10 shortlisted for Viral Acharya’s replacement as RBI deputy guv

MUMBAI: Ten candidates are understood to have been interviewed last week for the post of deputy governor — vacated by Viral Acharya in charge of the monetary policy department in the Reserve Bank of India. The interview was conducted by the Financial Sector Regulatory Appointment Search Committee (FSRASC) and the final call on the appointment … Read more10 shortlisted for Viral Acharya’s replacement as RBI deputy guv

RBI wants NBFCs to adopt better tools to detect liquidity strains early on

MUMBAI: Reserve Bank on Monday asked the already fund-starved NBFCs to adopt better risk monitoring tools that capture the strains early on and also to maintain a liquidity buffer as per the mandated liquidity coverage ratio. The regulator also wants the shadow banks to monitor their liquidity risks based on a stock approach to liquidity. … Read moreRBI wants NBFCs to adopt better tools to detect liquidity strains early on

Muted Diwali demand, GDP growth may fall to 5.8%: BofAML

MUMBAI: Despite efforts mounted by the government, demand has been “muted” during the festive time, and this leads to a 0.30 per cent cut in FY20 GDP growth forecast to 5.8 per cent, a foreign brokerage said on Monday. The Reserve Bank will cut key rates by a further 0.15 per cent in February review, … Read moreMuted Diwali demand, GDP growth may fall to 5.8%: BofAML

PMC Bank Depositors Protest Outside Reserve Bank Headquarters In New Delhi

PMC Bank depositers held aprotest outside RBI. New Delhi:  Depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank held a protest outside the Reserve Bank of India (RBI) headquarters in south Mumbai on Saturday. The depositors gathered outside the RBI around 11.45 am and held protests by showing placards and chanting slogans against PMC Bank and the RBI, a police official said. Police were deployed to avert any untoward incident, he said, adding that nobody … Read morePMC Bank Depositors Protest Outside Reserve Bank Headquarters In New Delhi

No charges on digital payments made to large biz establishments from Nov 1

The government on Friday said banks or system providers will not impose charges or Merchant Discount Rate on customers as well as merchants on digital payments made to establishments having turnover in excess of Rs 50 crore from November 1. In her Budget speech, Finance Minister Nirmala Sitharaman had said business establishments with annual turnover … Read moreNo charges on digital payments made to large biz establishments from Nov 1

Spoken to RBI guv, concerns of PMC bank’s customers will be addressed: FM

NEW DELHI: Assuring account holders of troubled Punjab and Maharashtra Co-operative Bank of support, Finance Minister Nirmala Sitharaman on Saturday said that she has spoken to the RBI governor, who assured that customers’ concerns will be taken on top priority. The bank was put under “directions” by the Reserve Bank of India (RBI) last month … Read moreSpoken to RBI guv, concerns of PMC bank’s customers will be addressed: FM

Time to massively increase depositor insurance: Report

MUMBAI: The Punjab & Maharashtra Cooperative Bank (PMC) scam points to the urgent need to massively increase the depositor insurance cover from the present Rs 1 lakh, says a report. The Deposit Insurance & Credit Guarantee Corporation (DICGC) insures each depositor in a bank up to a maximum of Rs 1 lakh for both principal … Read moreTime to massively increase depositor insurance: Report

How Shaktikanta Das tackled five uncomfortable questions

At the press briefing that followed today’s monetary policy meet, RBI Governor Shaktikanta Das took questions from various media houses wherein he tackled a host of uncomfortable issues. Here are the top questions that assume significance in the backdrop of the current economic slump: The most important question The cut in FY20 real GDP growth … Read moreHow Shaktikanta Das tackled five uncomfortable questions

Forex reserves decline by USD 388 million to USD 428.57 billion

MUMBAI: India’s forex reserves declined by USD 388 million to USD 428.572 billion for the week ended September 20 due to a slide in core currency and gold assets, the Reserve Bank said on Friday. The overall reserves had declined by USD 649 million to USD 428.960 billion in the previous reporting week. They had … Read moreForex reserves decline by USD 388 million to USD 428.57 billion

Bankers can now take decision without fear; CVC sets up panel to examine fraud

NEW DELHI: Anti-corruption agency CVC has set up the Advisory Board for Banking Frauds, headed by former Vigilance Commissioner T M Bhasin, to examine bank frauds of over Rs 50 crore and recommend actions, in line with Finance Minister Nirmala Sitharaman‘s call for protecting honest decision making. This development will instill a sense of protection … Read moreBankers can now take decision without fear; CVC sets up panel to examine fraud

RBI proposes Rs 200 crore minimum capital for small banks under ‘on tap’ licence regime

MUMBAI: The Reserve Bank of India (RBI) on Friday proposed a minimum equity capital of Rs 200 crore to set up a small finance bank (SFB) under the ‘on tap’ licence regime to expand the banking services through high technology-low cost operations. Releasing the draft guidelines for ‘on tap’ licensing of SFBs in the private … Read moreRBI proposes Rs 200 crore minimum capital for small banks under ‘on tap’ licence regime

August retail inflation rises to 3.21 per cent, July IIP at 4.3 percent

Retail inflation rose marginally to 3.21 per cent in August from 3.15 per cent last month on the back of higher food prices. August CPI food price inflation at 2.99 percent v/s 2.36 percent month on month. Industrial production jumped to 4.3 per cent in July from 2.0 per cent in June on the back … Read moreAugust retail inflation rises to 3.21 per cent, July IIP at 4.3 percent

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