RBI

Sovereign Gold Bond Scheme 2021-22 (Series IX) – Key Highlights

RBI published Sovereign Gold Bond Scheme 2021-22–Series-IV- Issue price

In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series IV) will be opened for the period July 12-16, 2021 with Settlement date July 20, 2021. The issue price of the Bond during the subscription period shall be Rs 4,807 (Rupees Four thousand eight hundred seven only) – …

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HDFC BANK

Analysis | Under Sashidhar Jagdishan, HDFC Bank is Fighting Two Enemies Simultaneously

A closer look at the first quarter (April-June) numbers of India’s largest private lender shows that the resurgence of COVID-19 has taken a toll on its books. Business growth has slowed down. There is abundant caution over the selection of new loans, including retail assets. On the other hand, the Reserve Bank of India (RBI) audit on …

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RBI

Financial Stability Report, July 2021 released by RBI: Highlights

The Reserve Bank released the 23rd issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial …

Financial Stability Report, July 2021 released by RBI: Highlights Read More »

Union Finance Minister-cd78a149

Stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance Smt. Nirmala Sitharaman

A  1.1 Lakh Cr Loan Guarantee Scheme for COVID Affected Sectors Health Sector: Rs. 50,000 crore Aimed at scaling medical infrastructure targeting underserved areas. Guarantee cover for expansion and new projects related to health/medical infrastructure in cities other than 8 metropolitan cities. The Guarantee coverage is 50% for expansion & 75% for new projects and …

Stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance Smt. Nirmala Sitharaman Read More »

PMC BANK-ad112a96

RBI extends direction imposed on PMC Bank for a further period from July 1, 2021 to December 31, 2021

RESERVE BANK OF INDIA Directions under Section 35-A of the Banking Regulation Act, 1949 (AACS) – Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra – extension of validity period of Directions Punjab and Maharashtra Cooperative (PMC) Bank Limited, Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank was placed under All-Inclusive Directions under Sub-section (1) of Section …

RBI extends direction imposed on PMC Bank for a further period from July 1, 2021 to December 31, 2021 Read More »

PMC

RBI extends PMC Bank Limited restrictions till 31st December, 2021

In response to the Expression of Interest (EOI) dated November 3, 2020 floated by PMC Bank for its reconstruction, certain proposals were received. After careful consideration, by RBI the proposal from Centrum Financial Services Ltd. (CFSL) along with Resilient Innovation Pvt. Ltd. it has been found to be prima facie feasible. Accordingly, in specific pursuance …

RBI extends PMC Bank Limited restrictions till 31st December, 2021 Read More »

Ministry of Finance

Government of India announced Auction for Sale (Re-issue) of ‘4.26% GS 2023’, and ‘5.85% GS 2030’ and ‘6.76% GS 2061’

The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘4.26% Government Security, 2023’ for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) ‘5.85% Government Security, 2030’ for a notified amount of Rs 14,000 crore (nominal) through price based auction, and (iii) ‘6.76% GS 2061’ for a notified …

Government of India announced Auction for Sale (Re-issue) of ‘4.26% GS 2023’, and ‘5.85% GS 2030’ and ‘6.76% GS 2061’ Read More »

RBI ATM-0d8ca797

ATM Cash Withdrawal Rules Changed: RBI

ATM Cash Withdrawal Rules Changed: RBI Reserve Bank of India (RBI) has changed some rules regarding cash withdrawal from automated teller machine (ATM). These ATM cash withdrawal rule changes include higher charges on transactions beyond the free permissible limit, a new free ATM transaction limit and a rise in interchange fee. The new ATM charges …

ATM Cash Withdrawal Rules Changed: RBI Read More »

indian economy

Golden signs for the economy

GDP growth in April-June quarter in last three years 2019– 5%, 2020–23.9%, 2021–18.5%* *RBI Estimates Good news has come for the Indian economy, which is suffering from Covid infection. Economic activities have started increasing in June due to reduction in corona cases and lifting of restrictions in the states. E-way bill and import also improved …

Golden signs for the economy Read More »

RBI Bans Haribhakti & Co From Undertaking Audits For Two Years

RBI FAQs Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)

The Circular dated April 27, 2021 on ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs), has been issued by RBI with the basic objectives of putting in place ownership-neutral regulations, ensuring independence of auditors, avoiding conflict of interest in auditor’s appointments and to improve the …

RBI FAQs Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) Read More »

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RBI: Extension of time to give feedback and Suggestions to the Group of Advisors to Regulations Review Authority 2.0

