The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
India's forex reserves dropped Rs 2.065 billion to Rs 686.064 billion for the week ended May 2, the RBI said on Friday.
The Reserve Bank of India's (RBI's) caution on inflation, highlighted during the recent monetary policy meeting, may put investors' faith in fast moving consumer goods (FMCG) stocks to test, analysts said. They, however, believe FMCG stocks may ride through this near-term investor anxiety as related companies are, typically, well-equipped to handle inflation due to their pricing power and steady demand for essential goods.
State-owned Bank of Baroda (BoB) on Sunday said it has cut its benchmark lending rate linked to repo rate by 50 basis points in line with the RBI's rate reduction. Meanwhile, private sector HDFC Bank reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across tenure, which will benefit borrowers whose loans are linked to this benchmark.
The move is to align affordable housing finance flows to the increase in property costs and inflation, says Raghu Mohan.
India's consumer price index (CPI)-based retail inflation rate is likely to have cooled further in June, thus remaining below the 4 per cent target of the Reserve Bank of India (RBI) for a fifth consecutive month, giving the central bank wiggle room to focus on growth. Economists reckon that the decline is on account of easing prices in various categories of goods, especially food items, and a favourable base effect.
Kolkata Police intercepted a military truck for alleged reckless driving, a day after the army dismantled a TMC protest stage. The incident occurred near the Writers' Buildings, with police citing dangerous driving and traffic violations. Army officials deny any wrongdoing.
Despite gross domestic product (GDP) growth being lower-than-expected for the July-September quarter, the six-member Monetary Policy Committee (MPC) may not cut the policy repo rate in the review meeting scheduled for next week due to high inflation in October, according to experts. "Consumer Price Index (CPI) inflation breaching the upper limit of the RBI's tolerance band in October (6.2 per cent year-on-year) is not a favourable backdrop for the MPC to commence the easing cycle, even as the growth outcome disappointed the MPC's expectations," said Shreya Sodhani, regional economist at Barclays, who expects the policy repo rate to be kept unchanged in the December meeting.
The famous 'tareekh pe tareekh' dialogue from the Hindi movie Damini captures where we are now.
The gross non-performing assets of banks may rise to 13.5 per cent by September 2021, from 7.5 per cent in September 2020, under the baseline scenario, according to Financial Stability Report (FSR) released by the Reserve Bank of India.
Reserve Bank of India (RBI) Governor Shaktikanta Das has said the decision on interest rate moderation will be based on long-term inflation trajectory and not monthly data. The Monetary Policy Committee (MPC) headed by the RBI Governor is scheduled to meet between October 7 and 9 and take call on interest rate. The RBI kept the repo rate unchanged at 6.5 per cent for the ninth time in a row amid risks from higher food inflation.
Banks have been borrowing heavily from the Tri-Party Repo (TREPS) market and deploying those funds into the Standing Deposit Facility (SDF) of the Reserve Bank of India (RBI), which is offering higher interest rate than the former, leading to increased volumes in the SDF window. The weighted average TREPS rate was trading at 5.66 per cent on Monday, 9 basis points lower than the SDF rate which currently stands at 5.75 per cent.
India's forex kitty jumped $6.596 billion to $665.396 billion during the week ended March 28, the RBI said on Friday. In the previous reporting week, the overall reserves rose by $4.53 billion to $658.8 billion, the RBI said on Friday.
The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
India's forex reserves dropped $4.89 billion to $685.73 billion for the week ended May 16, the Reserve Bank of India said on Friday. The overall reserves jumped by $4.553 billion to $690.617 billion in the previous reporting week.
India's forex reserves jumped $8.31 billion to $686.14 billion for the week ended April 18, the RBI said on Friday. This is the seventh consecutive week of a rise in the kitty, which had jumped by $1.57 billion to $677.83 billion in the previous reporting week ended April 11.
The Indian services sector growth touched an 11 month high in July, supported by a pickup in new exports orders and sharp rise in overall sales, a monthly survey said on Tuesday. The seasonally adjusted HSBC India Services PMI Business Activity Index was at 60.5 in July, little-changed from 60.4 in June, and the rate of expansion was the best seen since August 2024.
India's forex reserves jumped $10.87 billion to $676.27 billion during the week ended April 4, the Reserve Bank of India (RBI) said on Friday. The overall kitty had jumped $6.6 billion to $665.4 billion in the previous reporting week.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
The Reserve Bank of India (RBI) on Monday directed banks and non-banking financial companies (NBFCs) offering gold loans to thoroughly review their policies, processes, and practices to identify any gaps. The central bank also told them to closely monitoring their gold loan portfolios amid significant growth observed in this segment vis--vis some lenders. Additionally, the RBI, through a circular, instructed these lenders to ensure adequate controls over outsourced activities and third-party service providers.
Filling of Rs 100 and Rs 200 notes result in faster depletion and more frequent cash replenishment. This will cost banks and managed service providers more.
In the month of May, the victim got a call from a person identifying himself as telecom department staffer Amit Kumar, who told her a SIM card had been bought with her personal details for use in criminal activities.
