Wednesday, December 18

Tag: Reserve Bank of India

India’s outward FDI falls 12.14% to $1.88 bn in October: RBI data
13Nov By adminNo Comments
Business

India’s outward FDI falls 12.14% to $1.88 bn in October: RBI data

Reflecting slack in global economic growth, India’s outward foreign direct investment (FDI) commitments fell by 12.14 per cent sequentially to $1.88 billion in October, compared to over $2.14 billion in September. They also saw over $2.66 billion in October 2022, according to Reserve Bank of India (RBI) data. Outbound FDI, expressed as a financial commitment, comprises three components: equity, loans, and guarantees. A slowdown in economic and business activities, especially in developed markets, has impacted direct investment flows, both inbound and outbound. Most investments (outward FDI) are in subsidiaries or stakes in foreign companies. A slowdown in the developed markets means fewer opportunities, according to bankers. Just like the weak outbound FDI numb...
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Rs 50 crore assets of Pawan Munjal attached
10Nov By adminNo Comments
Business

Rs 50 crore assets of Pawan Munjal attached

Hero MotoCorp Executive Chairman Pawan Munjal The Enforcement Directorate (ED) has “provisionally attached” assets worth about Rs 50 crore belonging to Hero MotoCorp Executive Chairman Pawan Munjal in connection with a money-laundering investigation against him. These include three immovable properties (in the form of land) in Delhi, the central agency said in a statement on Friday. The ED alleged that Munjal misused the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) by illegally moving foreign currency and valuable items worth Rs 54 crore abroad and later using them for his personal expenses.    “The foreign currency was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over t...
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RBI Governor Shaktikanta Das sticks to stand on crypto assets ban
20Oct By adminNo Comments
Business

RBI Governor Shaktikanta Das sticks to stand on crypto assets ban

Reserve Bank of India (RBI) Governor Shaktikanta Das sought to reaffirm on Friday that the central bank’s stance on banning crypto assets remained unchanged despite a global trend towards regulating them. “On crypto, I have already spelt out our position very clearly time and again and we continue with the same view. The IMF-FSB (International Monetary Fund-Financial Stability Board) synthesis paper also points out the risks involved in crypto. Regulation is always on a scale of zero to 10. Zero regulation will mean that there is no regulation, it’s free for all, and 10 means you don’t allow it. In between zero and 10, it depends on where you are. FSB now has to look at the granular details of regulation,” Das told reporters on the sidelines of the Kautilya Economic Con...
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Rbi: Rs 2,000 notes worth Rs 10,000 crore left in system: RBI Governor
20Oct By adminNo Comments
Business

Rbi: Rs 2,000 notes worth Rs 10,000 crore left in system: RBI Governor

NEW DELHI: Reserve Bank Governor Shaktikanta Das on Friday said Rs 2,000 denomination notes are coming back and only Rs 10,000 crore worth of such notes are still with people. He exuded confidence that these notes will also be returned or deposited back. "Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. The expectation is that the amount will also come back," he said on the sidelines of the event here. Earlier this month, Das had said 87 per cent of the Rs 2,000 denomination notes being withdrawn have returned as deposits into banks while the rest has been exchanged across counters. On May 19, the Reserve Bank of India (RBI) took the financial world by surprise when it declared its plan to phase out the Rs 2,000 note, which had been introduced in 2016 as p...
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Rs 2,000 note deposit & exchange: Full list & addresses of RBI regional offices where you can still exchange Rs 2,000 notes
10Oct By adminNo Comments
Business

Rs 2,000 note deposit & exchange: Full list & addresses of RBI regional offices where you can still exchange Rs 2,000 notes

Rs 2,000 note exchange news: The deadline for depositing or exchanging the Rs 2000 banknote, which was set for October 7, 2023, has lapsed. However, a recent notification from the Reserve Bank of India (RBI) on September 30, 2023, states that these notes can still be submitted at some RBI regional offices for credit to Indian bank accounts or exchanged, says an ET report.The option of depositing or exchanging these banknotes at regular bank branches is no longer available. Instead, individuals and entities can carry out the deposit or exchange activity solely through the 19 regional offices of the RBI that house Issue Departments (known as RBI Issue Offices). The exchange limit for individuals and entities is set at Rs 20,000 per transaction.Furthermore, individuals can also utilize India...
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RBI extends last date for exchanging Rs 2,000 bank notes to Oct 7
1Oct By adminNo Comments
Business

