Page 94 - Reserve Bank Of India

Forex reserves kitty jumps $6.55 billion to $625.63 billion: RBI data

India's forex reserves jumped USD 6.55 billion to USD 625.626 billion for the week ended March 1, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had risen by USD 2.975 billion to USD 619.072 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended March 1, the foreign currency assets, a major component of the reserves, increased by USD 6.043 billion to USD 554.231 billion, the data said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 569 million to USD 48.417 billion during the week, the RBI said. The Special Drawing Rights (SDRs

RBI, Bank Indonesia agree to use local currencies for bilateral trade

This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market

Banks must give customers choice to select credit card network: RBI

Some arrangements between card networks and issuers are 'not conducive' for customers, it says

Fairfax India agrees to give IIFL Finance up to $200 mn liquidity support

NBFC's stock falls another 20% after RBI bars it from disbursing gold loans

8 NBFCs to raise $2 bn through ECB after positive outlook for Indian firms

Overseas borrowing by Indian corporates and high-rated non-banking financial companies (NBFCs) is likely to grow as hedging costs are low and there is a softening bias of global interest rates

No deficiencies in unit's loan sanctioning after RBI's action: JM Financial

The RBI reviewed the company's books, which showed it had repeatedly helped a group of its customers to bid for various IPO and non-convertible debenture offerings by using loaned funds

RBI directs credit card issuers to give users choice of other networks

RBI on Wednesday said issuers of credit cards shall not enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks

Taking steps to meet RBI's concern: IIFL Fin after ban on giving gold loans

Company has enough liquidity and there is no governance at play, says NBFC's managing director

RBI bars JM Financial from financing against debentures and shares

Flags governance concerns; Order special audit

More than 2,500 fraud connections being cut daily, say DoT officials

DoT working on grievance redress portal

Banking system liquidity goes into surplus mode after three months

VRRR auction gets weak response

Depositors can claim their unclaimed amount refund from DEA Fund

However, if the deposit amount is above the insurance coverage of DICGC, then the liquidator can claim the amount only on a reimbursement basis

India, Indonesia bright spots for investment opportunities: BlackRock

US investment firm BlackRock sees India and Indonesia as two Asia-Pacific countries offering a lot of investment opportunities, its head of research for the region said on Tuesday

Infibeam Avenues gets RBI's authorisation for payment aggregator licence

The company said that after receiving the in-principle approval from the RBI to operate as a payment aggregator in October 2022, the company received the final authorisation on March 4

RBI prohibits IIFL Finance from sanctioning, disbursing gold loans

The Reserve Bank on Monday barred IIFL Finance with immediate effect from sanctioning or disbursing gold loans after certain material supervisory concerns were observed in its gold loan portfolio. IIFL Finance can, however, continue to service its existing gold loan portfolio through the usual collection and recovery processes, the RBI said in a statement. "The RBI has today...directed IIFL Finance Ltd to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans," it said. The RBI said an inspection of the company was carried out by it with reference to IIFL's financial position as of March 31, 2023. "Certain material supervisory concerns were observed in the gold loan portfolio of the company, including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default...," it noted. These practices, apart from be

RBI may launch interoperable payment system for internet banking in 2024

"We expect the launch of this interoperable payment system for internet banking during the current calendar year.", Guv said.

Devolution for development

Developed India needs local government-led human development to truly become an Inclusive India

Rising interest rates prompting more people to go in for term deposits

Their share in total deposits increased to 20.6 per cent in December 2023 from 20.2 per cent in September 2023

RBI may undertake comprehensive review of architecture of payment banks

Governance standards, viability of biz among priorities

RBI clears appointment of S Ravindran as part-time chairman of TMB

The approval is subject to Ravindran, stepping down from his directorships in Shriram Finance and Bandhan AMC, prior to assuming charge