Page 92 - Rbi

RBI's central board passes condolence resolution in memory of Ratan Tata

The Reserve Bank's Central Board of Directors on Wednesday passed a condolence resolution in memory of industrialist Ratan Tata. Ratan Naval Tata died at a Mumbai hospital on October 9 at the age of 86 years. "The Board passed a condolence resolution in memory of Shri Ratan N Tata, a former Director of the Central Board," the RBI said in a statement after the 611th meeting of its Central Board of Directors in Bhubaneswar. The central bank further said the Board reviewed the current economic and financial situation, including challenges posed by evolving geopolitical conflicts. It also discussed the functioning of various sub-committees of the Central Board, the Ombudsman Scheme and the activities of select central office departments. The Central Board members also took the Integrity pledge in observance of the ensuing Vigilance Awareness Week 2024. The meeting was chaired by RBI Governor Shaktikanta Das. Deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, .

RBI Summer Internship 2024: Registration starts at official website

RBI has started the Summer Internship 2024 registration process on Oct 15, 2024. Students can apply for internship programme, and the direct link is available on official website of RBI at rbi.org.in

Inflation may align with target in FY26: RBI Deputy Governor Patra

Patra says climate, tech risks seen as a threat to inflation-targeting

India's outward FDI dips to $3.7 billion in September 2024: RBI data

Singapore emerges as top destination for Indian FDI in Q2

Tata Capital, Tata Motors Finance merger receives RBI's approval

Through this merger, Tata Capital aims to attract new customers in the rapidly growing commercial vehicle and passenger car financing segments

RBI imposes Rs 28.30 lakh penalty on SG Finserve for non-compliance

The Reserve Bank of India on Monday said it has imposed a penalty of Rs 28.30 lakh on SG Finserve Limited, formerly known as Moongipa Securities, for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR). The company's financial statements for FY23 revealed inter alia, non-compliance with the specific conditions of the CoR. "The company had accepted public funds and extended loans in violation of the specific conditions of the CoR issued to it," the RBI said in a statement. The RBI has also imposed a penalty of Rs 14 lakh on Arunachal Pradesh Rural Bank for non-compliance with certain directions on 'Strengthening of Prudential Norms - Provisioning Asset Classification and Exposure Limit' and 'Know Your Customer' (KYC). Besides, penalties have been imposed on three other cooperative banks for contravention of certain norms. The banks are Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh; The Urban Co-operative Ba

RBI pitches for reducing cost, time of cross-border overseas remittances

Reserve Bank Governor Shaktikanta Das on Monday made a case for reducing time and cost of overseas remittances, which are important for developing economies including India. According to the World Migration Report 2024 released by the International Organisation for Migration (IOM), India's remittances surged to USD 111 billion last year, surpassing all other nations. As per the Bank of England projection, the value of global cross-border payments is estimated to surpass USD 250 trillion by 2027. The significant volume of crossborder worker remittances, the growing size of gross flows of capital, and the increasing importance of cross-border ecommerce have acted as catalysts to this growth, he noted. "Remittances are the starting point for many emerging and developing economies, including India, to explore cross-border peer-to-peer (P2P) payments. We believe there is immense scope to significantly reduce the cost and time for such remittances," Das said in his keynote address at the

Intervention of Centre, RBI needed to curb cyber financial fraud: Kerala CM

Kerala Chief Minister Pinarayi Vijayan on Monday stressed on the need for a comprehensive cybersecurity framework for the financial ecosystem to address the increasing incidents of online financial fraud. He pointed out that the state has already sought joint intervention from the Centre and the Reserve Bank of India in this regard. With the growth of technology, cybercrime is also on the rise by the day, and the cyber police division of the state police is working effectively to check such frauds, the CM said. He was replying to a submission by Anvar Sadath (Congress) in the state assembly. "The state police have been creating widespread awareness through social media pages to guard against cyber financial frauds," the CM said. In Kerala, cyber police stations are there in all districts, and a toll-free number and exclusive website have been launched for people to lodge complaints against cyber crimes, he said. "Over 30,000 bank accounts involved in such frauds have already been

