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Reserve Bank of India (RBI)

RBI proposes tighter norms for accepting public deposits by housing finance companies

RBI proposes tighter norms for accepting public deposits by housing finance companies

Mon, Jan 15, 2024

The draft circular said, "It has been decided that henceforth, with effect from the date of this circular, the public deposits accepted or renewed by HFCs shall be repayable after a period of 12 months or more but not later than 60 months. Existing deposits with maturities above sixty months shall be repaid as per their existing repayment profile."

RBI seeks views on draft framework for recognising Self-Regulatory Organisations for fintech Sector

RBI seeks views on draft framework for recognising Self-Regulatory Organisations for fintech Sector

Mon, Jan 15, 2024

FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs, the central bank said, while issuing a draft framework for recognising Self-Regulatory Organisations for FinTech Sector (SRO-FT).

RBI penalises five Gujarat-based cooperative banks

RBI penalises five Gujarat-based cooperative banks

Thu, Jan 04, 2024

The regulator in separate statements on Thursday said in an order dated December 13, 2023, it imposed a Rs 5 lakh penalty on the Vadodara-based Shree Bharat Co-operative Bank for non-compliance with its directions on the placement of deposits with other banks by urban primary cooperative banks and flouting its norms on interest rate on deposits directions of 2016.

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Banks' asset quality to improve further over next 12 months: RBI Report

Banks' asset quality to improve further over next 12 months: RBI Report

Thu, Dec 28, 2023

Banks' gross non-performing asset (GNPA) ratio continued to improve in the second quarter of the current financial year, easing to 3.2% as of end-September, the Trend and Progress in Banking report released on Wednesday showed.

Bad assets of banks decline multi-year low to 0.8% in September: RBI report

Bad assets of banks decline multi-year low to 0.8% in September: RBI report

Thu, Dec 28, 2023

The report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the Indian financial system.

RBI proposes to introduce new category of money changers

RBI proposes to introduce new category of money changers

Tue, Dec 26, 2023

Currently, the Reserve Bank issues licences to authorised dealers -- banks authorised to deal in foreign exchange -- and full-fledged money changers. Licences are also granted to financial and other institutions to carry out specific foreign exchange transactions related to their business.

Bomb threat to 11 sites including RBI, HDFC Bank and ICICI Bank offices turns out to be hoax; security beefed up, says Mumbai Police

Bomb threat to 11 sites including RBI, HDFC Bank and ICICI Bank offices turns out to be hoax; security beefed up, says Mumbai Police

Tue, Dec 26, 2023

An email threatening 11 bombs at 11 sites across Mumbai — including the Reserve Bank of India (RBI) and two private banks — HDFC bank and ICICI bank, was received by the central bank on Tuesday, Mumbai Police said.

RBI tightens rules for banks, NBFCs' investments in alternative investment funds

RBI tightens rules for banks, NBFCs' investments in alternative investment funds

Tue, Dec 19, 2023

The Reserve Bank of India (RBI) on Tuesday barred regulated entities (REs) such as banks and non-banking finance companies (NBFCs), from investing in any scheme of alternative investment funds (AIFs) which has downstream investments either directly or indirectly in the debtor company of the RE.

Automatic payment limit via UPI raised to Rs 1 lakh: RBI

Automatic payment limit via UPI raised to Rs 1 lakh: RBI

Tue, Dec 12, 2023

As of now, relaxation in Additional Factor of Authentication (AFA) is permitted while processing e-mandates/standing instructions on cards, prepaid payment instruments and UPI (Unified Payments Interface), for subsequent recurring transactions with values up to Rs 15,000.

States should look at asset sales in infra sector to bolster revenues: RBI Report

States should look at asset sales in infra sector to bolster revenues: RBI Report

Mon, Dec 11, 2023

"States need to scale up their initiatives for asset monetization in order to increase non-tax revenue. The monetization of assets unlocks their value, eliminates their holding cost and enables scarce public funds to be deployed into new projects, thus fast-tracking new infrastructure. creation," the report recommended.

RBI approves HDFC Bank's product on offline retail payments for adoption

RBI approves HDFC Bank's product on offline retail payments for adoption

Mon, Dec 11, 2023

Under the 'On Tap' application facility for the theme 'Retail Payments' of the Regulatory Sandbox (RS), HDFC Bank (in partnership with Crunchfish AB) was selected for the Test Phase, as per a statement.

