RBI rejigs oversight panel for bad loan resolution

MUMBAI  - The Reserve Bank of India (RBI) on Thursday reconstituted a panel to oversee restructuring of troubled loans, as it strives to cut more than $150 billion of bad debt banks in Asia's third-largest economy have accumulated over the past years.

Pradeep Kumar, a former vigilance chief, was named chairman of the five-member panel, which has three former

RBI sets rupee reference rate at 64.4950 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4950 against the US dollar and 72.0732 for the euro. The corresponding rates were 64.6025 and 71.9413, as on June 21.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.7990 and 58.05 per 100 yens, respectively, based on reference rates for the dollar and cros

NSE gets SEBI notice on preferential access to brokers

 The Securities and Exchange Board of India (SEBI) has issued notice to the National Stock Exchange (NSE) following the market regulator's probe into alleged preferential access given by the stock exchange to some brokers through its 'co-location' facility.

"We have issued a show cause notice to NSE and to 14 key management personnel," SEBI Chairman Ajay Tya

RBI rate panel dissenter wanted 50 bp cut, rest watching inflation - minutes

MUMBAI - The Reserve Bank of India's monetary policy committee wants more evidence that inflation has sustainably fallen below its target before deciding whether to lower interest rates, minutes from its last meeting showed on Wednesday.

The RBI voted 5-1 to keep the repo rate at 6.25 percent earlier this month, but issued a slightly less hawkish statement after c

Government asks banks to deposit junked notes at RBI by July 20

The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20. This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI.

The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency

RBI sets rupee reference rate at 64.6025 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.6025 against the US dollar and 71.9413 for the euro.

corresponding rates were 64.4672 and 71.9583, as on June 20 According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.5348 and 58.07 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

India allows banks, post offices to deposit old bank notes with RBI

NEW DELHI  - India on Wednesday allowed banks and post offices to exchange old, big bank notes, which are no longer in circulation, with the Reserve Bank of India (RBI) in a month, provided these notes were collected by Dec. 30, 2016, a finance ministry statement said.

India's cooperative banks have also been allowed to exchange old currency notes with the RB

DCCBs allowed to deposit demonetised notes with RBI

In a significant move, the government on Tuesday allowed the RBI to accept demonetised notes of Rs 500 and Rs 1,000 received by the District Central Cooperative Banks (DCCBs) during November 10-14 last year.

The gazette notification comes on a day when the Shiv Sena announced endorsement of NDA Presidential candidate Ram Nath Kovind, after the party had last week demanded that the ove

'RBI to ensure supply of Rs 25,000 cr to meet currency demand'

Union Minister of State for Labour and Employment Bandaru Dattatreya said that the Reserve Bank will ensure supply of another Rs 20,000 crore to Rs 25,000 crore in the next two to three months to meet the currency demand of Telangana, reported PTI.

Banks in Telangana had received currency deposits of around Rs 70,000 crore during demonetisation period, while the Reserve Bank supplied

RBI's move on NPA resolution credit-positive for banks: Moody's

Global credit rating agency Moody's Investors Service on Monday dubbed as 'credit-positive' for Indian banks the RBI plans to resolve 12 large bank loan accounts accounting for 25 per cent of the banking system's non-performing assets (NPA).

The rating agency said it expects that the effectiveness of the resolutions under the Insolvency and Bankruptcy Code (IBC), 2016,

IDBI Bank asked to begin insolvency resolution on Lanco lnfratech

Infrastructure major Lanco lnfratech (LITL) on Saturday said that the Reserve Bank of India (RBI) has directed its lead lender IDBI Bank to initiate corporate insolvency resolution process (CIRP) on the company.

"RBI directed IDBI Bank, the lead bank of LITL to initiate CIRP for LITL under the Insolvency and Bankruptcy Code, 2016," the company said in a regulatory filing to

RBI initiates PCA against Bank of Maharashtra

 The Reserve Bank of India (RBI) has initiated "prompt corrective action" (PCA) on state-run lender Bank of Maharashtra in the view of its high non-performing assets (NPAs).

"The RBI vide its letter dated June 15 has initiated PCA for Bank of Maharashtra in view of high net NPA," the bank said in a regulatory filing to the BSE on Saturday.

"This

India`s Forex reserves slip by over $11 mn

 India's foreign exchange (Forex) reserves marginally decreased by over $11 million as on June 9, 2017.

