RBI

RBI to look for new deputy governor

RBI to look for new deputy governorIndia’s central bank, the Reserve Bank of India will start looking for a new deputy governor as incumbent KC Chakrabarty is scheduled to retire from the post in April.

Rupee closes below 60 per dollar for first time in 8 months

Rupee closes below 60 per dollar for first time in 8 monthsThe India rupee on Friday closed below the 60 per US dollar-mark for first time since August last year, as foreign institutional investors (FIIs) continued pumping dollars into the third largest Asian economy.

The rupee yesterday opened firmer at 60.19 per dollar against its previous close of 60.32 and closed at 58.89 a dollar.  At one point, the currency hit a high of 59.69 per dollar.

Bankers and analysts attributed the firmness in the currency to strong demand for the local currency by traders and foreign institutional equity players.

Commerce Minister Anand Sharma hopeful of rate cut

Commerce Minister Anand Sharma hopeful of rate cut Commerce & Industry Minister Anand Sharma has expressed hope that the Reserve Bank of India (RBI) will cut interest rates to boost growth in its upcoming policy review.

Mr. Sharma said he was hopeful that declining inflation would be taken into account by the central bank in next monetary policy review that is scheduled to take place on April 1, 2014.

When asked whether the central bank would cut interest rates in view of declining inflation, he said, "We hope they will factor this in."

RBI hasn’t moved to inflation targeting yet: Raghuram Rajan

RBI hasn’t moved to inflation targeting yet: Raghuram RajanThe Reserve Bank of India (RBI) has not yet started inflation targeting as it was suggested to do by the Urjit Patel committee, RBI Governor Raghuram Rajan said.

Mr. Rajan said the central bank was still discussing recommendations made by Deputy Governor Urjit Patel-led committee with the Union government. He stressed that inflation targeting appeared to be a sensitive issue.

Govt. starts easing gold import curbs

goldThe Reserve Bank of India (RBI) has reportedly allowed five private-sector banks to import gold, taking a significant step towards easing of tough curbs that it imposed on the precious metal last year to salsh the country's current account deficit (CAD).

The private-sector banks that have been permitted to import gold are: HDFC Bank, Yes Bank, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank. Two people familiar with the development confirmed the names of the banks, but they didn't want to be named because they weren't authorized to speak on the matter.

RBI inducts fraud detection expert into United Bank of India’s board

RBIThe Reserve Bank of India (RBI) on Tuesday inducted Pravathy V Sundaram into the board of United Bank of India.

Sundaram replaced Surekha Marandi as the central bank's representative on the UBI board. Marandi's three-year term came to an end on Tuesday. Sundaram will hold a position of an independent non-executive director on the public sector lender's board.

RBI clarifies on gold imports

RBINominated banks and agencies would not be permitted to import gold in excess of their entitlements in the first or second lot under the 80:20 scheme, the Reserve Bank of India (RBI) declared on Friday.

Introduced in August last year, the 80:20 scheme allows nominated banks and agencies to import gold on the condition that at least 20 per cent of the imported metal would be made available for the sole purpose of exports. They are allowed to import the next lot after they have fulfilled the export obligation.

ATMs soon to fork out cash without bank account too

Raghuram-RajanMumbai, Feb 12 : People without a bank account in India would soon be able to withdraw cash from an automated teller machine (ATM) with the use of mobile technology, Researve Bank of India Governor Raghuram Rajan announced here Wednesday.

At present, only bank account holders can withdraw cash from an ATM.

"We have recently approved the in-principle setting up of a payment system which will facilitate the funds transfer from bank account holders to those without accounts through ATMs," Rajan said while speaking at the NASSCOM India Leadership Forum on financial inclusion and technology.

India’s banking sector may generate up to 20 lakh new jobs: say experts

India’s banking sector may generate up to 20 lakh new jobs: say expertsIndia's expanding banking sector will likely generate up to 20 lakh new jobs in the next five-ten years, according to fresh estimates by finance sector experts.

The government and the Reserve Bank of India (RBI) have been taking several steps, such as issuance of new licences, to ensure expansion of financial services to rural and remote parts of the country.

RBI scraps 26% cap on interest rate for MFIs

RBI scraps 26% cap on interest rate for MFIsIndia's central bank, the Reserve Bank of India (RBI) has said that it has removed 26 per cent cap on the interest rate that can be charged by a microfinance company to its borrowers.

The central bank has also prescribed a new method of determining the rate for the industry. The RBI said that MFIs can arrive at their lending rate by calculating their cost of funds and adding the prescribed margin. The new method will allow the companies to determine their interest rates.

