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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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Credit growth to industry decelerated, improved for agriculture in September: RBI

Credit growth to industry decelerated, improved for agriculture in September: RBI

Tue, Oct 31, 2023

Personal loan growth too decelerated to 18.2 per cent year-on-year in September 2023 (19.4 per cent a year ago), due to moderation in credit growth to housing, the central bank said.

Reserve Bank of India 'closely' watching high attrition at some private banks: RBI Governor Shaktikanta Das

Reserve Bank of India 'closely' watching high attrition at some private banks: RBI Governor Shaktikanta Das

Tue, Oct 31, 2023

As some major banks report attrition rates as high as 30 per cent, RBI Governor Shaktikanta Das said that every bank has to build a core team to take care of such issues.

RBI fixes Rs 100 per day compensation for customers in case credit institutions don't resolve complaint in 30 days

RBI fixes Rs 100 per day compensation for customers in case credit institutions don't resolve complaint in 30 days

Thu, Oct 26, 2023

RBI has stated that a compensation mechanism will be put in place for delayed updation/rectification of credit information by the credit institutions (CIs) and credit information companies (CICs).

RBI proposes to bar recovery agents from calling borrowers before 8 am, after 7 pm

RBI proposes to bar recovery agents from calling borrowers before 8 am, after 7 pm

Thu, Oct 26, 2023

RBI proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8 in the morning and after 7 in the evening.

RBI asks private banks to have at least two whole-time directors, including MD and CEO

RBI asks private banks to have at least two whole-time directors, including MD and CEO

Wed, Oct 25, 2023

The RBI said in a circular that given the growing complexity of the banking sector, it becomes imperative to establish an effective senior management team to navigate the ongoing and emerging challenges.

RBI nudges reluctant lenders to raise savings deposit rates

RBI nudges reluctant lenders to raise savings deposit rates

Wed, Oct 25, 2023

Public sector banks offer interest rates between 2.70 per cent to 4 per cent on savings deposits, while large private banks offer rates between 3 per cent to 4.50 per cent.

Kotak Bank gets RBI nod for acquisition of microlender Sonata Finance

Kotak Bank gets RBI nod for acquisition of microlender Sonata Finance

Sat, Oct 21, 2023

"RBI has, vide its letter dated October 19, 2023 received by the Bank on October 19, 2023, conveyed its approval to the Bank, for acquiring 100 per cent of the issued and paid up capital in Sonata," a regulatory filing by Kotak Mahindra Bank said.

RBI fines L&T Finance for keeping borrowers in dark over interest rates

RBI fines L&T Finance for keeping borrowers in dark over interest rates

Fri, Oct 20, 2023

The RBI said it has imposed penalty of Rs 2.50 crore on L&T Finance for violating the central bank's directions on disclosing adequate information to borrowers on the interest rates that they would be charged.

Majority of MPC members want RBI to keep hawk's eye on inflation

Majority of MPC members want RBI to keep hawk's eye on inflation

Fri, Oct 20, 2023

"Inflation prints for September and October will need to be monitored carefully to look out for the moderation that our projections anticipate," RBI Deputy Governor Michael Debabrata Patra said.

RBI slaps fines on 5 banks in Gujarat

RBI slaps fines on 5 banks in Gujarat

Thu, Oct 19, 2023

The Reserve Bank of India (RBI) has slapped monetary penalties on five co-operative banks in Gujarat for violation norms which include giving loans to their own directors which is not allowed.

RBI fines Paytm Payments Bank for breach of norms

RBI fines Paytm Payments Bank for breach of norms

Fri, Oct 13, 2023

The bank breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services.

RBI policy hawkish, expect a rate cut only in April-June 2024: Analysts

RBI policy hawkish, expect a rate cut only in April-June 2024: Analysts

Fri, Oct 06, 2023

The Reserve Bank's status quo in policy rates and the accompanying commentary was termed as a "hawkish" pause by analysts on Friday. Many professional watchers said the fourth consecutive pause pushes their expectations of a rate cut further, with some saying it can happen only in the April-June quarter of 2024.

What is the RBI’s Payments Infrastructure Development Fund, or PIDF scheme?

What is the RBI’s Payments Infrastructure Development Fund, or PIDF scheme?

Fri, Oct 06, 2023

RBI PIDF scheme: The Payments Infrastructure Development Fund (PIDF) scheme that came into effect in January 2021 aimed at increasing the number of payment acceptance devices multifold in the country.

RBI retains economic growth forecast at 6.5% for this fiscal

RBI retains economic growth forecast at 6.5% for this fiscal

Fri, Oct 06, 2023

The Reserve Bank on Friday said India is poised to become the growth engine of the world as it retained the GDP projection for the current fiscal at 6.5 per cent.

RBI MPC policy decision, October 6: Full text of RBI Governor Shaktikanta Das' speech

RBI MPC policy decision, October 6: Full text of RBI Governor Shaktikanta Das' speech

Fri, Oct 06, 2023

The Monetary Policy Committee (MPC) met on 4th, 5th and 6th October 2023. After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, it decided unanimously to keep the policy repo rate unchanged at 6.50 per cent.

RBI constitutes 9-member panel on ECL framework

RBI constitutes 9-member panel on ECL framework

Wed, Oct 04, 2023

The working group will be chaired by R Narayanaswamy, former Professor, IIM Bangalore, and shall consist of domain experts from academia and industry, the RBI said in a statement.

RBI to retain benchmark rate at 6.5% at ensuing monetary policy review meeting: Experts

RBI to retain benchmark rate at 6.5% at ensuing monetary policy review meeting: Experts

Sun, Oct 01, 2023

The Reserve Bank started increasing the policy rate in May 2022 in tranches, in the wake of the Russia-Ukraine war and took it to 6.5 per cent in February this year. Since then, it has kept the rate unchanged in the last three successive bi-monthly monetary policy reviews.

RBI cancels licence of Lucknow Urban Co-operative Bank

RBI cancels licence of Lucknow Urban Co-operative Bank

Fri, Sep 29, 2023

The Commissioner and Registrar of Cooperative, Uttar Pradesh, has been requested to issue an order for winding up the bank and appoint a liquidator for the cooperative bank, the Reserve Bank said.

RBI fines SBI, Indian Bank and Punjab & Sind Bank for breach of norms: Check details

RBI fines SBI, Indian Bank and Punjab & Sind Bank for breach of norms: Check details

Mon, Sep 25, 2023

RBI fines SBI, Indian Bank and Punjab & Sind Bank: The Reserve Bank of India (RBI) on Monday imposed fines on State Bank of India (SBI), Indian Bank, Punjab & Sind Bank, and Fedbank Financial Services for violating various norms set by the central bank.

RBI cancels licence of Mumbai-based 'The Kapol Co-operative Bank'

RBI cancels licence of Mumbai-based 'The Kapol Co-operative Bank'

Mon, Sep 25, 2023

Consequent to the cancellation of the licence, the cooperative bank has been prohibited from conducting the business of ‘banking' which includes, among other things, acceptance of deposits and repayment of deposits with immediate effect, the Reserve Bank said in a statement.

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