RBI
RBI revamps loan transfer and securitisation rules
These are part of the sweeping changes the regulator announced in the loan transfer as well as securitisation rules in order to improve governance. The regular has mandated banks to follow a board approved policy for the same.
Easing of inflation provides RBI space to support growth
“As pandemic scars heal and supply conditions are restored with productivity gains, a sustained easing of core inflation can be expected, which will reinforce the growth-supportive stance of monetary policy,” said the RBI article, prepared by its economic wing led by deputy governor Michael D Patra.
Gains from PLI should be more durable: RBI Governor Shaktikanta Das
"The Production Linked Incentive (PLI) scheme announced by the government for certain sectors is an important initiative to boost the manufacturing sector" said RBI governor Shaktikanta Das.
RBI Deputy Governor stresses on need to mainstream green finance
He noted that the global understanding of systemic impact of climate change on the economy and the financial system as also its resultant impact on financial stability is evolving and, accordingly, the responses of central banks and supervisors around the world have also been developing.
Don't see RBI withdrawing ultra-loose policy in FY22: Former Deputy Governor R Gandhi
Gandhi also pointed to RBI DG Michael Patra's recent statement, where he made it clear that the central bank will prefer to have a clearly communicated glide path rather than taking any strong actions.
Crypto not currency; needs to be regulated as asset: ex-RBI DG Gandhi
After quite a lot of debate over the years, Gandhi said, people have fully understood that crypto cannot be a currency because the fundamental element of a currency- that it should be a legal tender- is missing in this case.
Should central government be called anti-national too? Raghuram Rajan takes a dig at RSS-affiliated magazine
Former RBI governor Raghuram Rajan posed a question post the Infosys Income Tax filing fiasco as an RSS affiliated magazine attacked the tech giant. He asks if the government too must be called anti-national for its ill-management in the initial attempt of vaccinating the country.
Government favours taxing cryptocurrency trades: ET Now
The tax department favours taxing cryptocurrency exchange and trades in the country. But, it doesn't mean that they would be categorised as a valid asset class.
RBI extends scope of tokenisation to laptops, wearable devices
Tokenisation, which aims at improving the safety and security of the payment system, refers to the replacement of actual card details with a unique alternate code called the 'token', which is unique for a combination of card, token requestor and identified device.
RBI unveils Financial Inclusion Index
The annual FI-Index for the period ending March 2021 is 53.9 as against 43.4 for the period ending March 2017, showing drastic improvement in the past four years.
Finance Ministry asks IBA to play pivotal role in resurgence of economy
"At this juncture I would urge the IBA Chairman to scout for good competent resources and technology adoption for capitalisation. IBA should not be merely an association that passes banking issues to the RBI, it must rather strive to integrate with economic reforms for boosting growth," Financial Services Secretary Debasish Panda said.
Central Board of RBI reviews current economic situation
The 590th meeting of the Central Board of Directors of RBI was held under the chairmanship of RBI Governor Shaktikanta Das through video conferencing. The agenda of the meeting was to review the economic situation of the country.
RBI to conduct fine-tuning operations to manage unanticipated liquidity flows: Shaktikanta Das
The Reserve Bank of India (RBI) will conduct fine-tuning operations to manage unanticipated and one-off liquidity flows, Governor Shaktikanta Das said on Tuesday. As the market settles down to regular operations, the RBI will conduct fine-tuning operations from time to time, as needed, to manage unanticipated and one-off liquidity flows so that liquid conditions in the system evolves in a balanced and evenly distributed manner, Das said.RBI to conduct fine-tuning operations to manage unanticipated liquidity flows: Shaktikanta Das
Why Jayanth Varma voted against RBI's accommodative policy stance
The minutes of the MPC released today shed light on the reasons behind his decision. Prog Varma said that the "balance of risk and reward is gradually shifting, and this merits a hard look at the accommodative stance".
Raghuram Rajan says India is too big to be managed from the Centre
While Raghuram Rajan agreed that there was a need for a Central government, he said that more power needs to be vested with the State as he believed this will strengthen democracy, which was related to making capitalism work.
