Page 125 - Rbi

Kotak Mahindra Bank actively working to address RBI's concerns: CEO

RBI barred Kotak Mahindra Bank from onboarding any new customers through its online and mobile banking channels and also prohibited it from issuing fresh credit cards

Above-normal monsoon likely to ease food prices: Finance ministry

FinMin report says rupee expected to remain within comfortable range

Nabard partners with RBI Innovation Hub to fast-track digital agri lending

The National Bank for Agriculture and Rural Development (NABARD) on Thursday said it has partnered with Reserve Bank's arm RBIH to put in place a system which will enable faster processing of agricultural loans. NABARD said it will integrate its e-KCC loan origination system portal with the Public Tech Platform for Frictionless Credit (PTPFC) of Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. NABARD has developed the loan origination system portal to facilitate digital Kisan Credit Card (KCC) loan processing for cooperative banks and Regional Rural Banks (RRBs). "The digitisation of agricultural lending will ensure instant doorstep delivery of credit to farmers while improving the efficiency of banks, advancing NABARD's mission of fostering rural prosperity," NABARD chairman Shaji K V said. The partnership agreement was signed by the NABARD chairman and Rajesh Bansal, CEO, RBIH. Through the integration with PTPFC, about 351 district and state cooperative

RBI tells Kotak Mahindra Bank to stop issuing new credit cards

RBI said the bank can provide services to its existing customers, including its credit card customers

Credit card spends rise 27% to Rs 18.26 trillion in FY24: RBI data

As of March, the outstanding number of credit cards in the system was 101 million, inching up from 100.60 million at the end of February 2024

Government approves one-year extension to RBI Deputy Governor Rabi Sankar

The government has extended the term of RBI Deputy Governor T Rabi Sankar for a period of one year, according to sources. The Appointments Committee of the Cabinet has approved the re-appointment of T Rabi Sankar, Deputy Governor Reserve Bank of India, for a period of one year with effect from May 3, 2024, they said. He was appointed as the RBI Deputy Governor in May, 2021 for a period of three years. He had joined the RBI in 1990 and worked in various positions at the central bank. He was Executive Director of the Reserve Bank before being elevated to the post of deputy governor. As an executive director, he was looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department of the RBI. He has served as an IMF Consultant (2005-11) on developing government bond markets and debt management. In addition to his professional career at the RBI, he is the Chairman, Indian Financial Technology and Allie

RBI flags unauthorised forex entities offering exorbitant returns

In several instances, the transactions conducted in these accounts do not align with the stated purpose for their establishment

Konark Urban Co-op Bank: RBI restricts customer account withdrawals

Konark Urban Co-op Bank customers cannot withdraw money from any type of account, whether it's a savings, current, or any other account

Extreme weather conditions, crude pose inflation risk: RBI Bulletin

Patra says that economy must grow at 8-10% in next three decades to take advantage of demographic dividends

Cautious approach: Small finance bank model in the slow lane, say experts

Unity Small Finance Bank was the last one to get a licence in the category in November 2021

RBI holds back US dollar sales in February amid pressure on rupee

India's foreign exchange reserves have been hitting new peaks for the past seven consecutive weeks

Special audit starts at IIFL Fin after RBI restricted gold loan sanction

RBI's inspection had indicated a lack of adherence to the standard auction process and a lack of transparency in charges being levied on customer accounts

IIFL Finance's RBI-directed audit starts after March gold loan ban

The RBI said in March that the restrictions will be reviewed after completion of a special audit and the company's rectification of the audit findings

PayU gets RBI's in-principle approval to operate as payment aggregator

The company said it can start onboarding new merchants on its platform with the in-principle approval

'In a first', RBI asks fintech to track suspicious transactions in polls

The banking regulator routinely directs banks in the country to monitor and track suspicious transactions during elections

Extreme weather conditions may pose risk to inflation, says RBI Bulletin

Extreme weather conditions may pose a risk to inflation, along with prolonged geopolitical tensions that could keep crude oil prices volatile, the Reserve Bank's April Bulletin said on Tuesday. The retail based on the Consumer Price Index (CPI) has eased to 4.9 per cent in March after averaging 5.1 per cent in the preceding two months. The Reserve Bank, which mainly factors in CPI while arriving at its bi-monthly monetary policy, has kept the key interest rate unchanged at 6.5 per cent since February 2023, citing concerns on the inflation front. An article on 'State of the Economy' published in the Bulletin further said global growth momentum has been sustained in the first quarter of 2024, and the outlook for world trade is turning positive. Treasury yields and mortgage rates are ticking up in major economies as expectations of interest rate cuts are being pared. "In India, conditions are shaping up for an extension of a trend upshift in real GDP growth, backed by strong investme

RBI holidays calendar 2024 and Hanuman Jayanti: Are banks shut today?

In April, banks closed for 12 days for public and regional holidays, second and fourth Saturdays and Sundays

What's in store for 'India's most sincere bank'?

Has Sharma given up on it? For now, he seems to be on a save-OCL mission

IndusInd Bank successfully executes RBI's programmable CBDC pilot

For this pilot, IndusInd Bank collaborated with circularity innovation hub

Sustained growth of 7% feasible for India: RBI MPC member Shashanka Bhide

Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade, RBI Monetary Policy Committee (MPC) member Shashanka Bhide said on Monday. During 2023-24, the economy is likely to record a growth rate of near 8 per cent on account of good performance of manufacturing and infrastructure sectors. "(India's economic) Growth in the current year is likely to be supported by agriculture with a favourable monsoon and improved global trade. Sustaining the growth momentum of 7 per cent seems feasible," he told PTI. Bhide further said that in the long-term, the need for productivity improvements will remain the key factor to achieve food price stability. Asked what are some of the headwinds he is wary of, Bhide said one area of concern is the global environment. "The slow pace of recovery in global demand on one hand and supply chain disruptions on the other hand... if the ongoing .