Updated on Jun 24, 2017 05:37:22

 

 

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23-Jun-2017 Mumbai

Now mobile banking complaints under ombudsman : RBI

Widening the scope of its Banking Ombudsman Scheme, the Reserve Bank of India (RBI) has included complaints relating to mis-selling and mobile banking in its purview for which compensation up to Rs 1 lakh can be awarded.The amended Scheme will come into force...

20-Jun-2017

Is RBI's hawkish stance hurting India's growth prospects?

The role of interest rate in Indias growth is grossly underplayed. The movement of interest rates has been strongly linked to episodes of high growth and slowdowns in the last few decades.There are two major puzzles of the Indian economy that have been surprisingly...

15-Jun-2017 Mumbai

Current account deficit narrows in 2016-17 : RBI

India's current account deficit (CAD) narrowed during last fiscal due to a contraction in the country's trade deficit.According to data furnished by the Reserve Bank of India (RBI), the CAD for last fiscal narrowed to 0.7 per cent of the GDP from 1.1 per cent...

13-Jun-2017 Mumbai

RBI issues new batch of Rs 500 notes

The Reserve Bank of India has issued a new batch of Rs 500 denomination notes, an official statement said on Tuesday."In continuation of issuing of Rs 500 denomination banknotes in Mahatma Gandhi (new) series from time to time which are currently legal tender,...

09-Jun-2017 Mumbai

SGBs worth Rs 5,400 cr issued : Reserve Bank of India

The Reserve Bank of India (RBI) on Friday said it has so far issued sovereign gold bonds (SGBs) worth Rs 5,400 crore.According to the apex bank, it has issued eight tranches of SGBs till date. "Investors in these bonds have been provided with the option...

07-Jun-2017 Mumbai

RBI holds key interest rate, says MPC refused Ministry invite

Belying the government and India Inc's hopes, the RBI, in its second bi-monthly monetary policy review of 2017-18, on Wednesday kept its key lending rate unchanged at 6.25 per cent, while Governor Urjit Patel disclosed that the Monetary Policy Committee had...

12-May-2017 Mumbai

GST to have macro economic impact : RBI

Introduction of the GST system is expected to have a macro economic impact and will set a new course for cooperative federalism by strengthening Centre-state partnership, the RBI said in a report released here on Friday.According to the Reserve Bank of India (RBI)...

27-Apr-2017 New Delhi

New notes' stock was ready before demonetisation : RBI

The Reserve Bank of India (RBI) has said that it had a reasonable stock of new Rs 500 and Rs 2,000 currency notes in place before the announcement of demonetisation was made on November 8, 2016.This was revealed by RBI Governor Urjit Patel to the Parliamentary...

06-Apr-2017 Mumbai

RBI maintains key lending rate, frowns upon loan waiver

With inflationary concerns in mind, the Reserve Bank of India (RBI) on Thursday retained its key lending rate unchanged at 6.25 per cent, and criticised loan waiver promises as a "moral hazard" that entails transfer of taxpayers' money.At its first bi-monthly...

06-Apr-2017 Mumbai

Liquidity will be factor in Monetary Policy Review in April : RBI

The RBI on Thursday hinted that the fall out of demonetisation, whereby the banking system is flushed with liquidity adding to inflationary pressures, could be a factor in its holding rates in the April policy review."With progressive remonetisation, the...

06-Apr-2017 Mumbai

RBI maintains key lending rate at 6.25%

The Reserve Bank of India (RBI), in its first bi-monthly monetary policy review of 2017-18, on Thursday kept its key lending rate unchanged at 6.25 per cent, saying it awaited further macroeconomic data before making changes.However, the RBI narrowed the...

31-Mar-2017 New Delhi

Chaos as crowds throng RBI to exchange old currency

Hundreds thronged the RBI here with old demonetised notes to grab new ones on the last day of official exchange on Friday but most people returned home disappointed.Bank officials and security personnel turned away many because the facility was only for those...

29-Mar-2017 Mumbai

Banks to remain closed on April 1 : RBI

The Reserve Bank of India (RBI) on Wednesday said banks need not remain open on April 1, as against its earlier order, because it may affect the annual closing, especially in view of the State Bank of India (SBI) merger."In consultation with the government,...

26-Mar-2017 Kumbakonam (Tamil Nadu)

No plans to introduce new denomination notes : RBI

The Reserve Bank of India currently has no plans of introducing new denomination currencies, a senior RBI official said on Sunday."Presently RBI has no idea to introduce currencies of new denominations. The central banking institution wants to encourage...

26-Mar-2017 Kathmandu

Exchange of Rs 4,500 in old notes allowed in Nepal : RBI

The Reserve Bank of India (RBI) will allow exchange of up to Rs 4,500 in banned Indian currency notes to each Nepali national, a visiting team of the Indian central bank here hinted on Sunday.The Indian proposal has sent waves of nervousness among the Nepali...