Here's all you need to know about RBI's Financial Inclusion Index
This Index primarily comprises three broad parameters, which are Access, Usage and Quality. Their weights are 35%, 45% and 20%, respectively. Each of these consist of several dimensions which are then computed into different indicators.
RBI could come up with a pilot for digital currencies by December: Shaktikanta Das
However, it's not clear whether the currency will be launched based on the distributed ledger technology or a centralised ledger. Cryptocurrencies work on the distributed ledger technology platform.
RBI relaxes norms to facilitate LIBOR migration, how!
The central bank decided to amend the guidelines related to export credit in foreign currency and restructuring of derivative contracts.
RBI maintains status quo on key policy rates
Repo rates stand firm at 4% while MSF and reverse repo rates remain unchanged too. RBI governer Shaktikanta Das highlights that economy is performing better than it did in June and they would keep the rates steady to aid growth.
IBC: Corporate affairs ministry working with finance ministry, RBI on issue of committee of creditors' conduct
The discussions on the issue of the conduct of CoC in the context of the insolvency resolution process assumes significance amid recent instances of creditors taking steep haircuts on their exposure under resolution plans.
RBI extends PIDF scheme to street vendors covered under PM SVANidhi in tier 1, 2 centres
The Payments Infrastructure Development Fund (PIDF) scheme, with a corpus of Rs 345 crore, envisages creating 30 lakh new touch points every year for digital payments in tier-3 to tier-6 centres. The scheme, operationalised in January this year, has now been extended to select street vendors in tier 1 and 2 centres.
MPC meet: RBI unlikely to tinker with benchmark rates
The central bank’s “accommodative” stance should see no change when the Monetary Policy Committee meets to discuss the policy on August 4-6, economists suggested. Inflation view is being keenly watched; the central bank may also clarify on unwinding excess cash from the system.
Prioritising expenditure to get max job, income effects necessary in short term: MPC member
Bhide, who is also a member of the Monetary Policy Committee (MPC) of the Reserve Bank, in an interview with PTI said high inflation is a crucial concern and macroeconomic stability can be achieved when there is moderate level of inflation.
RBI ex-Guv Subbarao explains why RBI is anxious about cryptocurrencies
In an interview with ETMarkets.com, former RBI Governor Dr D Subbarao said RBI’s concerns over cryptocurrencies like Bitcoin are three-fold.
Will Centre’s crypto hesitancy extinguish a thriving asset class?
For the Indian investor, with cryptocurrency comes hesitancy, particularly in the face of hostility from the Reserve Bank and the Finance Ministry. However, investments in crypto have grown from around $200 million to nearly $40 billion in the past year, as per Chainalysis.
RBI clearly signals policy normalisation is on: Economists, analysts
Though the RBI has retained the policy rate at a record low of 4 per cent for the seventh time and has maintained the accommodative stance, the Monetary Policy Committee (MPC) vote on continuing with the policy stance had a dissenting voice, while all voted for the rate status quo, Sabanvis pointed out.
RBI's decision to keep repo rate unchanged to support economic growth: Experts
The RBI believes nurturing growth has to be a priority. With vaccination steadily rising and economic activity and exports gathering pace, it is perhaps time to consolidate and build further on the evolving growth impulse, Sunil Kumar Sinha, Principal Economist, India Ratings and Research said.
RBI policy action has to be nuanced; cannot be unidirectional: Shaktikanta Das
The RBI retained the real GDP growth at 9.5 per cent in the current financial year. It has projected real GDP growth for Q1, Q2, Q3 and Q4 of FY'22 at 21.4 per cent, 7.3 per cent, 6.3 per cent and 6.1 per cent, respectively.
RBI could come out with model on India's digital currency by end of the year
ACBDC is a form of virtual currency or cryptocurrency that is issued by a central bank as an alternative to its currency. These are largely stable coins backed by sovereign reserves and, unlike private crypto assets like Bitcoin or Ethereum, the value of these digital coins is not subject to volatile market fluctuations.
RBI avoids policy response to rising inflation to support economic recovery
On economic growth, RBI is expecting a revival backed by improving capacity utilisation, rising steel consumption and higher imports of capital goods. “The congenial monetary and financial conditions and the economic packages announced by the central government are expected to kick-start a long-awaited revival,” Das said.
