Tag: Reserve Bank Of India

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 […]

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 […]

New Delhi: The Reserve Bank of India’s (RBI) monetary policy meet on Thursday offered major policy measures to support the slowing real estate sector, drawing applause from sector players. To boost growth and lift sentiment, the RBI has eased the cash reserve ratio (CRR) requirement of commercial banks for sectors with multiplier-effect, including the residential […]

New Delhi: Reserve Bank Governor Shaktikanta Das on Monday said the government will have to use structural reforms to revive demand and support the sagging economy, and green shoots of the recovery visible now need to be sustained to pull India out of its worst slowdown in 11 years. In an interview with PTI, he […]

Mumbai: Troubled private sector lender Yes Bank was placed under a “moratorium” on late Thursday, with the RBI capping depositor withdrawals at Rs 50,000 per account for a month and superseding the board with immediate effect. The Reserve Bank of India (RBI) took the decision in consultation with the government to protect depositors’ interest. The […]