Page 154 - Rbi

12 states raise Rs. 20,759 crore through auction, Tamil Nadu tops list

Tamil Nadu secured Rs 6,000 crore through two papers - Rs 3,000 crore through a 10-year paper with a cut-off yield of 7.66%, and Rs 3,000 crore through a 30-year paper with a cut-off yield of 7.56%

Current account gap narrows to 1% of GDP at $8.3 bn in Q2FY24: RBI

Services exports grew by 4.2 per cent on a y-o-y basis on the back of rising exports of software, business and travel services, the Reserve Bank said

Flows into NRI deposits double Y-o-Y to $6.11 billion in April-October 23

Flows into Foreign Currency Non-Resident (FCNR) moved back to positive territory with $2.06 billion in April-October 2023 as against an outflow of $814 million in the same period of 2022

'Cut essential to check high real interest rate', says RBI MPC member

Jayanth Varma, an external member of the RBI's Monetary Policy Committee, has stated that an interest rate cut is required to prevent excessive real interest rates amid changing economic landscape

Reserve Bank explores stringent measures to combat illegal forex trading

The RBI has compiled an alert list comprising 75 entities, including unauthorised platforms and websites involved in unauthorised forex transactions

No takers for rupee payment for oil imports: Oil ministry in Parliament

India's push for rupee to be used to pay for import of crude oil has not found any takers as suppliers have expressed concern on repatriation of funds and high transactional costs, the oil ministry told a parliamentary standing committee. The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice. However, in a bid to internationalise the Indian currency, the Reserve Bank of India on July 11, 2022 allowed importers to pay with rupees and exporters be paid in rupee. While there has been some success with non-oil trade with a select few countries, rupee continues to be shunned by oil exporters. "During FY 2022-23, no crude oil imports by oil PSUs was settled in Indian rupee. Crude oil suppliers (including UAE's ADNOC) continue to express their concern on the repatriation of funds in the preferred currency and also highlighted high transactional costs associated with conversion of funds along with exchange fluctuation ...

RBI imposes Rs 2 lakh penalty on TDCC Bank for sanctioning loan to director

The Reserve Bank of India (RBI) has said it has imposed a penalty of Rs 2 lakh on the Thane District Central Co-operative (TDCC) Bank for alleged violation of banking regulations by sanctioning loan to one of the directors of the bank. The RBI gave this information in a release issued by its Chief General Manager Yogesh Dayal on Friday. In an order issued on November 28, the RBI imposed a penalty of Rs 2 lakh on the TDCC Bank for the violation of sections 20 and 56 of the Banking Regulation (BR) Act, 1949, it said. The penalty was imposed under the powers conferred on the RBI under sections of the BR Act. The statutory inspection of the bank conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2022, and examination of the inspection report and all the related correspondence, revealed that the TDCC Bank had sanctioned a loan to one of its directors, the release said. A show-cause notice was then issue

Banks bid 2.5 times at Rs 4.75 trn against notified amount at VRR auction

Bids totaling 2.7 times the notified amount were received at VRR auction on December 15

Last date to apply for new Sovereign Gold Bond (SGB) tranche today: Details

The bonds can be bought through agents or receiving officers (ROs), and applications must be submitted to branches during the weeks of subscription

RBI to conduct VRR auction again as liquidity deficit widens to Rs 2.3 trn

Market speculation suggested a total of around Rs 4 trillion worth of outflows because of advanced tax and GST payments in December

RBI announces draft norms for setting up SROs, proposes to audit its books

The omnibus SRO framework prescribes the broad objectives, functions, eligibility criteria, and governance standards, which will be common for all SROs, irrespective of the sector

RBI announces 7-day repo, raises quantum in comparision to last week

India's central bank will conduct a variable rate repo (VRR) auction for a second straight week on Dec. 22, this time with a higher quantum of infusion

Indian banks' liquidity deficit at 8-yr high, traders eye repo rollover

ndian banking system is facing a widening liquidity deficit, reaching levels last seen in 2016, that may prompt the central bank to provide another round of short-term cash infusion

Benign oil prices can provide fillip to multiple sectors, ease inflation

The direct impact on the energy sector should see a positive re-rating for OMCs (despite possible losses on marked-down inventory) since retail margins and refining margins may both improve

Objective of durably aligning inflation with target far from assured

The target for the central bank is to maintain inflation at 4 per cent, with a band of 2 per cent on either side

Gross fiscal deficit of Centre, states stays under 7% of GDP: RBI article

Lower disinvestment receipts are likely to be offset by sharp gains in non-tax revenues, mainly attributable to higher dividends from the Reserve Bank and other financial institutions

Outward remittances under RBI's LRS scheme dropped 60% in October

In the August-October quarter of financial year 2024, Indians remitted $9.05 billion overseas, as compared to $7.26 billion in the second quarter of FY24

Net FDI into India touches 21-month high at $5.9 billion in October

April-October 23 FDI declines to $10.4 bn

RBI introduces card tokenisation facility at bank level for convenience

The RBI on Wednesday introduced a Card-on-File (CoF) token facility at the level of banks and other institutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications. At present, a CoF token can only be created through the merchant's application or webpage. For a CoF, a token is a 16-digit number unique for a combination of card, token requestor and merchant. Through tokenisation, the actual card details are replaced with token credentials that can be used only with the intended merchant. "It has been decided to enable Card-on-File Tokenisation (CoFT) directly through card-issuing banks/institutions also. This will provide cardholders with an additional choice to tokenise their cards for multiple merchant sites through a single process," the RBI said in a circular. Generation of CoF tokens for a card, through the card issuer, can be enabled through mobile banking and internet banking channels. In ..

Shadow lenders decline after RBI tightened norms for investments by banks

Indian Shadow lenders declined after the nation's central bank tightened norms for investments by banks and other regulated entities into alternative investment funds to plug lending loopholes.