Tag Archives: RBI
RBI to link base rate with MCLR
The Reserve Bank of India has said that it will link the base rate with the MCLR from 1st of April this year to ensure expeditious transmission of its policy rate to borrowers. In a statement, RBI said, though it had introduced the Marginal Cost of Funds based Lending Rates (MCLR) system with effect from 1st April 2016, the Central bank observed that a large proportion… Read More
RBI highlights of the 6th bi-monthly
monetary policy statement:
* Key lending rate (repo) unchanged at 6 pc;
* Reverse repo rate remains at 5.75 pc and marginal standing facility (MSF) rate and Bank Rate at 6.25 pc;
* Monetary policy’s stance neutral;
* Petrol and diesel prices rose sharply in Jan, reflecting lagged pass-through of past increases in global crude prices;
* Retail inflation… Read More
RBI Monetary Policy Committee meeting begins in Mumbai
Reserve Bank of India’s Monetary Policy Committee (MPC) meeting will begin today in Mumbai. The six-member MPC headed by RBI Governor Urijit Patel will meet for the Sixth Bi-monthly Monetary Policy Statement for 2017-18.
RBI may keep policy rates on hold this week. It may toughen its warning against inflation, lying on the ground for a hike in 2018 after prices… Read More
Government to invite fresh applications for RBI Deputy Governor post
The government will soon invite fresh applications for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra retired on completion of his three-year term on July 31, 2017.Although interviews were conducted on July 29 last year, the government has decided to start the process all over again, sources said without giving reasons.
Advertisements… Read More
RBI says not connected with study on Aadhaar security aspects
The Reserve Bank of India has clarified that neither the central bank nor its researcher was in any way connected to a study on security aspects of Aadhaar. In a statement, the RBI said, it has come across some media reports attributing the study by one S Ananth, an adjunct faculty of Institute for Development and Research in Banking Technology (IDRBT) to RBI… Read More
Government seeks 13,000 Cr surplus from RBI
The government has not asked the Reserve Bank to pay any special dividend and is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said.In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017. It was less than half the Rs 65,876 crore it had paid in 2015-16.
The … Read More
99% of demonetised notes back in system | RBI
The Reserve Bank of India in its annual report confirmed that almost 99 per cent of banned Rs 500 and Rs 1000 notes that were demonetised last November have returned to the system.
In the report for 2016-17, the RBI said that out of 632.6 crore pieces of Rs 1,000 currency notes in circulation, 8.9 crore have not been returned post the note ban last November.
The… Read More
Banks urged to work towards account number portability | RBI
Reserve Bank of India Deputy Governor S S Mundra has asked banks to work towards account number portability, as it will be a far-reaching step towards enhancing competition and improving customer service.Speaking at the annual conference of banking ombudsmen in Mumbai , he said banks should look forward to providing more choices to the new generation of customers… Read More
RBI | Sets up Supervisory Colleges for six Scheduled Commercial Banks
Reserve Bank of India (RBI) has informed that Supervisory Colleges have been setup for the following six Scheduled Commercial Banks which have sizeable international presence:-
State Bank of India, ICICI Bank Ltd., Bank of India, Bank of Baroda, Axis Bank Ltd. and Punjab National Bank.
The objectives of the colleges are to enhance information exchange and… Read More
RBI pushes Make in India for currency security features
In a big ‘Make in India’ push, the Reserve Bank came out with fresh tender for currency security features, mandating that the supplier set up the manufacturing unit in the country within two years and gradually increase the local content.
RBI cancelled two tenders issued earlier for supply of security features and fibre for currency notes in… Read More
RBI Deputy Governor urges for focus on MSMEs
RBI Deputy Governor S S Mundra has urged lenders to look at the MSME sector as a potential area of growth. Speaking at a ceremony to launch SIDBI’s Certified Credit Counsellors program in Mumbai today, Mr. Mundra said the micro, small and medium enterprises are one of the most important vehicles for inclusive growth, job creation and poverty alleviation.… Read More
