RBI launches survey to gauge their scope with respect to turnover, profitability, workforce

RBI to set up expert panel to look into issues on capital surplus

RBI issues guidelines to facilitate payments among PPI

In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets. The guidelines, released yesterday, elaborate on requirements for achieving inter-operability for mobile wallets and cards, and norms for customer protection and grievance redressal. According to the notification issued by the RBI, inter-operability among mobile wallets, and between bank account and e...

RBI to announce bi-monthly monetary policy review

Reserve Bank of India (RBI) will announce its bi-monthly monetary policy review on Friday.  Experts believe that the Central Bank may raise policy rates by 25 basis points, for the third time this year amid surging crude oil prices and weakening rupee.

RBI allows state-owned oil companies to borrow long term working capital from overseas

The Reserve Bank of India (RBI) has allowed state-owned oil companies to borrow long term working capital from overseas. RBI relaxed the policy on borrowing up to 10 billion US dollar from the overseas by the state owned fuel retailers.    Till now oil marketing companies including Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, were not allowed to raise external commercial borrowing (ECB) for working capital needs on a long-term basis. Now, the RBI has allowed them ...

RBI imposes penalty on Federal Bank for non-compliance of certain directions

Reserve Bank has imposed a penalty of five crore rupees on Federal Bank for non-compliance of certain RBI directions among other deficiencies. In a press release issued yesterday, RBI said Federal Bank had failed to report large borrower exposure for assessment under risk-based supervision.  The bank had also failed to pay compensation to customers for delay in resolution of ATM related complaints. Besides, the bank was also found lacking in following know your customer and anti-money laundering...

RBI to inject Rs. 36,000 cr into system through purchase of govt bonds

The Reserve Bank today announced that it will inject  36,000 crore rupees into the system through purchase of government bonds in October to meet the festival season demand for funds.  In a release the RBI said the decision to conduct purchase of Government securities under OMOs was based on an assessment of the durable liquidity needs.  The auctions to purchase government bonds as part of the Open Market Operations will be conducted in the second, third and fourth week of October.

RBI eases cash reserve rules to ease liquidity condition of banks

RBI says transfer of surplus to govt rose by 63.08% to Rs 50,000 cr during financial year ended June 30, 2018

The Reserve Bank of India in Mumbai today said that transfer of surplus to the government rose by 63.08 per cent to Rs 50,000 crore during the financial year ended June 30, 2018.The last year 2016-17 the transfer of surplus to the Govt was Rs 30,659 crore.  The Report released by RBI said that the rise in increase on the asset side was due to rise in foreign investments ,loans and advances by 11.25 per cent from 33.04 trillion as on June 30,2107.  Domestic assets constituted 23.18 per cent, whil...

RBI hikes repo rates by 25 basis points

The Monetary Policy Committee, MPC, of the Reserve Bank of India today hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19.  For the second consecutive time, the six-member MPC headed by RBI Governor Urjit Patel has hiked the key policy repo rate by 25 basis points. Repo rate is the rate at which the RBI lends money to commercial banks in the event of any shortfall of funds.  Reverse repo rate, the rate at which the Reserve Bank borrows m...