Page 76 - Rbi

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

RBI Guv Malhotra asks staff to emphasise customer centricity in NY message

The central bank is facing challenges on the currency front, which has been under pressure in the last few months

RBI likely fine-tuned forex market intervention by slowing dollar sales

By October-end, the RBI's net short position in the forward market stood at $49.2 billion, up significantly from $14.6 billion in September

RBI's Financial Stability Report flags rising NPAs, global economic risks

Indian banking sector stable, but global debt and economic volatility loom large

RBI lifts curbs on Mumbai-based Sangli Sahakari Bank after 2.5 years

The bank's DICGC liability was down to Rs 36.97 crore from Rs 49.33 crore in September 2024. The company improved its net worth to Rs 5.41 crore as budgeted

Confidence is high, outlook is bright: RBI Guv Malhotra on economy

But stress tests show GNPA ratio of banks may rise under baseline scenario

RBI flags risk to secured loans from slippages in smaller personal loans

The RBI noted that first defaults are predominantly observed in unsecured advances

Net claims of non-residents on India declined by $19.8 bn in Q2: RBI

Net claims of non-residents on India declined by USD 19.8 billion during the second quarter of the current financial year to USD 348.5 billion in September 2024, according to RBI data released on Monday. Higher rise in Indian residents' overseas financial assets (USD 66.5 billion) compared to that in the foreign-owned assets in India (USD 46.7 billion) led to a decline in net claims of non-residents during the quarter. Net claims of non-residents on India is the difference between the assets and liabilities held by non-residents in India. "Over 80 per cent of the increase in overseas financial assets during July-September 2024 was due to the surge of USD 53.8 billion in the reserve assets," said data on 'India's International Investment Position (IIP), September 2024'. RBI further said the rise in inward portfolio investment (USD 16.5 billion) and loans (USD 15.4 billion) together accounted for over two-thirds of the rise in foreign liabilities of Indian residents during the ...

Manmohan Singh welcomed criticism, took on board diverse views: Montek

Former Deputy Chairman of the erstwhile Planning Commission and eminent economist Montek Singh Ahluwalia on Monday recalled his long association with Manmohan Singh, saying he welcomed criticism and took on board different options on economic issues. Ahluwalia credited him with setting the course for India's economy by introducing economic reforms. Speaking with PTI Videos, Ahluwalia said, "I think one of the things that we can learn from Dr. Manmohan Singh is that the economic policy is a complicated issue and it's good to get all kinds of views on the table. It's not a simple matter of just deciding something and then if you can just implement it things will get done". Ahluwalia recalled that former RBI governor Raghuram Rajan, who was then associated with IMF had made critical remarks about Manmohan Singh's work, and Singh later appointed him as the Chief Economic Advisor. "So to bring in someone who has been so critical into the ministry is an indication that one should accept

Raise awareness about cyber frauds, identify mule accounts: RBI report

A Reserve Bank report on Monday stressed increasing awareness about cyber frauds and efforts to identify mule accounts amid rising digital transactions. With the rise in digital transactions, the incidents of cyber frauds using novel modus operandi have increased in recent times, the December edition of the Financial Stability Report (FSR) released by the RBI said. "Considering the fact that the financial losses and emotional distress caused by these frauds are substantial, it is imperative that Regulated Entities (REs) undertake wide-scale preventive awareness initiatives to caution the public about such frauds and intensify efforts to identify mule accounts," it said. According to the RBI's Report on Trend and Progress of Banking in India 2023-24, the number of bank frauds witnessed a significant year-on-year increase in the first half of the current fiscal to 18,461 cases and the amount involved jumped more than eight-fold to Rs 21,367 crore. The number of frauds during ...

Banks to provide beneficiary account name facility in NEFT, RTGS by Apr 1

The RBI has asked the National Payments Corporation of India to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds. All banks that are direct members or sub-members of Real Time Gross Settlement (RTGS) System and National Electronic Funds Transfer (NEFT) System are advised to offer this facility no later than April 1, 2025, the Reserve Bank said in a circular on Monday. Currently, the Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) systems enable a remitter to verify the name of the beneficiary before initiating a transfer. "It has been decided to put in place a similar facility that would enable a remitter to verify the beneficiary bank account name before initiating a transaction using RTGS or NEFT system," it said. RBI has advised the National Payments Corporation of Indi

Delhi HC asks RBI to expedite system to verify receiver name in RTGS, NEFT

In a significant ruling, the Delhi High Court has asked the Reserve Bank of India to expeditiously activate the process of verifying the receiver's name in RTGS and NEFT payment methods Justice Pratibha M Singh said such a system was crucial to prevent cyber frauds and a delay could likely impact thousands of innocent consumers who made payments without realising who the beneficiary was. The system shall be implemented by all banks, it said. The court was hearing a batch of pleas over the misuse of trademark of several entities by fraudulent websites to dupe innocent people. "Steps being taken by the RBI for implementation of the said Beneficiary's Name Lookup Facility for RTGS and NEFT transactions are extremely crucial to prevent cyber fraud like the kind of fraudulent activity that are being dealt with in this case. The RBI shall, without any delay, create the said facility referred to as, Beneficiary's Name Lookup Facility," said the court on December 21. The court said a dela

Rajat Verma appointed as DBS Bank India CEO, to succeed Surojit Shome

In a statement, DBS said Verma, current head of institutional banking group at DBS Bank India, had been appointed, effective from March 1, in line with RBI approval

Banks' gross bad loan ratio seen worsening by March 2026: RBI report

This key measure could rise to 3 per cent by the end of March 2026 from a 12-year low of 2.6 per cent in September 2024 for 46 banks under the so-called baseline scenario

Indian economy prospects expected to improve, says RBI Guv Sanjay Malhotra

He noted that RBI's focus remains steadfast on maintaining the stability of financial institutions and, more broadly, systemic stability while preserving financial stability to support higher growth

Now, you can use any UPI app for your digital wallet payments-here is how

By allowing interoperability among these wallets and Unified Payments Interface (UPI) apps, users can now make transactions using any UPI-enabled application.

Rate cut, regulatory move to be in focus under Guv Malhotra-led RBI

There are at least four important regulations awaiting the commercial banks that could impact their growth and profitability

ATMs to loans: Union Budget, Mint Road, and evolving financial landscape

A South Block and Mint Road tango is in the offing in 2025, foregrounded by deeper consultations with various stakeholders

2025 outlook: RBI's regulatory focus on innovation, stability, and fairness

RBI's focus on customer, compliance and collaboration will continue in 2025. It will have new initiatives balancing innovation and prudence