RESERVE BANK

  • RBI slaps penalty of Rs 50 lakh on ICICI Bank, Rs 25 lakh on Bank of Baroda December 18, 2014

    New Delhi: The Reserve Bank of India (RBI) on Wednesday imposed a penalty of Rs 50 lakh on ICICI Bank and Rs 25 lakh on Bank of Baroda for violation of KYC norms, a statement issued by the apex bank said. "The Reserve Bank of India has imposed monetary penalty on...
  • Oil drops below $59 for first time since 2009 December 16, 2014

    London: Oil fell below $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month sell off as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand. International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel...
  • Full statement: RBI keeps key rates unchanged in its bi-monthly monetary policy December 2, 2014

    Mumbai: On the basis of an assessment of the current and evolving macroeconomic situation, RBI has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent. Monetary and Liquidity Measures On the basis of an assessment of the current and evolving macroeconomic situation, it has been...
  • RBI expected to hold rates, sound dovish to soothe government December 2, 2014

    Mumbai: The Reserve Bank of India is expected to keep interest rates unchanged on Tuesday, staying focused on containing inflation, while adopting a more dovish tone in response to the government's call for help to revive economic growth. Forty-one of 45 economists saw the RBI keeping the repo rate at 8.00...
  • Rate cut by RBI will give a good fillip to the economy: Arun Jaitley November 18, 2014

    Pushing for a rate cut by the Reserve Bank of India, Finance Minister Arun Jaitley said that the measure would give a good fillip to the economy. Jaitley's comments came on the back of a slide in crude oil prices and inflation moderating. "I am quite clear in my mind...
  • Watch: IIP up by 2.5 per cent against 0.4 per cent in August November 13, 2014

    With consumer price inflation dipping and factory output growing slightly, all eyes are now on the Reserve Bank of India. Will it or will it not cut rates at its next meeting is the question. ...
  • RBI against loan waiver scheme by state governments November 13, 2014

    Mumbai: Reserve Bank Governor Raghuram Rajan expressed reservation over the loan waiver scheme by various state governments and also suggested reasonable interest rate ceiling on loans from microfinance lenders. "Repeated loan waivers by various state governments distorts credit pricing, thereby also disrupting the credit market," he said at a function...
  • Pay Rs 20 for using ATM over 5 times a month November 1, 2014

    New Delhi: Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from Saturday. As per the Reserve Bank's new guidelines that comes into force from Saturday, bank customers in six metros-- Delhi, Mumbai,...
  • RBI redistributes work among Deputy Governors October 21, 2014

    Mumbai: The Reserve Bank, which is in the process of restructuring some of its departments, redistributed work among its four Deputy Governors. It said that consequent on reorganisation of the departments/work areas in the Reserve Bank effective on November 3, 2014, the portfolios of the Deputy Governors has been redistributed....
  • Need to break back of inflation: Raghuram Rajan September 25, 2014

    Mumbai: Reserve Bank Governor Raghuram Rajan said there was a need to "break the back" of inflation which remains high and controlling it would make the apex bank's position more comfortable. "The real problem is inflation that is persistent. We have been emphasising again and again in order to break...
  • Money laundering: RBI takes action against erring UCBs September 14, 2014

    New Delhi: Cracking down on money laundering, the Reserve Bank of India (RBI) has closed down six Urban Cooperative Banks (UCBs) which were suspected of being used to route illegal money. The central bank has also asked state governments to take stern action against any other erring UCBs after reports emerged...
  • Government of India can print Re 1 note: Law Ministry September 7, 2014

    New Delhi: Putting to rest the debate on printing of one rupee notes, the Law Ministry has opined that the Government of India has all the powers to print currency notes of this denomination. While the Reserve Bank of India (RBI) has the authority to issue bank notes of denominational values...
  • Inflation at 5 month low of 5.19 per cent in July August 14, 2014

    New Delhi: Inflation dipped to a five month low of 5.19 per cent in July mainly on account of decline in prices of some food articles, vegetables and protein rich items. It was at 5.43 per cent last month and 5.84 per cent in July 2013. Inflation in the overall food articles...
  • Crony capitalism hampers economic growth: RBI governor August 11, 2014

    Mumbai: Reserve Bank Governor Raghuram Rajan on Monday came out strongly against "crony capitalism", saying it kills transparency and competition and hence is harmful to free enterprise, opportunity and economic growth. "By killing transparency and competition, crony capitalism is harmful to free enterprise, opportunity, and economic growth," Rajan said, delivering a...
  • RBI's tough inflation stance risks standoff with Modi government August 9, 2014

    Mumbai/New Delhi: Reserve Bank of India (RBI) Governor Raghuram Rajan has set himself a target of lowering consumer inflation and is even ready to raise rates to achieve it, risking friction with the new government if he is seen as overstepping. Rajan, well known within the RBI for pragmatism, now must...
  • RBI keeps repo rate unchanged, cuts SLR for banks by 0.5 pc August 5, 2014

