Page 102 - Rbi

India's GDP growth likely to have moderated in June quarter: Analysts

Slowdown in key drivers due to LS polls and high base effect: Analysts

RBI cancels registration of Margdarshak Financial Services over high NPAs

The Reserve Bank of India (RBI) has cancelled the registration of Lucknow-headquartered Margdarshak Financial Services Ltd over high net NPAs and defaults on repayment to lenders. As on March 31, 2021, the company failed to maintain the minimum regulatory net owned fund of Rs 5 crore and minimum capital adequacy ratio of 15 per cent stipulated for NBFC-MFI, the RBI said, while cancelling its certificate of registration. As per the statutory audit, as on March 31, 2021, the NBFC was facing cash flow issues and defaulted on repayment of Rs 49.27 crore to its lenders. "Further, the auditors have observed that due to losses (Rs 187 crore) and high net NPAs (Rs 82.37 crore) there is material uncertainty which casts significant doubt on the company's ability to continue as a going concern," the central bank said. Further, delay was observed in finalising the balance sheet for the year ending March 31, 2021, as the same was finalised after nearly seven months, on October 22, 2021. The RB

Govt to appoint new external members to MPC ahead of crucial rate meeting

The selection panel, comprising the governor of the Reserve Bank of India and government officials, will recommend probable candidates in the next two weeks

Rupee to inch up, traders await cues from Powell on interest rate cuts

The rupee has been a laggard in Asia, not benefitting from the increased confidence of the Fed cutting rates at each of the remaining three meetings this year

Why RBI cannot ignore food price pressures in overall inflation management

High food inflation can lead to the unanchoring of inflation expectations, which could significantly complicate overall inflation management

FM Nirmala Sitharaman seeks RBI help to clear RRB dues with states

The finance minister also directed RRBs to become more customer-friendly and use their local connections to further improve performance

RBI includes auto replenishment of FASTag, NCMC in e-mandate framework

Exempts these card issuers from issuing a pre-debit notification

RBI alters rules to allow e-mandate for auto-replenishment of FASTag, NCMC

The Reserve Bank on Thursday modified its e-mandate framework and allowed auto-replenishment of FASTag and National Common Mobility Card (NCMC). The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer's account. In June, the RBI announced that auto-replenishment of balances in FASTag and NCMC, which are recurring in nature but without any fixed periodicity, would be facilitated under the e-mandate framework. "It has been decided to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework," the RBI said in a circular. Payments for auto-replenishment, since they are recurring in nature but without any fixed periodicity, will be exempt from the requirement of pre-debit notification, it added.

RBI's MPC to get new external members as current terms expire in October

The RBI MPC consists of six members: three from the RBI, including the governor, and three external members appointed by the government

Adopt supportive, empathetic approach towards MSMEs: RBI dy guv to lenders

Reserve Bank Deputy Governor Swaminathan J has asked financial institutions to adopt a more sensitive and empathetic approach towards MSMEs, and deploy supportive measures like restructuring options for loans, to support the sector which plays a key role in the economy. In a speech at the Annual Day of the Foreign Exchange Dealers Association of India (FEDAI) here, the deputy governor said MSMEs face challenges like access to affordable finance, delayed payments, infrastructure bottlenecks, and requirements of compliance, among others. The journey of India's economic transformation cannot be complete without the robust development of the MSME sector. "MSMEs are not just the backbone of our economy, they are the engines of growth, innovation, and employment," he said at the event held on Wednesday. However, for these enterprises to truly thrive and scale up, the financial sector must step up with innovative solutions, sensitivity, and a forward-looking approach, Swaminathan said. "

A chance to win Rs 10 lakh prize: RBI launches quiz for college students

RBI90Quiz is general knowledge-based and will feature a multi-level competition, commencing with an online phase

MSMEs' access to formal bank financing hurt due to asset shortage: RBI DG

It is challenging to assess the creditworthiness of small enterprises, says Swaminathan J

Transmission of policy rate has been greater on deposits, shows RBI data

Among different bank groups, state-owned banks have seen a greater increase in interest rates on term deposits-both new and existing-compared to their private sector peers

Guarding the guardians: How to manage regulator appointments and removal

Parliament needs to institute oversight mechanisms for regulators, who oversee markets, without compromising their autonomy

IBA to take up overseas banks' local data storage issue with RBI

"RBI had advised all system providers to ensure that the entire data relating to payment systems operated by them is stored in a system only in India," said a source familiar with the development

Latest global audit norm adoption on regulators' table to upgrade standards

The move to adopt ISA 600 is intended to tighten oversight on auditors who are often found shielding behind audit reports approved by subsidiary companies

RBI guv Shaktikanta Das ranked as top central banker for 2nd straight year

Reserve Bank of India Governor Shaktikanta Das has been ranked as the top central banker globally for the second consecutive year by US-based Global Finance magazine. "Happy to announce that for the 2nd consecutive year, RBI Governor @DasShaktikanta has been rated 'A+', in the Global Finance Central Banker Report Cards 2024," the RBI said in a post on X. Das has been placed at the top of the list of three central bank governors, who have been rated A+. Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management, according to a statement by Global Finance magazine. An 'A' represents excellent performance, while an 'F' for outright failure. Denmark's Christian Kettel Thomsen, India's Shaktikanta Das and Switzerland's Thomas Jordan have been ranked under the 'A+' category of central bankers. "Central bankers have waged war against inflation over the past few years, wielding their primary weapon: hig

RBI asks banks to monitor credit-deposit gap to avoid liquidity issues

Indian banks' loans rose 13.7% as of July 26 from a year earlier, while deposits grew 10.6%, latest provisional data from the RBI showed

Sent money to the wrong UPI address? Here's how to get a quick refund

The RBI has issued guidelines to help when you've sent money to the wrong UPI address

Banks' borrowings in India crosses Rs 9 trillion-mark in July: RBI

Bank borrowing figures for July 26 were up 20% compared to the borrowing figures of Rs 7.75 trillion for April 5