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Field agents at a crossroads: The BC channel is ripe for being reimagined

The business correspondent channel is sought to be reworked with more offerings being hawked on it

Bankers ask RBI for durable liquidity as deficit mounts to Rs 2 trillion

Economists are of the opinion that given the prevailing liquidity conditions, the RBI should prioritise liquidity management over rate cuts

Lenders must offer fixed-rate products for EMI-based loans, says RBI

While lenders offer fixed rate auto loans, unsecured personal loans, not many banks and NBFCs have fixed rate products for home loans

Mandatory for banks to offer fixed interest rate product: RBI's FAQs

The RBI on Friday said it is mandatory for banks to offer fixed interest rate product in all equated installment based personal loan categories. The FAQs on 'Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans' (August 2023) also said the circular covers all equated installment based personal loans, irrespective of whether the interest rate is linked to an external benchmark or an internal benchmark. At the time of sanction of loans, annualised rate of interest/ annual percentage rate (APR), as applicable, should be disclosed in the Key Fact Statement (KFS) and the loan agreement, the FAQs said when and at what frequency should banks and other regulated entities (REs) communicate with the borrower. During the tenure of the loan, any increase in the EMI/tenor on account of the external benchmark rate should be communicated. The quarterly statements should be provided disclosing at the minimum, the principal and interest recovered till date, EMI

Rupee hits 86 against US dollar for the first time, closes 14 paise lower

The rupee declined 14 paise and touched the crucial 86.00-mark (provisional) for the first time against the US dollar on Friday as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds. Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down the Indian currency, forex traders said. Also, dollar strengthened on increased demand amid the anticipation of restrictive trade measures by the new US administration after Donald Trump takes over as president on January 20. At the interbank foreign exchange, the rupee opened at 85.88, hit the intra-day peak of 85.85 before settling at the lowest-ever level of 86.00 (provisional) against the greenback, 14 paise lower from its previous close. On Thursday, the rupee gained 5 paise to settle at 85.86 against the US dollar, recovering from the steep decline of 17 paise in the preceding session. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said t

Fund managers see RBI boosting liquidity before interest rate cuts

The RBI is one of the few central banks globally that is yet to cut interest rates despite repeated calls for easing amid a slowing economy

In month since the change of guard at RBI, rupee's volatility picks up

The dollar-rupee pair's 1-month daily realized volatility touched a near-six-month high late in December while implied volatility, a gauge of future expectations, rose to 3.5%

Supply chain platform KredX secures RBI's approval to launch TReDS platform

KredX's DTX is the fifth platform to receive the banking regulator's nod to operate TReDS

RBI announces names of winners of 3rd edition of Global Hackathon

The Reserve Bank on Tuesday announced the names of the winners of the third edition of its Global Hackathon with the themes 'Zero Financial Frauds' and 'Being Divyang Friendly'. The hackathon received an enthusiastic response with 534 proposals, of which 39 were received from teams outside India, including the United States, the United Kingdom, Hong Kong, Singapore, Brazil, Morocco, among others. The 28 finalists presented their solutions to an independent jury which selected the winners based on several parameters, including comprehensiveness, innovation, feasibility, scalability and compliance. The winners of the hackathon were FPL Technologies; Xaults Technologies; Epifi Technologies; NapID Cybersec; H Vision India (Hasin Vaidya); Rupya Darshini (Parthiban R, Jebaraj V and Gobika S); and VisAst (Krimisha Deore). Announcing the winners, RBI said these innovative solutions are expected to enhance the capability of the system to fight frauds, maintain security and integrity of the

RBI's new 15-day credit reporting rule: What it means for your credit score

Earlier, updates were only done on credit score every month, which would delay the effect of loan repayment as it happens.