The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. 2. A Group of Advisors (GoA) to assist RRA was also constituted on May 07, 2021. To undertake its preparatory work, the Group has invited …

RBI: Extension of time to give feedback and Suggestions to the Group of Advisors to Regulations Review Authority 2.0 Read More »

Ministry of Finance

Auction for Sale (Re-issue) of ‘4.26% GS 2023’, ‘5.85% GS 2030’ and ‘6.76% GS 2061’

The Government of India (GoI) has announced the Sale (Re-issue) of: (i) ‘4.26% Government Security, 2023’ for a notified amount of Rs 3,000 crore (nominal) through price based auction,  (ii) ‘5.85% Government Security, 2030’ for a notified amount of Rs 14,000 crore (nominal) through price based auction, and  (iii) ‘6.76% GS 2061’ for a notified …

Auction for Sale (Re-issue) of ‘4.26% GS 2023’, ‘5.85% GS 2030’ and ‘6.76% GS 2061’ Read More »

RBI

RBI Monetary Policy Committee maintain status quo keeps Repo rate unchanged at 4%

The Monetary Policy Committee (MPC) met on 2nd, 3rd and 4th, June 2021 and took stock of the evolving macroeconomic and financial conditions as well as the impact of the second wave of the pandemic. The Governor of the Reserve Bank of India, Shri Shaktikanta Das has announced that the Monetary Policy Committee voted unanimously …

RBI Monetary Policy Committee maintain status quo keeps Repo rate unchanged at 4% Read More »

Ministry of Finance

Emergency Credit Line Guarantee Scheme expanded for on site oxygen generation

On account of the disruptions caused by the second wave of COVID 19 pandemic to businesses across various sectors of the economy,Government has further enlarged the scope of Emergency Credit Line Guarantee Scheme as under: (i) ECLGS 4.0:100% guarantee cover to loans up to Rs.2 crore to hospitals/nursing homes/clinics/medical colleges for setting up on-site oxygen …

Emergency Credit Line Guarantee Scheme expanded for on site oxygen generation Read More »

2000 NOTE

RBI 2000 Note Supply Stopped, 2 crores of fake notes caught

According to report of the RBI for the year 2020-21 During the last full financial year i.e. April 2020 to March 2021, not a single note of 2000 rupees has been supplied by the government. This information is given in the report of Reserve Bank of India for the financial year 2020-21. The government has …

RBI 2000 Note Supply Stopped, 2 crores of fake notes caught Read More »

RBI

RBI Relaxation Compliance Norms with Various Payment System Requirements: RBI NOTIFICATIONS

Relaxation in timeline for compliance with various payment system requirements Keeping in view the resurgence of the COVID-19 pandemic and the representations receivedfrom various bank and non-bank entities, it has been decided to extend the timeline of certain compliance Norms with respect to the Various Payment System Requirements. The Reserve Bank of India (RBI) vide …

RBI Relaxation Compliance Norms with Various Payment System Requirements: RBI NOTIFICATIONS Read More »

sovereign gold bond

Sovereign Gold Bond Scheme 2021-22 (Series II) – Issue Price

In terms of the Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series II) will be opened for the period May 24-28, 2021 with Settlement date June 01, 2021. The issue price of the Bond during the subscription period shall be Rs 4,842 (Rupees Four thousand eight hundred forty two …

Sovereign Gold Bond Scheme 2021-22 (Series II) – Issue Price Read More »

RBI Bans Haribhakti & Co From Undertaking Audits For Two Years

The Reserve Bank of India’s Central Board approved the transfer of ₹99,122 crore as surplus to the Central Government

The 589th meeting of the Central Board of Directors of Reserve Bank of India was held today under the Chairmanship of Shri Shaktikanta Das, Governor, through video conferencing. The Board in its meeting reviewed the current economic situation, global and domestic challenges and recent policy measures taken by the Reserve Bank to mitigate the adverse …

The Reserve Bank of India’s Central Board approved the transfer of ₹99,122 crore as surplus to the Central Government Read More »

CCI

CCI approves the acquisition of YES Asset Management (India) Limited and YES Trustee Limited by GPL Finance and Investments Limited

The Competition Commission of India (CCI) approves the acquisition of YES Asset Management (India) Limited (YES AMC) and YES Trustee Limited(YES Trustee) by GPL Finance and Investments Limited(GPL) today. The proposed combination envisages acquisition of 100% equity shares of YES AMC and YES Trustee by GPL. By way of these acquisitions, GPL will acquire Yes …

