Sri Lanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth $400 million to boost the foreign reserves and ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, a top minister has said. Cabinet approved the proposal, enabling RBI to […]
Read MoreRBI allows banks to issue e-cards for overdraft a/c
Relaxing norms, the Reserve Bank of India on Thursday permitted banks to issue electronic cards to persons having overdraft accounts that are only in the nature of personal loan without any specific end-use restrictions.
Read MoreInvestors gain Rs 2.83L cr as RBI booster lifts mkt
Investor wealth on Friday rose by Rs 2,83,740.31 crore as markets soared over 986 points after a second batch of stimulus measures by the Reserve Bank of India (RBI). The 30-share BSE sensex ended 986.11 points or 3.22 per cent higher at 31,588.72.
Read MoreForex reserves decline $902 mn to $474.66 bn
The country’s foreign exchange reserves declined by $902 million to $474.66 billion in the week to April 3 due to a fall in foreign currency assets, according to the latest data from the Reserve Bank of India (RBI). The reserves had touched a life-time high of $487.23 billion in the week to March 6, after […]
Read MoreIrdai permits insurers to grant moratorium on term loans
The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday permitted insurance companies to grant a moratorium of three months on payment of term loans in line with the Reserve Bank’s directions. In a circular, Irdai said it has received representations from industry associations, seeking moratorium on repayment of term loans sanctioned by the […]
Read MoreSteps taken by Centre to contain economic fallout of coronavirus
The government and central bank are trying to cushion an economy that was slowing even before the coronavirus outbreak.A series of steps announced this year aim to encourage banks to lend. Measures announced by the Reserve Bank of India (RBI) since early February inject cash equivalent to 3.2% of the country’s gross domestic output.
Read MoreLoan moratorium: Pvt banks go for ‘opt-in’ option
Most of the private sector lenders have decided to go for the “opt-in” option on loan repayment moratorium, putting the onus on the customer to take the initiative of informing the bank of their choice to go for the three-month breather offered by the Reserve Bank of India (RBI).
Read MorePublic sector banks extend EMI moratorium to customers
In a relief to customers, some public sector banks on Tuesday announced deferment of EMI (equated monthly instalment) payments on loans for three months following directions by the Reserve Bank of India (RBI) which asked all lending institutions to allow three month moratorium on loan payments as the economy grapples with Covid-19 challenges.
Read MoreBanks yet to act on EMI relief, spark confusion
With just two days left for the next EMI cycle to begin, most big lenders are unprepared to follow the Reserve Bank of India’s blanket order allowing borrowers to hold back from paying instalments for the month. Top lenders such as State Bank of India, HDFC Bank, ICICI Bank, Kotak Bank and Axis Bank have […]
Read MoreSBI passes on entire repo rate cut to borrowers
Hours after the Reserve Bank of India reduced the repo rate by 75 basis points, the country’s largest lender State Bank of India on Friday said it would pass on the entire cut to its customers, effective April 1.
Read MoreRBI announces steps to infuse Rs 1.37L cr liquidity
Amid stress in the financial system due to COVID-19, the Reserve Bank of India (RBI) on Friday announced measures to inject Rs 3.74 lakh crore into the banking system through a slew of instruments, including the reduction in cash reserve ratio. The other liquidity support measures included targeted long-term repo operation (TLTRO) and increasing the […]
Read More‘Banks are safe, don’t resort to panic withdrawal’
Allaying depositors’ concerns, Reserve Bank of India (RBI) governor Shaktikanta Das on Friday asserted that the Indian banking system is safe, and termed linking banks’ share prices to safety of deposits as “fallacious” thinking.
Read MoreGovt likely to unveil $20 billion-plus stimulus package to tackle coronavirus downturn: Report
To fight the economic downturn amidst coronavirus pandemic, India is likely to introduce an economic stimulus package of more than Rs 1.5 lakh crore ($19.6 billion), said two sources familiar with the matter. The government has not yet finalised the package and discussions are ongoing between PM Modi’s office, the finance ministry, and Reserve Bank […]
Read MoreRBI may join 38 central banks that have already cut rates
With 38 central banks around the world reducing interest rates in recent weeks in the wake of the coronavirus crisis, Reserve Bank of India is widely expected to follow suit.
Read MoreCovid-19: RBI asks staff to work from home
As the coronavirus infection spreads faster and deeper into the country, the Reserve Bank has allowed majority of its staff across its centres to work from home while ensuring unhindered business continuity.
