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Posted Date : 02-Jul-2014 , 08:51:36 am | Posted By CASANSAAR
A fresh diktat from the Reserve Bank of India, barring banks from giving in to government pressure and waive off farm loans, could be a death blow to lakhs of farmers, who are seeking a bailout package. At a time when governments in newly created Telangana and Andhra Pradesh are under intense press...
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Posted Date : 30-Jun-2014 , 08:28:41 am | Posted By CASANSAAR
The RBI has said India and the US have agreed to implement a foreign tax compliance law and asked banks and financial institutions to register by this year-end to report accounts and assets held by US citizens. India and the US have agreed to implement Foreign Accounts Tax Compliance Act (F...
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Posted Date : 28-Jun-2014 , 08:04:57 am | Posted By CASANSAAR
The Reserve Bank of India has mandated banks to give data about wilful defaulters each month or more frequently to the credit information companies from the beginning of 2015. According to the new regulations, banks will have to furnish data on wilful defaulters of Rs 25 lakh and above for...
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Posted Date : 27-Jun-2014 , 06:17:45 pm | Posted By CASANSAAR
This year the Reserve Bank of India (RBI) has made special provision to remain open on July 1, 2014 to facilitate settlement of market transactions as well as to facilitate the transactions of the general public. Normally, the RBI remains closed for public transactions every July 1 on accou...
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Posted Date : 27-Jun-2014 , 08:43:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has provided a breather to infrastructure firms, allowing banks to treat loans to these entities as standard even if the date of commencement of a project is delayed by up to two years. “It is clarified multiple revisions of the DCCO (date of commencement of co...
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Posted Date : 24-Jun-2014 , 08:18:53 pm | Posted By CASANSAAR
Reserve Bank of India has allowed commercial banks to appoint non-banking finance companies (NBFCs) as Business Correspondents (BCs) to accelerate work on financial inclusion program. Only non-deposit taking NBFCs will be eligible to act as BCs of banks for financial inc...
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Posted Date : 24-Jun-2014 , 08:59:47 am | Posted By CASANSAAR
The Reserve Bank of India has directed all banks and finance companies to provide all information or documents requested by the special investigation team (SIT) looking into unearthing black money. RBI's directive pre-empts any bank from using customer confidentiality f...
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Posted Date : 21-Jun-2014 , 08:16:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has set a limit of $10 million on banks' proprietary positions in exchange-traded currency futures and also allowed foreign portfolio investors to hedge their currency risk without any underlying up to the same limit, the apex bank said in separate releases on Friday....
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Posted Date : 20-Jun-2014 , 08:45:07 am | Posted By CASANSAAR
The Reserve Bank permitted residents and non-residents, except Pakistanis and Bangladeshis, to carry up to Rs 25,000 in Indian currency notes while leaving the country. Earlier, Indians travelling abroad were permitted to carry only up to Rs 10,000, while foreigners were not allowed to carry Indian ...
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Posted Date : 18-Jun-2014 , 09:18:19 pm | Posted By CASANSAAR
The RBI today asked banks to make sector-wise disclosure of their advances from 2014-15 onwards with a view to encourage them to actively manage exposure to various segments. "Banks are advised to disclose sector-wise advances in the 'Notes to Accounts' to the financial statements as per the ...
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Posted Date : 17-Jun-2014 , 08:48:45 am | Posted By CASANSAAR
The RBI has tightened the anti-money laundering (AML) norms by asking companies to appoint a designated director who can impose fines of up to Rs. 1 lakh if an employee is found guilty of violation. "If the director, in the course of any inquiry, finds that a reporting entity or i...
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Posted Date : 13-Jun-2014 , 08:05:00 am | Posted By CASANSAAR
The Reserve Bank of India, on Thursday, said it would soon come out with a payment bank, as recommended by the Nachiket Mor committee. “We are also coming up shortly with what could be payment bank because there is huge potential for financial inclusion with focus on remittances b...
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Posted Date : 10-Jun-2014 , 08:29:55 am | Posted By CASANSAAR
In a move aimed at creating liquidity buffers in banks, the Reserve Bank of India (RBI) has mandated the lenders to maintain 60 per cent liquidity coverage ratio (LCR) from January 1, 2015. Also, the central bank suggested a phased manner in which the ratio will have to increase to 10...
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Posted Date : 03-Jun-2014 , 03:25:41 pm | Posted By CASANSAAR
A strong rupee has emboldened Reserve Bank of India to relax some of the foreign exchange related restrictions including the individual overseas remittance limit of $75000 per year which has been hiked to $125000. The central bank has also allowed foreign institutional investors to hedge upto 110% ...
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Posted Date : 03-Jun-2014 , 11:35:52 am | Posted By CASANSAAR
In line with market expectations, the Reserve Bank of India on Tuesday kept key rates unchanged. While the repo rate was maintained at 8% and reverse repo rate at 7%, the SLR was cut by 50 basis points. Rajan kept the policy rate unchanged at 8 per cent at th...
