Tag Archives: RBI

RBI to launch pilot project on financial literacy

Reported by | Updated: October 16, 2017

The Reserve Bank of India is expected to launch a financial literacy drive in 80 blocks in 9 states on pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. Six NGOs registered with the Depositor Education and Awareness Fund – CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro […]

RBI issues new guidelines for PPIs

Reported by | Updated: October 13, 2017

The Reserve Bank of India has come out with final guidelines for prepaid payment instruments (PPI) such as closed, semi-closed and open wallets, which say all the PPIs will now be interoperable. The guidelines say interoperability shall be enabled in phases for the PPIs and that in the first phase, the issuers (both bank and […]

RBI proposes forex platform for retail customers

Reported by | Updated: October 13, 2017

The Reserve Bank of India has proposed the setting up of a foreign exchange platform for retail participants on the pattern of the FX-Clear platform of the Clearing Corporation of India. The central bank feels this would encourage transparent and fair pricing in the retail forex market. It has released a discussion paper in this […]

RBI says 99% of demonetized notes returned

Reported by | Updated: August 31, 2017

The Reserve Bank of India said Rs 15.28 lakh crore – or 99% – of the Rs 15.44 lakh crore demonetized in November 2018 have been deposited with the banks. This would mean there was hardly any black money in the monetary system and belies the government’s hopes of getting out of circulation several thousands […]

RBI panel to study on public credit registry

Reported by | Updated: August 3, 2017

The Reserve Bank of India has set up a committee to consider creation of a Public Credit Registry (PCR) to be operated by it. Deputy governor Viral Acharya said the proposed registry will be near real-time and will aid credit assessment not just by lenders but of the lenders themselves. It is expected to be […]

RBI group to study MCLR

Reported by | Updated: August 3, 2017

The Reserve Bank of India (RBI) has constituted an internal group to study the Marginal Cost of Funds based Lending Rate, or MCLR, to improve monetary policy transmission. RBI said in a statement the experience with the MCLR system introduced in April 2016 for improving the monetary transmission has not been entirely satisfactory, even though […]

RBI wants all banks to do cyber audit

Reported by | Updated: August 1, 2017

The Reserve Bank of India is proposing cyber audits of all banks, according to officials of the central bank. It had earlier stipulated that some few large banks should undertake such audits. RBI also said banks, which do not have strict security safeguards, would be allowed time to comply with the standards set by it. […]

Cleaning the mess

Reported by | Updated: July 31, 2017

The recently promulgated ordinance to amend the provisions of the Banking Regulation Act of 1949 is a welcome legislation for the banking fraternity. It provides enormous powers to RBI to intervene in issues relating to distressed assets of banks, including directing banks to file bankruptcy cases against defaulters without even having to wait for the […]

RBI to hire note verification system

Reported by | Updated: July 26, 2017

The Reserve Bank of India will hire currency verification systems to help it detect fake notes among the scrapped Rs 500 and Rs 1000 notes that were deposited following the demonetization. The central bank is said to be counting these old currency notes. It has floated a tender floated to lease the verification systems. The […]

New RBI directive on provisioning

Reported by | Updated: June 26, 2017

Banks must make higher provisions against cases that are referred for bankruptcy proceedings, according to directive of the Reserve Bank of India. The central bank has told banks to set aside 50% of the loan amount as likely losses for all cases referred to the National Company Law Tribunal, which is the arbitration authority under […]

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