RBI sets rupee reference rate at 66.9644 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9644 against the US dollar and 70.5403 for the euro.

The corresponding rates were 66.9771 and 71.0560, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.6921and 58.98 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

India`s bankers sceptical over RBI proposal on bad loans

By Devidutta Tripathy

MUMBAI - A proposal by India's central bank to set up new private or state companies that would buy up bad debt from lenders was met with widespread scepticism by bankers on Wednesday, who warned the plan would add more complexity and delay any restructuring.

Banks in India have record stressed loans of $133 billion, or 12.34 p

Urgent steps need to be taken to resolve NPAs: Viral V Acharya

Newly-appointed Reserve Bank deputy governor Viral V Acharya has called for some urgent steps to resolve NPAs, saying none of the "piece-by-piece approach" offered so far has worked, including the AQR, simply because of "the many discretions given to banks" as also their "skewed incentive system", said media reports.

He also said even the December 2015 as

`Using RBI funds to recapitalise banks not a good idea`

RBI deputy governor Viral V Acharya suggested that using a part of the Reserve Bank reserves for recapitalising state-run banks may not be a good idea, reported PTI.

After an assessment of the money required for handling various stress scenarios in the banking system and the financial markets, the RBI transfers its surplus or the dividend, to the government. Once it transfers the mone

India must urgently resolve bad debt at lenders - RBI deputy governor

By Suvashree Choudhury and Rafael Nam

MUMBAI - Reserve Bank of India (RBI) Deputy Governor Viral Acharya said India needs to urgently address the large amounts of bad debt held by its lenders, outlining potential solutions including the creation of public or private agencies to buy the soured loans.

Acharya, in his first speech since taking up his post

RBI Mumbai office closed today

The RBI said that its Mumbai offices will remain closed on February 21 on account of Municipal Corporation elections in Greater Mumbai, Thane and Ulhasnagar. In exercise of powers under Section 25 of the Negotiable Instruments Act, the Maharashtra Government has also declared February 21 as public holiday within the jurisdiction of 11 Zilla Parishads and 118 Panchayat Samitis under these Zilla

Banks may be history unless they evolve into new-age digital bank: RBI

The Reserve Bank of India (RBI) on Monday said the traditional banks needed to evolve into new-age digital banks to remain operational as financial technology (FinTech) lending companies were emerging fast as alternative source for the micro-small medium enterprises (MSMEs).

"The age of FinTech is here and for the incumbent banks there is no time to lose. The banks that do not qu

RBI not for free licensing of payments sector: Deputy Governor

Launching the BharatQR mobile payments acceptance system here on Monday, RBI Deputy Governor R. Gandhi said granting licences to payment service providers cannot be an automatic "tick box exercise" and such entities need to be selected as per proper selection criteria.

"There is an implied suggestion that this (payment) sector needs to be freed of licensing mechanism an

Payment service licenses should be given after proper scrutiny: RBI

RBI's Deputy Governor R Gandhi has said that granting licences to payment service providers cannot be a 'tick box exercise' as entities will be entrusted with money, and so fit and proper criterion is important.

Commenting on the issue, RBI's Deputy Governor R Gandhi told the media, “There is an implied suggestion that this (payment) sector needs to be freed of l

RBI sets rupee reference rate at 66.9771 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9771 against the US dollar and 71.0560 for the euro.

The corresponding rates were 67.0467 and 71.5053, on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.1923 and 59.16 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

India Strategy Curve steepening to reverse lazy trades in PSBs - Emkay

Shift in RBI’s monetary policy stance from accommodative to neutral has led to a sudden bear steepening of Gsec curve. This shift marks an end of the lazy trade in PSU bank (PSBs) stocks where optimism was led mainly by disproportionate trading gains. We see 10-15% downside in PSU bank index; Private players remain our preferred bets. We identify improvement in operating matrix for ICICI

18/02/2017 5:28:48 PM | Posted in Special Event Reports read full news
'Neutral' stance allows us to go any way on RBI rates: Urjit Patel

RBI Governor Urjit Patel said on Friday the change to "neutral" stance at the bank's monetary policy review last week allows more flexibility to go either way on rates, as compared with an earlier "accommodative" one on inflation outlook.

