Page 126 - Reserve Bank Of India

Tepid response to RBI's two-day VRRR auction; banks park Rs 1,850 crore

The central bank infuses liquidity into the banking system using repos and sucks it out using reverse repos

RBI Monetary Policy set to be announced today; here's what to expect

RBI Monetary Policy: This will be the third time in 2023 that the MPC will announce its policy decision

RBI expected to pause again with markets watching for shift in stance

India's latest quarterly growth figures exceeded estimates last week, bringing about an expansion of 7.2% for the last fiscal year

Visits to banks, physical presentation of documents can be avoided: Report

The report also suggested that REs may adopt Faceless / Straight Through Processes' (STPs) in order to close accounts, and/or accept, acknowledge, and track the communication by the customer

RBI's MPC starts deliberations on policy rate, decision on Thursday

The Reserve Bank's rate-setting monetary policy panel began deliberations on Tuesday amid expectations that the central bank will keep the benchmark interest rates unchanged at 6.5 per cent on the back of easing retail inflation and the need to push economic growth. Headed by Reserve Bank Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) will meet for three days and the decision would be announced on Thursday, June 8. After the last MPC meeting in April, the RBI paused its rate hike cycle and stayed with the 6.5 per cent repo rate. Prior to that the central bank had cumulatively hiked the repo rate by 250 basis points since May 2022 in a bid to contain inflation. The MPC is meeting in the backdrop of consumer price-based (CPI) inflation declining to an 18-month low of 4.7 per cent in April. The Reserve Bank governor recently indicated that the May print would be lower than the April numbers. The CPI for May is scheduled to be announced on June 12. On ...

Centre directs banks to ensure nominees for all accounts and lockers

A bank official said that both the government and the RBI have stated that money should not be accumulated in the depositor education and awareness fund

Bring bank charges under supervisory purview: RBI customer service panel

Take a view of "reasonableness of charges" levied by banks, REs: RBI customer service panel

RBI-appointed panel suggests host of customer-centric initiatives for banks

An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender. In case of loss of property documents, the RE should not only be obligated to assist in obtaining certified registered copies of documents at their cost but also compensate the customer adequately, keeping in view the time taken to arrange the alternate copies of the documents, the report said. In May last year

Rupee set to touch 83-per US dollar mark if RBI remains on hold this week

Thursday's policy review will help shape the rupee's fortunes, with traders expecting little reprieve after the currency fell under the weight of a stronger greenback in May

MPC likely to hit pause again on repo rate: Business Standard Poll

Most economists see FY24 inflation forecast likely being revised downward to 5% but no change in stance

Status quo on rate, but will the stance change?

We have come to the end of the rate-hike cycle. The speculation is on the timing of the first rate cut. It won't happen anytime soon

RBI may maintain pause on interest rate as inflation declines: Experts

The Reserve Bank of India (RBI) will maintain the policy repo rate at 6.5 per cent during its upcoming June 8 announcement, considering the easing of retail inflation in April and the potential for further decline, indicating the effectiveness of previous policy rate actions, anticipate experts. Headed by Reserve Bank Governor Shaktikanta Das, a meeting of the six-member Monetary Policy Committee (MPC) is scheduled for June 6-8. The decision of the 43rd meeting of the MPC would be announced on Thursday, June 8. After the last MPC meeting in April, the RBI paused its rate hike cycle and stayed with the 6.5 per cent repo rate. Prior to that the central bank had cumulatively hiked the repo rate by 250 basis points since May 2022 in a bid to contain inflation. The MPC is meeting in the backdrop of consumer price-based (CPI) inflation declining to an 18-month low of 4.7 per cent in April. The Reserve Bank governor recently indicated that the May print would be lower than the April number

RBI imposes Rs 2.2 crore penalty on Indian Overseas Bank for non-compliance

Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance. The fine is imposed for contravention of the provisions of certain directions issued by RBI on 'Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Divergence in NPA Accounts', 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016' and Advisory on 'Man in the Middle (MiTM) Attacks in ATMs'. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI said. The statutory Inspection for Supervisory Evaluation of the bank (ISE 2021) was conducted by RBI with reference to its financial position as on March 31, 2021, it said. The Chennai-based bank failed to make minimum mandatory transfer of a sum ...

Shadows on sweet spot: Manufacturing grew the least among sectors in FY23

Some might conclude that manufacturing cannot be a leading sector without subsidies on inputs and cash pay-outs given for agri. But will such a manufacturing sector be viable, wonders T N Ninan

RBI releases draft on cyber resilience, digital payment security controls

According to the RBI's release, the central bank has invited feedback from the shareholders on the same

Cause and effect: Are corporate profits fueling inflation globally

As the Federal Reserve continues with hikes, the linkage between corporate profit margins and inflation is blamed for consumer burden

Reserve Bank to conduct 14-day VRRR auction worth Rs 2 trillion today

India's banking system liquidity surplus has received a boost over the last few days and rose to Rs 1.76 trillion

Liquidity surplus crosses Rs 1.75 trillion-mark on higher govt spending

The process to withdraw the Rs 2,000 note started from May 23

Digital transactions in India highest in world but why is cash still king?

The Reserve Bank of India believes that households in India hold more high-value currency notes at home while substituting lower-value notes with digital transactions

Explained: What are the tax implications of depositing Rs 2,000 notes?

Are you depositing Rs 2,000 notes in the bank? Will your deposits be monitored? Will you need to pay any tax on it? How can you avoid a tax notice on these deposits? Read to find the answer