RBI revises market hours of Govt securities

Reserve Bank of India has revised market hours of government securities from 9:00 AM to 3:30 PM to 9:00 AM to 5:00 PM. This change will be effective from the 13th of February 2023. The trading hours for various markets regulated by the Reserve Bank were amended from the 7th of April 2020 due to COVID-19. Restoration of market hours in a phased manner commenced on the 9th of November 2020. Market hours of call/notice/term money, market repo and tri-party repo in government securities, commercial ...

RBI hikes repo rate by 25 Basis points to 6.5%; Projects GDP growth at 6.4% during 2023-24 fiscal

RBI releases web publication entitled 'Statistical Tables relating to Banks in India: 2021-22' covering activities of banking sector

The Reserve Bank released its web publication entitled 'Statistical Tables relating to Banks in India: 2021-22' covering the activities of the Indian banking sector yesterday. The publication presents entity-wise information on major items of liabilities and assets along with their maturity profile; income and expenses; select financial ratios, number of employees, and details of priority sector advances for scheduled commercial banks excluding regional rural banks. In addition...

RBI's revised bank locker rules to come into effect from 1st of January

RBI announces liquidator appointed for winding up affairs of Rupee Co-operative Bank Limited

RBI hikes repo rate by 50 basis points to 5.9%, fourth hike in a row

RBI cancels license of Maharashtra-based Laxmi Cooperative Bank; Depositors can claim upto five lakh rupees

Reserve Bank of India has cancelled the licence of Maharashtra-based The Laxmi Co-operative Bank, citing a lack of adequate capital. Upon liquidation, every depositor would be entitled to receive a deposit insurance claim amount upto 5 lakh rupees.  According to the RBI, the bank with its present financial position would be unable to pay its present depositors in full and public interest would be adversely affected if the bank is allowed to carry on. "The Reserve Bank cancelled the lice...

RBI decides to take out Central Bank of India from Prompt Corrective Action restrictions

Reserve Bank of India has removed the Central Bank of India from its Prompt Corrective Action Framework (PCAF) after the lender showed improvement in various financial ratios, including minimum regulatory capital and net non-performing assets (NNPAs).  The Prompt Corrective Action norm is a supervisory tool and is imposed when a bank breaches certain regulatory thresholds on capital to risk weighted assets ratio (CRAR), net NPAs, and return on assets (RoA). The RBI imposed PCA norms on the bank ...

RBI increases repo rate by 0.5 percent to 5.4 percent, back to pre-pandemic level, says RBI Governor

Reserve bank of India today increased the Repo Rate by 50 basis points to 5.40 percent. RBI Governor Shaktikant Das announced the bi-monthly Monetary Policy today. While announcing the policy, Shaktikant Das said that the Monetary Policy Committee which held a three-day MPC Meeting on Wednesday unanimously decided to increase the Repo Rate. Accordingly, Standing Deposit Facility Rate was adjusted to 5.15 percent from 4.65 percent. Marginal Standing Facility Rate and Bank Rate revised to 5.65 per...

RBI sets up mechanism to settle trade payments in Indian rupee

RBI has set up a mechanism to settle trade payments in Indian rupee. The central bank has put in place this additional arrangement for invoicing, payment, and settlement of exports and imports in rupee. The move is aimed at promoting growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in Indian rupee. Before putting in place this mechanism, authorized dealer banks were required to take prior approval from the Foreign Excha...