RBI rate cuts have reduced corporate, household debt: Shaktikanta Das
"The reduction in repo rate by 250 basis points since February 2019 has resulted in a cumulative decline by 217 basis points in the weighted average lending rate (WALR) on fresh rupee loans. Domestic borrowing costs have eased, including interest rates on market instruments like corporates bonds, debentures, CPs, CDs and T-bills," Das said.
RBI Policy: Stressed firms get longer access to dedicated liquidity window
The Reserve Bank of India allows Covid-affected sectors to avail soft loans until year-end to help nurse a fragile recovery.
RBI extends On Tap TLTRO deadline till 31st December 2021
This extension has come in as a measure to support the sectors that have been badly hit by the second wave of the Covid pandemic. This is a measure to ensure that there is sufficient liquidity support available to these ailing sectors.
Govt, RBI are keeping a close watch on Fed’s rate moves: Nirmala Sitharaman
The government and the Reserve Bank of India (RBI) were keeping a close watch on the consequence of an increase in interest rates by the US Federal Reserve while domestic inflation was not a huge concern at the moment as supply-side issues were being addressed, finance minister
RBI's MPC begins deliberations; likely to maintain status quo on interest rate
Experts are of the view that the RBI may prefer to wait and watch for some more time before taking any major action on the monetary policy front as the central bank's focus is on managing inflation as well supporting economic growth.
Expert view: In pursuit of growth, RBI neglecting common man, says Mythili Bhusnurmath
In his Monetary Policy speech on Friday, RBI Governor Shaktikanta Das projected GDP growth for FY22 at 9.5 percent. However, the projected inflation for FY22 was revised upwards to 5.7 per cent. Mythili Bhusnurmath, Consulting Editor, ET Now, opines that RBI should take inflation control measures as it affects the common person and not pursue growth which is the Government’s responsibility. WatchExpert view: In pursuit of growth, RBI neglecting common man, says Mythili Bhusnurmath
RBI extends target date for meeting thresholds under Covid recast scheme 1.0
“Recognising the adverse impact of second wave of COVID-19 on revival of businesses, and the difficulty it may pose in meeting the operational parameters, it has been decided to defer the target date for meeting the specified thresholds in respect of the above parameters to October 1, 2022,” the RBI said.
RBI keeps policy rate unchanged for 7th time in a row; repo retained at 4%
The Reserve Bank of India’s (RBI’s) Monetary Policy Committee voted 5:1 to keep key policy rates unchanged for the seventh straight meeting, said Governor Shaktikanta Das on Friday. As expected, the central bank’s MPC overlooked the continuing spike in retail inflation levels which has breached the 6% upper tolerance limit for the past two consecutive months.RBI keeps policy rate unchanged for 7th time in a row; repo retained at 4%
RBI is working on making virtual currency a reality
A CBDC is a form of virtual currency or cryptocurrency that is issued by a central bank as an alternative to its currency. These are largely stable coins backed by sovereign reserves and, unlike private crypto assets like Bitcoin or Ethereum, the value of these digital coins is not subject to volatile market fluctuations.
MPC meet: RBI likely to maintain status quo on interest rate
The RBI Governor-headed six-member MPC decides on the key policy rates. The panel had left the rates unchanged last time citing concerns on inflation.
IBBI proposes code of conduct for committee of creditors; seeks public comments
The discussion paper related to CIRP is focused on three issues -- code of conduct for committee of creditors (CoC); restrictions on request for resolution plans and use of 'Swiss challenge' method; treatment of live bank guarantees and line of credit as claims.
Robust corporate framework can build far resilient financial systems: RBI deputy governor MK Jain
“The Reserve Bank has put in place various regulations to improve the governance in banks and make them more resilient. In addition, banks have also made improvements in their risk management capacities,” Jain said. “Yet, the changing operating and risk environment requires banks to be vigilant, strong and agile so as to identify risks early, absorb the shocks and be able to adapt to the newer ground realities.”
RBI to hike rates starting early 2022, take more steps towards policy normalization: Analysts
The view from analysts came even as inflation cooled down to 5.6 per cent for July, after two months of breaching the upper end of the RBI's tolerance band of 6 per cent.
