RBI ORDER
LGBTQ persons can open joint bank account: FinMin advisory
The finance ministry has clarified that there are no restrictions for LGBTQ individuals to open joint bank accounts or nominate partners in a queer relationship as nominees. This advisory follows a Supreme Court order from October 2023. The Reserve Bank of India has also issued guidance to all banks on this matter.
Want to make UPI and RuPay truly global: RBI governor Shaktikanta Das
RBI governor Shaktikanta Das announced plans to make UPI and RuPay global to improve cross-border payment systems. The central bank aims to create UPI-like infrastructure overseas and link UPI with other countries' fast payment systems.
IIHL raises concern over Rs 850 cr GST liability for implementation of RCap resolution plan
IndusInd International Holdings, owned by Hinduja Group, informed the National Company Law Tribunal of a Rs 850 crore GST liability issue hindering Reliance Capital's resolution plan. Despite receiving key approvals and being prepared to pay Rs 9,861 crore, the GST liability remains a problem. The tribunal set further hearings for September 19. The resolution plan was initially approved in February 2024.
RBI wants to make unified Payment Interface (UPI) and RuPay truly global, says RBI governor
UPI is an instant real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones. NPCI backed RuPay debit and credit cards compete with international networks like Visa and Mastercard. Speaking at the same Fintech Fest, the Governor also said RBI will focus on strengthening financial infrastructure, including cross-border payment systems. “India, with its tech talent and evolved fintech ecosystem, holds the potential to serve as a global hub for digital innovation and fintech startups,” he said.
How to buy Sovereign Gold Bonds (SGBs) from stock market?
Sovereign gold bonds can be brought from primary market during the window when government announces the dates or from secondary market from secondary market through the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Sending money abroad can become cheaper through UPI: RBI Guv Das
Reserve Bank Governor Shaktikanta Das highlighted that the Unified Payments Interface (UPI) could become a more affordable and faster option for cross-border remittances. Currently, countries like Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE accept UPI payments.
- Go To Page 1
India's Forex reserves increase by $4.54 bn to $674.66 bn as of August 16
India's Forex reserves saw an increase of $4.54 billion to reach $674.66 billion as of August 16, according to the RBI. Foreign currency assets (FCAs) grew by $3.61 billion to $591.57 billion, while gold reserves surged by $865 million to $601.04 billion. SDRs rose by $60 million to $18.34 billion, and the Reserve position in the IMF increased by $12 million to $4.65 billion.
High rates food for thought, but inflation on Governor Das' plate
The views in India's Monetary Policy Committee have become louder with outgoing members Ashima Goyal and J R Varma warning about the risks of a 'higher-for-longer' interest rate approach to economic growth. Both members voted for a repo rate cut, citing concerns over excessive monetary tightening's impact on growth.
India retained its growth momentum in Q1 of FY25, says FinMin's monthly economic review
As highlighted by the report, India's key economic indicators present a positive outlook, underpinned by robust domestic activity, improving external trade, and growing capital flows. It also showed that perceived employment conditions show mixed signals, overall growth indicators suggest sustained momentum as FY25 progresses.
Lenders bank on SC and RBI’s direction to justify JAL’s admission into insolvency
The Supreme Court and RBI mandated the insolvency process for Jaiprakash Associates Limited (JAL) due to notable debt defaults. ICICI Bank emphasized the protection of public funds, presenting JAL's dues of Rs 1269 crore. The National Company Law Tribunal, Allahabad admitted the insolvency case, dismissing JAL's repayment claim.
Banks' borrowings cross ₹9 lakh crore as credit growth outshines deposits
Mumbai's banks saw their borrowings exceed ₹9 lakh crore by July 26, with credit growth outpacing deposit accumulation. As a result, lenders turned to short-term funding methods like interbank repo operations and infrastructure bonds. Despite some improvement in deposit accretion, banks continued to face liquidity shortages, prompting increased market borrowing to meet the rising credit demand.
Monetary policy must be disinflationary to quell food price pressures: RBI bulletin
The Reserve Bank of India might continue its disinflationary monetary policy because high food prices are affecting overall inflation and consumer perceptions. Although the repo rate stayed the same, the RBI emphasized that inflation reduction might be fragile unless food prices fall. Persistent food inflation could threaten broader economic stability.
Revival in overseas fundraising by Indian companies reflects shifting domestic credit market dynamics: RBI Bulletin
Indian firms are turning to international markets to raise funds as global investor interest grows, and borrowing costs improve, reported the RBI. This external borrowing trend coincides with a decline in FDI inflows to $28.1 billion in 2023 from $49.3 billion in 2022, and banks are gearing up to strengthen their capital.
RBI imposes penalties on BoM, Hinduja Leyland Finance, Poonawalla Fincorp
RBI penalized Bank of Maharashtra with Rs 1.27 crore for breaching directives like Know Your Customer. Hinduja Leyland Finance Ltd faced a Rs 4.90 lakh penalty for similar violations, while Poonawalla Fincorp Ltd was fined Rs 10 lakh for charging interest on loans before disbursement, violating loan terms.