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Posted Date : 29-May-2014 , 08:32:55 am | Posted By CASANSAAR
The Reserve Bank of India has directed banks to convert credit balances in any inoperative foreign currency (FC) denominated deposit into Indian rupee if the former remains not in use for three years from the date of maturity of deposit. Thereafter, the depositor shall be entitled to claim ...
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Posted Date : 28-May-2014 , 08:07:17 am | Posted By CASANSAAR
In an attempt to provide some relief to customers, the Reserve Bank of India has asked banks not to charge any penalty for non-maintenance of minimum balance in dormant accounts. Savings accounts and current accounts are treated as dormant if there are no transactions for over two years. Ac...
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Posted Date : 26-May-2014 , 10:22:35 pm | Posted By CASANSAAR
The Reserve Bank today cautioned the public not to fall prey to spurious offers made by a fake website in its name offering savings accounts. "It has come to the notice of the RBI today that a fake website has been created at http://www.rbi-inonline.org/savings.html by some unknown person...
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Posted Date : 25-May-2014 , 01:57:00 pm | Posted By CASANSAAR
The Reserve Bank of India is likely to again allow individuals to spend $ 200,000 per year abroad, including in real estate, reversing a clampdown imposed in August 2013, that had brought the limit down to $ 75,000. The move is a confidence-booster measure the new government is expected to ...
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Posted Date : 22-May-2014 , 08:33:56 am | Posted By CASANSAAR
All new ATMs to be installed by commercial banks from July 2014 onwards would provide audible instructions and Braille keypads to customers. The RBI today issued a directive in this regard which came on its prior advice to banks in 2009. It said, the Banks should lay down a road map for convert...
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Posted Date : 21-May-2014 , 07:48:10 am | Posted By CASANSAAR
To protect consumer interest, the Reserve Bank of India (RBI) is formulating guidelines to discourage lenders from mis-selling and hold them responsible for the products they offer. While presenting the annual monetary policy for 2014-15 in April, RBI Governor Raghuram Rajan had indicated the need ...
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Posted Date : 19-May-2014 , 08:33:29 am | Posted By CASANSAAR
To ensure that customers do not fall prey to fraudulent schemes promising cheaper funds from abroad, the Reserve Bank of India wants banks to consider prominently displaying messages cautioning them about the schemes on their websites as well as branch/ATM locations. The central bank also s...
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Posted Date : 13-May-2014 , 07:52:35 am | Posted By CASANSAAR
Easing norms for functioning of overseas branches of Indian banks, the Reserve Bank has permitted them to offer structured financial and derivative products, a move that would help in improving their income. However, these products like Exchange Traded Funds and bond derivatives are not permitt...
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Posted Date : 07-May-2014 , 09:16:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has barred banks to remove some of the penal provisions that deter people from engaging banks for saving and borrowing purposes. Accordingly, RBI has asked banks to desist from levying foreclosure charges on individual borrowers for all floating rate loans wi...
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Posted Date : 07-May-2014 , 08:19:20 am | Posted By CASANSAAR
Children older than 10 years will no longer need the help of their parents or guardians to open and operate a savings bank account. To boost financial inclusion, the Reserve Bank of India (RBI) on Tuesday said that banks were at liberty to allow minors above 10 years to independently open and operat...
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Posted Date : 06-May-2014 , 08:13:23 am | Posted By CASANSAAR
Rising non-performing assets (NPAs) are taking a toll on public sector banks such as State of India (SBI), Punjab National Bank (PNB) and Canara Bank in more ways than one — these banks are unable to take deposits from non-government provident funds. Norms governing investments...
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Posted Date : 01-May-2014 , 08:15:37 am | Posted By CASANSAAR
One doesn't expect a fifth grade student to be worried about the state of the economy and the country's foreign exchange reserves, much less pen a letter to the Reserve Bank of India governor offering help.But last September, when the government and RBI were battling a major crisis with the rupee hi...
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Posted Date : 29-Apr-2014 , 07:23:07 am | Posted By CASANSAAR
The Reserve Bank on Monday directed the entities using the Real-Time Gross Settlement (RTGS) payment system to use the correct transaction code so as to avoid unintended consequences. RBI said some of the RTGS participants were using the transaction code alloted to customers for settling their own ...
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Posted Date : 24-Apr-2014 , 07:26:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) prescribed uniform accounting standards for asset reconstruction companies(ARCs) for acquiring non-performing loans, recognising revenue and management fees to ensure common treatment for firms. The new norms will be effective from accounting yea...
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Posted Date : 23-Apr-2014 , 08:07:21 am | Posted By CASANSAAR
Worried over rising number of frauds in online banking, the Reserve Bank of India (RBI) has suggested that banks introduce two-stage authentication to ensure security of transactions. The RBI report on ‘Enabling Public Key Infrastructure (PKI) in Payment System Applications’ sai...
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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.
