Page 112 - Rbi

Indian banks see climate change as their biggest source of systemic risk

It wasn't until earlier this year that the RBI finally released a draft framework that would require financial institutions to devise and disclose their strategies to mitigate climate-related risk

RBI bumper payout to curb major divestments, govt keeps Rs 50k cr target

The record Rs 2.1 lakh crore dividend payout by the Reserve Bank of India will limit the need for big-ticket divestment, a domestic rating agency said on Thursday. Care Ratings said the new government will retain the interim budget's Rs 50,000 crore target on receipts from divestments. "With a bumper dividend from the RBI, the central government's fiscal position remains comfortable, which may limit the urgency to push ahead with big-ticket divestments," it said. If there is a shortfall in the resource accretion, the government will prefer asset monetisation, it added. Shipping Corporation of India (SCI) sales expected to be completed during the year will make it easy sailing for the government on the FY25 target, the agency said. "After the demerger of land assets of the Shipping Corporation of India (SCI), its possible divestment looks likely in FY25, provided favourable market conditions prevail. If the government offloads its entire stake in SCI, it could generate Rs 12,500-22

ED questions TV actors in 'unauthorised' fraud forex trading app case

The Enforcement Directorate on Wednesday recorded the statement of two television actors here as part of a money laundering investigation linked to the operations of an "illegal" online forex trading platform that is alleged to have duped investors to the tune of Rs 500 crore, official sources said. The sources said actors Krystel Dsouza and Karan Wahi were called for questioning in order to elicit information about some payments being made for promotions of the app named OctaFx which also had a website -- www.octafx.com. The statements of the two have been recorded as the ED is investigating this case under the provisions of the Prevention of Money Laundering Act (PMLA), they said. Another TV actor and model Nia Sharma has also been summoned, the sources said. It is understood that the agency wants to understand the operations of the platform and these actors may not be seen as wrongdoers or accused. The money laundering case of the ED stems from a Pune Police (Shivaji Nagar poli

NBFCs' consumer, gold loan sanctions shrink QoQ in Q4 FY24 after RBI action

Regulator last year hiked risk weights for unsecured loans and put curbs on IIFL Finance, a large player in gold loan business

Zomato withdraws NBFC application, says no plans to pursue lending

It comes at a time when the company was reportedly in talks with multiple NBFCs to offer working capital loans to its partner restaurants

Is India's economic growth really weak and could a repo rate cut boost it?

An external member of the MPC highlighted that India's economic growth is below potential, with weak consumption contributing to the slowdown

RBI proposes to change regulations on export, import transactions

The RBI on Tuesday proposed rationalising regulations that cover export and import transactions with an aim to promote ease of doing business and empower banks to provide more efficient service to their foreign exchange customers. The central bank has issued 'Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 Draft Regulations and Directions' in this regard. As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said. The draft also proposes that an exporter who has not realised the full value of export within the time specified may be caution listed by the authorised dealer. An exporter who has been caution listed can undertake export

RBI keeps floating rate savings bond interest rate for July-Dec at 8.05%

Interest rate on bonds is reset twice a year, with investors receiving interest payments semi-annually on January 1 and July 1

LIC Chairman Siddhartha Mohanty re-designated managing director & CEO

Arnab Kumar Chowdhury and Charulatha S Kar have taken the charge of executive director (ED) of RBI

RBI appoints Arnab Kumar Chowdhury, Charulatha S Kar as executive directors

The Reserve Bank of India (RBI) has appointed Arnab Kumar Chowdhury as executive director with effect from Wednesday. Chowdhury will look after three departments, including DICGC. Prior to being promoted as executive director, Chowdhury was serving as Chief General Manager-in-Charge in the Department of Supervision. As executive director, he will look after Deposit Insurance and Credit Guarantee Corporation (DICGC), foreign exchange department, and international department, the RBI said in a statement. Chowdhury is a chartered accountant and holds a master's degree in economics. He is also a certified associate of IIBF. He has experience of over three decades in the Reserve Bank of India. He has worked extensively in the area of supervision of financial entities. Chowdhury has worked in the area of corporate strategy, budgeting, accounting and issue department. He has also served as member of several committees and working groups and has been contributing to policy formulation.

RBI, four Asean countries tie up for cross-border payments platform

Project Nexus is aimed at making retail cross-border payments efficient, faster and cost-effective, the RBI release said

Credit card users can still use third-party apps for repayment: Know more

Customers of banks already live on the BBPS platform can continue using third-party apps for payments

Window opens to give urban cooperative banks an uplift

The success of National Urban Cooperative Finance and Development Corporation will revive public confidence in the sector and provide regulatory comfort

Economy poised for potentially stable high growth phase: RBI's MPC member

Indian economy is poised for potentially a stable high growth phase and it is also in a strong position in the context of significant risks that the country is facing, RBI's monetary policy committee member Shashanka Bhide said on Sunday. Bhide further said with the growth of income that would support domestic demand and additions to production or supply capacity reflected by high levels of investment spending in the last couple of years, domestic economic activity is expected to sustain its momentum. "In terms of growth momentum and inflation trajectories Indian economy is poised for potentially a stable high growth phase. "It is also in a strong position in the context of significant risks that are also facing us," he told PTI. The current official estimate of GDP growth in 2023-24 is 8.2 per cent, accelerating from 7 per cent in the preceding year. Earlier this month, the Reserve Bank of India pegged the GDP growth rate for FY25 at 7.2 per cent. Bhide noted that the monsoon ..

Mospi sets up 26-member committee to decide new base year for GDP

The Advisory Committee on National Accounts Statistics to review data sources, align GDP with inflation and industrial indices

RBI fines HSBC Rs 29.6 lakh for credit card rule violations: What it means

The Reserve Bank of India (RBI) recently fined HSBC Bank Rs 29.6 lakh for not following credit card rules. But what does this mean for you, the credit card user?

RBI bonus trims April-May fiscal deficit to 3% of entire FY25 target

The fiscal deficit in the corresponding period last year was 11.8 per cent of the budget estimates at Rs 2.1 trillion

Bandhan Bank launches new service for online collection of direct taxes

Bandhan Bank on Friday said it has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India. As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches, the lender said in a statement. The service is available through internet banking, payment gateway, cash, cheque, or demand draft, it said. Bandhan Bank's head of government business group, Debraj Saha, said, "The bank is proud to support the Central Board of Direct Taxes as an agency bank, aligning with the government's e-governance initiative." With over 6,300 banking outlets across 35 states and UTs, Bandhan Bank serves over 3.35 crore customers.

Banks' loans rise 19.2% in 2 weeks to June 14, deposits up 12.6%: RBI

Outstanding loans fell Rs 716.02 billion ($8.59 billion) to Rs 167.11 trillion in the two weeks to June 14

India planning to reduce paper work for foreign investors buying govt debt

The Securities and Exchange Board of India is discussing with the Reserve Bank of India to make the registration and maintenance process easier