23-Mar-2017 Mumbai

Farm loan waiver affects credit discipline : RBI

Echoing State Bank of India chief Arundhati Bhattacharya's views, Reserve Bank of India (RBI) Deputy Governor S.S. Mundra on Thursday expressed concern over farm loan waiver affecting credit discipline."The RBI's views has always been that farm loan waiver affects...

22-Mar-2017 Mumbai

SBI-Mahila Bank merger on April 1 : RBI

The Bharatiya Mahila Bank will be merged with the State Bank of India on April 1, along with five associate banks, the Reserve Bank of India (RBI) said on Wednesday."All branches of Bharatiya Mahila Bank (BMB) will function as branches of the SBI from April...

21-Mar-2017 New Delhi

Cash transaction limit proposed to be cut to Rs 2 lakh

In yet another move to curb black money in India, the government on Tuesday proposed a fresh ceiling of Rs 2 lakh on cash transactions, which is lower than the Rs 3 lakh proposed in Budget 2017-18.An amendment to this effect, was one among the 40 amendments...

13-Mar-2017 Mumbai

All cash withdrawal limits go back to pre-demonetisation era

All limits on savings bank cash withdrawals post-demonetisation ended on Monday, as had been announced by the Reserve Bank of India (RBI) last month.In a two-stage process, the weekly withdrawal limit per account had been raised to Rs 50,000, from Rs 24,000,...

09-Mar-2017 Mumbai

RBI to issue new Rs 10 notes, old ones to remain valid

The Reserve Bank of India (RBI) on Thursday said it will shortly issue new Rs 10 denomination currency notes, while clarifying that the old Rs 10 notes will also remain valid."The Reserve Bank of India will shortly issue Rs 10 denomination banknotes in the...

17-Feb-2017 Mumbai

Proceeding at a fast pace towards remonetisation : Urjit Patel

Reserve Bank of India (RBI) Governor Urjit Patel on Friday said the central bank was moving at a fast pace towards remonetisation, having restored normalcy over a short period as the printing of the currency was going on at full capacity from day one of demonetisation."I...

17-Feb-2017 Mumbai

Foreign stake in HDFC Bank crosses 74% limit again : RBI

Private sector HDFC Bank has again crossed the foreign investment limit prescribed as a percentage of paid-up capital for Indian companies, the Reserve Bank of India (RBI) said on Friday Only a day earlier, on Thursday, the RBI announced that such investments...

17-Feb-2017 New Delhi

Over Rs 1 lakh crore worth new Rs 500 notes have been printed

The Finance Ministry on Friday said that over Rs 1 lakh crore worth of the new Rs 500 notes have already been printed with the presses churning out approximately 22 million pieces of it everyday."More than Rs 1 lakh crore worth new Rs 500 notes have been...

08-Feb-2017 Mumbai

RBI maintains status quo on key lending rate

India's central bank on Wednesday kept key lending rates unchanged, saying it awaits more data on inflation trends and on the impact of demonetisation on economic growth, even as it shifted its monetary policy stance from accommodative to neutral citing inflationary...

08-Feb-2017 Mumbai

Equities tumble after RBI keeps lending rate unchanged

Indian equities markets on Wednesday tumbled as the Reserve Bank of India (RBI) decided to keep its key lending rate unchanged at 6.25 per cent in its sixth and final monetary policy review for 2016-17.The key indices fell by around half a per cent immediately...

02-Feb-2017 Mumbai

RBI cautions against use of bitcoins, other virtual currencies

The Reserve Bank of India (RBI) has cautioned the users of virtual currencies, including bitcoins, pointing out that it has not issued any licence or authorisation to any company to trade in these and that the users are doing it at their own risk."The Reserve...

30-Jan-2017 New Delhi

Current Account curbs go, ATMs to follow

In response to the Election Commissions (EC) request to enhance the cash withdrawal limit for nominated candidates in the five poll-bound states from Rs 24,000 to Rs 2 lakh per week, the RBI on Monday ended all curbs on withdrawals from Current Accounts,...

20-Jan-2017 New Delhi

Cash flow to be normal soon, cut in online charges: Urjit Patel

Cash flow, restricted post-demonetisation, will normalise soon but might take longer in rural and remote areas, Reserve Bank of India (RBI) Governor Urjit Patel informed a parliamentary panel on Friday.He further asserted that demonetisation would be beneficial...

20-Jan-2017 New Delhi

Cash flow to normalise soon : Urjit Patel

Reserve Bank of India Governor Urjit Patel on Friday is learnt to have said that cash flow in the country will normalise soon.Patel, according to sources, told this to the Public Accounts Committee (PAC) of Parliament while answering queries from the lawmakers...

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...

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