    Mumbai: The Reserve Bank of India (RBI) kept its key policy repo rate unchanged on Tuesday as widely expected, but warned about inflationary risks should a shortfall in monsoon rains spark a surge in food prices. The RBI also lowered banks' minimum bond holding requirements, known as the statutory liquidity ratio...
  • 30 minutes: Story of the Indian blue collar workers August 2, 2014

    The Indian blue collar workers have been working in the Middle East as domestic help with no one to listen to their grievances. Popularly known as 3D workers they work as truck drivers, construction workers and so on. According to the report presented by the Reserve Bank of India 70...
  • RBI restores overseas investment limit July 3, 2014

    Mumbai: The Reserve Bank of India (RBI) on Thursday restored the overseas investment limit of Indian companies to 400 percent of the firm's net worth after the rupee rebounded from last year's record low levels against the dollar. Last August, the RBI cut the overseas investment limit for companies to 100...
  • June factory activity grows at fastest pace since February July 1, 2014

    New Delhi: Indian factory activity expanded in June at its quickest pace since February while output prices rose at the fastest rate in eight months, signalling a further rise in inflation that is bound to vex the Reserve Bank of India (RBI), a business survey showed on Tuesday. The HSBC Manufacturing...
  • RBI's '007' Raghuram Rajan faces progrowth boss in Narendra Modi May 30, 2014

    Mumbai: Hailed as a troubleshooting "James Bond" of central bankers amid India's currency crisis last year, Raghuram Rajan was given a licence to kill inflation with higher interest rates and drive a programme of monetary policy reforms. Now, the governor of the Reserve Bank of India (RBI) may need all the...
  • RBI cautions public against fake website May 26, 2014

    Mumbai: The Reserve Bank on Monday cautioned the public not to fall prey to spurious offers made by a fake website in its name offering savings accounts. "It has come to the notice of the RBI today that a fake website has been created at http://www.rbiinonline.org/savings.html by some unknown persons...
  • Raghuram Rajan signed Rs 1000 banknotes to come up shortly May 6, 2014

    Mumbai: Reserve Bank will shortly issue banknotes of Rs 1000 denomination in the Mahatma Gandhi series2005 bearing the signature of Governor Raghuram Rajan. "The RBI will shortly issue Rs 1000 denomination Banknotes incorporating rupee symbol on the obverse and reverse, with inset letter 'L' in both the numbering panels, in the...
  • Minors over 10 years can operate bank accounts: RBI May 6, 2014

    New Delhi: Minors above 10 years of age can open and operate independently savings bank account and use other facilities like ATM and cheque books. The Reserve Bank on Tuesday issued the guidelines allowing minors to operate bank accounts independently with a view to promote financial inclusion and bring uniformity...
  • Exclusive: Not worried about rupee overvaluation right now, says Rajan April 2, 2014

    Mumbai: Reserve Bank of India governor Raghuram Rajan said he was not worried about rupee overvaluation for now. Strong foreign fund inflows over the last couple of months have lifted the rupee to an 8-month high, stoking concerns that India's exports could become uncompetitive. "When we were at 60/$, people...
  • RBI gets EC approval to grant new bank licences April 1, 2014

    New Delhi: Ending weeks of uncertainty, the Election Commission on Tuesday allowed the Reserve Bank of India to issue licences for setting up new banks. "The Commission is of the view that the Reserve Bank of India (RBI) may take necessary action (for grant of in-principle approval for banking licences) as...
  • RBI keeps Repo Rate unchanged at 8 pc, CRR at 4 pc April 1, 2014

    New Delhi: The Reserve Bank of India maintained status quo in key rates on Tuesday, keeping the Repo Rate unchanged at 8 per cent and Cash Reserve Ratio at 4 per cent. The RBI also warned that failure to elect a stable government in the coming elections will accentuate "downside risks...
  • RBI set to announce annual monetary policy today, no changes likely April 1, 2014

    The Reserve Bank will come out with annual monetary policy on Tuesday amid expectations that it will maintain status quo because retail inflation, especially in food items, is yet to show definite signs of moderation. ...
  • RBI likely to maintain status quo in monetary policy on Tuesday March 31, 2014

    New Delhi: The Reserve Bank will come out with annual monetary policy on Tuesday amid expectations that it will maintain status quo because retail inflation, especially in food items, is yet to show definite signs of moderation. "It would be quite a tough call for the RBI in the given scenario......
  • RBI grants 9 more months to exchange notes printed before 2005 March 3, 2014

    The Reserve Bank on Monday granted an additional nine months for the public to exchange currency notes printed before 2005, including Rs 500 and Rs 1,000 denominations, and set a deadline of January 1, 2015. "RBI has also advised banks to facilitate the exchange of these notes for full value and...
  • RBI committed to "strongest growth possible": Rajan February 26, 2014

    Under flak from various quarters for raising rates, RBI Governor Raghuram Rajan on Wednesday said the central bank is committed to the "strongest growth possible" and is on the same page as the Finance Ministry on this front. The Reserve Bank of India (RBI) also strongly favours targeting CPI inflation but...