CCI approves the acquisition of YES Asset Management (India) Limited and YES Trustee Limited by GPL Finance and Investments Limited Read More »

Customer Due Diligence for transactions in Virtual Currencies (VC)

Government of India announced auction for Sale (Re-Issue) of (i) ‘5.63% Government Security 2026’, (ii) ‘GoI Floating Rate Bond 2033’, (iii) ‘6.64% Government Security 2035’, and (iv) ‘6.67% Government Security 2050’

The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘5.63% Government Security, 2026’ for a notified amount of Rs 11,000 crore (nominal) through price based auction, (ii) ‘GoI Floating Rate Bonds, 2033’ for a notified amount of Rs 4,000 crore (nominal) through price based auction,  (iii) ‘6.64% Government Security, 2035’ for a …

Government of India announced auction for Sale (Re-Issue) of (i) ‘5.63% Government Security 2026’, (ii) ‘GoI Floating Rate Bond 2033’, (iii) ‘6.64% Government Security 2035’, and (iv) ‘6.67% Government Security 2050’ Read More »

sovereign gold bond

Sovereign Gold Bond Scheme 2021-22 (Series I) – Issue Price

In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series I) will be opened for the period May 17-21, 2021 with Settlement date May 25, 2021. The issue price of the Bond during the subscription period shall be Rs 4,777 (Rupees Four thousand seven hundred Seventy seven only) …

Sovereign Gold Bond Scheme 2021-22 (Series I) – Issue Price Read More »

RBI

Rabi Sankar appointed as Deputy Governor of RBI

On Monday, T Rabi Sankar took over the charge of Deputy Governor of RBI for a period of three years. He was earlier the Executive Director of the central bank, looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department. His areas of expertise include …

Rabi Sankar appointed as Deputy Governor of RBI Read More »

RBI

RBI Governor meets MDs and CEOs of NBFC- Micro Finance Institution

The Reserve bank of India Governor, Mr. Shaktikanta Das on Monday met Managing Directors (MD) and Chief Executive Officers of Non- Banking Financial Company- Micro Finance institution (NBFC- MFI) via video conference. The meeting was attended by Deputy Governors M K Jain and Dr M D Patra and a few other senior officials of RBI. …

RBI Governor meets MDs and CEOs of NBFC- Micro Finance Institution Read More »

RBI

Economic Affair Secretary Ajay Seth appointed on RBI Board

The Reserve Bank of India  has appointed Economic Affairs Secretary Ajay Seth on the central bank’s board. Seth replaces Tarun Bajaj, who was appointed as Revenue Secretary earlier this month. A 1987-batch Karnataka cadre IAS officer, Seth assumed charge of the Department of Economic Affairs last week. The nomination of Seth is effective from April …

Economic Affair Secretary Ajay Seth appointed on RBI Board Read More »

Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)

RBI Issues Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Banks

Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies) The Reserve Bank of India had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to improve …

RBI Issues Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Banks Read More »

RBI

RTGS Service will be Unavailable for 14 Hours on 18th April 2021

The Reserve Bank of India (RBI) has issued a Press Release to inform that: A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from …

RTGS Service will be Unavailable for 14 Hours on 18th April 2021 Read More »

Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)

RBI Monetary Policy Key Points

RBI Monetary Policy Key Points :- Economic growth forecast for the current financial year remains at 10.5 per cent. Keeping the policy rate unchanged for the fifth consecutive time, the repo rate remains at four per cent. Inflation rate will be maintained at the target level. The retail inflation rate could be 5.2 per cent …

RBI Monetary Policy Key Points Read More »

RBI

RBI enhances loan limit under Priority Sector Lending

With a view to encouraging farm credit to individual farmers against pledge/hypothecation of agricultural produce, RBI decided to enhance the loan limit under priority sector lending (PSL) from Rs 50 lakh to Rs 75 lakh per borrower against the pledge/hypothecation of agricultural produce backed by Negotiable Warehouse Receipts (NWRs)/electronic-NWRs (e-NWRs) issued by warehouses registered with …

RBI enhances loan limit under Priority Sector Lending Read More »

RBI

Publish of Financial Inclusion Index decided by RBI

The Reserve Bank of India Governor Shaktikanta Das announced the publication of the Financial Inclusion Index. Financial Inclusion has been a thrust area for the Government, the Reserve Bank and other regulators, with significant progress made over the years. To measure the extent of financial inclusion in the country, the Reserve Bank proposes to construct …

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