Your CIBIL score will be updated faster as credit information companies will now get fortnightly reports from lenders, says RBI
CIBIL score: Now credit information companies like TransUnion CIBIL, etc will get credit information report from lenders on a fortnightly basis. RBI Governor said that this will help borrowers as now they will get faster updates in their credit information report. Moreover this will also help lenders too. Read below to know more.
RBI to make repository of authorised digital lending apps: Take app loans only from these to avoid being scammed
Reserve Bank of India (RBI) plans to create a public repository of digital lending apps to curb rising menace of illegal loan apps in India. RBI Governor Saktikanta Das announced a public repository listing authorised digital lending apps offered by regulated entities. This will empower consumers to identify and avoid illegal loan apps plaguing the market.
How Financial Big Boss Works: From payment crisis to fight with govt, RBI plans web series to reveal it all
The Reserve Bank of India (RBI) plans to release a five-episode web series to commemorate its 90-year history. Each episode will be 25-30 minutes long and available on national television and OTT platforms. The series will cover RBI’s notable events, enhance transparency, and simplify financial concepts. A tender has been issued for production and distribution proposals from experienced Indian entities.
RBI fines Visa, Ola Financial and Manappuram for contravention of PPI, KYC rules
In February, the RBI had ordered the credit card company to stop using an unauthorised route to make some commercial payments, per a Reuters report. The central bank has aimed to tighten scrutiny of the processes followed by financial technology, or fintech, companies.
SC stays Madras HC order asking RBI to evaluate assets of LVB & Indian arm of DBS Singapore
A bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra stayed the high court order and issued notices to Aum Capital, representing the investors, and others on separate appeals of the RBI and the DBS Bank against the HC judgement.
LVB-DBS merger: SC stays Madras HC order asking RBI to conduct fresh valuations of assets and shares of banks
The Supreme Court stayed a Madras High Court order directing the Reserve Bank of India to conduct a fresh valuation of Lakshmi Vilas Bank (LVB) and DBS Bank India (DBIL) in their 2020 merger. The High Court's order included reconsideration of tier-2 bond write-offs and addressing shareholders' and bondholders' grievances.
High Court orders issue of notice to Karnataka government on petition to transfer Valmiki scam case to CBI
The Karnataka High Court has ordered the transfer of a financial irregularity probe from a state SIT to the CBI. The case involves alleged embezzlement of funds from a state-run corporation. The Union Bank of India officials are under investigation, with the Minister resigning and facing arrest.
Delhi HC stays IDBI Bank order to classify former Punj Lloyd chairman Atul Punj’s account as fraud
The Delhi High Court has issued a stay on IDBI Bank's order to classify Atul Punj's account as fraud in relation to loans taken by Punj Lloyd. The court allowed the lender to report to regulatory authorities for further action. The case revolves around differing opinions on fraud classification among banks in the consortium. The court clarified the process for declaring accounts as fraud under RBI guidelines.
‘Should have done better … now learnt the lesson,’ says Paytm founder
Paytm is like a daughter who met with an accident and is in ICU, Vijay Shekhar Sharma says in the context of developments at the payments bank. "I saw it as a daughter on the way for an important entrance test, but met with an accident, and in a way is in ICU right now. That was the feeling from a personal, emotional (point of view),” Sharma said speaking at an event organised by JITO Innovation and Incubation Foundation in New Delhi.
India's services growth picks up in June on record rise in exports
India's services sector saw robust growth in June, driven by strong demand and record export orders, according to the HSBC India Services PMI by S&P Global. The index rose to 60.5, indicating expansion. Hiring reached its highest in nearly two years, while positive sentiment dipped slightly due to market uncertainty.
Bombay High Court orders Bank of Baroda to refund Rs 76 lakh in cyber fraud case
The Bombay High Court ordered Bank of Baroda to refund Rs 76 lakh to a company due to online fraud. The ruling emphasized the importance of customers reporting fraudulent transactions promptly, following RBI guidelines. The court criticized the banking ombudsman for not properly investigating the case.
Services activity growth eases to 5-month low in May
India's services sector output growth moderated in May, reaching its lowest level in five months, according to the HSBC India Services Business Activity Index. The index slipped to 60.2 from 60.8 in April, indicating a softening in services activities due to factors like severe heat waves and price pressures. While domestic new orders eased slightly, they remained robust, supported by strong demand conditions and successful advertising. Export demand also provided support, with new orders rising at the fastest pace in nearly a decade.
Reliance Capital Administrator seeks 10 days extension from RBI to transfer assets to Hinduja Group
The National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, directed IndusInd International Holdings Ltd to implement it within 90 days ending May 27.
L&T Q4 Results: Net profit rises 10% YoY to Rs 4,396 crore
Consolidated revenue for the quarter stood at Rs 67,079 crore, up 15% on a year-on-year basis. The share of international revenues during the quarter was 45%. CFO said order inflows in Q1 and Q2 of FY25 will be muted.
RBI orders Talkcharge Technologies to stop issuing prepaid wallets
The regulator has cautioned users that it has not ordered them to return the cashbacks they earned from the company, but has asked the latter to return customer funds held in its wallets.
Load More
