Page 150 - Rbi

Cybersecurity threat to banking system a major challenge: RBI Governor

Regulator has dedicated team to check IT systems of banks and NBFCs, says Shaktikanta Das

Five NBFCs look to raise Rs 2,750 crore via public issue this month

The proceeds from the issue will be used for interest payment of existing borrowings, further lending, business operations and expansion plans

From Chennai to Davos, it's a flying start for India Inc in New Year

Vibrant Gujarat, which is celebrating 20 years, is hoping to forge a record number of memorandum of understanding this year, surpassing its previous best of 28,360 signed in 2019

PFC gets RBI nod to set up wholly-owned finance company in GIFT City

Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company. The company is planning to set up a subsidiary at the International Financial Services Centre (IFSC) in GIFT City, Gujarat. PFC is in receipt of the no objection letter dated January 9, 2024, from the RBI for setting up a finance company (as a wholly-owned subsidiary) at IFSC in GIFT City, Gujarat. "PFC's entry into the IFSC is expected to open up new business opportunities and establish PFC's global presence," PFC said in a BSE filing. Under the Ministry of Power, PFC is an infrastructure finance company.

Indian firms took on larger forex risk in 2023 counting on RBI support

"For us, the drop (in forward hedging) has been bigger, more in the vicinity of 20% to 25%," a senior FX salesperson at a private bank said

Fino Payments Bank applies for SFB license after board's agreement

According to the guidelines, payments banks were allowed to apply for a conversion into SFB post five years of operations along with meeting other guidelines mandated by the RBI

RBI turns down Federal Bank MD & CEO extension request for one year

Bank need to submit fresh proposal of 2 candidates in order of preference

RBI says Rs 2,000 notes can be exchanged through post offices as well

The Reserve Bank of India (RBI) has said that Rs 2,000 notes can be exchanged through post offices as well. There are reports of people queuing up at the RBI offices for returning the Rs 2,000 notes. In a set of Frequently Asked Questions (FAQs) on its website, the RBI said people can send the notes to any of its 19 issue offices from any post office. People need to fill up an application form which is available online and send the notes to a RBI issue office from any facility of India Post, it said. In May last year, the apex bank announced its decision to withdraw the Rs 2,000 notes, which was first introduced after the demonetisation exercise in 2016. The decision to withdraw the Rs 2,000 notes was taken as most of these notes had exceeded their expected lifespan and were also not being used by the public for transactions, the RBI had said. At present, over 97.38 per cent of the Rs 2,000 notes in circulation as in May 2023 have been returned. After allowing for exchange or dep

Puducherry govt to raise Rs 200 crore through auction of dated securities

The Puducherry government has offered to sell 12-year dated securities to the public in the form of stocks by auction for an aggregate amount of Rs 200 crore, a release from the Commissioner-cum-Secretary to Finance of Puducherry administration Ashish Madhaorao More said. The auction would be conducted by the Reserve Bank of India's Mumbai office (Fort) on January 9. Securities will be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter. Interested persons, firms, companies, corporate bodies, institutions, Provident Funds, trusts, regional rural banks and cooperative banks may submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core banking solution (E-Kuber), available on the website www.rbi.org.in on January 9 between 10.30 am and 11 am, the release said. The result of the auction will be displayed by RBI Mumbai (Fort) on January 9 on the website. Successful ..

India's economy likely to grow nearly 7% in FY24, say economists

First Advance Estimates for 2023-24 would be released by the NSO today

Home loans' share of retail segment decline to 47.2% in Nov, shows data

Unsecured loans extended by banks at Rs 15.35 trillion

RBI directs issuers to specify utilisation of funds raised via NCDs, CPs

For better transparency, issuers are now required to disclose long-term and unaccepted credit ratings in the offer document

RBI takes steps to curb inoperative bank accounts: Things you should know

The RBI has issued fresh guidelines to reduce the quantum of inoperative bank accounts and unclaimed deposits with focus on tracing customers, and reducing fraud risk. Check all the details

Reserve Bank of India seeks to lower NNPA of banks for paying dividends

Draft proposes that net NPA ratio should be less than 6%

Comply with higher UPI transfer limit by Jan 10, NPCI directs members

To ensure compliance with the enhancement, NPCI has asked banks, payment service providers, and UPI applications to ensure transaction limits are raised for the aforementioned merchant categories

Customers' complaints against credit information companies increasing: RBI

The Reserve Bank on Tuesday said there has been a rise in customer complaints against credit information companies (CICs). The central bank has also found "some concerns" on the conduct of CICs in its supervisory assessment, an official statement said without specifying the concerns. The statement, released after a meeting between Deputy Governor Swaminathan J and managing directors and chief executives of CICs earlier in the day, also mentioned the specific areas where CICs need to focus on. "He (Swaminathan) pointed out that, of late, there is a rise in customer complaints related to credit information and some concerns have emerged during Reserve Bank's supervisory assessment," the statement said. The CICs need to redress customer complaints timely, strengthen the internal ombudsman framework, streamline the process for handling data correction requests, strengthen cybersecurity and data privacy through a robust information security governance framework, improve data quality an

RBI proposes banks with less than 6% net NPAs to declare dividends

The Reserve Bank on Tuesday proposed allowing banks having net non-performing assets (NPAs) ratio of less than 6 per cent to declare dividends. As per the prevailing norms last updated in 2005, banks need to have a NNPA ratio of up to 7 per cent to become eligible for declaration of dividends. "The net NPA ratio, for the financial year for which the dividend is proposed, shall be less than six per cent," the Reserve Bank said in the draft guidelines on dividend declaration. The guidelines have been reviewed in the light of implementation of Basel III standards, the revision of the prompt corrective action (PCA) framework, and the introduction of differentiated banks, the RBI said. The central bank has proposed that the new guidelines should come into effect from FY25 onwards. The draft lays down directions need to be followed by banks' boards while considering proposals of dividend payouts, which include consideration on divergence in classification and provisioning for NPAs as ..

Bank Holidays in January 2024: Banks to remain closed for 16 days

RBI announced the list of bank holidays in light of different elements including national/state holidays, cultural or religious recognition, functional necessities, government declarations and so on

UPI transaction rules 2024: New regulations applicable from January 1

UPI new rules: The RBI and NPCI have announced a number of changes to regulations for online payments via UPI. Here are the top 5 such changes

Nearly 97% Rs 2,000 notes returned, Rs 9,330 cr still with public: RBI

The Reserve Bank of India (RBI) on Monday said that nearly 97.38 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,330 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 bank notes was announced, has declined to Rs 9,330 crore as at the close of business on December 29, 2023," the RBI said in a statement. Thus, 97.38 per cent of the high-value currency in circulation as of May 19, 2023, has since been returned to the banking system, it added. "The Rs 2,000 bank notes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through India Post from