Page 6 - Rbi

RBI modifies norms for banks on short term crop loan scheme under KCC

In order to provide short term crop loans up to Rs 3 lakh to farmers at an interest rate of 7 per cent per annum, the government offers interest subvention of 2 per cent annually to banks

In a first, RBI may have to explain to govt why it couldn't curb inflation

Retail inflation has overshot the 6% upper tolerance limit for three years on the trot; experts say protracted Ukraine war and other factors may keep prices up

Payment gateways avoid powering crypto exchanges given RBI reservations

Recently, NPCI had clarified that it is not aware of any crypto exchanges using UPI after Coinbase, America's largest crypto exchange said it has tied up with UPI

RBI imposes Rs 1.12 cr penalty on Bank of Maharashtra for non-compliance

This action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with customers.

Risky debt to increase by Rs 60,000 cr in FY23, says India Ratings report

An analysis of 1,385 corporate entities led the domestic ratings agency to trim revenue growth projection for entities in a post-war scenario

RBI imposes Rs 1.12 cr penalty on Bank of Maharashtra for non-compliance

Separately, the central bank has imposed a penalty of Rs 25 lakh on The Haryana State Co-operative Apex Bank, Chandigarh for contraventions with RBI directions on housing finance

RBI may be more open to granting credit card licences to NBFCs: Macquarie

RBI also made it clear that NBFCs will have to take prior approval from the RBI for issuing credit cards to their customers.

RBI launches next round of quarterly survey to assess business sentiment

The survey assesses business sentiment and expectations based on qualitative responses on a set of indicators pertaining to demand conditions, financial conditions, employment and the price situation

India must boost credit, labour to raise growth potential, says IMF

"We had lost two years of growth" because of the pandemic, Choueiri said in a separate interview Friday with Bloomberg Television's Kathleen Hays. "There is still catch up growth happening in India."

Regulatory changes set to change the way wealthy individuals invest in IPOs

IPO application patterns set to change as investors adjust to new realities

Fino Payments Bank receives RBI nod to offer partner bank's FD, RD services

Fino Payments Bank on Wednesday said it has received the RBI approval for commencing referral services of fixed deposit (FD) and recurring deposit (RD) on behalf of a partner bank. In its letter dated April 19, the RBI stated that Fino Bank can carry out referral services of term deposit products in the form of FD and RD as a Business Correspondent of Suryoday Small Finance Bank (SSFB). The association is the second between Fino Bank and SSFB and the first one as listed entities, the payment bank said in a statement. Earlier, Fino partnered with SSFB to offer a sweep account facility to its customers to address the Rs 1 lakh end of the day deposit limit, which was later revised to Rs 2 lakh. The FD and RD referral services will be offered to Fino Bank's over 3.9 million customers who are aspirational and need access to these products to ensure their financial needs are met, the statement said. The service is expected to go live in the second quarter of FY23.

RBL Bank finalises next MD and CEO; sends names for RBI approval

The Board at its meeting held on Wednesday accepted the recommendations of the nomination and remuneration Committee, RBL said in a regulatory filing

RBI caps lending limits of NBFCs to bring them on a par with those of banks

Prescribes 9% CET1; Tightens norms for realty sector; loans to board members

Russian officials in talks with RBI to find solution on payments

Surovtsev welcomed India's diplomatic response to the situation following the war in Ukraine

Indian economy not immune to negative externalities, says RBI report

Spurring private investment key for sustainable growth the report adds

RBI turns net purchaser of US currency in February, buys $771 mn

In the reporting month, the central bank bought $5.946 billion and sold $5.175 billion in the spot market, RBI said in its monthly bulletin for April 2022

Rate transmission pace to improve for external benchmarked loans: RBI study

The share of EBLR loans by banks rose from 2.4% in September 2019 to 28.6% in March 2021 and to 39.2% in December 2021, RBI says

India faces global challenges from position of strength, says RBI article

The article on 'State of the Economy', published in the April 2022 RBI Bulletin, said India enters Samvat 2079 having crested the third wave of the pandemic

Find out why your credit report shows a loan you don't remember taking

Loans can be issued to you both legally and fraudulently. So if there's a suspicious entry in your credit report, get to the bottom of the matter immediately

IDBI Bank seeks shareholders' nod for 10-fold hike in MD & CEO salary

Private lender IDBI Bank has proposed a nearly 10-fold hike in the salary of its managing director and CEO Rakesh Sharma who had been instrumental in bringing the bank out of the RBI's restrictive prompt corrective action (PCA) framework. The bank has sought the approval of its shareholders through a postal ballot which started on April 6 and will end on May 5, 2022, to pass the ordinary resolution, among others. The lender, in which LIC holds a majority stake, will declare the results of the postal ballot on or before May 7, 2022. Members' permission is also sought to re-appoint Sharma as the MD & CEO for another three years with effect from March 19, 2022. The bank proposes for approval of the members to transact special business through postal ballot only by way of voting through electronic means, to consider and, if thought fit, to pass as ordinary resolution for re-appointment of Rakesh Sharma as a non-rotational director and Managing Director & Chief Executive Officer ..