CII's Chandrajit Banerjee startled by RBI's repo rate hike

Chandrajit-BanerjeeNew Delhi, Jan 29 : Chandrajit Banerjee, Director General of CII is reportedly surprised by the RBI's decision to increase the repo rate despite all indicators suggesting that a status quo was in order.

In a press release, Banerjee said that while CII recognised the overwhelming concern of the monetary authorities to keep inflation under check, it expected RBI to take cognizance of the faltering investment and consumption demand, which is preventing the economy from realising its growth potential.

CPI requires a whole lot of sophistication

CPI requires a whole lot of sophistication The Reserve Bank of India (RBI) wants to make CPI its main inflation measure and use it to set an inflation target, but any such move will not be easy.

For years, India has been relying on changes in wholesale prices as its main inflation gauge. But, data about wholesales prices is mainly collected from urban parts of the country, leaving rural areas in seclusion. But, depending on wholesale data can not help regulators in crafting a precisely apt monetary policy as there is a wide gap between wholesale and consumer inflation in the country.

RBI hikes repo rate in a surprise move

RBI hikes repo rate in a surprise moveMumbai, Jan 28 : The Reserve Bank of India (RBI) on Tuesday unexpectedly raised its policy interest rate by 25 basis points to 8 percent.

The policy decision was driven by an expectation that consumer price index (CPI) inflation will remain high, an indication that the RBI is looking to adopt a recent proposal to base its policy rate decisions on a CPI target.

Notes printed before 2005 will remain legal, says RBI

RBIIndia's central bank, the Reserve Bank of India (RBI) has clarified that the currency notes that were printed before 2005 will continue to be legal tender.

The central bank said that the move to withdraw banknotes printed prior to 2005 is aimed at pulling off these bank notes from the market. The central bank pointed out that it is a common global practice to withdraw older series notes. The central bank said that the notes printed prior 2005 "have fewer security features compared to banknotes printed after 2005."

India's forex reserves down $1.20 billion

India's forex reserves down $1.20 billionMumbai, Jan 25 : India's foreign exchange (forex) reserves decreased by $1.20 billion to $292.08 billion for the week ended Jan 17, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had increased by $177.8 million to $293.28 billion for the week ended Jan 10.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by $1.20 billion to $265.93 billion. The foreign currency assets had risen by $190.3 million to $267.14 billion in the previous week.

RBI to withdraw all currency notes issued before 2005

RBI to withdraw all currency notes issued before 2005The Reserve Bank of India (RBI) on Wednesday announced that it would withdraw all currency notes issued before 2005 from April 1, 2014.

The move is being seen as the central bank's two-pronged strategy to tackle the problems of black money and fake currency notes in the system.

Commenting on the central bank's move, a board member of a foreign fund, said, "The move is akin to demonetisation and will impact hoarders of cash (black money) and weed out fake currencies to a large extent from the system."

Currency notes issued before 2005 to be withdrawn: RBI

Currency notes issued before 2005 to be withdrawn: RBIMumbai, Jan 22 : Currency notes issued before 2005 will be completely withdrawn from circulation by the end of the current financial year ending March 31, the Reserve Bank of India (RBI) said Wednesday.

The central bank said from April 1, 2014, public would be required to approach banks for exchanging these notes.

"Banks will provide exchange facility for these notes until further communication," the RBI said in a statement.

RBI sets up expert panel to review bank boards’ governance

RBI sets up expert panel to review bank boards’ governanceThe Reserve Bank of India (RBI) on Monday announced that it had set up an expert panel to review governance of bank boards and make recommendations.

Headed by former Axis Bank CEO PJ Nayak, the panel will review the RBI's regulatory guidelines on ownership of banks and representation in their boards, among other things.

The eight-member panel will also determine if there is any clash of interest in board representation.  In addition, it will assess and review the `fit & proper' criteria for all categories of directors of banks.

India's forex reserves up $177 mn

India's forex reserves up $177 mnMumbai, Jan 18 : India's foreign exchange (forex) reserves increased by $177.8 million to $293.28 billion for the week ended Jan 10, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had declined by $2.59 billion to $293.10 billion for the week ended Jan 3 2013.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, grew by $190.3 million to $267.14 billion.

The foreign currency assets had fell by $1.68 billion to $266.95 billion in the previous week.

RBI to purchase government bonds to ease liquidity

RBIIn a bid to ease liquidity conditions in the market, the Reserve Bank of India (RBI) will soon purchase government bonds worth crores of rupees under Open Market Operations (OMOs).

The central bank on Friday announced that it would purchase the government bonds of up to Rs 10,000 crore under OMOs on Wednesday, January 22. This is going to be the first OMO auction by the central bank in the last two months.

Announcing the decision, the central bank said that the move aimed at ensuring adequate flow of credit to the economy's productive sectors.




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