Central banks should not mandate 'green' investments: Raghuram Rajan
Rajan, who earlier served as chief economist for the International Monetary Fund, said central banks should instead turn their focus to the financial stability of these green investments and other threats such as crypto currencies and cyber security.
RBI lays out norms for non-banks to access RTGS, NEFT systems
“The risk of failure or delay in execution of fund transfers can also be avoided when the transactions are directly initiated and processed by the non-bank entities,” RBI said.
No GST on World Economic Forum's liaison office, rules AAR
As a consequence of the ruling, the India liaison office does not need to be registered locally. “Whether the activities carried by the applicant’s head office located outside India and rendered to the applicant will amount to supply considering that the applicant is not engaged in any business? Answered in the negative,” the authority ruled on August 20.
India Inc. vs. RBI: Companies don’t want to reveal loan details to public
Credit-rating agencies have been mandated to list bank-wise term-loan data availed by borrowers. Companies and banks say it’s a breach of client confidentiality.
RBI again steps in to normalise liquidity
The Reserve Bank of India (RBI) has taken yet another baby step toward normalising liquidity in the banking system as it prepares to exit an ultra-loose monetary policy approach adopted in the pandemic's aftermath.
RBI Governor Das praises govt on retro tax move, post-pandemic fiscal response
The career bureaucrat-turned-central banker also welcomed the government's approach to the pandemic-triggered crisis as a prudent and calibrated one.
RBI holds rates steady to support 'hesitant' recovery: 10 points from the policy
With key rates unchanged and providing extensions in schemes, RBI's Monetary Policy Committee has laid out its plans to relieve the economy recovering from the second wave and plan for a durable and sustainable growth.
RBI does not have specific target of yield curve, focus on its orderly evolution: Governor Shaktikanta Das
“We are focusing on orderly evolution of the yield curve. We do not have a specific target of a yield curve,” Das told reporters after the post monetary policy conference.
From oil bonds to cryptocurrency, FM Nirmala Sitharaman clears govt's stand on key issues
On the key issue of fuel pricing, the finance minister remained non-committal on cut in excise duty on petrol and diesel, saying payments in lieu of past subsidised fuel pose limitations.
RBI determined to keep rates under check
Has cancelled weekly G-Secs auctions or had them devolved on bond houses to the tune of Rs 116,008 crore so far.
Sorry, no Mastercard? Making sense of RBI's clampdown on US payments network
In April, the monetary authority imposed similar restrictions on American Express Co. and Discover Financial Services’ Diners Club cards. Existing customers are going to be fine in all three cases, but the harsh penalties will still reduce competition in the market.
Financial inclusion with safeguards will be the policy priority: RBI Governor Shaktikanta Das
A literate and aware borrower not only safeguards his interests, but would also protect the system, asserted RBI Governor.
India recovery not yet at point for pulling back liquidity: Nirmala Sitharaman
"I am glad that RBI (Reserve Bank of India) understands that quicker retrieval of the liquidity from the economy may not do the necessary things to win," Sitharaman said in a virtual conference with industries.
Higher inflation a transitory hump, to help RBI remain dovish in August review: Report
The Reserve Bank-led monetary policy panel is scheduled to announce the third monetary policy review on August 6, amidst the continuing spike in retail inflation that has breached the 6 per cent upper tolerance level for the past two consecutive months.
Will take all measures to eliminate use of crypto-assets: Govt
In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary also said the government will explore the use of block chain technology proactively for ushering in digital economy.
Parliament passes Deposit Insurance and Credit Guarantee Corporation amendment bill
Finance Minister Nirmala Sitharaman, in her brief statement, said the legislation will benefit small depositors, including those of the Punjab and Maharashtra Cooperative (PMC) Bank. The benefits will also accrue to the depositors of 23 cooperative banks, which are in financial stress and on which the Reserve Bank of India (RBI) has imposed certain restrictions, she said.
Reforms galore since 1991, but execution weak: Ex-RBI governor Bimal Jalan
According to Jalan, expenditure reforms should be the focus of the government now. The ex-finance secretary also urged the govt to keep fiscal deficit under control.