RBI extends last date for exchanging Rs 2,000 bank notes to Oct 7

India was close to printing Rs 10,000 notes in 2016: All you need to know50% of Rs 2,000 notes returned to banks since announcement: RBI Guv DasRBI asks banks to keep daily data on exchange, deposit of Rs 2,000 notesGoing to the bank with Rs 2,000 notes? Things you should keep in mindMPC lowers projection for inflation, raises growth outlook a bit in FY24FinMin notifies Oct 1 date for implementing amended GST law for e-gamingLast date to exchange Rs 2,000 banknotes is tomorrow, clarifies RBIRBI reviews flow of credit to MSMEs, delibrates on bridging credit gapGovt raises interest rate on 5-year recurring deposit to 6.7% for Dec qtrStandard Chartered does not see rupee cross 84 even if dollar climbs
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RBI Guv calls for reduced dominance of individual directors on bank boards
25Sep By adminNo Comments
Business

RBI Guv calls for reduced dominance of individual directors on bank boards

Reserve Bank of India (RBI) Governor Shaktikanta Das has emphasised the need to avoid the excessive dominance of one or two directors in the functioning of bank boards. He has urged directors to engage in open and frank discussions, and to be proactive in questioning bank operations. Addressing directors of urban cooperative banks (UCBs), Das noted that the RBI had observed such undue influence even in major commercial banks. When identified, the RBI has advised these banks against such practices. The governor first addressed UCB directors on August 30, 2023, and the video of his remarks was released on Monday. Das asserted that directors in UCBs, who are elected to their positions, must possess expertise in diverse banking functions, including risk management and inf...
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Wilful defaulters must be identified within 6 months
22Sep By adminNo Comments
Business

Wilful defaulters must be identified within 6 months

The Reserve Bank of India (RBI) on Thursday said lenders would have to examine all aspects relating to wilful default on accounts with outstanding dues of Rs 25 lakh or more and identify wilful defaulters within six months of a loan becoming a non-performing asset (NPA). The regulator on Thursday released draft norms on wilful and large defaulters. It has allowed non-banking finance companies and cooperative banks to identify them. A wilful defaulter is a borrower or a guarantor who has defaulted without being constrained to do and the outstanding amount is Rs 25 lakh and above. A large defaulter is one whose amount in default is Rs 1 crore and above. For calculating the cut-off point of Rs 1 crore, the unapplied interest, if any, should be included. For an account th...
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RBI allows HDFC AMC’s stake acquisition in DCB Bank, Karur Vysya, 2 others
21Sep By adminNo Comments
Business

RBI allows HDFC AMC’s stake acquisition in DCB Bank, Karur Vysya, 2 others

The Reserve Bank of India (RBI) has approved HDFC Asset Management Company (HDFC AMC) acquiring a 9.5 per cent stake each in DCB Bank, Karur Vysya Bank, Federal Bank and Equitas Small Finance Bank. “Pursuant to Regulation 30 and other applicable clauses of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Bank has received an intimation from RBI on September 20, 2023, regarding the approval granted to M/s. HDFC Asset Management Company Limited (“HDFC”) to acquire “aggregate holding” of up to 9.5% of the paid-up equity capital or voting rights in ESFBL,” said the small finance bank in an exchange filing on Thursday, Separately, an exchange statement by DCB Bank late Wednesday said: “AMC has been advised by th...
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Economy gaining strength, inflation to slide further in Sept: RBI report
18Sep By adminNo Comments
Business

Economy gaining strength, inflation to slide further in Sept: RBI report

Amid weakening global prospects, the Indian economy is gaining strength led by domestic drivers – private consumption and fixed investment, with strong public sector capital expenditure – and supply responses are improving, according to the Reserve Bank of India’s (RBI’s) State of the Economy report released on Monday.   The report, however, flagged “a new risk to global financial stability”. Crude oil prices are hovering above $90 per barrel, challenging 10-month highs, due to Saudi Arabia and Russia extending voluntary production cuts to the end of 2023.   “The strength of the US dollar on safe haven demand is also making crude prices higher. Global inflation is once again under siege as deep deficits in global oil balances become persi...
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