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

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

Categories RBI

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

Categories RBI

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

Categories RBI

INR 2000 can be demonetised- Subhash Chandra Garg

As we know that two years back, demonetisation took place in our country and everything changed totally. And now. The demonetizing Rs 2000 notes can be done and this suggestion is given by the former Finance Secretary Mr Subhash Chandra Garg on Thursday. Mr Garg said- the high debt levels are “a deterrent on our credit … Read more INR 2000 can be demonetised- Subhash Chandra Garg

RBI announced measures to push Online transactions

The Reserve Bank of India (RBI) announced some measures to push the online transactions in India. It includes the removal of charges on Online fun transfer system National Electronic Funds Transfer (NEFT), introducing interoperable system such that FASTags, which you can use to pay the fuel, parking or any other kind of fees. The Reserve … Read more RBI announced measures to push Online transactions

Categories RBI

RBI amended Rules for salaries of private bank directors

Reserve Bank of India has issued the revised guidelines for the salary given to the Bank executives and whole-time directors at the private banks to reduce the risks which disturb the financial structure of the organisations and to keep the governance in check. Private sector banks, foreign banks operating under the wholly-owned subsidiary mode, and … Read more RBI amended Rules for salaries of private bank directors