Indian bond yields dip as RBI cuts debt sale, govt announces second buyback

The benchmark bond yield may drop to 6.30 per cent by March end, on strong foreign inflows and rate cuts from the central bank

RBI nudges fintechs to consider granting same-day loans to street hawkers

Loans are repaid within 24 hours and seek to bolster financial inclusion at the bottom of the pyramid

US continues to be largest source of FDI in India: RBI annual census

The US continued to be the largest source of FDI in India, followed by Mauritius, Singapore and the UK, according to an annual census of the Reserve Bank of India. Out of the 41,653 entities, which responded in the latest census, 37,407 reported foreign direct investment (FDI) and/or overseas direct investment (ODI) in their balance sheets for March 2024. Of these entities, 29,926 had also reported in the previous census round and 7,481 have newly reported in the current round, according to Census on Foreign Liabilities and Assets of Indian Direct Investment Entities for 2023-24. Over three-fourths of the companies that reported inward direct investment were subsidiaries of foreign companies. Non-financial companies accounted for nearly 90 per cent of the FDI equity at face value, the RBI said. "Supported by valuation gains as well as fresh inflows, total FDI in India surged by 23.3 per cent at market value in rupee terms during 2023-24; on the other hand, ODI growth was much lowe

RBI decides to hold policy repo rate; changes stance gear to neutral

Das says inflation-growth balance well-poised; rates may start falling from Dec

Improve payment systems' accessibility for disabled persons: RBI to banks

The Reserve Bank of India on Friday asked banks to review their payment systems to ensure easier accessibility to persons with disabilities. All sections of the population, including differently-abled persons, are increasingly adopting digital payment systems, it said in a circular. "To promote effective access, payment system participants (PSPs, that is, banks and authorised non-bank payment system providers) are advised to review their payment systems/devices in terms of accessibility to Persons with Disabilities," it noted. Based on the review, banks and non-bank payment system providers may carry out the necessary modifications in payment systems and devices like point-of-sale machines, which can be accessed and used by persons with disabilities with ease, the RBI said. The RBI also asked them to refer to the accessibility standards issued by the Ministry of Finance in February. While selecting potential solutions for the purpose, care should be taken to ensure that the ...

RBI asks REs to conduct internal risk assessments for terror financing

There is always a likely exposure to elevated ML, TF, and PF risks in an ever-changing business environment and the increasing level of complexities in banking and financial products

RBI asks asset reconstruction firms to standardise credit bureau reporting

The Reserve Bank of India has been publicly asking supervised entities to ensure compliance with norms and that consumer interest is protected

RBI asks ARCs to become members of all credit information companies

ARCs are also asked to rectify the rejected data received from CICs and upload the same with the CICs within seven days of receiving such data

RBI asks banks to use info from all relevant sources for risk assessment

The Reserve Bank of India on Thursday asked banks, NBFCs, and other entities regulated by it to use information obtained from all relevant internal and external sources for their risk assessment exercise. Reserve Bank's Regulated entities (REs) have to carry out Money Laundering and Terrorist Financing Risk Assessment' exercise periodically to identify, assess and take effective measures to mitigate their Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF) risks for clients, countries or geographic areas, products, services, and transactions or delivery channels. In this regard, the central bank has issued 'The Internal Risk Assessment Guidance for Money Laundering/ Terrorist Financing' for the REs, particularly for the dealing staff and the Anti-Money Laundering (AML)/ Countering Financing of Terrorism (CFT) / Counter Proliferation Financing (CPF) practitioners of the REs. It specifies key principles for an internal risk assessment (IRA) exercise. "The

RBI keeps rate unchanged: What does this mean for borrowers, savers, and investors?

The Reserve Bank of India (RBI) has once again kept the repo rate unchanged at 6.5% during its October 9 meeting. This marks the tenth consecutive time it has held the rate steady.

Spending Boost: Soon, pay up to Rs 1,000 without entering PIN on UPI Lite

The daily transactions on UPI crossed 501 million in September, the highest ever since UPI turned operational

Consumer confidence improves in Sept on better economic conditions: RBI

Price and inflationary pressures eased across all product groups