RBI to conduct purchase, sale of G-secs on Thursday
On a review of current liquidity conditions, the central bank also decided to conduct a simultaneous sale of government securities under open market operations (OMO) for an aggregate amount of Rs 15,000 crore on the same day.
RBI should not print money to finance fiscal deficit: Pinaki Chakraborty
In an interview with PTI, Chakraborty -- the director of the National Institute of Public Finance and Policy (NIPFP) -- said that high inflation is certainly a concern and there is a need to stabilise inflation to a level which is manageable.
Capital investment by private companies may slide: RBI
Capital investment by private companies could slide this fiscal year as well after shrinking in the previous year due to Covid related lockdowns, a central bank forecast shows.A study of the phasing profile, i.e.
Shaktikanta Das at ET FIS 2021: Last mile delivery vital for economic revival and more; key pointers by RBI Governor
RBI Governor Shaktikanta Das during his address at Financial Inclusion Summit discussed how far India has travelled in terms financial inclusion and what will the future look like after Covid-19 pandemic. In his addressed, Das highlighted that RBI is now looking to address issues pertaining to vulnerable segments of economy and population, and at the same time giving attention to consumer protection.Shaktikanta Das at ET FIS 2021: Last mile delivery vital for economic revival and more; key pointers by RBI Governor
Financial inclusion will continue to be a policy priority after pandemic: RBI Governor Shaktikanta Das
The Reserve Bank of India will very soon be coming out with the first financial inclusion index, which will assess progress in terms of access, usage and quality, Das said, while speaking at the Economic Times Financial Inclusion Summit.
Financial inclusion will continue to be a policy priority after pandemic: RBI Governor Shaktikanta Das
It is the responsibility of all stakeholders to ensure that the financial ecosystem (including the digital medium) is inclusive and capable of effectively addressing risks like mis-selling, cybersecurity, data privacy and promoting trust in the financial system through appropriate financial education and awareness, he added.
RBI's current account circular helps large lenders gain corporate banking market share: Report
A fourth of the large and medium corporates said they were banking with at least one among ICICI Bank, Axis Bank and HDFC Bank as against 17 per cent in 2016, it said adding that the private sector banks have grown at over 25 per cent per year.
RBI cautions public against KYC updation frauds
The regulator said that the usual modus operandi in such cases include receiving unsolicited calls, emails or messages from unidentified person, urging the customer to share personal detonate like account login, card or PIN information.
RBI imposes penalty on Axis Bank
"...the bank failed to monitor/carry out ongoing due diligence in the said account to ensure that the transactions were consistent with its knowledge about the customer, customer's business and risk profile," it said in a statement.
Mint Street's code word for devaluation in 1991: Hop, Skip and Jump
C Rangarajan, who served as RBI governor and chairman of PM’s economic advisory council, recounts the anxiety in the lead-up to the actual measures in an interview with TOI . Excerpts:
RBI to buy more bonds, leaves rates unchanged
The growth forecast for FY22 was scaled down by a percentage point to 9.5% and inflation expectations were raised amid supply side disruptions, signalling that the road to recovery could be bumpy. The decisions were in line with expectations.
Speed and scale of vaccination to shape path of economic recovery, says RBI
Reserve Bank of India (RBI) in its monthly bulletin released on June 16, said the economic recovery will depend on the speed and scale of vaccination in the country.Speed and scale of vaccination to shape path of economic recovery, says RBI
Speed, scale of Covid vaccination to shape economic recovery path: RBI report
Observing that vaccines by themselves will not end the pandemic, the article said, "we have to learn to live with the virus, complementing vaccines with ramping up investment in healthcare, logistics and research. The pandemic is a real shock with real consequences. Hence, there is a need to ensure that the recovery is built on a solid foundation of business investment and productivity growth."
RBI likely to maintain status quo in August meet, suggests SBI report
According to the State Bank of India's Ecowrap report, inflation may remain on the higher side for a few months because of several global and domestic factors.
RBI's CBDC must not bear interest, else it will break banking system: Subbarao
In an interview with ETMarkets.com, the former governor said the intermediary function of commercial banks would come under stress if the CBDC offered by RBI becomes an interest-bearing instrument.
