Black Money: RBI set to scrap Rs 1,000 currency note? It was almost two years back that the Reserve Bank of India (RBI) had announced its plan to phase out all currency notes issued before 2005. The central bank gave three-month time to exchange old notes for new, after which all such kind of exchanges, … Read More →
RBI Issues Operating Guidelines For Payment Banks, Small Finance Banks RBI came out with operating guidelines for differentiated banks — payments banks and small finance banks — being set up to bring in new players who would leverage on technology for financial inclusion in a cost effective manner. RBI granted in-principle approvals to 11 entities … Read More →
RBI to rely more on liquidity than rates With Consumer Price Index (CPI)-based inflation dropping to 5.1 per cent in August, the clamour for policy rate cuts has again increased. Much better monsoon rains after two back-to-back droughts and lingering weaknesses in manufacturing have again opened the case for aggressive rate cuts. But has the … Read More →
RBI policy, macroeconomic data key for mkts this week Outcome of the RBI policy meeting on Tuesday and macroeconomic data would set the trading sentiment in the stock market this week, say experts. “Expectation of rate-cut and development on the geopolitical front will dominate trading sentiments this week. The major domestic event this week is … Read More →
PSBs can’t be run like driverless cars: RBI Flagging severe talent crunch at the top in public sector banks (PSBs), Reserve Bank of India Deputy Governor S S Mundra on Wednesday pressed for the need to focus on human resource management. He said there cannot be a “leaderless bank†even if autonomous vehicles edge closer … Read More →
RBI unions write to MPs, state FMs against PDMA Ahead of Urjit Patel taking over as the new Governor, Reserve Bank employee unions have appealed to Parliament members and state finance ministers to prevent the proposed Public Debt Management Agency (PDMA), saying that moving the function will cost the government dearly. “Holding of government securities … Read More →
RBI Imposes Penalty on Four Cooperative Banks The Reserve Bank has imposed penalties of up to Rs 5 lakh on four cooperative banks for violation of various norms. RBI said it has imposed a monetary penalty of Rs 5 lakh on The Cooperative City Bank, Guwahati, for flouting KYC norms and non-adherence to requirements relating … Read More →
RBI launches website Sachet to tackle fraud The Reserve Bank of India (RBI) on Thursday launched a website from which anyone can obtain information regarding entities that are allowed to accept deposits, lodge complaints, and share information regarding illegal acceptance of deposits by unscrupulous entities. Named Sachet, the website is expected to be helpful in … Read More →
RBI creating registry of banking correspondents: Raghuram Rajan Reserve Bank of India is in the process of strengthening the network of banking correspondents by creating a registry, Governor Raghuram Rajan said here today. “We are engaged in strengthening the network of banking correspondents by creating a registry of banking correspondents, giving them the ability to … Read More →
RBI To Make Funds Transfer Via Smart phones Easier: The Reserve Bank of India (RBI) on Monday said it will become easier in the coming weeks for people to transfer funds between bank accounts through their smartphones. Speaking at the IDRBT Banking Technology Excellence Awards function, RBI Governor Raghuram Rajan also made a case for … Read More →