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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

RBI steps up scrutiny of retail lending, targets top-up home loans

The scrutiny marks a change for the central bank, which recently said India's credit expansion did not point to building systemic stress

Govt, RBI in talks to ease Fema guidelines for boosting e-commerce exports

Efforts on to ease FEMA norms, says DGFT Sarangi

Paytm Payments Bank FAQs: Deadline nears, here's what customers must do now

RBI has compiled a list of FAQs to soothe customer concerns following the curb on Paytm's unit Paytm Payments Bank's operations

68% spike in complaints against banks, mobile banking biggest concern

Chandigarh, Delhi, Haryana, Rajasthan, and Gujarat emerged as the top contributors to ombudsman complaints

RBI imposes Rs 1.4 crore penalty on Bank of India for non-compliance

The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with certain directions. The penalty on Bank of India has been imposed for non-compliance with the RBI's directions related to 'interest rate on deposits', 'customer service in banks', 'interest rate on advances', and contravention of provisions of Credit lnformation Companies Rules, 2006. The RBI said statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as on March 31, 2021 and March 31, 2022. Meanwhile, the RBI also said a penalty of Rs 13.60 lakh has been imposed on Indostar Capital Finance Ltd for non-compliance with the 'Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016' and with certain provisions of KYC directions. In all cases, the penal

RBI tells 2 banks to stop adding new customers to co-branded credit cards

RBI directed South Indian Bank and Federal Bank to stop adding new customers to their co-branded credit cards, the lenders did not disclose the reasons cited by the central bank

Handling complaints costs RBI Rs 144 cr: Here's state-wise breakdown

The total cost of handling complaints across ORBIO's offices in India, including those in Ahmedabad and Raipur, amounted to Rs 143.56 crore

India's current account deficit likely to narrow below 1% in FY24

CAD implies the country is importing more goods and services in value than exports

Complaints under RBI's ombudsman schemes soar 68% to over 7 trn in 2022-23

The number of complaints filed under the Reserve Bank's ombudsman schemes increased by over 68 per cent to 7.03 lakh in the fiscal 2022-23, according a report released on Monday. The complaints pertained to mobile/electronic banking, loans and advances, ATM/debit cards, credit cards, pension payments, remittances, and para banking, among others. The Annual Report of the Ombudsman Scheme 2022-23 is the first stand-alone report under the Reserve Bank Integrated Ombudsman Scheme (RB-IOS), 2021 elucidating the activities of the 22 Offices of the RBI Ombudsman (ORBIOs), Centralised Receipt and Processing Centre (CRPC) and the Contact Centre during the year. "Under RB-IOS, 2021, there was a significant increase in number of complaints and a total of 7,03,544 complaints were received at the ORBIOs and CRPC in 2022-23, showing an increase of 68.24 per cent, due to intense public awareness initiatives and the simplified process for lodging of complaints under RB-IOS," the report ...

RBI takes delivery of $5 bn dollar/rupee swap to bolster liquidity: Bankers

Bankers reckon that the central bank opted to take delivery, thereby removing $5 billion out of the system and injecting proportionate liquidity

Rupee ends higher on dollar inflows, likely RBI intervention caps rise

"The rupee has broken a key support level of 82.80 given robust inflows, solid fundamentals and a weakening dollar," said Amit Pabari, managing director at forex advisory firm CR Forex

RBI buying dollars via state-run banks amid persistent foreign inflows

The Reserve Bank of India (RBI) purchased dollars at levels between 82.65 and 82.68 amid persistent foreign inflows, the traders said

Have achieved full compliance with RBI requirements: IIFL Fin's A K Purwar

All concerns raised by the RBI pertain to operational and process-related matters, AK Purwar said

Sebi and RBI take away the punch bowl

Unenviable position: If regulators act ahead, they are criticised as the action is at odds with some people's financial interests; if they don't act, they are blamed for being lax when disaster hits

As regulatory regime tightens in country, fintech has a long march

Pressure is mounting on companies to get cracking on corporate governance with top-class independent directors on their boards