Tag: RBI

Seventh Bi-monthly Monetary Policy Statement, 2019-20 – Resolution of the Monetary Policy Committee (MPC) Reserve Bank of India

A day after Modi govt began its economy rescue in right earnest with a Rs 1.70 lakh crore coronavirus counter, the Reserve Bank of India joined the big fight today with a host of measures aimed at minimising the damage from Covid-19.
These measures come just hours after Moody’s Investors Service cut India’s growth forecasts for 2020 calendar year to 2.5% from 5.3%. The MPC decided by 4-2 majority to reduce repo rate by 75 basis points to 4.4 per cent. The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.

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RBI shifts its Accounting Year to July 2020-Mar 2021

The Reserve Bank of India (RBI) has decided to align its financial year with the Government.

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Implementation of Indian Accounting Standards

Non-Banking Financial Companies (NBFCs) covered by Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015 are required to comply with Indian Accounting Standards (Ind AS) for the preparation of their financial statements in order to promote a high quality and consistent implementation as well as facilitate comparison and better supervision,

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RBI announces draft revival plan for Yes Bank.

Reserve Bank of India (RBI) today announced a draft revival plan for the beleaguered Yes Bank, in which it has been proposed that SBI can invest in the reconstructed bank for up to 49 per cent stake for nearly Rs 2,450 crore. The central bank has invited suggestions from public on the draft scheme till Monday, after which a final call will be taken.

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Supreme Court lifts curbs on cryptocurrencies, junks RBI circular

he Supreme Court on Wednesday set aside the Reserve Bank of India’s (RBI’s) April 2018 circular asking banks and entities the central bank regulated to stay away from dealing in crypto currencies, including Bitcoin.
The judgment said the circular had been “set aside on the ground of proportionality”. This has given a major relief to exchanges dealing in these crypto currencies. It opens a window for developing a market for crypto currencies, which are formally traded in derivatives markets in the US, with CME allowing trade in them.

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Short Term Crop Loans eligible for Interest Subvention Scheme (ISS) and Prompt Repayment Incentive (PRI) through KCC

The Reserve Bank of India has advised banks to ensure that all short term crop loans eligible for interest subvention and prompt repayment incentive benefit are extended only through the Kisan Credit Card (KCC) with effect from April 1, 2020.

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Slowing credit offtake one of the major challenges for banks: RBI Guv

Reserve Bank Governor Shaktikanta Das on Monday said slowing credit growth is one of the major challenges that banks are facing currently. Loan growth in the system is hovering around 7 per cent.

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Shaktikanta Das uses sports analogy to explain RBI’s stand on banker retirement age

The Reserve Bank of India will not be giving in to the banks’ demand to increase the retirement age of private sector bank chiefs and RBI’s Governor Shaktikanta Das explained it with an analogy from cricket.

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Incentivising Bank Credit to Specific Sectors – Exemption from CRR Maintenance & FAQ on CRR Exemptions

RBI allowed the banks to deduct the equivalent amount of incremental credit disbursed by them as retail loans to automobiles, residential housing, and loans to micro, small and medium enterprises (MSMEs), over and above the outstanding level of credit to these segments as at the end of the fortnight ended January 31, 2020 from their net demand and time liabilities (NDTL) for maintenance of the cash reserve ratio (CRR).

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Incentive scheme for sale of third-party non-banking products under RBI lens

The reward & recognition (R&R) incentives that bankers receive from the sale of third-party non-banking products seem to have come under the Reserve Bank of India’s scanner on concerns of mis-selling and loss of focus on core banking activities.

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