Page 118 - Rbi

'Climate shocks' add uncertainty to inflation outlook: RBI annual report

Central bank highlights trading risks and, high reliance on bulk deposits of banks

Investors bought Rs 27,000 cr of sovereign gold bonds in FY24: RBI report

Sovereign gold bonds have caught the fancy of investors who bought Rs 27,031 crore worth of the bonds last fiscal, an amount more than four times invested in 2022-23 on the prospects of higher returns and tax benefits. The bonds bought by investors represented a whopping 44.34 tonne of gold during 2023-24. In 2022-23, Sovereign Gold Bonds (SGBs) representing 12.26 tonne of gold were purchased for Rs 6,551 crore. "The aggregate sum raised during 2023-24 amounted to Rs 27,031 crore (44.34 tonne)," said the annual report of Reserve Bank, which issues the bonds on behalf of the central government. During the fiscal ended March 2024, the bonds were issued through four tranches. Since the inception of SGB scheme in November 2015, a total of Rs 72,274 crore (146.96 tonne) has been raised through 67 tranches. The price of 24 karat per 10 gram of gold has gone up from about Rs 62,300 to Rs 73,200 in one year. SGBs are government securities denominated in grams of gold. They are substitute

Wholesale CBDC circulation falls, whereas retail circulation rises in FY24

According to the RBI, this move is expected to enhance access and expand choices available to the users apart from testing the system resilience to handle multi-channel transactions

RBI's dividend transfer may ease deposit rates if govt spends it: Ind-Ra

India Ratings and Research (Ind-Ra) on Thursday said the Rs 2.11 lakh crore dividend transfer by the RBI is likely to ease liquidity pressure and bring down deposit rates in the banking system if the government spends the amount. It said the mega dividend will give a fillip to the central government's fiscal position, which may lead to additional spending or fiscal consolidation or a combination of both. However, the structural challenges for banks in term of deposit accretion will continue in the medium to long term. "The agency expects the RBI's INR 2.1 trillion dividend transfer to the government will improve the liquidity conditions and alleviate heightened pressure on the banking system deposit, leading to the easing of pressure on cost of liabilities for banks in the near term," Ind-Ra said in a statement. The RBI board last week decided to transfer Rs 2.11 lakh crore dividend to the government out of the profits earned in 2023-24. If the government spends the amount, it will

Unclaimed deposits with banks rise 26% to Rs 78,213 crore: RBI report

Unclaimed deposits with banks have witnessed a 26 per cent jump year on year to Rs 78,213 crore at the end of March 2024, as per the RBI Annual Report released on Thursday. The amount with the Depositor Education and Awareness Fund stood at Rs 62,225 crore at the end of March 2023. Banks including cooperative banks transfer unclaimed deposits of account holders lying in their accounts for 10 or more years to RBI's Depositor Education and Awareness (DEA) Fund. As a measure to assist the account holders and with a view to consolidating and rationalising the extant instructions on inoperative accounts, the Reserve Bank issued a comprehensive guidelines earlier this year on the measures to be put in place by the banks covering various aspects of classifying accounts and deposits as inoperative accounts and unclaimed deposits, as the case may be. The RBI advised banks for a periodic review of such accounts, measures to prevent fraud in such accounts, grievance redress mechanism for ...

RBI imposes business restriction on Edelweiss group's EARCL, ECL Finance

ECL has been accused of not maintaining arm's length with other group companies

Some ARCs bypassing regulations, lack transparency: RBI deputy governor

They are 'using innovative ways to structure transactions', says Swaminathan J

RBI imposes Rs 36.38 lakh penalty on HSBC for violating Fema regulations

The Reserve Bank on Wednesday imposed a fine of Rs 36.38 lakh on foreign lender HSBC for Foreign Exchange Management Act (FEMA) violations. The central bank said reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999 were not followed by HSBC. The RBI had issued a show cause notice to HSBC, in response to which the bank submitted a written reply and also made oral submissions. "After considering the facts of the case and the bank's reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty," it said.

RBI bars Edelweiss ARC from acquiring financial asset with immediate effect

The central bank also bans Edelweiss arm ECL Finance from undertaking any structured transactions

Some Indian asset recast firms circumventing rules: RBI deputy Swaminathan

The RBI has increased supervision of regulated entities to prevent systemic risks and to ensure that regulations are followed

RBI launches G-sec app, PRAVAAH portal: Here is all you need to know

'The launch of a mobile app for accessing the Retail Direct portal will provide greater convenience to retail investors and deepen the G-sec market,' said the RBI Governor

RBI unveils Pravaah portal, Retail Direct Mobile App and FinTech Repository

Initiatives aim to help regulatory processes, retail investment in government securities, provide data on fintech

RBI Governor Das launches portal for online application, approval

Starts app for retail direct; repositories for fintech, lenders

Explained: Why did RBI impose penalty on ICICI Bank and YES Bank

RBI says supervisory inspection found violations by both banks about their financial position

European Union banks seek RBI approval for third-party transaction model

Credit Agricole, Societe Generale, Deutsche Bank, BNP Paribas aim to resolve deadlock between their home authorities and Indian policymakers

RBI to buy back government bonds worth Rs 40,000 crore on Thursday

Bond market participants said that the auction is expected to witness tepid demand as banks might refuse to sell bonds at a loss

Valuations, better access to capital spur fintech players' homecoming

Firms that are looking to shift their domicile back to the country may have to look at a hefty tax bill

RBI's notification on partly paid AIF units puts industry in a bind

Move to help regularise units issued to FPIs amid concerns on fee outgo

Multinationals post 45.2% growth in net profit in FY23, shows RBI data

Post-pandemic improvement in margins boosts bottom line

Govt will buy back sovereign bonds worth Rs 40,000 crore, says RBI

The securities offered for buyback are four government bonds with maturity dates in the second half of 2024, the Reserve Bank of India (RBI) said in a statement