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."
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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).
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.
Mon, Sep 12, 2022
In a separate missive to T.K. Pandey, Secretary, DIPAM, the AIBOA General Secretary S. Nagarajan has called for a proper "forensic audit" into the UTI-AMC's investments in DHFL Securities.
Experts and market players are of the view that the increase in volume and value of digital transactions bode well for the economy. It also indicates that consumers are increasingly becoming familiar with different modes of digital payments, and giving up their inhibitions.
Thu, Sep 08, 2022
Inflation management cannot be singularly left to the monetary policy, which has proved totally ineffective in many countries, Finance Minister Nirmala Sitharaman said at a seminar organised by economic think-tank Icrier.
Tue, Sep 06, 2022
The benchmark one-year MCLR will be 7.75 per cent against the existing rate of 7.65 per cent.
Wed, Aug 31, 2022
Despite improved navigation, most Indian banks still struggle to implement good search in their apps, such as when searching for app functionality or a particular transaction, the report mentioned.
Tue, Aug 30, 2022
"There are still some pending issues that need to be discussed with the Reserve Bank of India and Securities and Exchange Board of India. We are hopeful of issuing the EoI by September," the official told PTI.
Mon, Aug 29, 2022
In each case, the RBI said penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.
Such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted, RBI executive director Anil Kumar Sharma said on Monday.
Wed, Aug 24, 2022
The Reserve Bank also said the directions to the co-operative bank should not per se be construed as cancellation of banking licence by RBI.
Retail inflation based on Consumer Price Index (CPI) eased to 6.71 per cent in July but remained above RBI's tolerance level for the seventh month in a row.
Tue, Aug 23, 2022
On the growth front, all members agreed that India's economic recovery has remained broadly resilient despite the slowdown in the global growth scenario.
Canara Bank: The bidding for the bonds will take place on August 25 between 11 a.m. and 12 p.m. on the BSE's bidding platform.
In a report, the Germany-based bank said the RBI will respond with a slower pace of rate hikes from here, basing the expectation on the recently released minutes of the last meeting of the Monetary Policy Committee (MPC).
Sun, Aug 21, 2022
Second Sovereign Gold Bond Scheme: The interesting aspect of the scheme is that if an investor will apply and pay for Second Sovereign Gold Bond online, then the Reserve Bank of India (RBI) will offer a discount of Rs 50 per gram.
The bank under PCA faces RBI restrictions on dividend distribution, branch expansion, management compensation or requiring promoters to infuse capital.
Fri, Aug 19, 2022
Further, AIFs or VCFs will sell the investment in overseas investee companies only to the entities eligible to make overseas investments.
The Reserve Bank has increased the benchmark lending rate (repo) in three quick successions by 140 basis points to tame inflation, which remains above its tolerance level for the seventh month in a row.
Sources in the banking industry, however, pointed out that when the Coronavirus pandemic broke out in 2020, both the RBI and banks had cut their deposit rates.
As per the data submitted by the bank, more than 99 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the central bank said in a release.
Thu, Aug 18, 2022
According to the data compiled by CareEdge showed, the largest state-owned bank, State Bank of India increased its deposit rate by 15 basis points on deposit maturing between 180 days and 210 days from 4.40 per cent to 4.55 per cent.
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