Page 49 - Rbi

Top headlines: Pfizer has 50 mn doses for India; Moderna jab likely in 2022

Business Standard brings you top news of the evening

Asian central banks can do little as Covid cases surge, recovery falters

In Asia as Covid-19 cases are surging and slow pace of vaccinations, relegating central banks to a supporting role as interest rates already low, policies will center on more government borrowing.

CII protests RBI rules on auditors, says will cause 'enormous difficulties'

The central bank has asked most banks and NBFCs to immediately appoint new auditors.

RBI to transfer Rs 99,122 cr as dividend to govt, changes accounting year

The transfer was approved on Friday in the meeting of the regulator's Central board.

RBI's higher payout to help govt tide over revenue losses: Analysts

After the RBI surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, analysts said this will help the government tide over the revenue losses from lockdowns

Second Covid-19 wave: NBFCs brace for defaults, grim business prospects

The collections are down as staff is not able to reach out to customers.

Full KYC PPIs have to enable interoperability by March 31, 2022: RBI

Customers of full KYC-compliant PPIs issued by non-bank PPI issuers can withdraw a maximum of Rs 2,000 per transaction and Rs 10,000 per month per PPI

Microfinancing lessons from a mandi that govt-run Mudra seems to have lost

MFI agents hand out 15-day loans in cash with a lecture on vaccines to the women, who would otherwise approach money lenders to buy vegetables in bulk and sell at the market next to the Ganga

Rupee slips below 73 against dollar in intraday trade, corrects back

This is because of absence of RBI in the spot market: Experts

NBFCs double-digit growth in Q2, Q3 of FY21 points to resilience: RBI

The profitability of the sector remained stable in the third quarter of FY2020-21.

PMC depositors allowed to withdraw up to Rs 5 lakh for Covid treatment: RBI

RBI filed a response in Delhi HC, stated that depositors of PMC Bank are already allowed to withdraw up to Rs 5 lakhs on hardship grounds for treatment of terminal illnesses, including Covid treatment

RBI cancels licence of West Bengal-based United Cooperative Bank

RBI said the bank does not have adequate capital and earning prospects

G-SAP: Second tranche of bond buying worth Rs 35k cr on May 20, says RBI

The RBI had said on May 5 that it will buy Rs 35,000 crore bonds from the market, including the benchmark 10-year bonds

Top YES Bank investor Bay Tree cuts stake in troubled lender by a third

Bank has cut back lending to companies and tried to win back depositors after being rescued in March 2020,.

Lazy banking: Banks' bond investment surpasses loans

Standard Chartered's Sahay said the gap between investments and advances will narrow only gradually

Microfinance sector seeks RBI's additional support to combat second wave

The microfinance industry has sought additional support, including an extension of the emergency credit line, from the RBI to combat the challenges arising out of the second COVID-19 wave.

RBI modifies norms for undertaking govt business by private banks

The Reserve Bank on Monday came out with modified guidelines that allow sound private sector banks to undertake government business, whether at the Centre or in states. According to the modified norms, scheduled private sector banks, which are not under the Prompt Corrective Action (PCA) framework of the RBI, can undertake government business after executing an agreement with the central bank. "Scheduled private sector banks, not having agency banking agreement with RBI, but intend to handle government agency business, may be appointed as agents of RBI upon execution of an agreement with RBI. "This will be subject to the condition that the concerned bank is not under PCA framework or moratorium at the time of making the application or signing of the agreement with RBI," the central bank said in a notification. It may be mentioned that the Finance Ministry in February 2021 had lifted the embargo imposed in September 2012 on further allocation of government business to private sector

Carry positions can hurt exchange rate and cause inflation, says SBI

This is particularly important for the Reserve Bank of India (RBI) as it works under an inflation-targeting regime

Plea filed with SC seeking moratorium of 6 months on repayment of bank dues

It is not clear yet if the plea has been admitted by the Court, and if so, what further action the RBI could take

RBI in Impossible Trinity but ready with reserves, say economists

The RBI cannot have an independent monetary policy (setting domestic interest rates) in an environment of an open capital account and flexible exchange rates, they say