Tag: Rbi

Mumbai: The Reserve Bank of India on Wednesday constituted a task force on development of secondary market for corporate loans. The six-member task force will have T. N. Manoharan, Chairman of Canara Bank, as its chairperson and will submit its report by the end of August 2019. The RBI said that the terms of reference […]

With the elections resulting in a decisive mandate, the attention will now shift to policy — both fiscal and monetary — with the key aim of spurring growth, boosting the slowing consumption and attracting private investment. From a monetary policy perspective, the stated objective has been inflation-targeting and supportive of growth. Thus one can expect […]

Mumbai: Home and auto loans are set to become cheaper as the Reserve Bank of India (RBI) on Thursday lowered its key lending rate for commercial banks by 25 basis points (bps) to 5.75 per cent. Besides, the RBI changed the monetary policy stance from neutral to accommodative. Accordingly, the lower repo, or short-term lending […]

Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said the RBI will issue a new circular on non-performing assets (NPAs) in three to four days. The circular is likely to set new norms and bring clarity over classification of companies as NPAs. The apex court had on April 2 struck down RBI’s […]

New Delhi: Getting a leg-up from the demonetisation of Rs 500 and Rs 1,000 currency notes in November 2016, the share of e-Money in India’s payment systems grew to 21.5 per cent in 2017 from 0.8 per cent in 2012, according to a new report prepared by the Reserve Bank of India (RBI). With Rs […]

New Delhi: Despite a large growth in digital payments after demonetisation of Rs 500 and Rs 1,000 notes in 2016, cash is “deeply embedded” in the payment system in India, according to a new report from the Reserve Bank of India. At 11.59 per cent of Gross Domestic Product (GDP) India had a high cash […]

New Delhi: The number of ATMs in India dropped to 2,21,703 as on March 31, 2019 from 2,22,300 at the end of 2017, recording a decrease of 597 ATMs during the period, according to a report released by the Reserve Bank of India. India also has one of the lowest ratios of ATM cash withdrawal […]

New Delhi: After the demonetisation of Rs 500 and Rs 1000 notes in 2016 pushed digital payments, Aadhaar-enabled electronic know your customer (eKYC) resulted in an exponential growth of such payments in the country, according to a new report by the Reserve Bank of India. Transactions in which both the payer and the payee use […]

New Delhi: The State Bank of India has refused to disclose any communication it received from the government or the Reserve Bank of India on electoral bonds, terming it “personal information” and held in “fiduciary capacity”. Responding to an RTI filed by Pune-based activist Vihar Durve who had demanded copies of all letters, correspondence, directions, […]

The Reserve Bank of India (RBI) has promoted Rabi N Mishra as the executive director (ED) of the central bank. Previously, Mishra was the principal chief general manager of the bank’s risk management department. After taking charge as the Executive Director, Mishra will handle the newly-created specialised supervisory and regulatory cadre inside the RBI, reported […]

New Delhi: The RBI will examine concerns around its strict data localisation rules that require storing of customer data exclusively in India without creating mirror sites overseas, the government said Tuesday. The Reserve Bank of India (RBI) in April last year asked payment firms to ensure their data are stored exclusively on local servers, setting […]

For opening a bank account, someone needs to undergo know-your-customer (KYC) verification. The Reserve Bank of India (RBI) has simplified the KYC documentation allowing submission of a single document with photograph and address. The documents approved for KYC include passport, driving licence, voter ID card, PAN card, Aadhaar and job card. But in a recent […]

Mumbai: RBI Deputy Governor Viral Acharya has quit six months before the end of his term, sources said on Monday. Acharya had joined as the RBI Deputy Governor in January 2017. The Reserve Bank of India (RBI) did not respond to queries on this regard. Acharya is the second top RBI official to quit after […]

Mumbai: The RBI on Thursday said PSU banks’ gross non-performing asset (GNPA) ratio may decline from 9.3 per cent in March, 2019 to 9.0 per cent in March, 2020, hinting at the reversal of the NPA cycle gripping the state lenders. Underlining the strength of the banking sector while covering for the bad loans, it […]

With an aim to facilitate better service to its account holders, State Bank Of India (SBI), the country’s largest lender, has been offering eight free transactions through its ATM cards. The bank’s regular savings account holders can undertake five transactions at SBI ATMs and three at other bank ATMs. However, savings bank account holders in […]