Page 132 - Rbi

RBI's special audit to probe regulatory breaches of IIFL Finance, JMFPL

Banking regulator seeks interest from Sebi-empanelled audit firms to conduct the audit

Hemendra Kothari's DSP group to enter NBFC space, awaits RBI approval

Kothari is chairman of DSP Asset Managers, an asset management company (AMC) with a wide range of active and passive funds managed across the risk-reward spectrum

RBI offices, bank branches for govt biz to stay open on Mar 30& 31

Special clearing operations for cheques

RBI board reviews domestic economic situation, outlook and challenges

The Reserve Bank of India's (RBI) central board on Friday reviewed the domestic economic situation and outlook, including the challenges posed by the global financial market volatility. The board also approved the bank's budget for the accounting year 2024-25, the central bank said in a statement. The 607th meeting of the Central Board of Directors of the RBI took place in Nagpur under the chairmanship of Governor Shaktikanta Das. "The Board reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility," the RBI said. Further, the board also discussed the RBI's activities, including the progress made in digital payments, consumer education and awareness during the current accounting year 2023-24. Directors of the central board Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, and Ravindra H Dholakia attended the meeting. Deputy governors Michael Debabrata Patra,

RBI offices dealing with govt business to remain open on March 30, 31

RBI offices dealing with government business and all designated branches of agency banks will keep their counters open as per normal working hours on Saturday and Sunday for the convenience of taxpayers. Electronic transactions can be done till the stipulated time on both days (March 30 and March 31), the Reserve Bank said in a statement on special measures for the current financial year (2023-24), in wake of annual closing of government accounts. "Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2024," it said with a view to provide greater convenience to taxpayers. In order to facilitate government receipts and payments, necessary arrangements have also been made to conduct special clearing operations across the country, it added. "Special clearing will be conducted for government cheques both on March 30 and 31, 2024. Agency banks are hereby advised that all cheques

Sebi directs mutual funds to stop inflows into ETF-based overseas schemes

Sebi and some of the MFs have made representations to the Reserve Bank of India (RBI) seeking new limits but the central bank is yet to take a call

Robust regulations must to check digitalisation risks: RBI dy guv

Robust regulatory frameworks are needed to protect customers from misuse and fraud resulting from rapid digitalisation in financial services and proliferation of fintech platforms, RBI deputy governor Swaminathan J said while speaking at an event in Paris. Addressing the Global Money Week 2024 earlier this week, the deputy governor said the COVID-19 pandemic accelerated digitalisation in financial services, prompting a swift transition to online mode by service providers and customers, according to an RBI statement. Accompanying this surge in digitalisation was also the proliferation of fintech platforms, he said. Often operating outside the regulatory envelope and unconstrained by legacy systems that typically encumber traditional banks, fintech companies exhibit remarkable agility and adaptability in offering customised financial products, Swaminathan added. "These developments are indeed welcome. However, while they offer immense benefits such as accessibility and ...

RBI issues requirements for SRO recognition, sets minimum benchmark

The Reserve Bank on Thursday issued an omnibus framework for recognising Self-Regulatory Organisations (SROs) for its regulated entities, under which SROs would be required to establish minimum benchmarks for their members. The RBI said SROs enhance the effectiveness of regulations by drawing upon the technical expertise of practitioners and also aid in framing/ fine-tuning regulatory policies by providing inputs on technical and practical aspects. With the growth of regulated entities (REs) in terms of number as well as scale of operations, increase in adoption of innovative technologies and enhanced customer outreach, the RBI had felt the need to develop better industry standards for self-regulation. The framework said, SROs will be expected to operate with credibility, objectivity and responsibility under the oversight of the regulator, with the objective to improve regulatory compliance. In general, SROs are expected to adhere to a set of overarching objectives for betterment o

Facing problems in closing your Paytm FASTag account? Here's how to do it

After the RBI's ban on PPBL from onboarding new clients and its wallet services, customers have complained of issues in closing their PPBL-linked FASTag accounts

RBI declines request to classify HDFC Ltd bonds as infrastructure bonds

HDFC bank had sought the RBI's approval to classify bonds with maturities between 7-10 years, worth around Rs 1.2 trillion, as infrastructure bonds

RBI directs all bank branches dealing in govt biz to remain open on Mar 31

The Reserve Bank of India (RBI) on Wednesday advised banks to keep its branches dealing with government business to remain open on March 31. The last day of the current financial year is a Sunday. "The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself," the RBI said in a statement. Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday), it said.

