RBI allows Rana Kapoor continue as Yes Bank MD, CEO till January-end
Business | September 19, 2018 20:24 ISTHis present term ended on August 31. However, the RBI had allowed him to continue till further notice.
His present term ended on August 31. However, the RBI had allowed him to continue till further notice.
RBI announces new norms for exchanging torn currency notes
In his reply to the Estimates Committee, Rajan said that in such an environment bankers' became over confident started lending large loans 'based on project reports by the promoter’s investment bank, without doing their own due diligence'.
"Google during the US visit of Law and IT minister Ravi Shankar Prasad conveyed to him that they are ready to comply with RBI rules but want two months more to comply with data storage rule," the source told media.
Post demonetisation in November 2016, the Reserve Bank has introduced Rs 200 and Rs 2,000 notes. Besides, it came out with smaller notes of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500.
RBI had issued a show cause notice to the bank on January 15, 2018 asking why a penalty not be imposed on Union Bank of India under the Act.
After senior officials of the central bank held a series of meetings with the union leaders, the logjam ended on Monday.
Strong month-end demand for the US currency mainly from oil importers along with currency futures expiry related purchases predominantly weighed heavily on the forex market and haunted investor sentiment.
Giving account of several feats achieved by the government on the back of demonetisations, the FinMin claimed that the note ban helped in the formalisation of the economy, brought more money in the system, resulted in higher tax revenue, higher expenditure and higher growth after the first two quarters.
However, the RBI has declared the process complete. The "humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved," the central bank said in its statement.
Note Ban: 99.30 percent of the demonetised notes are back, says RBI
The panel, which includes former prime minister Manmohan Singh as a member, wanted to know the reasons of ever-greening of stressed accounts through restructuring schemes of the Reserve Bank of India.
The credit disbursal to the MSME sector has, however recovered a tad since the lows of 2017 to reach the mid-2015 level, notes an RBI report called the Mint Street Memo.
This exercise comes at a time when gross NPAs in the banking system has risen to around Rs 10.3 lakh crore, or 11.2 per cent of advances, compared to Rs 8 lakh crore, or 9.5 per cent of total loan, as on March 31, 2017.
The 30-share Sensex stayed in the negative zone for the whole day and ended at 37,165.16, showing a loss of 356.46 points, or 0.95 per cent.
Following are the highlights of the third bi-monthly monetary policy statement of 2018-19 issued today by the Reserve Bank of India:
For the second time in two months, the RBI’s Monetary Policy Committee raised the benchmark lending rate by 0.25 per cent.
As per the RBI, the growth would be in the range of 7.5-7.6 per cent in first half of the fiscal and 7.3-7.4 per cent in October-March 2018-19 period "with risks evenly balanced".
On MSP hike, RBI said there is a considerable uncertainty and the exact impact would depend on the nature and scale of the government's procurement operations.
RBI hikes repo rate by 25 bps to 6.5%, home loans set to get costlier
Live Scorecard
Top News
Latest News
