Tag: Rbi

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 […]

New Delhi: The State Bank of India (SBI) on Monday announced 10 basis points cut in the one-year marginal cost of funds-based lending rate (MCLR), effective from December 10. It will bring SBI’s one-year MCLR down to 7.90 per cent from 8 per cent. The bank claimed it continued to be the cheapest loan provider […]

Mumbai: The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative (PMC) Bank’s depositors with the RBI in a couple of days, state minister Jayant Patil said on Thursday. Patil, who earlier suggested that the PMC Bank be merged with the Maharashtra State Cooperative (MSC) Bank, said he was told that […]

Bhubaneswar: Reserve Bank of India (RBI) Governor Shaktikanta Das and Odisha Chief Minister Naveen Patnaik discussed several issues on Thursday, including financial inclusion programmes. “A lot of issues, including financial inclusion programmes, banking presence, digital payments, streamlining agriculture loans and direct transfer benefits were discussed,” Das told mediapersons here. Das met the Chief Minister ahead […]

Mumbai: The Reserve Bank of India (RBI) has decided to provide an additional collateralised intra-day liquidity facility for smooth operation of payment system National Electronic Funds Transfer (NEFT) on a round-the-clock basis from December 16, the central bank said. The move will aid the payment system become operational on a 24×7 basis. The facility is […]

Mumbai: RBI Governor Shaktikanta Das on Monday said the central bank had acted ahead of time by starting to slash rates in February this year, and hoped the decision to pause the cuts earlier this month will prove to be a right call over time. He also hoped for the US-China truce on trade tariffs, […]

New Delhi: Finance Minister Nirmala Sitharaman on Friday asked the public sector banks (PSB) to use funds for retail lending and to provide liquidity to the NBFCs instead of parking it with the Reserve Bank of India (RBI). Speaking at an Assocham’s centenary event, Sitharaman asserted that there was a lot talk about there liquidity […]

Mumbai: The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) which could be used only for the purchase of goods and services up to a limit of Rs 10,000 per month. “To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new […]

New Delhi: Ahead of the announcement of interest rates on small savings schemes for the January-March quarter by December 31, the RBI has asked the Finance ministry to align their interest rates with market rates which govern the banks also in a bid to improve transmission. “The ministry has been internally sounded out and communicated […]

Mumbai: A central bank ‘Operation Twist’ of the new calendar year began on Thursday with the Reserve Bank of India (RBI) announcing the simultaneous purchase and sale of government securities through special open market operations (OMOs) for Rs 10,000 crore each on January 6. In December, the RBI had for the first time ever conducted […]

New Delhi: Nearly six months after Viral Acharya resigned as the RBI Deputy Governor, there is finally a replacement, on Tuesday the apex bank appointed Executive Director Micheal Debabrata Patra to the post. Michael Debabrata Patra has been appointed for three years, according to a statement by the Appointments Committee of the Cabinet. Patra replaced […]

Mumbai: The RBI on Wednesday asked banks and other card-issuing companies to provide facility to customers to switch on and off their debit or credit cards, a move aimed at enhancing security for digital transactions. As over the years, the volume and value of transactions made through cards have increased manifold, the RBI also said […]

New Delhi: Economists at the State Bank of India (SBI) have reminded the central bank that they should not forget their primary function of being the lender of last resort. As the NBFC continues to be in distress, economists at SBI on Friday called for the Reserve Bank of India (RBI) to play its role […]

New Delhi: The government has budgeted for lower dividend from the central bank and state-run lenders in the coming fiscal year, relying exclusively on an ambitious disinvestment target for resource mobilisation. Accordingly, its has provisioned Rs 89,600 crore ($12.6 billion) in dividends from the Reserve Bank of India, state-run banks and financial institutions, out of […]

Mumbai: The Reserve Bank of India on Thursday kept the benchmark rate of interest unchanged at 5.15 per cent in view of the uptick in inflation. The RBI has kept the repo rate unchanged at 5.15 per cent maintaining status quo. Inflation for December had touched 7.35 per cent raising the case for a no […]