RBI

RBI places restriction on gold purchases by banks

RBI places restriction on gold purchases by banksIt is believed that the import of gold into India, which is the largest consumer of the metal in the world, would fall following a move by the central bank of the country place restrictions on the banks form purchasing gold form foreign markets.

RBI expresses concerns over high CAD

RBI expresses concerns over high CADIndia’s central bank has said that the high Current Account Deficit (CAD) is the biggest risk to the Indian economy at present and hinted that if the worrying trend continues then the monetary policy might be reversed.

RBI Governor D Subbarao said, “The biggest risk to the economy stems from the CAD which, last year, was historically the highest... Monetary policy will also have to remain alert to the risks on the account of the CAD and its financing, which could warrant a swift reversal of the policy stance.”

Experts' views on RBI annual monetary policy

RBINew Delhi/Mumbai, May 3 : The Reserve Bank of India (RBI) in its annual monetary policy for the 2013-14 financial year, announced Friday, cut its key policy interest rate by 0.25 percent.

The following are the experts' views on the RBI move:

S. Gopalakrishnan, president, Confederation of Indian Industry (CII):

"The decision of RBI to cut the policy rates by 25 basis points, the third time during the current year, in its annual policy review, sends a strong signal that the RBI is refocusing its priority in favour of growth in view of the moderating WPI based inflation and weakening demand in the economy."

Government to relax ECB norms further

Government to relax ECB norms furtherThe central government is planning to further relax the norms for raising funds through the external commercial borrowing (ECB) in the country.

The government is looking to relax borrowing norms for low-cost housing and infrastructure sectors like telecom and ports in the country to boost investment in the core sector. The move will allow Indian firms to borrow cheaper funds from abroad.

India's forex reserves down $485 mn

RBIMumbai, April 27 : India's foreign exchange (forex) reserves decreased by $485.9 million to $294.76 billion for the week ended April 19, according to data released by the central bank.

The reserves had risen by $1.40 billion to $295.24 billion for the week ended April 12.

The foreign currency assets (FCA) - the biggest component of the forex reserves - fell by $489.2 million at $262.41 billion, according to the weekly statistical supplement released by the Reserve Bank of India (RBI).

The FCA had risen by $1.38 billion at $262.90 billion in the previous week.

India's forex reserves down $720 mn

India-forexMumbai, April 6 : India's foreign exchange (forex) reserves decreased by $720.3 million to $292.64 billion for the week ended March 29, according to data released by the central bank.

The reserves had increased by $1.05 billion to $293.36 billion for the week ended March 22.

The foreign currency assets (FCA) - the biggest component of the forex reserves - fell by $689.4 million at $259.72 billion, according to the weekly statistical supplement released by the Reserve Bank of India (RBI).

The FCA had risen by $1.06 billion at $260.41 billion in the previous week.

FSLRC proposals will give RBI more autonomy: FSLRC

FSLRC proposals will give RBI more autonomy: FSLRCProposals made by the Financial Sector Legislative Reforms Commission (FSLRC) doesn't seek to prune the powers of the Reserve Bank of India (RBI), rather there will be more autonomy for the central bank, according to the commission's chairman BN Srikrishna.

Many experts, including some members of the FSLRC, have opposed proposals like keeping non-banking financial firms that do not accept deposits from public and debt management out of the RBI's control.

Contingencies liabilities not part of priority sector lending: RBI

Contingencies liabilities not part of priority sector lending: RBIBanks' contingencies liabilities and off-balance sheet items should not be considered as part of priority sector lending, the Reserve Bank of India (RBI) said on Friday.

Banks are required to lend 40 per cent of their total loans or adjusted net bank credit (ANBC) to the priority sector, which includes agriculture, exports, small manufacturing units and other weaker sections of the economy.

RBI expected to cut policy rates till 2013 end

RBI expected to cut policy rates till 2013 endMumbai, March 18 : The RBI is expected to go in for a 25 basis points rate cut Tuesday while reviewing the monetary policy to spur economic growth, say bankers and economists. They said they expect the RBI to continue cutting policy rates by 50-75 basis points till end of the calendar year.

However, they do not discount the possibility of the Reserve Bank of India (RBI) maintaining status quo and deciding on rate cuts in the new fiscal.

Banks unlikely to cut deposit rates before April

Banks unlikely to cut deposit rates before AprilThe Reserve Bank of India (RBI) is widely expected to cut the repo rate - the rate at which the central lender lends money to banks - by 25 basis points (bps) in its mid-quarter monetary review on March 19, but banks are unlikely to cut deposit rates this month.

As the financial year is near its end, requirement for funds is higher and the banks' are in the midst of attaining their respective deposit growth targets.