The Reserve Bank of India's (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves declined to $381.156 billion from $381.167 billion reported for the week ended June 2.

India's Forex reserves comprise of foreign curr

PSUs may need over Rs 10K-cr infusion for bad loans:S.S Mundra

Public sector banks may require more than Rs 10,000 crore capital infusion from the government than budgeted for the current fiscal on account of higher provisioning for bad loans and haircut on stressed assets, said the RBI Deputy Governor S S Mundra. "I think the finance minister has always been mentioning if there is a need we will find resources," he said on the sidelines of an ev

Government had 246.62 billion rupees outstanding loans from RBI in June 9 week

 The Indian government had 246.62 billion rupees ($3.83 billion) outstanding loans with the central bank under ways and means

advances in the week ended June 9, according to the Reserve Bank of India's weekly statistical supplement released on Friday.

The central government had 880.31 billion rupees outstanding loans in the week earlier.

State governments

Bhushan, Essar Steel among 12 firms being moved to insolvency courts - sources

By Devidutta Tripathy

MUMBAI  - The Reserve Bank of India (RBI) has asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet Ispat and Energy Ltd, sources with direct knowledge of the matter said.

This follows a change enacted in laws last month that gives the Reserve Bank of India grea

No plan to issue next list of defaulters any time soon: RBI

Following the Reserve Bank of India (RBI) identifying 12 accounts that are responsible for 25 per cent of non-performing assets (NPAs), the central bank on Friday said it has no plans to come out with a next list any time soon.

"If you look at it (NPAs), RBI had a detailed circular. Twelve cases have been referred for resolution by Insolvency and Bankruptcy Code (IBC). Other

RBI sets rupee reference rate at 64.5883 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5883 against the US dollar and 72.0482 the euro. The corresponding rates were 64.2801 and 72.1094 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.5116 and 58.05 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes a

RBI deputy Mundra says state-run lenders may need more capital

NEW DELHI  - Reserve Bank of India (RBI) Deputy Governor S.S. Mundra said on Friday state-run lenders may need more capital beyond the budgeted total allocation of 700 billion rupees ($10.84 billion) in the four fiscal years through March 2019.

Mundra, addressing reporters in the sidelines of a banking event in New Delhi, also said there was no specific timeline

India`s current account deficit widens in January-March

MUMBAI  - India's current account deficit widened to $3.4 billion, or 0.6 percent of gross domestic product, in the January-March quarter from the same period a year earlier, the Reserve Bank of India said in a statement on Thursday.

That compared with a deficit of $0.3 billion, or 0.1 percent of GDP in the same quarter of 2016, and a deficit of $8 billion, o

RBI likely to step up forex buying; rate cut on cards

The Reserve Bank is expected to step up forex buying and may go for a 25 basis points cut in interest rate on August 2, says a report. According to the US economists of global financial services major Bank of America Merrill Lynch (BofAML), going by the latest Federal Open Market Committee (FOMC) meeting, the US Fed is likely to withdraw liquidity from September.

"We expect the R

Rupee extends gain against greenback

The Indian Rupee continued gaining streak against greenback on Thursday amid sustained selling of dollar by banks and exporters. Adding to it, rising hopes of an interest rate cut by the RBI as India's industrial output growth slipped to 3.1 per cent in April, while retail inflation slumped to record low of 2.18 per cent in May, also pushed the home currency higher.

At the Interba

Moody`s turns moody after RBI move on housing loans

The Reserve Bank of India's (RBI) decision to lower the risk weights and standard asset provisioning on select housing loan sizes is credit negative for Indian banks, global credit rating agency Moody's Investors Service said on Thursday.

In its credit outlook report, Moody's said: "The RBI's moves are credit-negative for Indian banks because lower capital require

RBI sets rupee reference rate at 64.2801 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.2801 against the US dollar and 72.1094 for the euro. The corresponding rates were 64.3141and 72.1283, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.9121 and 58.62 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Central Bank slips nearly 4% as RBI imposes restrictions on banking activities

Shares of public sector lender Central Bank of India dipped nearly 4 per cent on the Bombay stock Exchange after Reserve Bank put the bank under prompt corrective action in view of high net NPA and negative RoA. Weighed down by the development, shares of bank declined as much as 3.94 per cent to hit intra-day low of Rs 97.60 apiece on the Bombay Stock Exchange. The scrip was currently trading a