Indian private and public sector banks (PSBs) had aggregate savings deposits of Rs 39.72 lakh crore as on March 31, 2019, while foreign banks had a share of Rs 58,630 crore, according to RBI data published in the Handbook of Statistics on Indian Economy 2018-19.
An RBI panel on Friday suggested setting up of a federal body on the lines of the GST Council to implement reforms and boost credit flow in the agriculture sector, besides pitching for direct transfer of subsidy and no farm loan waivers. Among other recommendations, the panel said banks should develop a management information system (MIS) to flag loans sanctioned against gold as collateral in core banking solution (CBS) platform for effective monitoring of end use of funds.
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.
Paytm Postpaid service-disabled: Paytm, India's one of largest e-commerce payment system and digital wallet company has shut down one of its postpaid services-- Paytm Postpaid. However, Paytm has not yet issued any official statement in this regard.
The RBI's move is likely to boost consumer spending in the coming festive season.
In the previous fortnight to August 16, advances grew 11.64 percent to Rs 96.82 lakh crore and deposits by 10.15 percent to Rs 126.80 lakh crore.
The committee, in its report to the RBI, has recommended that "an intermediary to promote housing finance securitisation with the primary functions of standard-setting and market making should be established by National Housing Bank".
"IRDA, SEBI and PFRDA too could help the development of interest rate markets. For instance, short selling activity could benefit if a wider pool of securities lenders can be developed.
RBI counsel Venkatesh Dhond told a division bench of Chief Justice Pradeep Nandrajog and Justice Bharati Dangre that a Beta version of the app would be released on November 1.
The Reserve Bank of India (RBI) has asked banks to link all new floating-rate loans for housing, auto and MSEs to repo from October 1.
The Reserve Bank of India Wednesday told the Delhi High Court that a Public Interest Litigation (PIL) cannot be used as a weapon to challenge the financial or economic decisions taken by the government or the RBI.
It said large stressed borrowers have debt aggregating to Rs 5.4 lakh crore, which is a huge playing field in itself for investors.
Noting the gloomy start to the current fiscal with a dismal 5 per cent growth in the first quarter, broking house Kotak Equities on Tuesday also cut down India's 2019-20 GDP gorwth estimate to 5.8 per cent and said it sees the RBI cutting its key interest rate by 40 basis points (bps) in the central bank's October monetary policy review.
With the Reserve Bank of India (RBI) extending the deadline for mobile wallets to become fully Know Your Customer (KYC) compliant, people using PhonePe, Paytm, Amazon Pay or other such wallets will have no troudble doing their transactions as usual at least till February 29, 2020.
Bank holidays in September 2019: All public and private sector banks in India remain closed on national holidays like--Independence Day, Christmas Day. However, the public holidays may differ from one bank to another or even from one state to another. In fact, there are state-wise bank holidays also. List of bank holidays given by RBI in September 2019: Here’s a complete list.
"Banks have been duped of Rs 72,000 crore. But, who is the guarantor who is allowing such big bank frauds to occur," the Congress general secretary asked.
The Congress on Friday accused the BJP government of forcefully taking Rs 1,76 lakh crore from the RBI to hide a "grave" economic slowdown and claimed that it had pushed the country into a "financial emergency".
The move to branch out to the popular platforms, which are used by the younger demography, is part of a "360-degree mass media awareness programmes" to be undertaken, the central bank said.
In FY19, banking sector reported 6,801 frauds involving Rs 71,542.93 crore as against 5,916 cases involving Rs 41,167.04 crore reported in 2017-18.
As per the committee, the surplus distribution policy targets having the capital reserves buffer in the range of 5.5-6.5 percent of the entire balance sheet.
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