RBI tells UCBs to report Large Exposures to Central Repository of Information on Large Credits (CRILC)
To bring cooperative banks closer to the reporting standards of commercial banks, the RBI on December 27, 2019, mandated Urban Co-operative Banks to report credit information, including classification of an account as a special mention account (SMA) to the central repository of information on large credits (CRILC). The CRILC database is used by banks and…
Read article Asset Reconstruction Companies are barred from Acquisition of financial assets from sponsors and lenders
On Friday (December 6), RBI announced that Asset Reconstruction Companies (ARCs) shall not acquire financial assets, from the following on a bilateral basis, whatever may be the consideration. The above restriction is applicable to the following types of ARCs where; a bank/ financial institution which is the sponsor of the ARC; a bank/ financial institution…
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Bank customers can enjoy seamless 24×7 NEFT service on all days (from December 16, onwards)
The Reserve Bank of India advised all the member banks that NEFT service shall be available 24×7 NEFT service including holidays from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019). The Central Bank advised all the member banks to initiate necessary…
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Coming soon: New Pre-Paid Payment Instruments (PPI)
RBI as per the guidelines provided under the Payment and Settlement Act, 2005 defined Prepaid Payment Instruments (PPIs) as instruments of payment that facilitate buying of goods and services, including the transfer of funds, financial service and remittances, against the value stored within or on the instrument. Reserve Bank of India in its Statement on…
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RBI envisages new guidelines for ATMs
Reserve Bank of India in its Statement on Developmental and Regulatory Policies published on Thursday sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of financial markets; and improving payment and settlement systems. One of the items on the agenda is executing new guidelines for ATMs. This is…
RBI keeps the policy repo rate unchanged in fifth Bi-monthly Monetary Policy Statement
In the fifth bi-monthly monetary policy statement announced on Thursday (dated 05.12.2019), MPC decided to keep policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within…
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