The Reserve Bank of India (RBI) plans to conduct forensic audit of 10 defaulters to know whether lenders followed established practices and processes while sanctioning those loans, said people close to the development. The central bank may invite interests from agencies to conduct these audits by April end, said those people who did not wish … Read More →
On 17th March Reserve Bank asked banks to keep their branches, which conduct government business, open for full day on March 30 and till 8 pm on March 31 to facilitate the transactions before annual closing of government accounts. RBI said the government has desired that all government transactions with banks must be accounted for … Read More →
Primary dealers or bond houses should have a minimum capital base of Rs 250 crore to participate in the exchange traded currency futures market, the Reserve Bank of India said in a notification issued on Thursday. The move is expected to add some liquidity in the moribund futures market. “Exposure to currency futures will be … Read More →
The Reserve Bank of India revised rules pertaining to revival of advances to small businesses and asked lenders to form district-level committees to resolve stressed loans to micro, small and medium enterprises (MSMEs). “In order to enable faster resolution of stress in an MSME account, every bank shall form Committees for Stressed MSME,” RBI said … Read More →
The Reserve Bank of India (RBI) has proposed to form Acceptance Development Funds (ADFs) to encourage wider deployment of card acceptance infrastructure, and rationalise Merchant Discount Rate (MDR) on debit cards – a fee every merchant has to pay to the bank to access their payment infrastructure. “The high cost of acquisition and poor revenue … Read More →
India’s Outward Foreign Direct Investment (OFDI) dropped to $1.85 billion in the month of February 2016 as against $2.92 billion in the same month of last year. According do the data provided by the Reserve Bank of India (RBI), outward investments in equity, loan and guaranteed issue stood at $471.5 million, $252.8 million and 1.12 … Read More →
The Reserve Bank on Thursday said it is discontinuing a two-year-old provision where banks had to submit data pertaining to NEFT transactions by walk-in customers not having an account with them. “It has been decided to discontinue the submission of this report by member banks, from the quarter ending March 31, 2016,” the RBI said … Read More →
Lenders have an important role in the success of recently launched crop loan scheme Pradhan Mantri Fasal Bima Yojana (PMFBY), the Reserve Bank on Thursday said. “Banks have a vital role to play in increasing the coverage under the scheme,” RBI said in a notification addressed to bank chiefs. It said bank branches in the … Read More →
The Reserve Bank on Thursday asked non- systematically important deposit taking and non-deposit-taking NBFCs, including infra and micro-lenders, to set aside 15% of their aggregate capital towards their holdings in Central and State Governments’ debts as prudential measures. In a circular, the central bank said the new norms will be applicable to all deposit accepting … Read More →
The Reserve Bank has rejected requests from non-banking finance companies (NBFCs) to become an agent to sell pension products of PFRDA. The RBI had received proposals from the NBFCs, wherein they had sought approval from the regulator for undertaking Point of Presence (PoP) services under Pension Fund Regulatory and Development Authority (PFRDA) for National Pension … Read More →