Page 111 - Reserve Bank Of India

RBI slaps monetary penalties on RBL Bank, Union Bank, and Bajaj Finance

Union Bank of India has incurred a penalty of Rs 1 crore for its failure to comply with specific directions

People start queuing up at RBI offices to exchange Rs 2,000 notes

With banks stopping accepting Rs 2,000 notes, people have started queuing up at 19 Reserve Bank of India offices to exchange the high denomination currency, which was withdrawan from circulation. On May 19, the RBI had surprised all by announcing its intent to withdraw the Rs 2,000 note introduced in 2016 for quick remonetisation, following Prime Minister Narendra Modi's announcement to suck out over 88 per cent of currency in circulation by banning the Rs 500 and Rs 1,000 notes. Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7. The deposit as well as exchange facilities at bank branches was stopped on October 7. From October 8, people were given the option to get the currency exchanged or get the amount credited in their banks accounts at 19 offices of the RBI. Last Friday, RBI Governor Shaktikanta Das said Rs 3.43 lakh crore worth of Rs 2,000 notes have co

Traders puzzled why the RBI spends billions fighting stronger dollar

Volatility in the rupee is hovering near the lowest in almost two decades and the currency has avoided breaching a record low even as rising US rates wreaked havoc in emerging markets

RBI likely to complete vetting bidders for IDBI Bank by October-end

The RBI normally takes about 12-18 months to complete the assessment before allowing an entity to run a bank

RBI imposes Rs 5.39 cr penalty on Paytm Payments Bank for non-compliance

The Reserve Bank of India on Thursday said it has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms. The central bank also found non-compliance with certain provisions related to 'RBI Guidelines for Licensing of Payments Banks', 'Cyber security framework in banks' and 'Securing mobile banking applications including UPI ecosystem'. A special scrutiny from KYC/AML (Anti Money Laundering) perspective of the bank was conducted and a comprehensive system audit of the bank was conducted by auditors identified by RBI, according to an official statement. After examination of the reports, RBI in the statement said it found that Paytm Payments Bank failed to identify beneficial owner in respect of entities onboarded for providing payout services. It was also revealed that the bank did not monitor payout transactions and carry out risk profiling of entities availing payout services, RBI ...

RBI's active rupee management stretches valuation to near 2-year peak

The RBI regularly intervenes in the foreign exchange markets and stepped up intervention in September

Banks assess carbon risk of loan book amid investor, RBI push: Reports

The South Asian nation is the world's third-highest greenhouse gas polluter and has set a goal of reaching net zero emissions by 2070

Technologies like AI, quantum computing may alter global order: RBI Dy Guv

Deputy Governor T Rabi Sankar said that the objective of RBI is to guide innovation to maximise the financial well-being of people and the efficiency of financial systems

RBI showing interest in technology as it impacts world order: T Rabi Sankar

The impact technology has on human activities made the Reserve Bank of India (RBI) show interest in it, the deputy governor of the central bank, T Rabi Sankar, said on Wednesday. Speaking at the grand finale of the second global hackathon, "Harbinger-2023 -- Innovation for Transformation", Sankar said fintech is transforming the financial system across the globe. Various tech groups were given awards for coming up with useful solutions for banks and financial institutions. "Why is the Reserve Bank of India or for that matter, all central banks, governments and other authorities are suddenly showing too much of an interest and too much of an involvement in technology? Why is the RBI involved in a hackathon? This is not something that we could have imagined five years ago," Sankar said. He said the central bank basically works on monetary policies, currency issues, banking regulation and supervision. Technology is far from one of the RBI's operations, apart from the fact that it als

RBI suspends Bank of Baroda from adding new customers to mobile app

Lender will be allowed to add customers to 'bob World' after rectifying deficiencies, says regulator

Banks turning to SDF over liquidity mismatch and 24x7 RTGS facility

Banks earn less for keeping money in SDF, at 6.25 per cent, while call money rates hover around 6.70 per cent

Lessons from 2016 demonetisation

RBI's handling of the withdrawal of Rs 2,000 notes shows how it learnt from past mistakes

RBI orders Bank of Baroda to suspend onboarding customers to its mobile app

RBI asked the bank to ensure that no existing customer of the app faces any disruption due to this suspension

Rs 2,000 notes: List of 19 RBI regional banks to exchange currency

The RBI, which had initially given time till September 30, for getting the Rs 2,000 notes deposited or exchanged, extended the same by a week till October 7

Hawkish RBI prompts debt mutual funds to reassess 'duration' of schemes

Some fund managers have been bullish on the longer-duration government bonds owing to better demand and end of the rate hike cycle

Banking system liquidity bounces back to surplus after three weeks

The RBI Governor, Shaktikanta Das, had said on Friday that the central bank might conduct open market operations to mop up excess liquidity

Inflation expectations moderate in September 2023, says RBI survey

The results of the September 2023 round of its bi-monthly survey were released alongside the monetary policy review

Banking liquidity returns to surplus mode after three weeks: RBI data

Banks park Rs 2,760 cr with central bank as RBI hints at open market operations

Statsguru: 6 charts show India's inflation concern may not be over soon

Lower sowing and higher food prices have increased risks to inflation outcomes

Robust Q2, demand trends to put out welcome mat for realty stocks

Further rerating will depend on sustenance of operational outperformance, improving cash flows