Tag: Rbi

Mumbai: In what could mean further rate cuts by India’s central bank, RBI Governor Shaktikanta Das has said at the bi-monthly monetary policy committee (MPC) meeting here earlier this month that “there is policy space to address growth concerns”, according to the minutes of the MPC meeting released on Friday. In 2019, the Reserve Bank […]

Mumbai: Depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank held a protest outside the Reserve Bank of India (RBI) headquarters in south Mumbai on Saturday. The depositors gathered outside the RBI around 11.45 am and held protests by showing placards and chanting slogans against PMC Bank and the RBI, a police official said. […]

Jajpur: Police recovered the body of an RBI general manager from a hotel room in Odisha’s Jajpur district on Friday, the police said. The body of Asish Ranjan Samal, who is working as a general manager of the Guwahati branch of RBI, was found hanging from the ceiling fan in the hotel room. 52-year-old Samal […]

New Delhi: The Reserve Bank of India (RBI) on Tuesday imposed Rs 1 crore penalty on Bandhan Bank for non-compliance with promoter holding norms, contained in the licencing guidelines. Under the guidelines, the bank was required to bring down shareholding of its “non-operative financial holding company” to 40 per cent of its paid-up equity capital […]

New Delhi: Facebook is inching closer to launch much-anticipated WhatsApp Pay in India and will soon have a positive news to share, the company’s CEO Mark Zuckerberg has said. Data compliance issues and regulations have kept WhatsApp Pay launch in abeyance for quite some time, despite a successful test run of the payments service with […]

Mumbai: In further relief to customers of scam-hit Punjab & Maharashtra Cooperative (PMC) Bank, the Reserve Bank on Tuesday enhanced the withdrawal limit to Rs 50,000 per account from Rs 40,000 earlier. In September, the RBI had put restrictions on PMC for six months and allowed depositors to withdraw up to Rs 1,000 of their […]

Mumbai: Come January 2020, and customers may not have to pay any charges for transactions done through the popular NEFT system. A proposal in this regard has been mooted by the RBI to give impetus to digital transactions on the third anniversary of demonetisation. The central bank has also proposed that FASTags would be enabled […]

New Delhi: The Reserve Bank of India (RBI) has directed banks not to charge savings account holders for NEFT with effect from January 2020. The National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the RBI, to transfer funds from one bank account to another. Money transfer can be made by […]

New Delhi: Finance Minister Nirmala Sitharaman on Friday said cooperative banks would be under the RBI’s prudential norms to prevent any PMC Bank-like situations, there will be a rise from Rs 1 lakh in deposit insurance cover for account holders in the new FRDI Bill and the Finance Ministry will shortly move the proposal before […]

Mumbai: In a detailed affidavit filed before the Bombay High Court on Tuesday, the Reserve Bank of India (RBI) has virtually admitted that it was ‘cheated’ by the management of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank. The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, states that […]

New Delhi: The Reserve Bank of India (RBI) has for the first time released a list of top 30 wilful defaulters in response to an RTI application. The list contains the names of usual suspects with absconder Mehul Choksi’s Geetanjali Gems topping the list, followed by REI Agro, Winsome Diamonds, Ruchi Soya, Rotomac Global, Kingfisher […]

New Delhi: The Reserve Bank may cut interest rates for the sixth straight time on December 5 to support growth that has continued to slip to more than six-year low on a slump in manufacturing, bankers and experts said. RBI has cut interest rates on every single occasion the multi-member monetary policy committee (MPC) has […]

New Delhi: With the second-quarter GDP slipping to a six-year low of 4.5 per cent and expected to remain muted, the Reserve Bank of India (RBI) on Thursday cut GDP growth forecast for the current fiscal to 5 per cent. In its October monetary policy, the RBI had estimated the GDP to grow at 6.1 […]

Mumbai: The Reserve Bank of India (RBI) will introduce a new type of prepaid payment instrument (PPI) which could be used only for purchase of goods and services up to a limit of Rs 10,000. Accordingly, the loading of such PPI will be only through a bank account and it could be used for making […]

Mumbai: The Reserve Bank of India on Friday announced it has decided to make the National Electronic Funds Transfer (NEFT) system available on a round-the-clock basis from December 16. The facility is used to electronically transfer funds from one account to another of banks which are members of this system. “The system will be available […]