RBI governor asked YES bank customer to keep calm and not panic

Because of the limit imposed on the withdrawal of money from YES bank, people got tensed and now since it has been removed, people are withdrawing their money in hurry. On this, the RBI governor Shiktikanta das made a press conference and here are the updates from the same. 1Yes Bank’s revival plan will work: … Read more RBI governor asked YES bank customer to keep calm and not panic

RBI asked state government to not move deposits from Private banks

The Reserve Bank of India (RBI) has requested the state government to not move the funds out of the private banks. It said that apprehension about the safety of deposits in private lenders are highly misplaced. RBI said in a letter written to chief secretaries of all states, that it wouldn’t be good for the … Read more RBI asked state government to not move deposits from Private banks

Now the ban on cryptocurrencies are considered as disproportionated by SC

For all the people trading in cryptocurrency, there is finally a relief due to the recent verdict on the ban on crypto currency. Reserve bank of India had stated that dealing in crypto currency is not valid and legal. However, finally due to the verdict made on Wednesday, the ban on crypto currency is disproportionated. … Read more Now the ban on cryptocurrencies are considered as disproportionated by SC

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

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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

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

RBI pre-empts RTI by releasing minutes of October board meet

On 11 October to public, RBI disclosed the minutes of its central board meeting, as part of its intent to lift the veil of secrecy shrouding its operations. This was the first time when RBI has shown the proceedings of its central board to the public, even though key portions remain redacted. The minutes of … Read more RBI pre-empts RTI by releasing minutes of October board meet

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RBI told Urban Cooperative Banks to Report Credit of 5 Crore Rupees and above

The Reserve Bank of India (RBI) on recently ordered the urban cooperative banks (UCBs) to report exposures of ₹5 crore or more to a central repository, within a month of end-of-quarter. “The banks need to submit the data on large exposures within 30 days from the end of the quarter through XBRL reporting platform of … Read more RBI told Urban Cooperative Banks to Report Credit of 5 Crore Rupees and above

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RBI changes the rules of Penalty on Payment of system operators

The Reserve Bank of India (RBI) on Friday changed some of the norms for penalties on payment system operators for non compliance of the regulations. This was to ensure the safety and security to various stakeholders, including customers. Due to the advanced technology, availability of payment products, entry of more nonbank players, dis-intermediation, and significant … Read more RBI changes the rules of Penalty on Payment of system operators

RBI restricted Bangaluru Privat Banks from doing Business

The Reserve Bank of India (RBI) has restricted the Bengaluru-based private bank from doing business due to the alleged irregularities in transactions, an official said on Saturday. “Sri Guru Raghavendra Sahakara Bank in Bengaluru shall not, without prior approval of the RBI in writing, grant or renew loans and advances, make investment, borrow funds or … Read more RBI restricted Bangaluru Privat Banks from doing Business

Banks may get incentives to extend loans of backward areas: RBI by GUV MK Jain

RBI Deputy Governor MK Jain on Wednesday propsed that the incentivising banks should extend loans to poor in backward areas in a bid to promote financial inclusion. In an event which was organised by the National Bank for Agriculture and Rural Development (NABARD), MK Jain said despite the growth which can be seen in formal … Read more Banks may get incentives to extend loans of backward areas: RBI by GUV MK Jain

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