RBI orders banks to scan each & every beneficiary of loan waiver scheme

RBI orders banks to scan each & every beneficiary of loan waiver schemeA day after the Comptroller & Auditor General of India (CAG) exposed serious discrepancies in the implementation of the Rs 52,000-crore farm loan waiver scheme, the Reserve Bank of India (RBI) ordered banks to scan all beneficiaries.

The RBI ordered banks to verify if each & every beneficiary had qualified under the scheme. It stressed that the beneficiaries' lists needed complete verification, given the serious nature of observations made by CAG.

Industry expects RBI to cut interest rates

Industry expects RBI to cut interest ratesIndustry members are expecting the Reserve Bank of India (RBI) to cut its key lending rates during its upcoming review meeting on 19 March, 2013 in order to revive the Indian economy.

The CEOs of various firms are expecting the central bank of the country to loose tis monetary policy and boost liquidity in the third largest economy in Asia. They believe that the lower interest rates will be able to boost investments in the country and help revive the economic growth.

RBI may cut rates but banks unlikely to follow

RBI may cut rates but banks unlikely to followThe Reserve Bank of India (RBI) may announce a cut in key rates later this month but banks will likely continue to offer higher rates, thanks to tight liquidity and decline in deposit growth.

The finance ministry has long been calling for lowering of interest rates to provide a boost to economic activity, but the central bank has so far been reluctant in making any considerable cut in rate due to high inflation. But the central bank is now expected to announce a cut in key rates on March 19.

RBI to release rules for new bank licenses soon

RBI to release rules for new bank licenses soonIndia's central bank, the Reserve Bank of India (RBI) has said that it will release the final rules for obtaining new bank licenses within this financial year before 31 March, 2013.

The new rules are expected to allow firms in other sectors to enter the tightly regulated banking sector of Asia's third largest economy. The banking sector in the country has been traditionally dominated by the state-run banks with private banks like ICICI Bank and HDFC Bank Ltd as well as some foreign banks making in roads and consolidating their positions in the market.

Inflation slips to lowest since Nov 2009, raising hopes of a rate cut by RBI

Inflation slips to lowest since Nov 2009, raising hopes of a rate cut by RBIHeadline inflation, wholesale price index (WPI)-based inflation, slipped to a 38-month low of 6.62 per cent in January, raising hopes the Reserve Bank of India (RBI) with bring key interest rate down.

The level of WPI-based inflation, the most widely used measure of prices, recorded in January was the lowest since November 2009. In addition, January was the fourth consecutive month to record decline in the rate of inflation.

RBI deputy governor urges unions to work together with managements

RBI deputy governor urges unions to work together with managements Bank unions should work together with managements so that banking services could be made available to everyone, RBI Deputy Governor K C Chakrabarty said.

Speaking at a seminar on `Banking as fundamental right of people' yesterday, Mr. Chakrabarty stressed on the need of strong and responsible trade unions that in cooperation with managements could fight market forces and assist in making banking services available to everyone.

RBI can soon announce rules for new bank licenses: says deputy governor

RBI can soon announce rules for new bank licenses: says deputy governorThe Reserve Bank of India (RBI) can soon announce the rules for giving new bank licenses as its consultations with the union finance ministry on the guidelines for the same are in the final stage, Deputy Governor Anand Sinha said.

Mr. Sinha said that the central bank would likely soon arrive at a consensus with the finance ministry on whether to let real-estate developers and brokerage firms to open banks or not.

India should hold rates until inflation curbed: IMF

India should hold rates until inflation curbed: IMFThe Reserve Bank of India (RBI) should refrain from making any cut in interest rates until inflation is curbed even as the government wants the central bank to cut rates to boost economic activity, the International Monetary Fund (IMF) said.

In a statement released yesterday, the IMF said that the Indian economy was suffering high fiscal deficit and elevated inflation and it was in a weaker position than before the global financial crisis.

RBI might restrict gold imports

RBI might restrict gold importsIndia's central bank, the Reserve Bank of India (RBI) has indicated that it might take some steps to restrict the import of gold into the country as the government struggles to manage the high current account deficit.

India is the largest consumer of gold in the world and it imports about 900 tonnes of gold each year from different countries around the world. About 60 per cent of the total imports are through banks in the country. The government had hiked the import duty on gold from 4 per cent to 6 per cent.

RBI’s draft guidelines would hike banks’ provisioning requirement by Rs 15,000: Crisil

RBI’s draft guidelines would hike banks’ provisioning requirement by Rs 15,000: CrisilIf the Reserve Bank of India (RBI) implements its draft guidelines on loan restructuring in the current form it would hike the banking sector's provisioning requirement by around Rs 15,000 crore between April 2013 and March 2015, Crisil Ratings said.

Crisil Ratings, India's leading credit rating agency, also warned that the central bank's draft guidelines would hit banks' profitability by 7 per cent to 8 per cent, as well as discourage them from large-scale restructuring.




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