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RBI to banks: Can't charge extra without mention in key fact statement

Any fees, charges, etc., which are not mentioned in the KFS, cannot be charged by the REs to the borrower at any stage during the term of the loan: RBI

Top financial regulators plan panel to weigh risks in derivatives market

The panel will be set up by the Financial Stability Development Council, which includes the finance minister, the central bank governor and the market regulator, the sources said

RBI caps Sarvodaya Bank withdrawals at Rs 15,000: What customers must know

Customers will feel the immediate effect of these restrictions through the imposed withdrawal limit

Best of BS Opinion: Paths to political business cycle, Reforming GST, more

Here is the best of Business Standard's opinion pieces for today

Revolut gets RBI nod to issue Prepaid Payment Instruments in India

Revolut India on Friday said it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) including prepaid cards and prepaid wallets in the country. This enables it to operate as a domestic player in the market, the global fintech firm said in a statement. This approval builds upon the existing licences which Revolut India has successfully obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross-border remittance services, it said. It also puts Revolut in a unique position in India, to be able to offer customers both international and domestic payment solutions on a single platform, it said. Revolut, a London-based neobank and financial technology company, has been gearing up for its entry into India, working closely with the RBI over the past two years. This licence and the approvals that preceded it are an encouraging ...

Inflation down in key peers: Here's how some Brics countries fare

Among Brics countries, Brazil, China, and India have shown a decline compared to the previous month and Russia has seen an uptick

RBI rejects two more applications for setting up small finance banks

So far, the regulator has received 13 applications to set up banks under the guidelines for 'on tap' licensing of Universal Banks and Small Finance Banks

RBI rejects two applications for small finance bank under extant guidelines

The Reserve Bank of India has rejected two more applications, including that of Dvara Kshetriya Gramin Financial Services, for setting up small finance banks. Earlier in July 2023, it had rejected three applications. RBI had received about a dozen applications to set up banks under the guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks (SFBs). The guidelines for 'on tap' licensing of Universal Banks and SFBs in the private sector were issued on August 1, 2016, and December 5, 2019, respectively. In a statement on Friday, the RBI said the examination of two more applications for setting up a small finance bank has been completed as per the procedure laid down under extant guidelines. Based on the assessment of the applications, the central bank said it did not find applicants -- Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private Limited -- suitable for granting of in-principle approval to set up a small finance bank. How

Moody's Analytics projects India's economy to expand by 6.1% in 2024

The rating agency's arm said that India's recent consumer price inflation at around 5 per cent was without clear evidence of a trend towards slowing price pressures

The RBI is fighting fit at 90

When RBI demonstrates performance, when it takes on board the concerns of all stakeholders, including the government, the political authority is more than happy to let it get on with its job

Centre, states need to come together on big reforms in labour, land: CII

The Centre and states need to come together to pursue big-ticket reforms in labour and land sectors to accelerate growth, CII President R Dinesh said on Thursday. A survey by CII, he further said, expects the Reserve Bank of India to cut benchmark interest growth in the second quarter (July-September). The RBI has been holding the repo rate at 6.5 per cent since February 2023. In an interview with PTI, the CII President shared the industry body's perspective on reforms needed to realise India's growth potential to the fullest. "From CII's side when we look at accelerating the rate of growth or making sure we are able to seize the opportunities we are being presented today, broadly we are speaking about 3-4 areas, first you look at big-ticket reforms that are land, labour and to a certain extent agriculture," Dinesh said. He highlighted the importance of building a consensus across all states. Towards this, he said, CII has suggested, a structure which can make the Centre and the .

Red Sea crisis: RBI, Irdai called in to help limit impact on Indian exports

The Ministry of Finance urged these entities to monitor disruptions that could potentially drive up India's export expenses

RBI launches manufacturing cos survey, a key input for policy formulation

The Reserve Bank has launched the next round of quarterly order books, inventories and capacity utilisation survey of manufacturing companies, a key input for the monetary policy formulation. The 65th round of survey is for the reference period January-March 2024 (Q4:2023-24), the central bank said. The Reserve Bank has been conducting the order books, inventories, and Capacity Utilisation Survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008. The information collected in the survey includes quantitative data on new orders received during the reference quarter, backlog of orders at the beginning of the quarter, and pending orders at the end of the quarter. It also collects data on total inventories with a breakup between ?nished goods (FG), work-in-progress (WiP) and raw material (RM) inventories at the end of the quarter, item-wise production in terms of quantity and value. The level of capacity utilisation (CU) is estimated from these responses. "The surve

RBI's status quo on repo rate to impact retail auto sales, says Fada

Manish Raj Singhania, prez of FADA, said that favourable govt policies along with government spending, and the expected good monsoons, are likely to fuel demand, particularly in rural areas this year

Demand from central bank propels safe-haven gold to new record peak

Spot gold eased 0.1% to $2,326.19 per ounce, as of 11:54 a.m. ET (1554 GMT), after hitting a record high of $2,353.79 earlier in the session. U.S. gold futures were steady at $2,344.80

Credit growth, quality assets likely to spur bank profits in Q4 FY24

Reserve Bank of India data showed bank loans grew by 20.2 per cent YoY growth in advances to Rs 164.34 trillion and deposits expanded by 13.5 per cent growth on YoY basis

Climate change poses challenges for policy, risks to growth: RBI report

Frequent weather shocks caused by climate change pose challenges for the monetary policy as well as downside risks to economic growth, a Reserve Bank report said. Global average temperatures are on a rise, with accompanying increase in extreme weather events (EWE), and the economic and social impact of global warming is becoming increasingly evident, said RBI's Monetary Policy Report April 2024. The report said that climate change has increased the frequency and ferocity of weather shocks, posing challenges for monetary policy. It said there are different channels through which climate change can affect monetary policy. Climate change directly impacts inflation through adverse weather events affecting agricultural production and global supply chains, climate change could impact the natural rate of interest, and the after-effects of climate change might weaken the transmission of monetary policy actions to financing conditions faced by households and firms. "For these reasons, cen

RBI imposes curbs on Shirpur Coop Bank over declining financial position

The Reserve Bank of India (RBI) on Monday imposed several restrictions on Maharashtra-based Shirpur Merchants' Co-operative Bank, including withdrawal of funds by customers, in the wake of the lender's deteriorating financial position. In a statement, the RBI said from the close of business on Monday, the bank will not grant or renew any loans and advances, make any investment, incur any liability, transfer or otherwise dispose of any of its properties or assets, without prior approval of the central bank in writing. "Considering the bank's present liquidity position, no amount from the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to the conditions stated in the above RBI directions," the central bank said. The RBI further said the eligible depositors would be entitled to receive deposit insurance claim amount of his/her deposits up Rs 5 lakh fr

RBI adds more features to UPI: Soon, you can deposit cash at ATMs via UPI

Soon, you will be able to deposit cash in banks through the popular Unified Payments Interface (UPI), a real-time payment system that facilitates inter-bank transactions via mobile phones.

Overnight swaps suggest RBI likely to hold interest rates through 2024

OIS markets reflect interest rate expectations, with higher rates indicating elevated interest rates for a longer period