Page 118 - Reserve Bank Of India

Inflation pressures warrant government, central bank vigilance: FinMin

The ministry's comments come weeks after data showed retail inflation in July rose to its highest in 15 months, as vegetable and cereals prices skyrocketed

SBI Fund Management turns to cash on bets RBI will hike rates further

The assessment makes it one of the very few money mangers to call for a rate increase, with most market players just pushing back the rate-cut bets to later next year

Banking system's liquidity slips into deficit for first time in FY24

Banking system liquidity stood at a deficit or 236 billion rupees ($2.84 billion) as of Aug. 21, according to RBI data

Short-term govt bond rates harden after incremental CRR guidelines

The yield on the one-year and two-year government bonds has edged up 8 basis points and 4 basis points respectively since August 10

RBI's new guidelines: Home loan borrowers can switch to fixed rate at reset

RBI guidelines bar penal interest rates on loans, negative amortisation

India's foreign exchange reserves snap a three-week losing streak

Rise by $708 mn to $602 bn in the week ended Aug 11

RBI prohibits lenders from compounding penal interest on loan defaults

Penalty imposed for breaches will be treated as 'penal charges'

RBI issues norms for late fee payment of EMI for personal loan borrowers

The Reserve Bank on Friday asked banks to provide fixed interest rate option to individual borrowers and directed the lenders to levy only reasonable penalty charges in case of default in EMI payments. The two decisions are expected to provide a relief to the borrowers amid rising interest rates and most of the retail loans being on floating rates now. In a directive to banks and NBFCs, including housing finance companies, the Reserve Bank of India (RBI) said that several consumer grievances have been received in relation to elongation of loan tenor or increase in EMI amount with regard to EMI-based floating rate personal loans, without proper communication or consent of the borrowers. Interest rates have risen since May last year as the central bank hiked the repo rate to tame high inflation. As a result of 250 basis points increase in the repo rate from May 2022 till February this year, a large number of borrowers are facing negative amortisation, wherein the Equated Monthly ...

RBI allows IDF-NBFCs to raise money via external commercial borrowings

The revised framework envisages withdrawal of the requirement of a sponsor for the IDFs and making tripartite agreement optional for Public Private Partnership (PPP) projects

P R Seshadri to become new managing director and CEO of South Indian Bank

He holds Bachelor's degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from Indian Institute of Management, Bangalore

The weekly government bond auction sees firm demand, say dealers

The cut-off at the auction was better than expected, which weighed on the yields in the secondary market by the end of the trade

What is RBI's pilot project for facilitating frictionless credit?

The Reserve Bank Innovation Hub, a wholly-owned subsidiary of the central bank, has developed the end-to-end digital platform

Foreign exchange reserves up $700 mn to $602 bn, snap 3-week losing streak

The changes in foreign currency assets, expressed in dollar terms, include the effects of appreciation or depreciation of other currencies held in the Reserve Bank of India's (RBI) reserves

RBI allows infra debt funds to raise money via foreign loan route

IDF-NBFCs were earlier allowed to raise funds through rupee or dollar-denominated bonds of minimum five-year maturity, to the extent of up to 10 per cent of their total outstanding borrowings

Provide borrowers option to switch to fixed interest rates: RBI to banks

The Reserve Bank on Friday asked banks and other lenders to provide individual borrowers an option of switching over to a fixed rate at the time of reset of interest rates. In a notification, it said in respect of EMI-based floating rate personal loans, in the wake of rising interest rates, several consumer grievances related to elongation of loan tenor and/or increase in EMI amount, without proper communication with and/or consent of borrowers have been received. In order to address these concerns, RBI asked entities regulated by it to put in place an appropriate policy framework. "At the time of sanction, REs shall clearly communicate to the borrowers about the possible impact of change in benchmark interest rate on the loan leading to changes in EMI and/or tenor or both. Subsequently, any increase in the EMI/ tenor or both on account of the above shall be communicated to the borrower immediately through appropriate channels," RBI said. It further said that at the time of reset o

India needs major reforms in food supply management: RBI researchers

These reforms will lead to efficiency and productivity gains and enable "stable prices for consumers, assured supplies and remunerative proceeds for farmers," it said

Lenders can impose penalty on defaults only as 'penal charges': RBI

Regulated entities are barred from imposing such charges in the 'penal interest' that is added to the rate of interest charged on the advances

Top headlines: 7% Indians want doctors to prescribe generic drugs and more

Business Standard brings you the top headlines at this hour

'No further interest on penal charges': RBI issues new guidelines for loans

RBI's new instructions on penal charges on loans shall come into effect from January 1, 2024

RBI bought $4.50 billion in the spot foreign exchange market in June

The RBI's net outstanding forward purchase by the end of June stood at $19.47 billion, slightly higher than the previous month's figure of $19.27 billion