The Delhi High Court Wednesday asked the Centre, RBI, SEBI, IRDAI and National Payments Corporation of India (NPCI) to respond to a PIL seeking a detailed legal framework for regulating operations of techfin companies such as Facebook, Google and Amazon in India's financial sector space.
The bank has been prohibited from conducting the business of 'banking' which includes acceptance of deposits and repayment of deposits with immediate effect.
Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
In October, the RBI had projected the contraction in gross domestic product (GDP) at 9.5 per cent.
CPI inflation rose sharply to 7.3 per cent in September and further to 7.6 per cent in October, RBI Governor Shaktikanta Das said while unveiling its bi-monthly monetary policy review.
Monetary Policy Committee (MPC) voted unanimously to keep the policy repo rate unchanged at 4 per cent and continued with its accommodative stance to support growth. The committee, which has cut rates by 115 basis points since the Covid-19 crisis hit in March, has kept rates on hold since May.
RBI Governor Shaktikanta Das made the announcement while announcing the decisions taken by RBI's Monetary Policy Committee (MPC).
Sensex on Friday hit the 45,000-mark for the first after. The Nifty was trading over 13,200-mark as the Reserve Bank of India announced the monetary policy decisions.
Equity benchmark Sensex jumped over 200 points in early trade on Friday tracking gains in index majors HDFC Bank, L&T and ICICI Bank ahead of the Reserve Bank of India's monetary policy outcome.
Shares of HDFC Bank declined over 2 per cent on Thursday after the company said the Reserve Bank of India has asked it to temporarily stop all launches of its upcoming banking initiatives and issuing of new credit cards.
HDFC Bank said the RBI order “has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its program Digital 2.0 and other proposed business generating IT applications and sourcing of new credit card customers.”
Brickwork Ratings(BWR) in a report said that given the continued contraction of the economy, MPC is likely to continue with its accommodative monetary policy stance to manage financial stability and support growth recovery.
The Reserve Bank is likely to keep the benchmark interest rates unchanged in its next monetary policy review in view of heightened retail inflation which has persistently remained above its comfort level, feel experts.
Speaking at the annual day event of Foreign Exchange Dealers' Association of India (FEDAI), Das said there are downside risks to growth across the world and also in India.
Lakshmi Vilas Bank Ltd. branches will operate as DBS Bank India Ltd. branches from November 27, 2020. The development has come hours after the Cabinet announced that it has approved the merger of Lakshmi Vilas Bank Ltd. with DBS India.
Days after a month long moratorium was imposed on the Tamil Nadu based Lakshmi Vilas Bank, the Union Cabinet on Wednesday approved the scheme of Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited.
The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC.
In a first among central banks, the Reserve Bank of India has become the first monetary authority in the world to have more than 1 million followers on its official Twitter handle.
The RBI on Thursday said it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with directions on maintaining loan to value ratio in gold loans and on obtaining a copy of the PAN card of the borrower while granting gold loans of over Rs 5 lakh.
T N Manoharan, the RBI-appointed administrator of Lakshmi Vilas Bank, on Wednesday said that depositors' money is safe and expressed confidence of completing the lender's merger with DBS Bank India within the deadline set by the regulator.
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