RBI sticks to the script on benchmark rates, keeps repo where it was; FY22 growth forecasts scaled down
In the run-up to the meeting, bond markets were closely watching whether or not the RBI would bring one more bout of of the G-Sec acquisition programme, India's own version of quantitative easing, in Q3 to keep yiends in check. So far in Q1, the central bank has purchased Rs 60,000 crore worth of bonds out of its Rs 1,00,000 crore target.
RBI to focus on growth even as inflation breaches tolerance band
The annual retail inflation rate rose 6.30% year-on-year in May, up from 4.29% in April and sharply above analysts' estimate of 5.30%. The wholesale price inflation rate rose 12.94%, its highest in at least two decades.
Mobile prepaid recharge facility on BBPS by August-end: RBI
The Reserve Bank of India on Monday said the scope of the Bharat Bill Payment System (BBPS) will be expanded by August 31 this year by adding 'mobile prepaid recharges' as a biller category, a move likely to help millions of prepaid phone subscribers in the country.
RBI removes PCA restrictions on UCO Bank
UCO Bank, the Kolkata-based public sector lender, now goes off the so-called Prompt Corrective Action, leaving just two banks under curbs. This leaves Indian Overseas Bank and Central Bank of India under PCA.
Why low interest rates, increased inflation may affect savers adversely: Mythili Bhusnurmath decodes RBI monetary policy
For a seventh time in a row, the Reserve Bank of India has kept the repo and reverse repo rates unchanged in its bi-monthly monetary policy meeting. Mythili Bhusnurmath, Consulting Editor, ET Now, explains who it impacts the borrowers and savers and are the policy measures announced to aid the covid affected sectors enough? WatchWhy low interest rates, increased inflation may affect savers adversely: Mythili Bhusnurmath decodes RBI monetary policy
Lending scheme for cheap credit needed: ARCs to RBI
ARCs that ET spoke with say that the lack of a lending framework is a deterrent for banks to objectively look at such proposals that are crucial for enhancing capital allocation efficiencies and extricating funds stuck in currently under-productive assets.
Policy transmission improves post external benchmarks
The cumulative reduction of policy repo rate by 250 basis points (bps- one bps is 0.01 per cent) between February 2019 to June 2021 has resulted in 155 bps decline in marginal cost of funds-based lending rate (MCLR) during the period.
View: The curious case of RBI's missing functions
What is strange is the missing line in the last two RBI reports: ‘Acting as the lender of last resort’ --- a classical and inseparable function of any central bank; institutionalized since the Great Depression, it gives a monetary authority the power to throw a lifeline to a bank or financial institution to avert a domino effect and full-blown crisis.
Kotak Mahindra Bank forays into healthcare lending; not to use RBI's liquidity window
RBI, in May, announced on-tap liquidity window of Rs 50,000 crore for lending to the healthcare sector by banks. But the private sector lender said that it will not seek RBI funds.
RBI not in favour of fresh insolvency freeze
During initial discussions with the government, RBI has indicated a freeze will not help anyone in the long run as it will only show lower level of non-performing assets (NPAs), government sources told TOI. The government has not completely shut the door on the issue but the regulator’s reluctance will certainly weigh on the decision.
Cryptocurrency exchanges to approach Supreme Court on RBI diktat
In the last month or so, some of the banks have stopped providing services to the exchanges, which has led to a major disruption. The exchanges were somehow managing their business through payment processing companies such as Paytm or P2P transactions. However, Paytm too stopped providing services to the exchanges from last week, ET first reported on May 21.
RBI to survey Covid impact on small and medium businesses
“The regulator is trying to ascertain the most impacted sectors due to the second wave,” said a banker asking not to be identified. “We have seen that the borrowers who have taken moratorium or availed restructuring during the first wave are the ones which are facing trouble even now.”
View: Dear RBI, don’t make digital payments difficult for consumers
The RBI, despite right intent, should avoid making decisions on behalf of consumers, and allow them choice and real agency. Consumers should be free to choose the modes of making digital payments, the amount which they are comfortable in transacting without additional authentication, and whether to securely store card details with merchants or not.
