Page 9 - Rbi

Pace of bank lending to infrastructure shrinks to 2.3%: RBI data

Bankers say private infra offtake slow; much of funding is via public funds

RBI fines Amazon Pay (India) Rs 3 cr for not complying with PPI & KYC norms

Ola Financial Services, Obopay Mobile and Manapurram Finance other entities

RBI slaps Rs 3.06 cr penalty on Amazon Pay (India) for violation of norms

The Reserve Bank of India on Friday said it has imposed a penalty of over Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction. "It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements," the RBI said in a statement. The RBI had issued a notice to Amazon Pay (India) advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. "After considering the entity's response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," it said. The central bank, however, added the penalty is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the Amazon Pay (India) with its customers. Amazon Pay is the ..

SC issues notice to Axis on a batch of RBI appeals to write off AT-1 bonds

The Supreme Court on Friday issued notices to Axis Trustee Services Ltd on a batch of appeals filed by the Reserve Bank of India (RBI) and others challenging a Bombay High Court order quashing a decision of the Yes Bank Administrator to write off Additional Tier 1 (AT-1) bonds. A bench headed by Chief Justice D Y Chandrachud took note of the submissions of Solicitor General Tushar Mehta, appearing for RBI, and senior advocate Kapil Sibal, representing Yes Bank, and extended the stay on the high court order quashing the decision of writing off AT-1 bonds. The Bombay High Court, while quashing the decision of the Yes Bank Administrator, had however said its decision will be in abeyance so the central bank and Yes Bank may appeal against it in the apex court. Issue notice. The stay granted (by the Bombay HC on its decision) will continue, said the bench, which also comprised justices P S Narasimha and J B Pardiwala. AT-1 bonds have no maturity date. These debt instruments offer highe

Manufacturing companies record lower sales growth in Q3: RBI data

Listed manufacturing companies recorded lower sales growth of 10.6 per cent in the December quarter of the current fiscal compared to 20.9 per cent in the previous quarter, according to data released by the Reserve Bank of India (RBI) on Thursday. The moderation in the manufacturing companies was broad-based across the industries, except for cement. Over all, sales growth of listed private non-financial companies moderated to 12.7 per cent in third quarter of 2022-23 from 22.6 per cent in the previous July-September period. The Reserve Bank of India (RBI) has released data on the performance of the private corporate sector during the third quarter of 2022-23 drawn from abridged quarterly financial results of 2,779 listed non-government non-financial companies. However, Information technology (IT) companies remained on high growth trajectory and recorded 19.4 per cent rise in sales. Also, revenue growth for non-IT services companies was supported by steady performance in trade, ...

CEAI urges RBI to stop routing foreign currency deals via US banking system

"This needs an urgent correction, lest we continue to lose every single day. If it is part of some Trade Agreement, it needs an urgent relook. Let this be addressed on top priority," he said

UPI, PayNow tie-up: In payments, like geopolitics, India seeks a third way

Indian policy makers believe that the UPI and allied elements of what it calls "digital public infrastructure" are one of their biggest recent innovations

HDFC Bank's Sashidhar Jagdishan is 'BS Banker of the Year 2022'

Five-member jury picks him for the bank's strong performance and his leadership skills during the crisis

RBI launches 2 surveys to gather 'useful inputs' for monetary policy

The Reserve Bank of India on Wednesday launched two key surveys, results of which provide "useful inputs" for the central bank's bi-monthly monetary policy. One of the surveys is to know inflation expectations of households and the other is to gauze the consumer confidence. The March 2023 round of Inflation Expectations Survey of Households (IESH), RBI said, aims at capturing subjective assessments on price movements and inflation, based on their individual consumption baskets, across 19 cities. The cities are: Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi and Thiruvananthapuram. "The survey seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) 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 rate

RBI seeks details of NBFCs' total credit to Adani Group of companies

Move the first after the introduction of scale-based supervision for NBFCs on October 1, 2022

Banks request RBI to include more long-term bonds in H1 FY24 borrowing

Banks expressed reservations about floating rate bonds in next year's borrowing

Record high Feb temp may lead to more rate hikes from RBI: Ratings

The record heat in February can lead to more rate hikes from RBI, a domestic rating agency said on Tuesday. The high temperatures will impact the wheat production, the rating agency said, adding that the surge in wheat prices contributed to over a tenth of the retail inflation in December and January, which is way above their weight in the basket. Earlier in the day, the Met office said February 2023 has been the warmest in 122 years and asked everybody to brace for more heat waves going forward. In a note shared before the release of the IMD data, India Ratings said the country would again undergo a terminal heat stress, pointing out that on an average, the maximum temperature in Punjab, a key wheat-growing area, was 4 to 5 degree Celsius higher than the normal between 17-23 February. It said the 'terminal heat stress' may result in the wheat output falling to 107.7 million tonnes (MT) as against the second advance estimate of 112.2 MT, thus increasing prices. The agency said aft

Shaktikanta Das, Bill Gates discuss financial inclusion, microfinance

"Mr Bill Gates visited RBI Mumbai today and held wide ranging discussions with Governor Shaktikanta Das," the RBI said on its official Twitter handle

Housing, auto drive personal loan growth in January, says RBI data

Growth in personal loans accelerated to 20.4 per cent annually in January 2023 largely driven by housing' and vehicle loans', according to data released by the Reserve Bank on Tuesday. The growth in the personal loans segment was 12.8 per cent in January 2022. The data on sectoral development of bank credit in January 2023 showed that the personal loan outstanding on January 27, 2023, was Rs 39.59 lakh crore as against 32.87 lakh crore in a year ago. Data further revealed that housing loan outstanding was Rs 18.88 lakh crore in January this year as against Rs 16.36 lakh crore a year ago. The loan outstanding in the vehicle segment was nearly Rs 5 lakh crore in January 2023 against Rs 3.95 lakh crore in January 2022. On a year-on-year (y-o-y) basis, non-food bank credit registered a growth of 16.7 per cent in January 2023 as compared with 8.3 per cent a year ago. Credit growth to agriculture and allied activities improved to 14.4 per cent (y-o-y) in January 2023 from 10.4 per cent

All India House Price Index rises 2.8% in Oct-Dec quarter: RBI data

The all India house price index (HPI) rose 2.8 per cent in the October-December quarter of 2022-23 as compared with 3.1 per cent a year ago, according to data released by the Reserve Bank of India on Tuesday. The RBI releases quarterly HPI based on transaction-level data received from the registration authorities in ten major cities. The cities are: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai. The movements in HPI during the third quarter of the current fiscal varied widely across the cities - ranging from a growth of 7.1 per cent (Kochi) to a contraction of 9 per cent (Jaipur). "On a sequential (q-o-q) basis, all India HPI increased by 1.3 per cent in Q3:2022-23; while Lucknow, Kolkata, and Jaipur recorded sequential contraction in the index, it rose for the remaining cities," the RBI said. Beginning with Mumbai city, the Reserve Bank initiated the work of compiling a house price index (HPI) in 2007 and brought out a quarterly HPI for

HDFC Ltd hikes home loan rates by 25 basis points effective March 1

However, lender has a limited period festive season offer, under which borrowers with credit scores of 760 and above can get home loans at 8.7% till March 31

Indian banks unprepared for RBI's ESG push, survey shows: Report

A majority of domestic banks, particularly mid-sized and small ones, are grappling with issues on the ESG definitions applicable to lenders, how the norms will be built into ending decisions

Indian banks well placed to transit to Expected Credit Loss regime: S&P

This transition is not expected to change ratings on these banks

Govt to release second advance estimate of GDP for 2022-23 today

Ministry of Statistics and Programme Implementation will release the second advance estimate of the Gross Domestic Product for 2022-23 along with December quarter data on Tuesday evening. The ministry will also release the revised estimate of economic growth for 2021-22 which was estimated at 8.7 per cent in May last year. As per the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. The data assumes significance since in December 2022, the Reserve Bank of India lowered the country's GDP growth forecast to 6.8 per cent for the current fiscal. It was cut from the earlier projection of 7 per cent. RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter and fourth quarter growth at 4.4 per cent and 4.2 per cent, respectively. It had trimmed the growth projection for 2022-23 for the third time in December last year. The Asian Development Bank has projected the Indian economy to expand 7 per cent while the

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