Page 42 - Rbi

Digital lending norms: Fintech firms seek clarity on RBI's FLDG stance

An FLDG is a lending model wherein a third-party guarantees to compensate up to a certain percentage of default in a loan portfolio of the regulated entity

RBI is anchoring expectations on rupee weakness, says Shaktikanta Das

He expects inflation to fall within tolerance band by January-March

RBI imposes penalties on five co-operative banks for non-compliance

The Reserve Bank has imposed penalties on five cooperative banks, including Rs 25 lakh on The Karnataka State Co-operative Apex Bank, Bengaluru, for deficiencies in regulatory compliance. The penalty on The Karnataka State Co-operative Apex Bank Ltd has been imposed for non-compliance with directions on "Housing Finance", the RBI said in a statement. In another statement, it said a fine of Rs 15 lakh has been imposed on Thane Bharat Sahakari Bank Limited, Thane, for non-compliance with the directions issued by RBI on 'Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions'. A fine of Rs 5 lakh has been imposed on Rani Laxmibai Urban Co-operative Bank, Jhansi, as it failed to adhere to specific directions issued to it by RBI under Supervisory Action Framework (SAF), the central bank said. The RBI has also imposed a Rs 2 lakh penalty on The Nicholson Co-operative Town Bank (No.8), Thanjavur District, Tamil Nadu for

HDFC Bank, Precision Bio to test applications under RBI's sandbox scheme

HDFC Bank and Precision Biometric India have been selected by the Reserve Bank for testing their 'on tap' retail payments applications under the regulatory sandbox scheme, the central bank said on Monday. Regulatory sandbox (RS) refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of the testing. The regulatory sandbox allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new products and systems. The RBI announced the opening of the 'On Tap' application facility for the theme 'Retail Payments' under the regulatory sandbox in October last year. The product 'Offline Retail Payments' by HDFC Bank (in partnership with Crunchfish AB) provides the capability for customers and merchants to pay and receive payments in offline mode, the RBI said in a release. The solution aims to

NTT DATA Payment Services gets RBI nod for payment aggregator license

Payment service provider NTT DATA Payment Services India, earlier Atom Technologies, said it has received an in-principle approval from the RBI for the Payment Aggregator license

'Think of the worst': RBI Governor Das nudges banks to raise capital

Inflation has peaked, expect CPI at 5% in April-June, he says

Comply with digital lending norms for existing loans by Nov 30: RBI

Guidelines applicable to new and existing customers taking fresh loans

Centre may cap upcoming first green bond issues at Rs 25,000 crore

Green bond proceeds will be used to fund projects which will help India meet COP commitments

RBI launches project to digitise KCC to transform rural credit delivery

To transform rural credit delivery system, the Reserve Bank has decided to launch pilot projects to digitise Kisan Credit Card (KCC) in Madhya Pradesh and Tamil Nadu. Based on the learnings from the pilot, it is planned to expand the digitalisation of KCC lending to other districts in these two states and gradually across the country, the RBI said in a statement. The pilot project would entail automation of various processes within banks and integration of their systems with the service providers, it said, adding, the proposed digitalisation of the KCC lending process will make it more efficient, reduce costs for borrowers and reduce turn around time (TAT) significantly. The TAT from loan application to disbursement has also been rather high, ranging from two to four weeks. Rural credit is closely related to inclusive economic growth, as it caters to the requirements of agriculture and allied activities, ancillary industries, small businesses, etc. At present, it said, the process

Top headlines: RBI's Shaktikanta Das on bank capital, ITC m-cap and more

RBI Governor on economic uncertainties to Sri Lanka privatising its national airline, here are the top headlines

RBI unlikely to accept NBFCs' requests for bad-loan exemptions: Report

Under the new norms, shadow banks will have to recognise bad loans on a daily basis, rather than monthly, as some now do

Credit to industry hits 8-year high as corporations opt for bank funding

According to the latest Reserve Bank of India (RBI) data, loans to micro, small, medium, and large industries rose to Rs 31.82 trillion as of July end, up 10.5 per cent year-on-year (YoY).

Services exports rise 20.2% to $23.26 bn in July, shows RBI data

India's services exports increased by 20.2 per cent year-on-year to USD 23.26 billion in July, according to Reserve Bank data released on Thursday. The July exports were, however, lower than USD 25.29 billion in June this fiscal. As per the monthly data on India's international trade in services for July 2022, the imports rose 22.3 per cent to USD 13.92 billion in July. In June, the imports stood at USD 15.76 billion. The exports during April-July 2022-23 stood at 94.75 billion, and the imports totalled USD 58.94 billion during the period. Monthly data on services are provisional and are likely to undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis, the RBI said.

RBI ready to relax norms to facilitate LIC, government stake sale in IDBI

The largest stake in IDBI is currently held by the LIC. It holds 49.2 per cent of all the shares in the bank. It is followed by the govt, which holds 45.5 per cent

RBI may slow pace of rate hikes over growth concerns: Deutsche Bank

Das added that the central bank may consider 35 bps rate hike, should the U.S. Federal Reserve deliver a 75 bps rate hike on Sep. 21

On-time payments can drive higher growth

Lacklustre trend growth calls for attention to the economy, with less distractions, diversions, and disruptions. Government can lead with payment on time

Credit card spends touch all-time high of Rs 1.16 trillion in July

Spends have topped Rs 1 trillion level for five consecutive months now

Ahead of festive season, credit offtake remains strong in July 2022

Reserve Bank of India (RBI) data showed that credit to industry grew 10.5 per cent in July 2022 against a mere 0.4 per cent in July 2021

RBI launches key household surveys to get inputs for monetary policy

Reserve Bank of India on Tuesday launched the next round of household surveys to capture inflation expectations and consumer confidence. The results of the survey provide useful inputs for monetary policy, the central bank said. The September 2022 round of Inflation Expectations Survey of Households (IESH) aims at capturing subjective assessments on price movements and inflation, based on their individual consumption baskets, across 19 cities. The IESH seeks qualitative responses from households on price changes in the three months ahead as well as in the one-year ahead period and quantitative responses on current, three months ahead and one year ahead inflation rates. The households to be covered under the survey in the cities include Ahmedabad, Bhubaneswar, Chennai, Delhi, Guwahati, Jammu, Kolkata, and Thiruvananthapuram. Consumer Confidence Survey (CCS) to be conducted in 19 cities seeks qualitative responses from households, regarding their sentiments on general economic ...

House price index rises 3.5% YoY in first quarter, shows RBI data

The all India house price index (HPI) rose by 3.5 per cent year-on-year in the first quarter of 2022-23, according to data released by the Reserve Bank of India. The growth in the HPI was 1.8 per cent during January-March and 2 per cent in the April-June quarter of 2021-22. The RBI said the year-on-year movements in HPI varied widely across the cities - ranging from a growth of 16 per cent in Kolkata to a contraction of 4 per cent in Bengaluru. On a sequential basis, all India HPI increased by 2.2 per cent in the first quarter of 2022-23. Delhi, Kolkata, and Jaipur recorded sequential contraction in the index, while it rose for the remaining cities. The central bank releases its quarterly house price index (HPI) based on transaction-level data received from the housing registration authorities in 10 major cities. The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.