four public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list, the name of the fourth lender could not b...

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  • SC to Govt-Why can't RBI accept scrapped notes till March 31
    Posted Date : 22-Mar-2017 , 09:15:33 am | Posted By CASANSAAR

    The Supreme Court on Tuesday directed the Centre to file a response to a plea challenging the Reserve Bank of India’s (RBI) refusal to accept demonetized Rs500 and Rs1,000 notes post 31 December, 2016. A bench headed by Chief Justice of India (CJI) J.S. Khehar gave the government two weeks ...

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  • RBI issues draft master circular for revised PPI norms
    Posted Date : 21-Mar-2017 , 07:59:16 am | Posted By CASANSAAR

    The Reserve Bank of India has asked all prepaid payment licence holders who mostly issue mobile wallets to convert their minimum KYC (Know Your Customer) wallet accounts into full KYC account by June 30 of this year. It has also laid out minimum net worth criteria for wallet issuers to Rs 25 crore f...

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  • RBI lifts all cash withdrawal limits from today
    Posted Date : 13-Mar-2017 , 07:50:01 pm | Posted By CASANSAAR

    All limits on cash withdrawal from savings bank account imposed on November 8 after the demonetisation drive has been removed with effective from Monday as the Reserve Bank of India (RBI) had announced about it last month. Earlier, the central bank had removed all curbs on branch withdrawals from cu...

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  • NBFC cash loan against gold restricted to Rs 25,000 - RBI
    Posted Date : 10-Mar-2017 , 07:22:30 am | Posted By CASANSAAR

    Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque.  RBI reduced the amount to Rs 25,000 from th...

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  • RBI sets up panel to review cyber threats
    Posted Date : 01-Mar-2017 , 07:54:00 am | Posted By CASANSAAR

    The Reserve Bank announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology. The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholde...

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  • RBI enhances cash withdrawal limit from Savings account to Rs 50,000
    Posted Date : 21-Feb-2017 , 06:45:28 am | Posted By CASANSAAR

    Reserve Bank has enhanced the cash withdrawal limit from Savings Bank Account to 50,000 rupees from the existing 24,000 rupees from 20th Feb. RBI has also said that all limits on cash withdrawals from Savings Bank Account will be withdrawn from 13th of next month. The Reserve Bank of India (RBI) ...

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