The RBI said frauds present multiple challenges for the financial...
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India’s savings rate shoots past global average: SBI report
“Due to various measures, India's financial inclusion improved...
Reliance Nippon Life starts negotiation with IndusInd Bank on bancassurance tie up
"Bancassurance was a missing link in our structure and we have...
Nearly 72 pc of financial transactions of PSBs done through digital channels: MoS finance
The Reserve Bank of India (RBI) has informed that it is not considering a separate licensing category for digital banks at present, Minister of State for Finance Bhagwat K Karad said in a written reply to the Rajya Sabha.
Global banks unwind India currency trades worth billions after RBI warning
Some lenders had racked up exposures of more than $1 billion each by using a regulatory loophole created in February to convert rupee deposits into dollars using a buy-sell swap — buying the greenback now while selling the same amount at a specified date in the future. They then used the proceeds to purchase U.S. government debt and profited from the arbitrage, paying around 3.5% on the local currency deposits and earning 4.9% on the 12-month yield on the currency pair.
RBI to penalise banks for non-availability of cash in ATMs from Oct 1
In this connection, it said a review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public.
It has, therefore, been decided that the banks/ White Label ATM Operators (WLAOs) will strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs, the central bank said.
”Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the ‘Scheme of Penalty for non-replenishment of ATMs’,” the RBI said.
Will RBI joining NGFS help in climate finance?
The 22nd Financial Stability Report (FSR22) of the RBI had, about the “climate-related risk” that the value of financial assets/liabilities could be affected either by continuation in climate change (physical risks), or by an adjustment towards a low-carbon economy (transition risks). The manifestation of physical risks could lead to a sharp fall in asset prices and increase in uncertainty, it said.
IDBI Bank strategic sale: 7 firms in race for transaction advisor
LIC, currently having management control, has a 49.24 percent stake, while the government holds 45.48 percent in the bank. non-promoter shareholding stands at 5.29 percent.
The exact quantum of stake dilution would be decided later.
Indian bankers face legal risks as court rulings threaten over $6 billion in loans
Two rulings by India’s Supreme Court that threaten the repayment of loans totalling nearly Rs 50,000 crore ($6.73 billion) to some of India’s largest banks
Any failure to recoup the money adds to stress in the banking sector, which is already dealing with an increased level of bad loans and reduced profits because of the impact of the pandemic.
Digital currency model likely by the end of year: RBI
Earlier, RBI Governor Shaktikanta Das made it clear that the central bank continues to have concerns with the private digital currency (DCs) which are not regulated and has conveyed the same to the government
PSU general insurers’ employees observe strike to protest proposed privatisation
The one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha was successful across the country, General Insurance Employees All India Association’s General Secretary K Govindan claimed.
About 52,000 employees and officers across all four PSGI companies participated in the day-long strike, he added.
Financial regulators urgently need to get a grip on ‘Big Tech’: BIS
Global watchdogs are increasingly wary that the huge amounts of data controlled by groups such as Facebook, Google, Amazon and Alibaba could allow them to reshape finance so rapidly that it destabilises entire banking systems.
RBI’s new rules on interchange fee, 24/7 bulk clearing facility functional
National Automated Clearing House (NACH) has been made available on all days of the week, effective August 1, 2021.
NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.
It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium.