Updated on Jan 20, 2017 10:56:37

 

 

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19-Jan-2017 Mumbai

Urjit Patel asks staff to 'zealously guard' RBI reputation

Following deep concern expressed by RBI employee unions over alleged government interference in the affairs of the central bank and opposition protests on the issue earlier this week, RBI Governor Urjit Patel has asked staff members to "zealously guard" the integrity...

14-Jan-2017 New Delhi

RBI's own figures indicate return of 15 lakh crore of banned notes

Despite the Reserve Bank of India dismissing reports that suggested 97 per cent of the demonetised currency had returned to the bank's coffers by December 30, its own weekly figures on "currency in circulation" indicate that this number is correct.These figures,...

11-Jan-2017 Gandhinagar

RBI Governor runs away from reporters

RBI Governor Urjit Patel on Wednesday fled from an army of journalists waiting to question him on demonetisation.Patel was at the Mahatma Mandir, venue of the 8th Vibrant Gujarat Summit, inaugurated by Prime Minister Narendra Modi on Tuesday.A large contingent...

11-Jan-2017 Gandhinagar

RBI chief asks centre to drastically cut borrowings

Reserve Bank of India Governor Urjit Patel on Wednesday warned that the government's debt to GDP ratio was constraining the country's sovereign ratings and called upon the central government to work towards reducing high central and state borrowings.In his address...

06-Jan-2017 Kathmandu

RBI to give Nepal Rs 1 bn in 100-rupee notes

The Reserve Bank of India (RBI) has agreed to provide Rs 1 billion to the Nepal Rastra Bank (NRB) after its request that the country was facing a shortage of INR 100 denomination banknotes.The NRB's plan to import Rs 100 denomination notes was delayed due...

05-Jan-2017 Mumbai

Estimates of demonetised notes back with banks may be incorrect : RBI

Reacting to media reports about the quantum of demonetised currency that has been returned to the banks by the December 30 deadline, the Reserve Bank of India on Thursday said such estimates may not be correct.The RBI said the aggregating of accounting entries...

04-Jan-2017 Mumbai

Corporates recorded higher growth in sales, net profit in Q2 : RBI

Robust growth in sales and net profit marked the private corporate performance in the July-September quarter of the current fiscal, RBI data showed on Wednesday."Sales growth improved significantly by 3.7 per cent year-on-year for the manufacturing sector after...

03-Jan-2017 Mumbai

RBI admits to cash crunch in rural areas

Admitting to the cash crunch prevailing in rural areas, the RBI on Tuesday asked commercial banks to send at least 40 per cent of the currency meant for circulation to their rural branches."The bank notes, being supplied to rural areas, at present, are not commensurate...

30-Dec-2016 Mumbai

RBI relaxes ATM daily withdrawal limit to Rs 4,500 from Rs 2,500

Following expiry of the deadline to deposit demonetised currency in banks, the RBI on Friday relaxed the daily ATM withdrawal limit to Rs 4,500 from the earlier cap of Rs 2,500, with this facility, to be effective from January 1, coming as a new year gift to citizens."On...

30-Dec-2016 New Delhi

Cannot disclose reasons behind demonetisation, says RBI

The Reserve Bank of India has refused to reveal the reasons for scrapping Rs 500 and Rs 1,000 currency notes, besides declining to disclose the minutes of the RBI Board meeting when demonetisation was discussed on November 8, an RTI activist said.The RBI...

30-Dec-2016 Mumbai

The most momentous year for RBI since Independence

The year 2016 has been the most momentous since India's Independence for the Reserve Bank on account of a trinity of events -- Raghuram Rajan's exit from the governorship, the decision on interest rates for the first time by a Monetary Policy Committee and...

29-Dec-2016 Mumbai

Demonetisation will transform Indian economy : RBI governor

On the eve of the deadline for citizens to deposit demonetised currency in banks, Reserve Bank of India (RBI) Governor Urjit Patel said that demonetisation will have a transformative effect on the economy going forward, despite some short-term disruptions...

28-Dec-2016 Chennai

RBI extends time before small loan accounts classified as NPA

The Reserve Bank of India (RBI) on Wednesday further eased the prudential norms for classifying a loan account as non-performing asset (NPA) in respect of small borrowers.In its notification, the RBI said on reviewing its November 21 order, it has been decided...