RBI releases master direction on reporting of customers credit information

The RBI on Monday came out with a master direction consolidating various instructions issued to banks and other financial institutions on reporting of the credit information of their customers. As per the master direction, credit information companies (CICs) will have to send alerts through SMS/ email to customers when their Credit Information Report (CIR) is accessed by the specified users (SUs). "The alerts shall be sent by CICs only when the CIR enquiry reflects in the CIR of the customer," said the Master Direction Reserve Bank of India (Credit Information Reporting) Directions, 2025. Also, Credit Institutions (CIs), which include banks and Non-Banking Financial Companies (NBFCs), will have to inform customers the reasons for the rejection of their request for data correction, if any, to enable such customers to better understand the issues in the CIR. "Complainants shall be entitled to a compensation of Rs 100 per calendar day in case their complaint is not resolved within a

RBI added 8 tonnes gold to its reserves in November 2024: WGC report

Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves, of which the Reserve Bank of India's addition was 8 tonnes, the World Gold Council (WGC) said in a report on Monday. In 2024, central banks - mostly those from emerging markets - remained keen buyers of gold, driven by the need for a stable and secure asset amid global economic uncertainties. "Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold. November represented another solid month of gold buying as central banks collectively added a net 53 tonnes to global official holdings," WGC said in a report - Central bank gold statistics November 2024. The gold price dip in November, following the US election, may have provided some central banks with added impetus to accumulate, WGC said. WGC further noted that the Reserve Bank of India (RBI) continued with its 2024 buying streak, adding a further 8 tonnes to its go

RBI removes biz restrictions on Kolkata-based Arohan Financial Services

On October 17, the regulator directed four non-banking finance companies (NBFCs) to cease and desist from sanctioning and disbursing loans

RBI clears National, Cosmos Co-operative Bank merger, effective January 6

The branches of The National Co-operative Bank, Bangalore (Karnataka), will function as branches of Cosmos Co-operative Bank Limited (Maharashtra) with effect from January 6, 2025

RBI keeps interest rate on floating rate savings bonds unchanged at 8.05%

Interest rate on RBI floating rate savings bonds is not fixed and is adjusted twice a year

Bank holidays in January 2025: Check state-wise bank holiday complete list

January Bank Holidays 2025: Banks will remain shut for 13 days in January, including certain festivals, important celebrations and national holidays. Check the complete holiday list

Banks urge RBI to inject liquidity via foreign-exchange swaps amid crunch

The higher financing costs are posing a challenge for the RBI to support an economy that's witnessing a slowdown in manufacturing activities

Employment rate jumps 36% in past decade, seen at 643.3 mn: Mandaviya

Union labour minister Dr Mansukh Mandaviya on Thursday said employment in the country has increased by 36 per cent to 64.33 crore in 2023-24 from 47.15 crore in 2014-15, which shows improvement in job creation during NDA period. Talking to media persons, the minister also stated that employment under UPA grew by just about 7 per cent between 2004 to 2014. According to the RBI data quoted by the minister, employment increased from 44.23 crore in 2014 to 47.15 crore in 2023-24. He noted that under the UPA government between 2004 to 2014 just 2.9 crore additional jobs were created whereas under the Modi government between 2014-24, 17.19 crore jobs were added. In the last one year (2023-24) alone, the Modi government has created around 4.6 crore jobs in the country, the minister stated. The data assumes significance in the backdrop of pressure on the government for job creation in the country. About the agriculture sector, the minister stated that employment declined by 16 per cen

Credit growth to NBFCs declines to 7.8% in November, shows RBI data

Retail credit growth also slowed to 16.3% due to a decline in personal loans, credit card outstanding, and vehicle loans

98.12% of Rs 2,000 notes returned, Rs 6,691 cr worth still with public: RBI

The Reserve Bank on Wednesday said 98.12 per cent of the Rs 2000 banknotes have been returned to the banking system, and only Rs 6,691 crore worth such notes are still with the public. On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, declined to Rs 6,691 crore at the close of business on December 31, 2024, RBI said. "Thus, 98.12 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement. The facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches till October 7, 2023. However, this facility is still available at the 19 issue offices of the Reserve Bank. From October 9, 2023, the RBI issue offices are also accepting Rs 2000 banknotes from individuals and entities for deposit into their