Page 87 - Reserve Bank Of India

Enlightened leadership needed to resolve tax distribution: Subbarao

Former RBI Governor Duvvuri Subbarao has opined that only enlightened leadership at Centre and state levels can resolve the complex north-south divide in deciding on the distribution of the tax pool among states, saying it is beyond the remit of the Finance Commission. Subbarao, who held various positions including the finance secretary of Andhra Pradesh and Union finance secretary, and wrote extensively on issues in fiscal federalism in his new book titled 'Just A Mercenary?: Notes from My Life and Career' further said that horizontal sharing of the divisible pool of taxes has always been a contentious issue but will be even more so in this round. "This (north-south divide in deciding on the distribution of the tax pool among states) is a complex political challenge beyond the remit of the Finance Commission. "Resolving it will demand enlightened leadership at central and state levels that can look beyond politics and build a consensus around an optimal way forward," he told PTI.

RBI proposes to bring NBFCs, co-op banks under operational risk norms

The 2005 guidance on the issue, which will be repealed, was aimed only at commercial banks

RBI issues guidance note on operational risk management, resilience

The RBI said all REs must perform a risk assessment and due diligence before entering into any arrangements with third parties or external entities

Positive real yields on India govt bonds visible, says SBI official

The inflation-adjusted returns will accrue even if inflation does not ease to the Reserve Bank of India's 4% target and stabilises around 5%, he said

RBI asks all regulated entities to review their lending practices

The regulator has also asked the entities to take corrective measures, including system-level changes

RBI launches two key surveys to get inputs for upcoming monetary policy

The Reserve Bank of India (RBI) on Monday announced the launch of 'Inflation Expectations Survey of Households' and 'Consumer Confidence Survey' which will provide key inputs for the bi-monthly monetary policy. The next bi-monthly monetary policy is scheduled during June 5-7, 2024. The 'Inflation Expectations Survey of Households' aims at capturing subjective assessments on price movements and inflation, based on their individual consumption baskets, across 19 cities, including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram, the RBI said in a release. The survey on inflation seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the three months ahead as well as in the one-year ahead period. It also seeks quantitative responses on current, three months ahead and one-year ahead inflation rates. The 'Consumer Confidence Survey' seeks qualitative responses from households, regarding their ..

AU Small Finance Bank eligible for universal banking licence application

AU Small Finance Bank has recorded profits for the previous two fiscal years, and maintained gross and net non-performing assets below 3% and 1%, respectively, as mandated by the RBI

RBI's tight grip on Rupee boosts its allure for carry trades: Fidelity

The rupee rewards investors with a high yield than regional peers, and together with low volatility, makes it arguably one of the most attractive currencies on the planet, Paul Greer said in interview

Need more competition

Small finance banks have a clear path

RBI proposes 'digital-view' of loans to ensure transparency to borrowers

A digital view will provide a host of details to ensure that customers have prior information about potential lenders to make an informed decision on a loan product

RBI lays out norms for voluntary conversion of SFBs into universal banks

AU SFB, a few others seen as contenders for conversion

RBI plans curbs on suspect bank accounts to fight cyber fraud: Report

The suspensions would target accounts frequently misused to transfer funds gained from cyber crime, both government sources said

Exporting services

India should sustain the momentum

RBI directs Talkcharge to stop PPI, wallet issuance; refund balances

The fintech firm offers services such as cashbacks, coupons, and wallets to customers

Tough times for urban cooperative banks as bad loans build, ranking dips

Lenders that hold more than Rs 5 trillion in deposits are weaker after the pandemic

RBI action on Kotak Bank: Stock plunges 12% as analysts turn bearish

RBI action on Kotak Mahindra Bank: With unsecured lending, especially credit cards, becoming key focus areas of most banks, Kotak Mahindra Bank will lose the opportunity to add the high-yield products

As India develops, high food inflation will get less severe: Ashima Goyal

The problem of high food inflation will be "less severe" in India going ahead, as modern supply chains with diversified sources can help quickly address sudden spikes in prices of specific food items, RBI Monetary Policy Committee (MPC) member Ashima Goyal said on Thursday. Stressing that the share of food in the household budget is high in India, Goyal said policy needs to focus on increasing agricultural productivity, since stable agricultural prices are important for non-inflationary growth. "As India develops, this problem (high food inflation) will get less severe, for a number of reasons. Modern supply chains with diversified sources respond quickly to large spikes in specific items," she told PTI. Goyal further pointed out that one does not hear of tomato or onion prices spiking in advanced economies. "We naturally have diverse geographic regions, better integrated markets sourcing from different regions can help mitigate climate change induced food price spikes," she ...

Credit card spends rise 27% to Rs 18.26 trillion in FY24: RBI data

As of March, the outstanding number of credit cards in the system was 101 million, inching up from 100.60 million at the end of February 2024

Government approves one-year extension to RBI Deputy Governor Rabi Sankar

The government has extended the term of RBI Deputy Governor T Rabi Sankar for a period of one year, according to sources. The Appointments Committee of the Cabinet has approved the re-appointment of T Rabi Sankar, Deputy Governor Reserve Bank of India, for a period of one year with effect from May 3, 2024, they said. He was appointed as the RBI Deputy Governor in May, 2021 for a period of three years. He had joined the RBI in 1990 and worked in various positions at the central bank. He was Executive Director of the Reserve Bank before being elevated to the post of deputy governor. As an executive director, he was looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department of the RBI. He has served as an IMF Consultant (2005-11) on developing government bond markets and debt management. In addition to his professional career at the RBI, he is the Chairman, Indian Financial Technology and Allie

RBI's compiled master direction on ARCs to be effective from April 24

'Non-complying ARC shall be subject to supervisory action,' says regulator