Tag: Reserve Bank Of India

Mumbai: Domestic stock markets continued its ups and downs this week, albeit Sensex closed with a slight gain. However, Nifty remained below last week’s closing. The softening in Wholesale Price Index (WPI) has raised the possibility that the Reserve Bank of India (RBI) may cut key interest rates further, leading to a rebound in the […]

Ahmedabad/New Delhi: Reserve Bank of India Governor Shaktikanta Das on Saturday called for strong corporate governance culture and accountability in public sector banks (PSBs) to check ballooning non-performing assets (NPAs). “Many of the problems that currently seem to affect the PSBs such as the elevated levels of NPA, capital shortfalls, frauds and inadequate risk management […]

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 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: Lower lending rates following a series of policy rate cuts by the Reserve Bank of India and a sharp cut in the corporate tax rates will spur a recovery in India next year, a report said on Monday. “The turnaround is likely to show up beginning in the October-December quarter, though largely because […]

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 […]

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 […]

Bhubaneswar: As earlier announced by Reserve Bank of India (RBI), the National Electronic Funds Transfer (NEFT) has been made available round-the-clock basis from today. With this, customers will be able to transfer money online NEFT process all throughout the day without any restriction. Moreover, NEFT settled over 11.40 lakh transactions between 12:00 am and 8:00 […]

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 […]