RBI tightens norms for unsecured personal loans for banks and non-banking financial companies

November 16, 2023 9:22 PM

RBI tightens norms for unsecured personal loans for banks and non-banking financial companies

The Reserve Bank of India has tightened norms for unsecured personal loans for banks and non-banking financial companies. RBI in its circular said that it has been decided to increase the risk weights with respect to consumer credit exposure of commercial banks, both outstanding as well as new, including personal loans, but excluding housing loans, education loans, vehicle loans, and loans secured by gold and gold jewelry, by 25 percentage points to 125 percent. The bank has also increased the r...

RBI says about 3.37% of Rs 2000 banknotes, worth Rs 12,000 cr still remain in circulation

October 6, 2023 4:43 PM

RBI says about 3.37% of Rs 2000 banknotes, worth Rs 12,000 cr still remain in circulation

As the deadline to exchange or deposit 2000 rupee banknotes nears, the Reserve Bank has said that about 3.37 percent of the currency notes, worth 12 thousand crore rupees, still remain in circulation.   Speaking to reporters in Mumbai today, RBI Governor Shaktikanta Das said notes worth about 3.43 lakh crore rupees have returned to the system. While 87 percent of these have come as bank deposits, the rest have been exchanged over the counter.   The total value of Rs 2000 banknotes in c...

RBI extends last date to exchange 2,000 rupee currency notes till 7th October

September 30, 2023 9:07 PM

RBI extends last date to exchange 2,000 rupee currency notes till 7th October

Reserve Bank of India has extended the last date to exchange the 2,000 rupee denomination banknotes to October 7.   In its statement, RBI said that the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for the deposit or exchange of Rs 2000 banknotes until October 07, 2023.   According to the data received from banks, of the total value of Rs 3.56 lakh crore of Rs 2000 banknotes in circulation as...

RBI says any reversion to OPS from NPS by States would be fiscally unsustainable

September 18, 2023 7:58 PM

RBI says any reversion to OPS from NPS by States would be fiscally unsustainable

Reserve Bank of India has said that any reversion to the Old Pension Scheme (OPS) from the New Pension Scheme (NPS) by the States would be fiscally unsustainable, though it may result in an immediate fall in their pension outgo.  It also said that at a time when most of the countries are moving towards defined contribution plans, reverting to OPS by the Indian States will be a major step backward, undermining the benefits of past fiscal reforms. The Central Bank today issued the September 2...

RBI projected Country’s real GDP to grow at 6.5% in current fiscal year: Govt in Rajya Sabha

August 8, 2023 7:24 PM

RBI projected Country’s real GDP to grow at 6.5% in current fiscal year: Govt in Rajya Sabha

The RBI has projected Country’s real GDP to grow at 6.5 percent in the current fiscal year. In the written reply in Rajya Sabha, Minister of Finance Nirmala Sitharaman said that the International Monetary Fund (IMF), in its latest World Economic Outlook (WEO) of July 2023, has revised India’s real GDP growth forecast for the current financial year by 20 basis points (bps). She said that the IMF has raised it from 5.9 percent to 6.1 percent. The positive revision is due to the momentum gained fro...

RBI issues updated list of entities not authorized to deal in forex transactions

June 7, 2023 8:04 PM

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RBI issues updated list of entities not authorized to deal in forex transactions

The Reserve Bank of India (RBI) today issued an updated alert list of entities that are not authorized to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex.   The Apex Bank in its press release issued today added eight names of platforms/websites. Earlier on February 10 the RBI issued the list of 48 entities in this regard.   The alert list contains the names of entities that do not hold the necessary authority under the Foreign Exchange Manag...

May 5, 2023 9:11 AM

Reserve Bank of India(RBI) and Bank for International Settlements (BIS) have launched G20 TechSprint, a global technology competition. RBI and the BIS Innovation Hub have jointly announced the fourth edition of the G20 TechSprint. RBI said that the 2023 TechSprint will focus on developing innovative technology solutions for cross-border payments. The competition is open for developers around the world for submitting application from today to 4th June. The results will be announced at a final eve...

RBI and Central Bank of UAE sign MoU to promote innovation in financial products and services

March 16, 2023 2:35 PM

RBI and Central Bank of UAE sign MoU to promote innovation in financial products and services

The Reserve Bank of India (RBI) and the Central Bank of the UAE sign MoU to promote innovation in financial products and services The Reserve Bank of India and the Central Bank of the United Arab Emirates signed a Memorandum of Understanding in Abu Dhabi on Wednesday to promote innovation in financial products and services.   As per the MoU, both central banks will work together to explore Central Bank Digital Currencies and investigate interoperability between the CBDCs of CBUAE and RBI. They w...