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  • RBI implements Bhaskar panel recommendations
    Posted Date : 19-Apr-2014 , 08:16:41 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has asked the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the Foreign Exchange Dealers’ Association of India (FEDAI) to act as administrators of the Indian rupee interest rate and foreign exchange benchmarks. “To ...

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  • Public sector bank management should be held accountable for bad loans: Jalan
    Posted Date : 15-Apr-2014 , 10:10:04 pm | Posted By CASANSAAR

    Former RBI governor Bimal Jalan on Monday said the managements of public sector banks, and not the finance ministry, should be held accountable for the wrong assessment of credit worthiness to check the rising number of bad loans.   “If you put public sector banks in one bracket and oth...

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  • RBI not to allow Promoters to become CEOs of Private Banks
    Posted Date : 14-Apr-2014 , 07:26:52 am | Posted By CASANSAAR

    The firm that promotes the bank should be wholly owned by the promoter group and 50% of the directors of the NOFHC should be independent directors   The Reserve Bank of India is unlikely to allow the promoters of private banks to become CEOs when it allows new banks to come up.   ...

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  • Interest on floating rate loans may not rise with change in base rate
    Posted Date : 13-Apr-2014 , 07:49:35 am | Posted By CASANSAAR

    A working group set up by the Reserve Bank of India (RBI) on pricing of credit has said that floating interest rates on existing loans charged by banks need not change with every change in the Base Rate of banks. Instead, it has said the covenant of floating rate loans may have mandatory r...

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  • RBI extends overseas borrowing interest rate norms till June
    Posted Date : 11-Apr-2014 , 08:48:27 am | Posted By CASANSAAR

    The Reserve Bank today said existing guidelines on interest rates for overseas borrowings will continue for another three months. "On a review, it has been decided that the all-in-cost ceiling...will continue to be applicable till June 30, 2014, and is subject to review thereafter. All other as...

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  • RBI panel submits report on pricing of credit by banks
    Posted Date : 10-Apr-2014 , 07:11:37 pm | Posted By CASANSAAR

    A panel set up by the Reserve Bank of India (RBI) has recommended that banks' base lending rate should be based on the marginal cost of funds if their average deposit tenure is on the lower side.   The panel, which was headed by RBI Deputy Governor Anand Sinha, had been set up to bring in tra...

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  • RBI steps in to end 'unfair' scrutiny of PSU Bankers
    Posted Date : 09-Apr-2014 , 08:30:14 am | Posted By CASANSAAR

    The constant fear of being haunted by the Central Vigilance Commission (CVC) for taking an incorrect decision may be a thing of the past for the government-owned banks if the Reserve Bank of India (RBI) has its way. The CVC, an authority set up to weed out corruption among government-owned unit...

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  • Reserve Bank of India firm on scrapping pre-payment penalty
    Posted Date : 08-Apr-2014 , 08:21:02 am | Posted By CASANSAAR

    The Reserve Bank is likely to order banks to scrap penalty on pre-payment of all retail and small corporate loans and do away with fines for failure to maintain minimum balance if the recent 'nudge' does not work, said a person familiar with the plan. RBI officials believe there is no justifica...

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  • Don’t seek artificial fixes for bad loans: RBI
    Posted Date : 05-Apr-2014 , 08:36:35 am | Posted By CASANSAAR

    Corporations and banks should not find artificial fixes for non-performing assets, and it was important for them to clean up their balance sheets and focus on putting the asset back on stream, RBI Governor Raghuram Rajan has said.   “At the Reserve Bank, we keep hearing corporations com...

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  • Govt appoints R Gandhi as RBI Deputy Governor
    Posted Date : 04-Apr-2014 , 07:43:10 am | Posted By CASANSAAR

    The government has appointed R Gandhi as deputy governor of the Reserve Bank of India (RBI). Gandhi, 58, who has been handed over a three-year term, succeeds Anand Sinha who retired in January. Prior to this, Gandhi was an executive director of the central bank. A dep...

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  • RBI keeps rates unchanged in its first bi-monthly policy review
    Posted Date : 01-Apr-2014 , 11:19:46 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) in its first bi-monthly monetary policy has decided to hold the key policy rate or the repo rate at 8 per cent but cautioned that inflation risks could resurface.    A poll by Business Standard of bankers, economists and debt market experts had s...

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  • Give customers a free copy of credit profile: RBI
    Posted Date : 24-Mar-2014 , 08:22:01 am | Posted By CASANSAAR

    Customers should be given a free copy of their credit profile as it would help in promoting financial discipline among loan seekers, the Reserve Bank of India (RBI) has said in a report. "The Committee has suggested that providing customers with a free copy of their Credit Information Reports (CIRs...

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  • Unclaimed bank money to be used for depositors education: RBI
    Posted Date : 22-Mar-2014 , 09:33:11 am | Posted By CASANSAAR

    Unclaimed bank deposits, which are estimated at Rs. 3,500 crore, will be utilised for education and awareness of depositors, the Reserve Bank of India (RBI) said on Friday. The 'Depositor Education and Awareness Fund Scheme, 2014' has been finalised and forwarded to the government for not...

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  • Pre-2005 currency notes can be exchanged at any bank: RBI
    Posted Date : 16-Mar-2014 , 09:58:38 pm | Posted By CASANSAAR

    You can walk into any bank to get your pre-2005 currency notes - including Rs. 500 and Rs. 1,000 denominations - exchanged till January 1, 2015, following a directive by the Reserve Bank of India (RBI) asking banks to help the public get rid of old currency notes. There is no li...

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  • 70,000 Compnies running without RBI licence?
    Posted Date : 10-Mar-2014 , 08:30:47 am | Posted By CASANSAAR

    After Sahara and Saradha, more disasters may be waiting to happen in the money market. With over Rs 30,000 crore of public money parked in various Ponzi schemes and non-banking finance companies (NBFCs), the Reserve Bank of India (RBI) is probing existence of companies not regist...

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  • RBI makes it tough for firms to get away with loan default
    Posted Date : 27-Feb-2014 , 08:35:35 am | Posted By CASANSAAR

    The Reserve Bank of India has moved in to make it difficult for corporate borrowers to escape repaying banks for their loans.   In less than a month after putting up a plan for better fire-fighting against bad loans, RBI Governor Raghuram Rajan has finalised the rules for Indian banks. The no...

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  • HC sends RBI notice on plea against recall of banknotes
    Posted Date : 24-Feb-2014 , 08:38:27 am | Posted By CASANSAAR

    The Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void its recent notification withdrawing all old series of currency notes issued prior to 2005.   A Division Bench Comprising Justice N Paul Vasanthakumar and Justice P Devadoss issued notice the apex...

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  • RBI raises repo rate by 25 bps to 8 per cent
    Posted Date : 29-Jan-2014 , 08:23:21 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI), on Tuesday, increased the indicative policy rate (repo) by 25 basis points to 8 per cent to tame inflation. However, it is not necessary that banks will increase deposit as well as lending rates immediately or uniformly.   Repo is the rate at which banks borro...

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  • RBI aligns NBFC loan restructuring norms with banks
    Posted Date : 23-Jan-2014 , 09:59:58 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) said on Thursday that rules for restructuring loans by non-banking financial companies will be the same as those of banks.   The key provisions include that the relaxation or extension of commencement of projects will not amount to restructuring for infrastru...

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  • Check your cash, pre-2005 notes will not work after July
    Posted Date : 23-Jan-2014 , 08:55:04 am | Posted By CASANSAAR

    THE RESERVE Bank on Wednesday announced it would withdraw after March 31 all currency notes issued before 2005, including those having higher denominations of Rs 500 and Rs 1,000.   To avoid panic, it said the notes will continue to be legal and the public has time to exchange them for new no...

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  • RBI plans to use unclaimed deposits for education, awareness
    Posted Date : 22-Jan-2014 , 08:35:48 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Tuesday proposed unclaimed bank deposits, estimated at about Rs 3,500 crore, be used for education and awareness among depositors. According to a draft on the Depositor Education and Awareness Fund Scheme, deposits in the banking sector that haven’t bee...

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  • RBI sets up panel to review governance of bank boards
    Posted Date : 20-Jan-2014 , 09:43:58 pm | Posted By CASANSAAR

    The Reserve Bank of India today set up an eight-member panel to review functioning of board of banks and examine ‘fit and proper’ criteria for directors, including their tenure.   The committee, to be headed by former Axis Bank chairman P.J. Nayak, will analyse representation on b...

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  • RBI extends Time to close exim deals extended
    Posted Date : 18-Jan-2014 , 08:39:54 am | Posted By CASANSAAR

    Liberalising the export-import payment norms, the Reserve Bank today extended the time limit to complete such transactions to nine months from six months earlier. "The entire merchanting or intermediary trade transactions should be completed within an overall period of nine months and the...

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  • RBI eases rules to boost foreign direct investment
    Posted Date : 10-Jan-2014 , 08:40:39 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Thursday relaxed foreign direct investment regulations to allow investors to exit their investments subject to the conditions of a minimum lock-in period and without any assured returns. RBI said the relaxation was expected to facilitate great foreign direct i...

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  • RBI allows foriegn investors to use 'Put' and 'Call' options
    Posted Date : 08-Jan-2014 , 08:37:49 am | Posted By CASANSAAR

    After months of dithering, the Reserve Bank of India has allowed foreign investors to use 'call' and 'put' options to structure their investments in India. But experts said the stringent valuation restriction is detrimental to new investments or joint ventures.RBI has amended the foreign exchange ma...

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  • Financial benchmark calculation may be based on observable transactions
    Posted Date : 04-Jan-2014 , 08:39:50 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI)’s panel on financial benchmarks has made several recommendations to bring in more transparency and improve the functioning of financial benchmarks. The panel said in its draft report the methodology used to calculate these benchmarks should be based o...

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  • Banks free to charge 'reasonable ATM fees': RBI
    Posted Date : 03-Jan-2014 , 08:13:29 am | Posted By CASANSAAR

    Amid growing clamour from banks to charge customers for transactions at ATMs to make them economically viable, RBI Deputy Governor K C Chakrabarty today said the regulator will have no objections if the lenders charge "reasonable fee" for such services. "If banks charge a reasonable fee on ATM tran...

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  • RBI seeks taxman’s feedback on bank licence aspirants
    Posted Date : 02-Jan-2014 , 09:33:41 am | Posted By CASANSAAR

    The Reserve Bank of India has asked the income-tax authorities information on six issues related to tax compliance of the 25 groups that have thrown their hat in the ring for starting a bank.   Faced with the Herculean task of generating tax compliance reports on more than 1,500 entities asso...

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  • RBI clarifies on ‘scribbled notes’ rumour
    Posted Date : 31-Dec-2013 , 05:25:05 pm | Posted By CASANSAAR

    The Reserve Bank of India has said that banks will honour all currency notes, scribbled and unscribbled, after rumours spread through some local media that the central bank has advised banks not to accept notes that were scribbled upon.   Scribbling on the top of the note is a widespread prac...

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  • RBI extends date of issue of inflation-indexed bonds to March 31
    Posted Date : 30-Dec-2013 , 08:04:01 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Monday extended the time for issuance of inflation indexed bonds to March 31, 2014 from the earlier December 31, 2013.  The RBI in consultation with government earlier this month launched Inflation-Indexed National Saving Securities-Cumulative (IINSS-C), whic...

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