New Delhi: The central bank RBI has imposed fines on 14 banks for violating certain rules related to disbursement of loans. The country's largest State Bank of India is also included in these banks. Apart from this, RBI has also imposed penalty on IndusInd Bank, Bandhan Bank and Bank of...
RBI launches latest round of quarterly survey on manufacturing sector
Mumbai: The Reserve Bank (RBI) has been conducting the OBICUS of the manufacturing sector on a quarterly basis since 2008. The RBI on Tuesday said it has launched the latest round of its quarterly Order Books, Inventories and Capacity Utilisation Survey (OBICUS) of the manufacturing sector, results of which are...
RBI amended the norms to calculate interest on overdue term deposits
Mumbai: The Reserve Bank of India (RBI) has amended the norms as per which unclaimed maturity proceeds of term deposits (TDs) with banks will attract the rate of interest as applicable to savings accounts or the contracted rate of interest on the matured TD, whichever is lower. As per the...
RBI ban on new credit cards sale hit mkt share, will come back with a bang once embargo lifted: HDFC Bank
Mumbai: The bank's head of consumer finance, digital banking and information technology, Parag Rao, said that it has used the last six months to ''introspect, re-engineer and innovate'' about the cards business, where it has 15.5 million customers. The bank has lost its market share by a couple of percentage...
RBI launches FY21 round of survey on ITES exports
Mumbai: The Reserve Bank on Thursday said it has launched the 2020-21 round of its annual survey on computer software and information technology enabled services (ITES) exports, results of which are used for compilation of balance of payments statistics. The RBI has been conducting this annual survey since 2002-03. It...
RBI bans DHFL from taking deposits under Pirmal mgmt
Mumbai: The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group''s bid to take over it towards the end of the...
We have major concerns over cryptocurrencies: Das
Mumbai: The RBI had first come out with a circular on the issue in 2018, cautioning people about investing in cryptocurrencies, which do not have any sovereign character.It had barred entities regulated by it from dealing in such instruments. RBI Governor Shaktikanta Das on Friday made it clear that the...
RBI will again give financial help to Modi government
New Delhi: For the nine-month accounting period of the last financial year 2020-21, the RBI has approved transfer of surplus of Rs 99,122 crore to the Central Government. The decision to transfer surplus to the central government was taken in a meeting of the central board of directors of RBI....
PSBs to quickly implement measures announced by RBI: Das
Mumbai: RBI Governor Shaktikanta Das on Wednesday asked state-owned banks to quickly implement measures announced by the central bank recently in the ''right earnest'', and to continue focussing on steps to enhance the resilience of their balance sheets. Das during a meeting with the MDs and CEOs of public sector...
Corona’s second wave has proved to be a major setback for demand: RBI
New Delhi: The Reserve Bank of India (RBI) said on Monday that the second wave of Corona has caused a huge reduction in demand. The RBI said in its monthly bulletin that the economic activity in the first quarter of the current financial year "did not decrease much but caused...