RBI unlikely to cut rates before June: Deutsche Bank

RBI unlikely to cut rates before June: Deutsche Bank

Wed, Dec 06, 2023

According to the report by Deutsche Bank, the interest rate cycle appears to have peaked and the Reserve Bank of India (RBI) is unlikely to go for further hikes, unless absolutely necessary. The rate is likely to be cut in June, it said. The RBI hiked the repo rate last on February 23, when it was raised to 6.5 per cent.

RBI's heavy hand to keep rupee in tight range for some time

RBI's heavy hand to keep rupee in tight range for some time

Wed, Dec 06, 2023

That stability was mostly due to the RBI's regular interventions to reduce the currency's volatility.

RBI to retain 6.5% interest rate as economic growth comfortable, inflation in check: Experts

RBI to retain 6.5% interest rate as economic growth comfortable, inflation in check: Experts

Sun, Dec 03, 2023

India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing.

Over 97% of Rs 2,000 banknotes have been returned: RBI

Over 97% of Rs 2,000 banknotes have been returned: RBI

Fri, Dec 01, 2023

The total value of Rs 2,000 banknotes in circulation, has declined to Rs 9,760 crore at the close of business on November 30, 2023, the Reserve Bank of India (RBI) announced.

RBI fines Bank of America, N.A., HDFC Bank

RBI fines Bank of America, N.A., HDFC Bank

Thu, Nov 30, 2023

The penalty on Bank of America, N.A. Has been imposed for violation of Reserve Bank of India's instructions on reporting requirements under Liberalised Remittance Scheme of FEMA 1999, it said in a statement.

RBI slaps fines of Rs 10.34 crore on Citibank, Bank of Baroda, Indian Overseas Bank for breach of banking norms

RBI slaps fines of Rs 10.34 crore on Citibank, Bank of Baroda, Indian Overseas Bank for breach of banking norms

Sat, Nov 25, 2023

A fine of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to the depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services and KYC norms, the RBI said.

RBI slaps fines on Axis Bank, Manappuram Finance

RBI slaps fines on Axis Bank, Manappuram Finance

Fri, Nov 17, 2023

The Reserve Bank imposed a monetary penalty of Rs 90.92 lakh on Axis Bank and Rs 42.78 lakh on gold loan firm Manappuram Finance for violation of certain directions of the banking sector regulator.

RBI tightens rules for personal loans, credit cards amid demand surge

RBI tightens rules for personal loans, credit cards amid demand surge

Fri, Nov 17, 2023

The central bank on Thursday increased risk weights on credit card exposures by 25 percentage points to 150 per cent and 125 per cent for banks and NBFCs, respectively.

India's forex reserves rise by USD 2.58 billion to USD 586.11 billion

India's forex reserves rise by USD 2.58 billion to USD 586.11 billion

Sat, Nov 04, 2023

India's foreign exchange reserves increased by USD 2.579 billion to USD 586.111 billion in the week ended on October 27, the Reserve Bank of India said.

People can send Rs 2,000 notes by post to RBI offices for direct credit in bank accounts

People can send Rs 2,000 notes by post to RBI offices for direct credit in bank accounts

Thu, Nov 02, 2023

The RBI is offering TLR (Triple Lock Receptacle) form to people for a deposit of Rs 2,000 banknotes in their bank account.

RBI appoints Manoranjan Mishra as new Executive Director

RBI appoints Manoranjan Mishra as new Executive Director

Wed, Nov 01, 2023

As the Executive Director (ED), Mishra will look after the Enforcement Department, Risk Monitoring Department, and Department of External Investments & Operations.

Growth momentum strong, Q2 GDP growth will surprise on the upside: RBI Governor Shaktikanta Das

Growth momentum strong, Q2 GDP growth will surprise on the upside: RBI Governor Shaktikanta Das

Tue, Oct 31, 2023

The governor said rates in advanced countries and other international factors are taken into consideration while formulating the monetary policy, but was quick to add that eventually the monetary policy is driven by domestic factors of inflation and growth.

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