In Reserve Bank offices, 59 CVPS machines are used and each machine is operated by a set of five persons under a supervisor who supervises a cluster of machines
Join Rajiv Raj of Credit Vidya on how you can get good CIBIL score and home loan rates at 4.30 on Rediff ZaraBol.
RBI may also be open to injecting liquidity through open market purchases of bonds but is resisting relaxing capital buffers for banks.
RBI aiming to bring down headline number to 8% by end of this year and to 6% by the end of next year.
Any bank found issuing or accepting note packets in stapled condition will be liable to be penalised under the existing provisions of Banking Regulation Act, 1949, Reserve bank of India said on Thursday.
The Indian government and RBI must keep foreign equity investors happy and avoid crushing growth expectations, notes Akash Prakash.
The Dun & Bradstreet Composite Business Optimism Index stands at 81.1 during the 2nd quarter of 2016
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
RBI would like to work on examining the regulatory framework for the voluntary withdrawal by the entrepreneur.
Nuclear companies from the US, Russia and France, as well as Indian power majors, have unanimously appealed to the Government of India (GoI) for various changes in the rules to facilitate foreign and private sector investment.
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
The Reserve Bank of India has said Indian companies merging with overseas firms will continue to be treated as entities resident in the country under the Foreign Exchange Management Act (FEMA). There is no provision for such a merger under the current Companies Act. But a Bill to amend the Act tabled in the Budget session of Parliament proposes to allow Indian companies to merge with overseas companies, under section 205, a move that could introduce greater flexibility in
The panel was set up to suggest ways to reform India's monetary policy.
Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) next week to review performance of the lenders and progress made by them to support the economy battered by the COVID-19 pandemic. Banks would be urged to sanction loans for productive sectors to accelerate revival of the economy, sources said. According to sources, the two-day meeting would commence on November 17 and undertake a comprehensive review of various segments, progress in government schemes including Aatmanirbhar Bharat Abhiyan.
Discussions are on in government about how to make the process simpler for the poor and more cost-effective for telecom operators, says Subhomoy Bhattacharjee.
Two months before the microfinance sector crisis in October, an internal committee of the Reserve Bank of India (RBI) had warned of possible problems in the sector.
The CBI, in its letter, said the matter was 'analysed' by the agency and it 'revealed violations of RBI guidelines and FEMA regulations'.
The objective of the new legislation is to have a uniform law regulating money lending, removing the existing abuses and malpractices in the business and to protect the debtor, particularly farmers, from payment of abnormal interest rates.
The government has amended its laws to have a bigger say in the decision making of the Reserve Bank of India (RBI) by having two members on the central bank's board as compared to one now.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
The coins will be circular in shape and have a diameter of 23 millimetres.
Fitch reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a still strong medium-term growth outlook compared with similar category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
The home minister said eight people were killed -- six in Madhya Pradesh and one each in Uttar Pradesh and Rajasthan, during Monday's Bharat Bandh.
The Supreme Court on Thursday directed the Election Commission of India (ECI) to produce before it in sealed cover the "up to date" data of funds received by political parties through electoral bonds till September 30, 2023.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
The CJI has also kept with himself matters concerning arbitration, habeas corpus, criminal cases, contempt of court and ordinary civil matters.
Uttam Galva Steels is a part of the Reserve Bank of India's second list of cases, which will be referred to the bankruptcy tribunal for insolvency proceedings after lenders failed to resolve the account by December 2017.
Many bankers say the move will have a serious impact on the chain of command of nationalised banks and that it would only enable the government to dish out favours to a few of their own men.
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
Earlier this month, RBI told the Delhi high court that Google Pay is a third party app provider and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007.
Among the assets in question include the Force India and Indian Empress super-yacht - which was fitted with an Elton John piano around 2015, a fleet of high-value cars and some artwork from Mallya's Ladywalk property in the English village of Tewin in Hertfordshire.
'No one cares about fiscal deficit now. Or for that matter, inflation.' 'The focus is on growth and growth alone.' 'RBI needs to break the risk aversion of banks and infuse adrenaline in their veins', says Tamal Bandyopadhyay.
Officials said Sebi first proposed to the FinMin to amend the relevant provisions in the Sebi Act to discontinue RBI's representation on its board, as it already has adequate presence of government nominees and in its over 25 years of existence the regulator has evolved as an "effective and one of the best in the world".
Under current laws, banks are required to maintain at least 25 per cent of the deposits under SLR by investing in government securities, which no longer provide attractive returns.
Expressing his satisfaction over the government's move to slash fiscal deficit target, Das said it will help improve investment by the private sector as crowding out impact will be less.
