Page 115 - Rbi

Fitch raises India's growth estimates for FY25 to 7.2% as investments rise

Fitch Ratings on Tuesday raised India's growth forecast for current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. "We expect the Indian economy to expand by a strong 7.2 per cent in FY24/25 (an upward revision of 0.2 pp from the March GEO)," Fitch said in its global economic outlook report. Fitch's estimates are in line with that of RBI which earlier this month projected Indian economy to expand 7.2 per cent in the current fiscal on the back of improving rural demand and moderating inflation. Investment will continue to rise but more slowly than in recent quarters, while consumer spending will recover with elevated consumer confidence, it said. Fitch said purchasing managers survey data point to continued growth at the start of the current financial year. It said signs of the coming mo

RBI cancels licence of Purvanchal Co-op Bank over lack of adequate capital

The Reserve Bank has cancelled the licence of Purvanchal Co-operative Bank, Ghazipur, Uttar Pradesh as it does not have adequate capital and earning prospects. The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh has also been asked to issue an order for winding up the bank and appoint a liquidator, the RBI said in a statement. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh only from Deposit Insurance and Credit Guarantee Corporation (DICGC). As per the data submitted by the Purvanchal Co-operative Bank, about 99.51 per cent of the depositors are entitled to receive full amount of their deposits from DICGC, the RBI said. Giving details, the RBI said the cooperative bank with its present financial position would be unable to pay its present depositors in full. "The bank does not have adequate capital and earning prospects," it said, and added public interest would be .

RBI broadens public engagement: 72 consultations held in three years

Between 2021 and 2024, RBI conducted 72 public consultations across various regulatory and supervisory areas, providing 15-60 days for feedback

RBI puts Rs 1.45 cr fine on Central Bank of India for non-compliance order

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE 2022) of the Central Bank of India with reference to its financial position as of March 31, 2022. A notice was issued to the bank, advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the directions, the RBI said. After considering the bank's response, the RBI found that charges against the bank were sustained. The bank sanctioned a working capital demand loan to a Corporation against amounts receivable from the government by way of subsidies. It also failed to credit (shadow reversal) the amount involved in a few instances of unauthorised electronic transactions to the customer's account within the stipulated time. In another release, the RBI said a .

SBI sanctioned 20,000 digital small biz loans up to Rs 50 lakh since Dec

State Bank of India (SBI) has sanctioned around 20,000 loans of Rs 10 lakh to Rs 50 lakh for small businesses as part of a digital lending pilot that started in December, a senior official said on Friday. Having been satisfied with the results of the pilot, under which a customer can get a loan sitting at home, the country's largest lender is now broadening the loan amounts to Rs 5 crore, Deputy Managing Director Surendra Rana said at a banking conference organised by IMC here. "We rolled out the Rs 10-50 lakh model in December and I am happy to share that we have already sanctioned around 20,000 loans through this process and this is working very smoothly. Now, we are escalating it to Rs 5 crore," he said. A customer journey starts with scanning a QR code from anywhere, grants some approvals and SBI uses data repositories to come back with a sanctioned amount in a maximum of five days, he said. The remarks from the official come days after the bank announced that lending to small

Awaiting regulatory clarity: GIFT City-bound family offices on hold

Family offices, including those of Azim Premji and NRN Murthy, have filed application for registration in Gift city

India Inc files ECB plans worth $4.28 bn in April, shows RBI data

The registrations for ECBs by Indian companies almost doubled to $49.2 billion in the year ended March 2024 (FY24) from $26.6 billion in FY23

RBI approves Aurionpro Payments plea to become online payment aggregator

Aurionpro Payment Solutions on Thursday said it has received Reserve Bank's nod to operate as an online payment aggregator via its payment gateway brand AuroPay. The authorisation from the apex bank enables the company to operate as an online payment aggregator to provide digital payments services to merchants across the country. "Aurionpro Payment Solutions Private Limited, a subsidiary of Aurionpro...has received final authorisation from the Reserve Bank of India to operate as an Online Payment aggregator under the Payments Settlements Act, 2007, through its payments brand AuroPay," a company statement said. The Mumbai-based technology solutions company caters to the needs of banking, mobility, payments and government sectors. Shares of Aurionpro Solutions settled at Rs 2,669.40 apiece on Thursday on the BSE, up 4.94 per cent from the previous close.

Technical glitch halts RBI's liquidity management system: Explained

This is the first glitch experienced by the ASISO system in four years since its installment by the RBI

Federal Bank stock gains 4% amid speculations over new MD and CEO

Federal Bank's stock price surged up to 4.1 per cent at Rs 174.60 per share on the BSE in Wednesday's intraday deals

RBI likely intervened in NDF to stop rupee from hitting record low: Traders

The rupee was at 83.5525 to the US dollar, only marginally away from the 83.5750 all-time low it hit in April

Rupee hits new low of 83.57 against US dollar ahead of Fed meeting

Market participants speculated that RBI intervened in the foreign exchange market by selling dollars, which protected the rupee from further depreciation

RBI must review plan to raise provisions against infra loans: Lobby group

Last month, the Reserve Bank of India (RBI) proposed that banks and non-banking financial companies set aside a provision of 5 per cent of the total loan amount of infrastructure projects

Rupee remains stable, volatility expectations drop as RBI maintains grip

The rupee remained in a narrow band on Monday, with likely intervention from the RBI limiting weakness in the currency, traders said

Centre's fiscal flexibility sparks optimism: 3P Founder & CIO Prashant Jain

Jain delves into how the fund is striving to stand out in a competitive market landscape

Statsguru: RBI's earnings from foreign currency assets rise significantly

Foreign currency asset earnings, which were more than twice the earnings from domestic sources, were the primary reason behind the boost in overall income in 2023-24

Consumers see further rise in spending over one year, says RBI survey

More respondents see inflation rise over one year

RBI monetary policy review: Bulk deposits limit for banks may be raised

The limit for bulk deposits was increased in 2019 for SCBs and SFBs as "single rupee term deposits of Rs 2 crore and above" from Rs 1 crore

Monetary policy review: RBI resolutely on hold amid comfort over growth

India's GDP growth to remain strong, two members of the MPC see the need for monetary policy easing, likely to support growth. How does one reconcile the two?

A model for Global South: RBI lays down goals for its 100th year

From Monetary Policy Framework review to safeguards against payment frauds & rupee internalisation, RBI lists 14 major goals