Tag: Rbi

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 […]

Mumbai: Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the Reserve Bank of India decided it will not impose any charges on such transactions. After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India […]

New Delhi: The Economic Survey 2018-19 said that India’s inflation scenario transitioned from its high and volatile levels to a low and stable condition in the last five years. “The economy witnessed a gradual transition from a period of high and variable inflation to more stable and low level of inflation in the last five […]

New Delhi: A Credit Guarantee Enhancement Corporation is to be set up in 2019-20. This was announced by the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today. The Finance Minister further said that we recognize that investment-driven growth requires access to low cost capital. It […]

New Delhi: Finance Minister Nirmala Sitharaman Saturday said the NBFC crisis seems to have bottomed out and the government along with the RBI will closely monitor the situation to ensure that the sector comes out of the wood. She further said that the government takes all the steps to keep inflation under check while dismissing […]

New Delhi: Finance Secretary Subhash Chandra Garg said Saturday increased petrol and diesel prices after the duty hike will have “very marginal impact” on inflation and any worry on that front is immaterial. He also said the government expects Rs 90,000 crore from the Reserve Bank of India (RBI) as dividend during the current fiscal. […]

End your transactions on a sweeter note with exciting cashbacks. With this message, State Bank of India (SBI), the country’s largest lender, took to Twitter to let its customers know that making payments just got sweeter! The SBI in its tweet has mentioned “Pay with BHIM SBI Pay and get exciting cashbacks that put a […]

New Delhi: The country’s largest bank, the State Bank of India, has been found flouting several rules in its attempt to cover up non-performing assets (NPAs), according to the RBI’s annual inspection report. The Reserve Bank of India’s report said that the SBI, among several banks from 2012 to 2015, was found to be flouting […]

State Bank of India (SBI), the country’s largest lender, has cut its benchmark lending rates by five basis points, thereby reducing home loan rates. The marginal cost of fund-based lending rate (MCLR) now stands at 8.40 per cent for the one-year tenor, down from 8.45 per cent, effective from today. In the current financial year, […]

Mumbai: The Reserve Bank of India on Monday said that it has imposed a penalty of Rs 7 crore on State Bank of India for non-compliance of several norms. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by […]

New Delhi: The Reserve Bank of India (RBI) has issued various instructions to banks in respect of security and risk mitigation measures related to card transactions. According to MoS Finance Anurag Thakur, the RBI has directed banks- (1) to provide online alerts for all card transactions (2) Introduce additional security measures, inter-alia, which include: All […]