The government on Tuesday appointed three external members -- Ram Singh, Saugata Bhattacharya and Nagesh Kumar -- to the RBI's rate-setting Monetary Policy Committee for four years. The central government has reconstituted the Monetary Policy Committee (MPC) of RBI, the finance ministry said in a statement. Ram Singh is the director of the Delhi School of Economics, Saugata Bhattacharya is an economist, and Nagesh Kumar is the director and Chief Executive, Institute for Studies in Industrial Development, New Delhi.
The Reserve Bank of India (RBI) has sought granular data from select non-banking financial companies (NBFCs) on their loan book growth. The details sought are on the outstanding product-wise portfolio and the annualised interest charged on them. The annualised interest slabs mentioned are as follows: less than 10 per cent, 10-20 per cent, 20-30 per cent, 30-40 per cent, 40-50 per cent, and above 50 per cent.
'India has the potential to grow at more than 7%, with the monetary policy providing a supportive hand.'
The Enforcement Directorate (ED) has frozen Rs 110 crore and seized 1,200 mule credit cards following searches against the Indian operations of Parimatch, a Cyprus-based online betting platform, for alleged money laundering and cheating investors.
State Bank of India, HDFC Bank and ICICI Bank have again been named as Domestic Systemically Important Banks (D-SIBs) by the Reserve Bank of India. The Reserve Bank on Wednesday came out with the list of D-SIBs.
Even as the high inflation figure for October has ruled out any possibility of a rate cut by the Reserve Bank of India's (RBI's) monetary policy committee (MPC) in December, a rate cut in February also looks uncertain due to global uncertainties. Economists told Business Standard that unless domestic growth slows markedly, the outlook on rate cut remains unclear. India's headline inflation touched a 14-month high of 6.2 per cent in October, breaching the MPC's upper tolerance band of 6 per cent.
Bharti Airtel sees opportunity in raising tariff for data services as it feels that rich are paying less and poor are not required to pay anymore, a senior official of the company said. During the company's earnings call for the first quarter of the current fiscal, Bharti Airtel vice-chairman and MD Gopal Vittal said that the company has written to the government for a relief on adjusted gross revenue and has demanded that it should be given benefit at par with other telecom operator, without naming Vodafone Idea.
The Reserve Bank's rate setting panel on Thursday met to finalise a report for the government on why it failed to keep retail inflation below the target of 6 per cent for three consecutive quarters since January this year, said sources. The report will be presented to the government as per the Reserve Bank of India Act, they added. The six-member Monetary Policy Committee (MPC) is headed by Governor Shaktikanta Das.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
Banks reported muted treasury gains during April-June of FY25 (Q1FY25) following Reserve Bank of India's (RBI's) revised norms on investment portfolio effective from April 1, 2024, despite softening of government bond yields. "Banks have reported muted treasury gains during Q1 of FY25 despite softening of yields across the curve. "The main reason was change in the investment valuation and classification guidelines by the RBI.
The country's forex reserves jumped by $4.53 billion to $658.8 billion during the week ended March 21, the RBI said on Friday. In the previous reporting week, the overall reserves had increased by $305 million to $654.27 billion.
The government has invited applications for the post of deputy governor of the Reserve Bank of India (RBI) from interested candidates with at least 25 years of experience and below 60 years of age as on January 15, 2025. One of the deputy governors, Michael Patra's current term will end on 15 January. The last date of submission of applications is November 30, 2024.
The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row but changed its stance to 'neutral' that may lead to a cut in the forthcoming policies. RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month.
'Maintain a balanced approach with a preference for short-to medium-duration funds.'
The proposed reforms in goods and services tax (GST) announced by the government last week, coupled with the eighth pay commission dole-out, is likely to push consumption-driven stocks - such as air conditioners (ACs), select automobiles, fast-moving consumer goods (FMCG), retail, and counters of quick-service restaurants (QSRs) - into higher orbit over the next few months, believe analysts.
We propose an expert group be set up to form a national strategy on digital fraud. This group would bring together skills in financial regulation, security economics, cyber defence, and public communications, and an understanding of the Indian financial and security systems. It should lay the foundations of a coordinated approach by the Indian State in fighting digital fraud, suggest Ajay Shah and Nandkumar Saravade.
India's real GDP growth in FY26 will slide further to 6.2 per cent in FY26 from 6.5 per cent in FY25, a Japanese brokerage said on Monday. In a research report, Nomura said there is a "divergence" between the growth in GST collections and across other high-frequency growth indicators like auto sales and bank credit growth.
Religare Enterprises, a financial services firm, has disclosed that the Reserve Bank of India (RBI) turned down its application to appoint Rakesh Asthana as its whole-time director in May this year without citing any reasons. Asthana is a former top official of the Central Bureau of Investigation (CBI). In a notice to the stock exchanges, Religare said that while the company and Asthana were weighing the options of dealing with the letter of refusal by the RBI, it was also busy in preparing for the "herculean task" of making ready multiple applications to regulators.
