Bank credit grew by 5.67 per cent to ₹104.04 lakh crore, while deposits increased by 10.63 per cent to ₹143.80 lakh crore in the fortnight ended November 6, according to RBI data.
Tag: RBI
RBI had constituted an internal working group on 12 June to review extant ownership guidelines and corporate structure for Indian private sector banks.The internal working group of Reserve Bank of India (RBI) suggested that large Non-Banking Financial Company (NBFCs) can convert into banks if they fulfill certain criteria. “Well run large NBFCs, with an asset size of ₹50,000 crore and above, including those which are owned by a corporate house, may be considered for conversion into banks subject to completion of 10 years of operations and meeting due diligence criteria and compliance with additional conditions specified in this regard,” the central bank panel recommended.
Lakshmi Vilas Bank is the third Bank after the PMC and Yes Bank to be placed under Moratorium in the recent times. The financial position of The Lakshmi Vilas Bank Ltd. (the bank) has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. In absence of any viable strategic plan, declining advances and mounting non-performing assets (NPAs), the losses are expected to continue. The bank has not been able to raise adequate capital to address issues around its negative net-worth and continuing losses. Further, the bank is also experiencing continuous withdrawal of deposits and low levels of liquidity.
RBI issued Updated instructions on Targeted Long Term Repo Operations as on 26th October 2020
RBI has issued FAQs on Resolution Framework for Covid-19 related stress. These FAQs will help in clarifying the various aspects announced for COVID19 related stress.
The Appointments Committee of the Cabinet (ACC) has approved the appointment of M Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI).
RBI has released the Statement on Developmental and Regulatory Policies as announced in Monetary Policy Review dt 9th Oct 20. The measures are intended to (i) enhance liquidity support for financial markets so as to revive activity in targeted sectors of the economy with linkages to other sectors; (ii) provide a boost to exports; (iii) regulatory support to improve the flow of credit to specific sectors within the ambit of the norms for credit discipline; (iv) deepen financial inclusion; and (v) facilitate ease of doing business by upgrading payment system services so as to improve customer satisfaction, while supporting growth.
The government has finally appointed three economists — PMEAC member Ashima Goyal, NCAER’s Shashanka Bhide and IIM-Ahmedabad professor Jayanth Varma — as new members of the RBI’s monetary policy committee (MPC) to decide on interest rates. Read more at: http://timesofindia.indiatimes.com/articleshow/78503120.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The Reserve Bank of India Governor Shaktikanta Das announced the policy decision of the Monetary policy committee on 9th October 2020. RBI’s MPC began its three-day deliberations on Wednesday. This was the first meeting of the new MPC which was formed after the appointment of three three eminent economists – Jayant Verma, Ashima Goyal and Shashanka Bhide. The meeting of the six-member MPC, earlier slated for September 29 to October 1, was rescheduled as the appointment of independent members was delayed. The MPC must have a quorum of four.
Reserve Bank of India has comprehensively reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities and bring sharper focus on inclusive development, after having wide ranging discussions with all stakeholders.
Revised PSL guidelines will enable better credit penetration to credit deficient areas; increase the lending to small and marginal farmers and weaker sections; boost credit to renewable energy, and health infrastructure.