26-Dec-2016 Mumbai

Farmers to get 60 additional days for repayment of crop loans : RBI

The Reserve Bank of India (RBI) on Monday said that in view of demonetisation of Rs 500 and Rs 1,000 notes, farmers, whose short term crop loan repayment date falls between November 1 and December 31, will get an additional 60-day grace period."In view of...

21-Dec-2016 New Delhi

RBI partially withdraws one-time deposit norm after public anger

In a sharp U-turn, the RBI on Wednesday partially withdrew its order barring people with KYC-compliant bank accounts from depositing over Rs 5,000 in old currency more than once until December 30 after a massive public outrage and criticism by the opposition.But...

21-Dec-2016 New Delhi

Reverse Bank of India: RBI flip-flops earn opposition wrath

It is now "Reverse Bank of India", the Congress said on Wednesday after the RBI partially withdrew its order barring people from depositing over Rs 5,000 in spiked currency more than once until December 30 -- the latest flip-flop that drew sharp criticism...

19-Dec-2016 Mumbai

On Nov 8, RBI had Rs 4.95 lakh cr in Rs 2,000 notes, finds RTI plea

Indicating the levels of preparedness of the government, a RTI query has revealed that the Reserve Bank of India (RBI) had a stock of only around Rs 4.95 lakh crore in the new Rs 2,000 denomination notes when demonetisation was announced on November 8.City-based...

19-Dec-2016 Mumbai

Banks to accept pre-2005 notes in deposits : RBI

The Reserve Bank of India on Monday asked banks to accept pre-2005 notes in deposits after complaints were received that commercial banks were refusing to accept these."Bank should accept deposits of pre-2005 banknotes in the denominations of Rs 500 and...

19-Dec-2016 Chennai

RBI imposes more restrictions on deposit of old notes

The RBI on Monday restricted deposits of demonetised Rs 500 and Rs 1,000 notes in excess of Rs 5,000 only once till December 30 -- after strict scrutiny.The new restrictions are meant to encourage deposits of demonetised currency notes under the Taxation...

19-Dec-2016 New Delhi

Deposits over Rs 5,000 can be made only once till Dec 30 : RBI

The RBI announced on Monday that demonetised currency above Rs 5,000 can now be deposited in bank accounts only once -- till December 30.People depositing the old Rs 500 and Rs 1,000 in excess of Rs 5,000 will be questioned in the presence of at least two...

17-Dec-2016 New Delhi

New notes: RBI mystifies with its mixed-up math

Either the Reserve Bank of India (RBI) is uncharacteristically cavalier with the demonetisation-related figures it has given out periodically since November 8 or, more worryingly, its number crunchers are getting their math mixed up.For, the numbers that the...

16-Dec-2016 Mumbai

No customer charges on digital payments : RBI

The Reserve Bank of India (RBI) on Friday directed banks not to levy customer charges on transactions through digital payment services up to March 31, 2017."As a temporary measure, it has been decided that all banks and Prepaid Payment Instrument (PPI) issuers...

14-Dec-2016 New Delhi

Old Rs 500 notes' use ends at midnight of Dec 15, not Dec 14 : Ministry

Exemptions provided for the use of old Rs 500 notes will come to an end at the midnight of December 15, or Thursday, not December 14 as a section of media claimed, the Finance Ministry said on Wednesday."Exemptions for use of old Rs 500 notes will end on 15 Dec...

13-Dec-2016 Mumbai

Old notes worth Rs 12.44 lakh cr deposited till Dec 10 : RBI

The Reserve Bank of India (RBI) on Tuesday said that Rs 12.44 lakh crore of demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the demonetisation announced on November 8.Notes worth Rs 12.44 lakh crore have been deposited till...

13-Dec-2016 Mumbai

Retain CCTV footage from Nov 8-Dec 30: RBI to banks

The Reserve Bank of India on Tuesday asked banks to retain their CCTV recordings of branch operations and currency chests between November 8 and December 30, to deal with any unlawful activities."The banks are advised to preserve CCTV recordings of operations...

13-Dec-2016 Bengaluru

CBI arrests RBI official for money laundering

Central Bureau of Investigation CBI) sleuths on Tuesday arrested a senior Reserve Bank of India (RBI) official here for allegedly laundering money running into millions of rupees, said an official."K. Michael, a Senior Special Assistant in the Issue Department...

12-Dec-2016 Mumbai

No action initiated to cancel Axis Bank's license : RBI

The Reserve Bank of India on Monday clarified that it had not initiated any action against Axis Bank for cancellation of its license, as held by some media reports, in wake of some officials found to be involved in violative activities post-demonetisation."The...

08-Dec-2016 Chennai

Supply adequate cash or face agitation, bank union warns RBI

A major banking sector union on Thursday asked the RBI to supply adequate cash to nationalised bank branches and ATMs or stop cash transactions, otherwise they may resort to agitation and even go on strike.The All India Bank Employees' Association (AIBEA)...

08-Dec-2016 Srinagar

RBI Clears Restructuring Proposal of Banks

Reserve Bank of India today cleared the much needed restructuring proposal submitted by the State Level Bankers Committee through its convener, J&K Bank ltd.Confirming the news, Convenor and J&K Bank Chairman, Parvez Ahmed thanked all stakeholders in...

08-Dec-2016

RBI says no notes shortage, outside Delhi hundreds face job losses

Around 8.30 every morning, hundreds of workers arrive at the main bus depot in Noida Phase II, about 30 km from New Delhi. They fan out into the lanes of the neighbouring hosiery complex. With nothing more than a tiffin box in their hands, they begin their...

07-Dec-2016 Mumbai

RBI keeps lending rates unchanged, lowers growth forecast

In a surprise move, the Reserve Bank of India (RBI) on Wednesday kept its key lending rates unchanged, citing global and local uncertainties and also lowered the country's growth forecast for 2016-17.The RBI's Monetary Policy Committee (MPC), during its...

07-Dec-2016 New Delhi

RBI policy defied widespread expectations : Industry

The RBI decision to keep the key policy rate unchanged in its bi-monthly review on Wednesday has come as a surprise to Indian industry, which said it was expecting 25-50 basis points cut to boost demand that has been impacted after demonetisation "RBI's...

07-Dec-2016 New Delhi

Rate cut not warranted to achieve 5% inflation by March : Urjit Patel

Backing the Monetary Policy Committee (MPC) decision to keep the key lending rate unchanged at 6.25 per cent, RBI Governor Urjit Patel on Wednesday said that a cut was not warranted at this juncture, given the 5 per cent inflation target to be achieved by March...

07-Dec-2016 Mumbai

19.1 bn new notes pumped into public domain : RBI

With growing concerns over the circulation of new notes with the public post-demonetisation, the Reserve Bank of India (RBI) on Wednesday clarified that 19.1 billion pieces of new currency have been put back into the public domain."Nineteen poine one billion...

07-Dec-2016 Mumbai

RBI governor avoids query on full return of banned notes

Reserve Bank of India Governor Urjit Patel avoided answering a question that if all the scrapped notes in circulation came back as deposits, this would mean no black money existed in the economy.The governor, who was addressing the media following the meeting...

07-Dec-2016 Mumbai

RBI withdraws incremental CRR of 100%

The RBI on Wednesday discontinued the incremental CRR of 100 per cent, aimed at absorbing the surplus liquidity with banks post-demonetisation, from the fortnight beginning December 10."It has been decided to withdraw the incremental CRR effective the fortnight...

07-Dec-2016 Mumbai

RBI keeps lending rates unchanged, lowers growth forecast

The Reserve Bank of India (RBI) on Wednesday kept its key lending rates unchanged and lowered the country's growth forecast citing global and local uncertainties.The RBI's Monetary Policy Committee (MPC), during its second bi-monthly monetary policy review...

07-Dec-2016 Mumbai

Almost 12 lakh crore old notes deposited so far : RBI

Almost 12 lakh crore demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the November 8 announcement, R. Gandhi, Deputy Governor, Reserve Bank of India (RBI), said here on Wednesday."Almost 11.85 lakh crore notes have been deposited...

06-Dec-2016 Mumbai

New Rs 100 notes from RBI soon, older notes to continue

The Reserve Bank of India (RBI) will shortly issue Rs 100 denomination banknotes, with some changes on both sides of the note, an official statement said here on Tuesday.However, the old notes of this denomination will continue to be legal tender, it added."The...

06-Dec-2016 Mumbai

RBI expected to cut interest rate on Wednesday

Expectations are high of an interest rate cut by the RBI when it announces its bi-monthly monetary policy review on Wednesday, as banks are flush with funds following the November 8 demonetisation of high value currency.The Reserve Bank of India's first policy review...

04-Dec-2016 Mumbai

RBI to issue new Rs 50, Rs 20 notes soon, old notes valid

The Reserve Bank of India on Sunday announced it will shortly issue new Rs 50 and Rs 20 notes bearing the signature of new Governor Urjit Patel, but existing banknotes of both denominations will continue to be legal tender. The year '2016' will be printed...

03-Dec-2016 New Delhi

RBI may cut interest rate by 50 bps on December 7: HDFC CEO

At a time when the country is undergoing a demonetisation drive, the Reserve Bank of India (RBI), in its next policy meeting on December 7, may cut the main interest rate by 50 basis points, feels Keki Mistry, Vice Chairman and CEO of HDFC.In an interview...

02-Dec-2016 Chennai

RBI increases ceiling on Market Stabilisation Scheme to Rs 6,000 bn

In an attempt to manage the liquidity surplus following demonetisation of Rs 500/1,000 notes, the central government, on Reserve Bank of India's (RBI) advice, on Friday revised upwards the ceiling for issue of securities under the Market Stabilisation Scheme...

29-Nov-2016 Mumbai

Legal tender deposits will lead to higher bank withdrawals : RBI

In a bid to woo bank deposits, the RBI has said people depositing money other than the old currency will now be allowed to take out that amount on top of the stipulated Rs 24,000 weekly limit.The Reserve Bank of India notification on Monday night is aimed...

25-Nov-2016 Mumbai

Exchange of old notes to continue at RBI counters

The Reserve Bank of India (RBI) on Friday said the facility to exchange old Rs 500 and Rs 1,000 notes will continue to be available at its counters, but not at those of commercial banks."The Reserve Bank of India advises members of public that exchange of...

21-Nov-2016 Mumbai

RBI's stiff conditions for Rs 2.5 lakh withdrawal for weddings

Following the cash crunch resulting from the recent demonetisation, the RBI on Monday imposed stiff conditions for withdrawal of up to Rs 2.5 lakh in cash from bank accounts for weddings, saying the money can be withdrawn only from the credit balance as on the...

21-Nov-2016 Mumbai

RBI allows Rs 50,000 withdrawal a week from overdraft accounts

Following the demonetisation of high value notes, the RBI on Monday further relaxed cash withdrawal norms, permitting overdraft and cash credit account holders to withdraw up to Rs 50,000 in a week."Holders of current/overdraft/cash credit accounts, which are...

21-Nov-2016 Mumbai

People have exchanged, deposited Rs 544,571 crore: RBI

Some 37 per cent of the Rs 14,50,000 crore worth of now-demonetised Rs 500 and Rs 1,000 currency notes that were in circulation have been exchanged or deposited with banks till November 18, the Reserve Bank of India (RBI) said on Monday."Consequent to the...

15-Nov-2016 New Delhi

Indelible ink to prevent multiple cash exchanges

The government on Tuesday declared that banks will use indelible ink marks -- as is done to prevent bogus voting -- to prevent people from making multiple cash exchanges after the demonetisation of high-value currency notes.The move, which comes a week after...

15-Nov-2016 New Delhi

Indelible ink to prevent multiple cash withdrawals: FM

The government will use indelible ink like during elections to prevent people from making more than the permissible number of times cash withdrawal from bank counters, it was announced on Tuesday.Economic Affairs Secretary Shaktikanta Das told the media...

14-Nov-2016 New Delhi

At least 4 months needed to replace demonetised notes, not 50 days

Fifty days of pain is what Prime Minister Narendra Modi has asked people to endure for his sudden demonetisation move.But going by the rate at which fresh currency is being disbursed, even this time will prove grossly inadequate to set the economy right.Here's...

14-Nov-2016 New Delhi

Did banks ignore RBI order on Rs 100-ATMs before demonetisation?

In anticipation of the huge demand for lower currency notes, ahead of the demonetisation move, the Reserve Bank of India had asked banks to set up Automated Teller Machines which dispensed only Rs 100 notes.On November 2, six days before Prime Minister...

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