Page 121 - Rbi

RBI flags concerns over functioning of asset reconstruction companies

Swaminathan J urged ARCs to adopt an approach where there is compliance "with both the letter of the regulation and also its spirit," the central bank said in a statement

RBI okays appointment of Natarajan as IDFC FIRST Bank's whole time director

The Reserve Bank of India (RBI) has approved the appointment of Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank, the private sector lender said. "RBI...has accorded its approval to appoint Pradeep Natarajan as Whole Time Director, designated as Executive Director of the bank for a period of three years," IDFC FIRST Bank said in a regulatory filing on Thursday. The bank further said it will take the necessary steps to complete the formalities for the appointment of Natarajan as Executive Director. The said appointment shall be subject to the approval of the shareholders of the bank, it added. IDFC FIRST Bank had reported a net profit of Rs 724 crore for the fourth quarter ended March 2024. The bank's gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023. Net NPAs also came down to 0.60 per cent of the advances from 0.86 per cent at the end of 2024.

Government announces fresh buy back of bonds despite lukewarm response

The central bank said it would buy back Rs 60,000 crore worth of securities, maturing this financial year, on May 21

PSB loan growth lags industry; cautious approach to protect margins

According to RBI, the share of external benchmark linked loans (EBLR) in total outstanding floating rate loans increased to 56.2 per cent as at end-December 2023 from 49.6 per cent in March 2023

Sebi open to oversight of cryptocurrencies trade, in contrast to RBI

India has taken a tough stance against cryptocurrencies since 2018, when RBI prohibited lenders and other financial intermediaries from dealing with crypto users or exchanges

India sees forex reserves as main tool to manage bond index inflows

The Reserve Bank of India plans to absorb the inflows and match the outflows using its near-record high $642 billion reserves

Govt plans to change base year of key economic gauges like CPI to FY23

Economic indices such as the Index of Industrial Production (IIP), Wholesale Price Index (WPI), and National Income are benchmarked to FY12

RBI set to meet ARCs on May 17; may discuss borrowing, settlement process

At present, there are no regulatory mechanisms in place for such funding

RBI urges NBFCs to maintain constant vigil against potential risks

Swaminathan said that NBFCs are highly exposed to a slew of risks which can affect their financial and operational status like cybersecurity and other risks

Global funds eye India's maturity bonds betting on RBI's policy shift

The proportion of foreign money allocated to local bonds due in 10 years or more climbed to 17 per cent last week, up from just 11 per cent in September

Rupee appreciates 4 paise to 83.47 against US dollar in early trade

The rupee was trading in a narrow range and appreciated 4 paise to 83.47 against the US dollar in early trade on Wednesday, tracking a positive trend in domestic equities. However, sustained foreign fund outflows weighed on the local unit and restricted the up move. Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound with a bit of a weakness bias. At the interbank foreign exchange market the local unit moved in a narrow range. It opened at 83.49 against the American currency and touched 83.47 in initial trade, registering a rise of 4 paise from its previous close. On Tuesday, the rupee closed at 83.51 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.93, lower by 0.07 per cent. Brent crude futures, the global oil benchmark, rose 0.69 per cent to USD 82.95 per barrel. Des

Bullish case for the rupee's rebound dented by RBI's intervention fears

RBI's objective is to prevent outsized moves in the rupee in either direction, said Michael Wan, senior currency analyst at MUFG, adding that this would limit the rupee's upside

India's move to buy back bonds runs into RBI's need to keep tight stance

Last week, the monetary authority accepted bids for about a quarter of the 400 billion rupees ($4.8 billion) of bonds the government offered to repurchase

India Inc including NBFCs files ECB intent worth $7.73 billion in March

Amongst prominent companies which filed intent include private steel producer JSW Steel - $ 900 million, public sector power sector unit NTPC - $ 745.2 million and Power Finance Corporation - $ 450 mn

Zomato to surrender RBI licence to operate as online payment aggregator

Food tech major Zomato on Monday said its subsidiary Zomato Payment Pvt Ltd (ZPPL) has decided to voluntarily surrender the certificate of authorisation it obtained from the Reserve Bank to operate as an online payment aggregator. "At Zomato, we do not see ourselves having a significant competitive advantage against the incumbents in the payments space and hence we don't foresee a business in payments space as commercially viable for us, at this stage. "While we were conscious of these developments as they unfolded, the real impact was more apparent as we got closer to putting in place the structure to commence the operations," Zomato said in a regulatory filing. The development comes months after the company received the licence from the central bank to operate as an online payment aggregator, with effect from January 24, 2024. Zomato said the Board of Directors of ZPPL has also decided to withdraw the application dated November 11, 2021 submitted with the RBI to operate as the ..

Domestically held gold reserve rise by 40% in 5 years, shows RBI data

As of the end of March 2024, the Reserve Bank of India held a total of 822 metric tonnes of gold, with 408 metric tonnes held within the country

Paytm to focus on UPI Lite Wallet after RBI's crackdown on payments bank

UPI Lite processes low-value transactions that have been set at below Rs 500, according to the National Payments Corporation of India (NPCI) website

Bank accountable for clearing forged cheque

Citing a Reserve Bank of India circular, the National Commission stated that the liability for honouring a forged cheque vests with the paying bank

No need to panic on draft infra guidelines: PNB MD & CEO Atul Kumar Goel

Goel spoke on the public sector lender's latest quarterly results and its expansion plans

Tata Capital, 14 other NBFCs surrender their registration certificates: RBI

The Reserve Bank of India (RBI) on Friday said 15 NBFCs, including Tata Capital Financial Services and Revolving Investments, have surrendered their certificates of registration due to various reasons. Nine Non-Banking Financial Companies (NBFC) have ceased to be legal entities due to amalgamation, merger, dissolution, or voluntary strike-off. These are Tata Capital Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities. The RBI further said six NBFCs surrendered their certificate of registration after exiting from Non-Banking Financial Institution (NBFI) business. These were Vian Growth Capital, Drap Leasing and Finance, Jewel Strips, Revolving Investments, Anshu Leasing, and A V B Finance. The certificates of registration were granted to them by the RBI.