Shaktikanta Das at ET Financial Inclusion Summit 2021: NSFI and NSFE provide roadmap for a coordinated approach towards financial inclusion and literacy
RBI Governor Shaktikanta Das during his address at Financial Inclusion Summit discussed how far India has travelled in terms financial inclusion and what will the future look like after Covid-19 pandemic. In his addressed, Das highlighted that RBI is now looking to address issues pertaining to vulnerable segments of economy and population, and at the same time giving attention to consumer protection.Shaktikanta Das at ET Financial Inclusion Summit 2021: NSFI and NSFE provide roadmap for a coordinated approach towards financial inclusion and literacy
RBI's norms pit Indian auditors against MNCs
On April 27, the central bank had issued guidelines for appointment of statutory auditors in commercial banks, non-banking financial companies and housing finance companies that included a cap on the number of audits by an audit firm, joint audits in some businesses, a cooling off period, non-audit restrictions, and a reduced three-year audit tenure.
Supply-side policies failed, switch to demand stimulation: Bengal FM writes to Sitharaman
Gross fixed capital formation, which was Rs 12.3 lakh crore in the first quarter of 2019-20, fell to Rs 10.2 lakh crore in the corresponding period of the current fiscal, - "a fall of an investment by Rs 2.1 lakh crore, despite your numerous packages and corporate tax cuts", Amit Mitra said in the four-page letter.
RBI monetary policy: Key measures announced for Covid-battered hospitality sector
In a bid to support revival of sectors hit most by the COVID-19 pandemic, RBI on Friday decided to open a separate liquidity window of Rs 15,000 crore for certain contact-intensive sectors like hotels and restaurants, tourism and aviation ancillary services. RBI also announced that the NACH system will be available on all days, including Sundays and bank holidays, effective from August 1, 2021. This means that come August 1, your salary credit into your bank account, auto-debits related to mutual fund SIPs, home/car/personal loans EMI payments, bill payments etc. will take place even on bank holidays. RBI monetary policy: Key measures announced for Covid-battered hospitality sector
RBI policy boost, separate liquidity window for hotels, transport, tourism
The central bank also announced a fresh liquidity support of Rs 16,000 crore for Small Industries Development Bank of India for on-lending or providing refinance to micro, small and medium enterprises (MSMEs), particularly smaller MSMEs and other businesses including those in credit deficient and aspirational districts.
RBI Monetary Policy: Repo rate kept unchanged at 4%
RBI Governor Shaktikanta Das on Friday announced decisions on key rates after the panel concludes its three-day meeting on June 4.RBI kept interest rates unchanged at a record low at 4%. The monetary panel will act to support growth by retaining its accommodative stance for as long as necessary, Guv Das said.RBI Monetary Policy: Repo rate kept unchanged at 4%
India MPC needs to be watchful on inflation even as it picks growth: Minutes
"To maintain and enhance this credibility, the MPC needs to remain data driven so that it can respond rapidly and adequately to any unforeseen shocks that may arise in future," MPC member Jayant Varma said.
Stocks’ liquidity party here to stay as RBI in no hurry to fight inflation
The deputy governor’s comments will be music to the ears of the equity market, which may sense a longer-than-expected continuation of easy money policies in the country and the ongoing liquidity party.
Industry needs to make pricing of financial products transparent: RBI Deputy Governor T Rabi Sankar
Noting that there is tremendous scope for the growth of digital payments in India, Sankar said there is a need to develop an ecosystem in a way that gives comfort to all citizens that his or her money is safe over the online system.
Industry bodies urge RBI to put off new audit rules
Confederation of Indian Industries (CII), Assocham, and Finance Industry Development Council (FIDC) have all written to the central bank about the problems companies would face in implementing the proposed regulations for appointment of statutory auditors.
RBI approves Ujjivan's committee of directors for smooth functioning of the bank
Chairman of the bank's board BA Prabhakar, Ravichandran Venkataraman and Rajni Mishra are members of the committee, a person familiar with the matter said.
RBI nod to special committee to oversee operations at Ujjivan SFB
The Reserve Bank of India (RBI) in a letter dated September 15, 2021, has approved the constitution of 'Special Committee of Directors' with three independent directors as its members, Ujjivan SFB said in a regulatory filing on Thursday.