RBI says haste in easing norms for banks harmful to economy.
After the screening, the shortlisted candidates will be vetted by an external committee, to be headed by former RBI governor, Bimal Jalan.
The investigative arm of MRTPC has alleged flagrant flouting of the November 2005 RBI guidelines on credit cards by commercial banks like ICICI, HSBC and Citibank.
Chit funds can accept subscription from NRIs on non-repatriation basis
The RBI has set up a panel to review ATM charges, and fees levied by banks.
The proposal is being examined by the finance ministry in the run-up to Budget 2008-09. The banks have told Finance Minister P Chidambaram that there is a considerable divergence between the provisions made according to the RBI guidelines and the deductions allowed by the Income Tax Act.
Set to be allowed to apply for bank licences in the final guidelines expected by the end of the month
In order to promote the housing sector, Reserve Bank of India on Friday decided to rationalise risk weightage on housing loans, making the product attractive for both borrowers and lenders. With revision in the risk weightage, the requirement of capital provision for banks will come down. This will encourage banks to push housing loan products with attractive features.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
RBI deputy governor N S Vishwanathan has said the new framework was in line with the Insolvency and Bankruptcy Code guidelines.
The Reserve Bank on Tuesday said it would come out with norms on salaries of CEOs of private and foreign banks by June end, in a move reminscent of the US seeking to control pay of Wall Street executives.
Only when we are part of the same family, which will happen down the line, then, of course, we will give them (PMC depositors) all the assurance and the comfort.'
LIC will kickstart its credit card business in September 2008.
The government may exempt investments in asset reconstruction companies from income tax in the forthcoming Budget to boost the bad assets recovery business.
Besides, two new entities-- IDFC and Bandhan -- have been given full-fledged banking licence.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
Six months after a Rs 400-crore fraud was detected in its Gurgaon branch, the Reserve Bank of India (RBI) on Monday rapped Citibank for the episode.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
It may be a 'no-go' for banking licences to large industrial houses.
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
The Reserve Bank of India on Monday gave banks time till end of December 2023 to complete renewal of agreements for the existing safe deposit lockers of customers. Banks were earlier required to complete the process by January 01, 2023. The central bank has asked them to complete work in phases with intermediate milestones of 50 per cent by June 30, and 75 per cent by September 30.
Nobody is held accountable for lapses, no matter how badly it affects the person or business whose accounts are frozen. Nor is there compensation for losses. Most people get to know their accounts are blocked only when a cheque bounces, points out Debashis Basu.
The Reserve Bank on Wednesday said it plans to issue new bank licences around January, "consistent with the highest standards of transparency and diligence."
The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
It is clear as daylight to anyone that a charge or a cost to simply reduce interest on a floating rate loan is extortion, but this is exactly what the RBI has officially sanctioned, says Debashis Basu.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
Bank licencing has been a "once in a decade" affair and so it could well be that we don't face this process anytime soon.
RBI may revise remuneration for banks.
The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
Customers with non-KYC accounts will be subject to stiff conditions imposed by the RBI on December 19 for deposit of
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
HDFC Bank is planning to float a NBFC outfit and start fund-based activity, to take advantage of new RBI guidelines, its chairman Jagdish Capoor said.
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
The Delhi Commission for Women has issued a notice to Indian Bank seeking withdrawal of its new recruitment guidelines which prevents a woman, who is three or more months pregnant, from joining service.
With a sole mandate of inflation targeting, RBI wears many hats.
This is the fourth consecutive time that the RBI has kept key interest rates unchanged despite clamours from the industry to cut rates to boost economy.
'Only the coming years will tell whether the government finds this an easy way of relieving itself from its fiscal constraints.'
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