Although transmission of deposit and lending rates has significantly improved in recent times, several factors continue to obstruct effective monetary transmission to these bank rates, RBI has said
Having secured licence from the Registrar of Companies, the Indian Banks' Association (IBA) will soon move an application to the Reserve Bank of India (RBI) to set up a Rs 6,000-crore National Asset Reconstruction Company Ltd (NARCL) or bad bank, according to sources. With registration of the company, the process for putting an initial capital of Rs 100 crore is on as per the guidelines, the sources said adding that the next step will be audit and then move application to the RBI seeking licence for the asset reconstruction company. The RBI in 2017 raised capital requirement to Rs 100 crore from the earlier level of Rs 2 crore keeping in mind higher amount of cash required to buy bad loans. Legal consultant AZB & Partners has been engaged for seeking various regulatory approvals and fulfilling other legal formalities. The initial capital would come from eight banks who have committed, and the NARCL would expand the capital base to Rs 6,000 crore subsequently after the RBI's nod, ..
HDFC Bank was asked to pay a fine of Rs 10 crore earlier this year by the RBI
In response to each policy rate cut by the central bank, the bond market passed on the cuts almost immediately
Sales of listed private manufacturing companies surged 31 per cent year-on-year in the fourth quarter of the last fiscal on favourable base as well price effect, according to RBI data
Business Standard brings you the top headlines on Friday
The Reserve Bank of India (RBI) remained net buyer of the US dollar in May 2021, after it net purchased USD 5.842 billion from the spot market, according to data from the central bank. In the reporting month, the RBI purchased USD 7.142 billion while sold USD 1.3 billion in the spot market, the monthly RBI bulletin for July 2021, released on Thursday, showed. In April this year, the RBI had net bought USD 4.212 billion. It had purchased USD 8.182 billion and sold USD 3.97 billion. In May last year, the RBI had net purchased USD 4.363 billion. During 2020-21, the central bank had net purchased USD 68.315 billion from the spot market. It had bought USD 162.479 billion from the spot market and sold USD 94.164 billion during the fiscal 2020-21, the data showed. In the forward dollar market, the outstanding net purchase at the end of May 2021 was USD 59.852 billion, compared with a net purchase of USD 64.944 billion in March 2021, the data showed.
The tapering of the second wave of Covid pandemic coupled with aggressive vaccination has brightened the near-term prospects of the Indian economy
RBI Governor Shaktikanta Das on Thursday said financial inclusion will continue to be a policy priority for the central to make the post-pandemic recovery more equitable and sustainable.
Direct financing or monetisation of the government's fiscal deficit by the central bank has several downsides, Reserve Bank of India Governor Shaktikanta Das said
The bank is expecting to start issuing credit cards on the Visa payment network post the technology integration, which is expected to take 8 to 10 weeks
In India, there were over 900 million debit cards as on May 31, 2021, of which over 400 million were issued by Mastercard
Business Standard brings to you top headlines on Thursday
The ban is only on adding new domestic customers to its network; no impact on its existing customers
In mid-2020, the RBI had come up with the circular that specified which bank can open a current account for a borrower, in order to check any misuse through multiple current accounts.
Retail inflation remained elevated due to soaring fuel prices and costlier items in the food basket.
Online portal will give access to the bond trading platform available for institutional investors; retail investors can also bid for bonds in primary auctions as large institutions do
The brokerage firm Motilal Oswal Financial Services said it sees this as a positive development as it addresses a key overhang on the management continuity
In the short term, take on part-time work and postpone discretionary expenses to cope with this round of price rise which may not end in a hurry
As per the SFB licensing guidelines of RBI, a promoter of SFB can exit or to cease to be a promoter after the mandatory initial lock-in period of five years