Read MoreGovernment, RBI closely monitoring markets: Nirmala Sitharaman
Finance minister Nirmala Sitharaman on Friday said the government and the Reserve Bank are closely monitoring the stock market, which is facing intense volatility amid mounting coronavirus fears.
Read MoreCurrent account deficit narrows to $1.4bn
The country’s current account deficit (CAD) narrowed sharply to $1.4 billion, or 0.2 per cent of GDP (gross domestic product), for the December 2019 quarter, the Reserve Bank of India (RBI) said on Thursday.
Read MoreRetail inflation dips to 6.58% in February from 7.59% in January
Retail inflation based on consumer price index (CPI) fell to 6.58 per cent in February from 7.59 per cent in January, data released by the government on Thursday showed. The fall in retail inflation was witnessed likely due to moderating food prices, but remained above the Reserve Bank of India’s (RBI’s) target of 4 per […]
Read MoreShould RBI get search, surveillance powers?
The recent problems in the financial sector, including the latest action against Yes Bank, have triggered discussions in official circles over the need to provide surveillance and search powers to regulators, including the Reserve Bank of India (RBI), which currently limits its role to supervising and inspecting banks and finance companies under its remit.
Read MoreYes Bank customers can now pay credit card, loans payments from other accounts
Yes Bank customers can now make credit card and loan payments from other bank accounts by using Immediate Mobile Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) services, the troubled private lender said. Last week, the Reserve Bank of India (RBI) took over Yes Bank amid the backdrop of scandals in the country’s financial […]
Read MoreSBI to own 245 cr shares worth Rs 2,450cr in Yes Bank
Country’s largest lender State Bank of India (SBI) — which can pick up 49 per cent stake in crisis-hit Yes Bank under the Reserve Bank of India’s (RBI’s) draft scheme of reconstruction — on Saturday said that all employees of the reconstructed bank shall continue to be in service with same remuneration for a period […]
Read MoreYes Bank crisis: UPI’s use dives 40%, PhonePe lines go dead
An unexpected fallout of the Reserve Bank of India’s moratorium on Yes Bank was a disruption of the Unified Payments Interface (UPI) offered by fintech firms, which accounts for the bulk of digital transactions in the country.
Read MoreYes Bank account holder? What you need to know
In an unprecedented move, the Reserve Bank of India (RBI) superseded the Yes Bank board and capped its withdrawal limit by placing it under a moratorium. A salary account holder needs to look at alternate ways to get the salary amount if it exceeds Rs 50,000, even if they have multiple accounts. Other general bank […]
Read MoreDepositors’ money safe: FM on Yes Bank crisis
A day after the Reserve Bank of India (RBI) placed cash-strapped Yes Bank under moratorium, Union finance minister Nirmala Sithraman on Friday assured that the government is in constant touch with RBI and every depositor’s money is safe.
Read MoreRBI caps withdrawals at Rs 50,000 for Yes Bank
The Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank and capped withdrawals at Rs 50,000 per account till further orders. The board of Yes Bank has also been superseded with immediate effect, the Reserve Bank of India said in a late evening statement. Former SBI CFO Prashant Kumar has been appointed […]
Read MoreSC allows cryptocurrency trading, cancels RBI’s 2018 circular
The Supreme Court on Wednesday allowed a plea challenging the Reserve Bank of India’s (RBI’s) 2018 circular which barred banks from trading in cryptocurrencies.
Read MoreSensex up 480 pts as RBI steps in to calm markets
After seven consecutive sessions of losses, equity indices on Tuesday rose sharply after Reserve Bank of India (RBI) said it is closely monitoring global as well as domestic situation regarding the impact of deadly coronavirus.
Read MoreFight virus first, worry on stimulus later: Rajan
The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India (RBI).
Read MoreGovt will meet fiscal deficit targets: RBI guv
Throwing his weight behind finance minister Nirmala Sitharaman’s Budget numbers, Reserve Bank of India (RBI) governor Shaktikanta Das said that there is no reason to doubt that the government will be able to cut fiscal deficit to 3.5 per cent of the GDP in the fiscal beginning April 1.
Read More‘Centre, RBI making efforts to boost consumption’
Union finance minister Nirmala Sitharaman on Wednesday said that the Centre and the Reserve Bank of India (RBI) are making constant efforts to boost consumption.
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