Page 95 - Reserve Bank Of India

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

RBI's new rule on exchange-traded rupee derivatives confuses brokers

Reserve Bank of India (RBI) in a Jan. 5 circular said that stock exchanges may offer forex derivative contracts involving the rupee to users "for the purpose of hedging contracted exposure"

Growth in bank credit to industry decelerates to 7.8% in Jan, says RBI

Growth in bank credit to industry decelerated to 7.8 per cent year-on-year in January compared to 8.7 per cent in the same month last year, according to Reserve Bank data released on Thursday. The RBI's data on 'Sectoral Deployment of Bank Credit January 2024' also showed that credit growth to agriculture and allied activities improved to 20.1 per cent (year-on-year) in January 2024 from 14.4 per cent a year ago. Among major industries, growth in credit to 'food processing' and 'textiles' accelerated in January 2024 against the corresponding month of the previous year, while that of 'basic metal & metal products' and 'chemicals and chemical products' decelerated. Further, bank advances to the services sector grew by 20.7 per cent in January 2024 against 21.4 per cent a year ago. Among major contributors, growth in credit to 'trade' improved, while that to 'non-banking financial companies (NBFCs)' decelerated year-on-year in January 2024. Also, personal loan growth moderated to ..

GDP growth rate accelerated to 8.4% in Q3FY24; FY24 growth estimate at 7.6%

In the previous quarter, it was 7.6 per cent and 7.8 per cent in the July quarter

SoftBank Group sells another 2% stake in crisis-hit Paytm to under 3%

The Japanese conglomerate held a 17.5% stake in Paytm in September 2022. Since then, it has trimmed its ownership through multiple open market deals

Sales of listed private non-financial firms rose 5.5% in Q3: RBI data

Sales of listed private non-financial companies grew 5.5 per cent in the three months ended December 2023 from 4.4 per cent expansion in the previous quarter, according to official data. The Reserve Bank of India (RBI) on Wednesday released the data on the performance of the private corporate sector during the third quarter of 2023-24 drawn from abridged quarterly financial results of 2,842 listed non-government non-financial companies. "Growth (y-o-y) in aggregate sales of 1,685 listed private manufacturing companies moderated further to 3.7 per cent during Q3:2023-24 (4.2 per cent in the previous quarter)," the apex bank said. Among the major industries, sales of chemical companies declined 13.5 per cent, excluding which sales growth of manufacturing companies stood at 6.4 per cent. Information Technology (IT) sector witnessed further deceleration in sales growth (y-o-y) to 3.2 per cent from 5.9 per cent in the previous quarter and 19.4 per cent a year ago. Non-IT services compa

RBI revises timeline for completion of Regulatory Sandbox process

The updated framework for an RS also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023

RBI proposes road map for REs to address climate-linked financial risks

RBI said in the draft disclosure framework said REs are already required to disclose information on material risks as a part of their Pillar 3 disclosures

Companies line up Rs 16,620 crore corporate bonds as yields soften

Market participants expect that states' borrowing for both the current quarter and the entire financial year will be significantly lower than the calendar projections

Extra caution to ensure fintechs don't function beyond rule: Peak XV MD

Meanwhile, he explained that India needs to have a culture of research and development (R&D) with more number of deeptech innovators and founders at startups

Growth in unsecured loan remains strong despite hike in risk weighting

Recently, the RBI reiterated its concern on the elevated unsecured lending portfolio of banks in its Bulletin

Keeping interest rates too high could stifle growth: RBI's Jayanth Varma

Jayanth Varma, an external member on the six-person monetary policy committee, voted for a quarter-point cut at the Feb. 8 policy meeting

Balance sheets of SFBs are larger than those of universal banks: Panel

Participants at a panel discussion at the Business Standard BFSI Insight Summit 2023 say that SFBs need diverse product lines

RBI lifting curbs on forex non-deliverable forward arbitrage by banks

Arbitrage trades allow investors to benefit from the price differences of securities in different markets but can exaggerate price trends