Govt assures Yes Bank depositors their money is safe: RBI working on early resolution of crisis

March 7, 2020 8:26 AM

Govt assures Yes Bank depositors their money is safe: RBI working on early resolution of crisis

Finance Minister Nirmala Sitharaman has assured depositors of Yes Bank that their money is safe and said the RBI is working for an early resolution of the crisis.  She said, restructuring plan given by RBI will be implemented in the next 30 days to safeguard the interest of depositors. Briefing media in New Delhi, Ms Sitharaman said, employment, the salary of employees of Yes Bank is assured for one year and deposits, liabilities will be unaffected. She said, Government and RBI were monitoring Y...

All options under consideration for restructuring Yes Bank :CEA Krishnamurthy Subramanian

March 6, 2020 2:25 PM

All options under consideration for restructuring Yes Bank :CEA Krishnamurthy Subramanian

Chief Economic Adviser Krishnamurthy Subramanian has said that all options are under consideration for restructuring Yes Bank and assured that depositors' money is safe.   Talking to reporters in New Delhi today, he said, government and the RBI are working together for the best possible solution. Mr Subramanian said, the RBI has taken right steps. He said, the interest of Yes Bank customers will be protected. 

RBI amends KYC norms, allows banks to use V-CIP

January 10, 2020 8:26 AM

RBI amends KYC norms, allows banks to use V-CIP

The RBI has amended the KYC norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers remotely. The V-CIP, which will be consent-based, will make it easier for banks and other regulated entities to adhere to the RBI's Know Your Customer (KYC) norms by leveraging the digital technology. The Reserve Bank said it decided to permit video based Customer Identification Process (...

RBI buys three long-term securities worth Rs10,000 cr in 3rd special OMO

January 6, 2020 8:48 PM

RBI buys three long-term securities worth Rs10,000 cr in 3rd special OMO

In the third special open market operation in many weeks, the Reserve Bank of India (RBI) today bought three long-term securities worth 10,000 crore rupees while selling the same amount of three short-term bonds. The RBI had announced to simultaneous purchase and sale of Government Securities (G-Secs) under Open Market Operations (OMOs) for 10,000 crore rupees each last week. Like last week, though the RBI offered to sell four securities in the auction, it accepted bids for three bonds.  In the ...

RBI criticises credit rating agencies for inaccurate rating of low performing companies affecting investors

December 30, 2019 7:56 AM

RBI criticises credit rating agencies for inaccurate rating of low performing companies affecting investors

Reserve Bank of India has criticised credit rating agencies (CRAs) for allowing low-rated companies to do "rating shopping". In the 25th edition of the Financial Stability Report, RBI has warned of 'rating shopping' by companies for long-term bank loans based on indicative ratings given by CRAs which are not available to the banks or investors. Rating agencies have been largely blamed for their lax policies and oversight for the 2008 global financial crisis. S...

11.4 lakh transactions settled in 8 hours after RBI operationalises NEFT 24X7

December 17, 2019 8:49 AM

11.4 lakh transactions settled in 8 hours after RBI operationalises NEFT 24X7

The Reserve Bank has informed that about 11.4 lakh transactions were settled in the first eight hours after the round the clock operation of National Electronic Funds Transfer - NEFT system came into force from 12:00 am today. The RBI said, making NEFT available 24x7 is part of its vision of empowering every Indian with access to a bouquet of e-payment options. Meanwhile, in order to give further impetus to digital retail payments, RBI has asked banks not to levy any charges from account holders...

RBI MPC starts its three-day deliberations on policy review

December 3, 2019 6:32 PM

RBI MPC starts its three-day deliberations on policy review

Monetary Policy Committee (MPC) of Reserve Bank today started its three-day deliberations on the policy review. RBI Governor Shaktikanta Das is heading the meet. Expectations are high on another round of reduction in the key policy rate to revive the sagging economy. If the Reserve Bank cuts the repo rate on Thursday, it would be the sixth reduction in the short-term lending rate in 2019.   With five reductions so far, the repo rate has been lowered by a total of 135 basis points. This was mainl...

RBI raises withdrawal limit to Rs 40,000 for PMC bank account holders

October 15, 2019 8:10 AM

RBI raises withdrawal limit to Rs 40,000 for PMC bank account holders

Reserve Bank has enhanced the withdrawal limit for the account holder of Punjab and Maharashtra Cooperative Bank or PMC Bank to 40 thousand rupees from 25 thousand rupees. This is the third time, RBI has raised the withdrawal limit since its clamp down on PMC Bank last month. In a statement, RBI said, after reviewing the bank's liquidity position and its ability to pay its depositors, it has decided to further enhance the limit. With the revised relaxation, about 77 per cent of the depo...

RBI appoints Jai Bhagwan Bhoria as administrator for PMC Bank

September 30, 2019 6:23 PM

RBI appoints Jai Bhagwan Bhoria as administrator for PMC Bank

The Reserve Bank of India has superseded the Board of Punjab and Maharashtra Cooperative Bank Limited, Mumbai and appointed Jai Bhagwan Bhoria as the bank's administrator with all powers of the board. According to an official release, the amount of withdrawal from the bank allowed to depositors has been increased from one thousand to ten thousand rupees. The RBI's directives will remain in force for a period of six months. The depositors can access the website for any grievance...

Gross NPA ratio of banks declined following early resolution of stressed assets: RBI

August 30, 2019 2:49 PM

Gross NPA ratio of banks declined following early resolution of stressed assets: RBI

Reserve Bank says early recognition and resolution of stressed assets have helped banks contain their Gross Non-Performing Loans ratio at 9.1 percent down from 11.2 percent a year before. AIR correspondent reports that the RBI said the steadfastly pursued recognition, repair and resolution has resulted in the gross NPA ratio declining. The initial teething difficulties, the insolvency and bankruptcy code is proving to be a game-changer. The report has added that recoveries have gradually improve...