The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Friday announced the hike in the repo rate by 50 basis points to 5.90%, the fourth straight increase in the current cycle, to tame the sustained above-target retail inflation rate. The standing deposit facility (SDF) rate and the marginal standing facility (MSF) rate were…
The Reserve Bank of India on Wednesday advised all the financial institutions that the risk weight of zero percent shall be applicable in respect of exposures guaranteed under any existing or future schemes launched by CGTMSE, CRGFTLIH, and NCGTC satisfying certain conditions. “In order to have a consistent approach with regard to risk weights for…
The Reserve Bank of India (RBI) on Friday issued a clarification on a bulletin article on privatisation of public sector banks.“This is regarding reports in certain sections of the media stating that the RBI is against privatisation of Public Sector Banks (PSBs). These media reports have cited an article titled “Privatisation of Public Sector Banks:…
RBI Governor Shaktikanta Das on Friday said banks cannot perennially rely on the central bank’s money to support credit offtake and they need to mobilise more deposits to aid credit growth. Indian banks cannot perennially rely on the central bank’s money to support credit offtake and they need to mobilise more deposits to aid credit…
RBI Governor Shaktikanta Das-headed six-member monetary policy committee (MPC) on Friday decided to raise the repo rate by 50 basis points and announced the withdrawal of the accommodative stance, largely in line with expectations, making it a non-event. “On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee…
RBI Governor Shaktikanta Das on Friday speaking at the ‘Banking beyond tomorrow’ the Annual Banking Conclave of Bank of Baroda said that the central bank will ensure that the rupee “finds its level” in line with its fundamentals with “zero tolerance” for volatile and bumpy movements of the currency.” We are living in turbulent times.…
The Reserve Bank of India on Friday released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other 21 major countries. The pilot exercise for benchmarking India’s payment systems was undertaken in 2019 with respect to the position in 2017. The above exercise was conducted…
The Reserve Bank of India (RBI) on Friday revised the existing guidelines for authentication and sorting the new series of banknotes and issued guidelines directing banks to test their banknote sorting machines on a quarterly basis. “In the backdrop of introduction of the new series banknotes, these parameters have been reviewed and a revised set…
The Take-home salary, contribution to Employees’ Provident Fund and working hours could change significantly as the Centre plans to implement new labour laws from July 1. The Indian parliament has passed the four labour codes — wages, social security, industrial relations, occupational safety, health and working conditions. These codes were created by subsuming 29 Central…
The Reserve Bank of India vide circular dated April 21, 2022, had issued master directions for credit and debit card issuance in the year 2022. These guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the new norms of card issuance…