Banks will be closed in Bengaluru, Mumbai and other cities for 3 days

Starting from today, Banks are going to remain closed for consecutive three days. This will be in several cities including Mumbai, Bengaluru and Ahmedabad. This is due to the festival of Mahashivratri for which Reserve Bank of India (RBI) has declared a bank holiday today in several cities. Normally, bank holidays are on every second … Read more Banks will be closed in Bengaluru, Mumbai and other cities for 3 days

Government should continue reforms for recovery: RBI governer

Reserve Bank Governor Shaktikanta Das recently said that to support the countercyclical measures which are taken by the government, structural reform are required to be continued to revive demand and support the economy. He also said that the green shoots are now visible and need to be sustained to pull India out of its current … Read more Government should continue reforms for recovery: RBI governer

RBI may soon sync its Accounting year with government’s fiscal year

On Saturday, Reserve Bank of India governor Shaktikanta Das gave a hint that the central board of RBI may decide to sync the RBI’s accounting year with the fiscal year of the government. “We are examining that. It is under consideration. You will very shortly hear on that from RBI,” Das told reporters after a customary post-Budget … Read more RBI may soon sync its Accounting year with government’s fiscal year

Categories RBI

LIC housing finance referred 14 projects that are stuck for last mile funding

LIC Housing Finance Ltd. has recently mentioned 14 real estate projects for last-mile funding through the alternative investment fund (AIF) which is to revive the stalled housing projects, said chief executive Siddhartha Mohanty. Mohanty told reporters that LIC Housing Finance’s exposure to these projects is about ₹1,100 crore and it is the poly financier for all … Read more LIC housing finance referred 14 projects that are stuck for last mile funding

Banks will seek Clarification for CRR exemption

The Reserve Bank of India’s (RBI’s) move to help real estate sector in credit flow by giving cash reserve ratio (CRR) exemption is pending until fine print is out. Banks will seek clarity on the implementation of this CRR exemption for incremental credit disbursed to automobiles, residential housing, and micro, small and medium enterprises (MSMEs), two … Read more Banks will seek Clarification for CRR exemption

PNB will streamline the NPAs after merger, Said CEO

State-owned Punjab National Bank (PNB) is looking to recalibrate its non-performing loan classification and branch network following its merger with United Bank of India (UBI) and Oriental Bank of Commerce (OBC), said PNB managing director and chief executive officer S.S. Mallikarjuna Rao. Rao said the Reserve Bank of India asked it to harmonise the bad … Read more PNB will streamline the NPAs after merger, Said CEO

RBI extended the one time restructuring scheme of the MSME Loan

After presenting Union Budget 2020 on 1st February, Finance Minister Nirmala Sitharaman said the government has asked the Reserve Bank of India (RBI) to extend the debt restructuring window by next year ending March 31, 2021. In Monetary Policy Review Meeting today, RBI said that will extend the scheme to 31st December 2020. RBI said … Read more RBI extended the one time restructuring scheme of the MSME Loan

RBI will have more power on Co op Banks

The Union cabinet gave more power to Reserve Bank of India regulate cooperative lenders and prevent frauds such as the one seen at Punjab and Maharashtra Co-operative Bank Ltd by making changes in the Banking Regulation Act. After getting clearance by the Parliament,  cooperative banks will get audited as per RBI’s norms and the central … Read more RBI will have more power on Co op Banks

Due to the increased deposit insurance, small banks may get trust vote

The Union budget proposal to raise deposit insurance fivefold is expected to increase confidence in small private sector banks, small finance banks and cooperative banks, two industry officials said. Against the backdrop of a shaky financial system and the recent collapse of the Punjab and Maharashtra Co-operative (PMC) Bank, the Union budget proposed to raise deposit insurance … Read more Due to the increased deposit insurance, small banks may get trust vote

Banking Operations got affected at PSUs due to Nationwide Strike

The two day Nation wide bank strike had affected banking operations at large, including cash withdrawal and cheque clearance. The strike was held by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of … Read more Banking Operations got affected at PSUs due to Nationwide Strike

Bank Strike Impact: Rs 23000 crore worth of cheques are held up

On friday, Banking operations got a great impact due to the strike by bankers pressurizing for the early settlement of wage revision, said a top leader of All India Bank Employees’ Association (AIBEA). “In the clearing grids in Mumbai, Chennai and Delhi, about 31 lakh cheques worth about ₹23,000 crore could not be cleared due to … Read more Bank Strike Impact: Rs 23000 crore worth of cheques are held up

RBI Accepted to cut the promoter’s Voting rights at 20% :Kotak Mahindra Bank

Kotak Mahindra Bank said that the RBI has now accepted to cut the promoters voting rights in the bank to 20% of paid-up voting equity share capital (PUVESC) until March 31, 2020. Thereafter, the promoters will have 15% voting rights. And within six months from the date of final approval of the RBI, the promoters’ … Read more RBI Accepted to cut the promoter’s Voting rights at 20% :Kotak Mahindra Bank

Airtel Payment Bank raise Rs. 225 Crores from parent company

Airtel Payment Bank has raised ₹225 crore from its parent company Bharti Airtel and Bharti Enterprises for the expansion of the banking business, as per a source. “The company will use the funds to augment the mobile money business,” the person said. Bharti Airtel payment bank was started three years ago and it has 9.8 … Read more Airtel Payment Bank raise Rs. 225 Crores from parent company

Banking sector is stressed, Government Can’t bail it out: Abhijit Banerjee

Nobel laureate and economist Abhijit Banerjee recently said that the  banking sector in the country is “stressed” and the government is in no position to bail it out. Speaking about the 13th Jaipur Literature Festival with media, Banerjee said the low demand in automobiles is signifying that people are less confident about the economy. “Financial … Read more Banking sector is stressed, Government Can’t bail it out: Abhijit Banerjee