RBI keeps lending rates unchanged at 4% for ninth time in a row
Business | Dec 08, 2021, 10:46 AM ISTThis is the ninth consecutive time since the rate remains unchanged. The RBI had last revised the policy rate on May 22 last year.
This is the ninth consecutive time since the rate remains unchanged. The RBI had last revised the policy rate on May 22 last year.
If the RBI maintains status quo in policy rates on Wednesday, it would be the ninth consecutive time since the rate remains unchanged. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
The Reserve Bank of India has announced that the cash withdrawal charges on ATMs will be hiked from 1 January 2022.
The directions were contained in 'RBI (Fraud-Classification & Reporting by commercial banks & select FIs) Directions 2016', and 'Guidelines on Sale of Stressed Assets by Banks'.
The draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank, including deposits, by the USFB, thus giving a greater degree of protection for the depositors, the Reserve Bank of India said.
Finance Minister Nirmala Sitharaman also thanked PM Modi for the initiatives. Narendra Modi launched 2 innovative customer-centric initiatives of RBI today.
PM Modi said that RBI's two innovative customer-centric initiatives will increase investment avenues, make accessing capital market easier and safer.
Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
Reserve Bank Governor Shaktikanta Das said that there is a need to improve the quality and depth of audit as it instils confidence among citizens.
Under the Sovereign gold bond Series, bonds were issued in six tranches from May 2021 to September 2021.
RBI said the company had reported instances of breach of the ceiling of 30 remittances per beneficiary during 2019 and 2020 and filed an application for compounding of the violation.
The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of Rs one crore on the State Bank of India (SBI)
The action has been taken against the firm for failure to comply with a specific direction issued by the RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company (NBFC), the central bank said in a statement.
The penalty has been imposed for non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF) and RBI directions on 'Frauds in UCBs: Changes in Monitoring and Reporting mechanism'.
After superseding the boards of SIFL and SEFL last Monday, the Reserve Bank had appointed a three-member advisory committee to assist Rajneesh Sharma, administrator of the two crisis-ridden firms.
In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections.
October month is jam-packed with several vacations and festivities, and many banks across the country will be closed during that time.
Loan transfers are resorted to by lending institutions for various reasons, ranging from liquidity management, rebalancing their exposures or strategic sales.
Addressing AIMA National Management Convention, Das underlined the need for increased investment in healthcare education, digital and physical infrastructure to ensure sustainable growth and generate employment opportunities.
The Reserve Bank of India accuses the companies of breaking local data-storage rules. The bans do not affect existing customers.
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