RBI Guv, Sebi head meet FM ahead of interest rate meet next month

Reserve Bank Governor Shaktikanta Das on Wednesday called on Finance Minister Nirmala Sitharaman, ahead of the central bank's interest rate-setting panel meeting next month. The minister separately held a meeting with Sebi Chairperson Madhabi Puri Buch at her North Block office, according to a post by Sitharaman's Office on X. These meetings come at a time when the industry is pitching for an interest rate cut, and stock markets are witnessing intense volatility. The RBI has held the benchmark interest rate or repo rate at an elevated level of 6.5 per cent since February 2023. Das-headed Monetary Policy Committee (MPC) is scheduled to meet from April 3-5, the first for the 2024-25 fiscal, in which it is expected to spell out inflation and growth trajectory for the financial year beginning April 1. The RBI, in its policy review last month, projected a GDP growth rate of 7 per cent and average inflation of 4.5 per cent for 2024-25. The Indian economy is estimated to have grown over

Regulatory overreach? Sebi and RBI acting tough to restore credibility

Fintech firms in Bengaluru are complaining about regulatory overreach, as is the traditional finance industry in Mumbai.

Flows into NRI deposits up 70.35% in April-January, shows RBI data

Non-Resident Ordinary (NRO) deposits reached a level of $26.74 billion in January 2024, up from $26.40 billion in December 2023 and $23.12 billion a year ago

RBI imposes Rs 1.31 cr fine on Tamilnad Mercantile Bank for non-compliance

The Reserve Bank of India on Tuesday it has imposed penalties on DCB Bank and Tamilnad Mercantile Bank for non-compliance with certain directions related to 'interest rate on advances'. A monetary penalty of Rs 63.6 lakh has been imposed on DCB Bank, the RBI said in a statement. In a separate release, the central bank informed that a penalty of Rs 1.31 crore has been imposed on Tamilnad Mercantile Bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances' and 'Central Repository of Information on Large Credits (CRILC) - Revision in Reporting'. In both cases, the RBI said the penalties were based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transactions or agreements entered into by them with their customers.

Stubbornly high food prices slowing drop in inflation to 4%: RBI bulletin

Food price pressures is an obstacle in swifter fall in retail inflation to the Reserve Bank's target of 4 per cent, said an article on the 'State of Economy' in the central bank's March Bulletin published on Tuesday. Retail inflation based on Consumer Price Index (CPI) is on a decline since December and was at 5.09 per cent in February. "Even as inflation is on the ebb with broad-based softening of core inflation, the repetitive incidence of short amplitude food price pressures deters a swifter fall in headline inflation towards the target of 4 per cent," said the article authored by a team lead by RBI Deputy Governor Michael Debabrata Patra. It further said the global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators pointing to further levelling in the period ahead. In India, real GDP growth was at a six-quarter high in the third quarter of financial year 2023-24, powered by strong momentum, robust indirect taxes, a

UDGAM Portal: Your one-stop shop for unclaimed deposits in India

Discovering unclaimed wealth made easy - Everything you need to know about UDGAM portal

India's outward FDI rises to $3.47 billion in February, shows RBI data

Outbound FDI, expressed as a financial commitment, comprises three components: equity, loans, and guarantees

Unclaimed deposits: Can you get your money back? We answer all your queries

Depositor Education and Awareness (DEA) Fund Scheme, 2014: Understanding Procedures and Claiming Refunds

Paytm Payments Bank releases FAQs on refund, closing FASTag accounts

According to the FAQs, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15