The Reserve Bank of India at its monetary policy review last week maintained its key policy rate unchanged at 6.25 per cent.

Proceeding at a fast pace towards remonetisation: Urjit Patel

Reserve Bank of India (RBI) Governor Urjit Patel on Friday said the central bank was moving at a fast pace towards remonetisation, having restored normalcy over a short period as the printing of the currency was going on at full capacity from day one of demonetisation.

"I think that in terms of remonetisation, we are proceeding at a pace that is very quick. Therefore we have mana

Foreign stake in HDFC Bank crosses 74% limit again: RBI

Private sector HDFC Bank has again crossed the foreign investment limit prescribed as a percentage of paid-up capital for Indian companies, the Reserve Bank of India (RBI) said on Friday

Only a day earlier, on Thursday, the RBI announced that such investments had fallen below the ceiling.

The apex bank had said that foreign investors' holdings in HDFC Bank had fallen bel

RBI allows multilateral FIs to invest in masala bonds

Reserve Bank of India (RBI) permitted multilateral financial institutions to invest in rupee denominated bonds popularly known as 'masala bonds' issued by Indian entities, reported PTI.

"In order to provide more choices of investors to Indian entities issuing rupee denominated bonds abroad, it has been decided to also permit multilateral and regional financial institution

RBI proposes lower MDR from April 1 to keep digital-pay momentum

RBI proposed to drastically cut MDR charges on debit card payments from April 1 with a view to maintain momentum of digital transactions post note ban, especially among small merchants, reported PTI.

For small merchants with annual turnover of Rs 20 lakh and special category merchants, like utilities, insurance, mutual funds, educational institutions and government hospitals, the MDR

RBI asks income tax assessees to pay dues in advance

The Reserve Bank today appealed to the income tax assessees to pay dues in advance of the due date as well use alternate channels of authorised banks to avoid the rush during end of March. "Pay I-T dues in advance at RBI or at authorised bank branches. Appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date ", RBI said in a release.

RBI inks MoU with Bank of Zambia for info exchange

The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Bank of Zambia. The MoU was signed by Dr Denny H Kalyalya, Governor on behalf of Bank of Zambia and Dr Urjit R. Patel, Governor on behalf of Reserve Bank of India.

The Reserve Bank has entered into Memorandam of Understanding, Lette

RBI sets rupee reference rate at 66.9193 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9193 against the US dollar and 70.8207 for the euro. The corresponding rates were 66.9439 and 71.0877, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.4149 and 58.56 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

Bonds and rupee to witness measured weakness in FY18: India Ratings and Research

India Ratings and Research (Ind-Ra) has said that it expects overall yield curves to stay elevated. The expectation is against a backdrop of evolving unfavourable global conditions and limited role by the Reserve Bank of India (RBI).

However, the agency believes that the banking sector’s large appetite for government bonds will anchor interest rates in FY18. The 10-year benchmar

RBI sets rupee reference rate at 66.9439 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9439 against the US dollar and 71.0877 for the euro. The corresponding rates were 66.9663 and 71.1718, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.9811 and 59.06 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

RBI currency press refuses to disclose printing capacity

The currency note printing press of Reserve Bank of India has refused to disclose its printing capacity, even as similar information is available on its website, reported PTI. Responding to an RTI application by Pune-based activist Vihar Dhurve, Bharatiya Reserve Bank Note Mudran Private Limited cited 8(1)(a) of the Right to Information Act to deny information.

The section allows a pu

India Inc's FDI overseas down 57% to $1.82 bn

Direct investments made overseas by Indian companies declined 57.3 per cent to USD 1.82 billion last month, the Reserve Bank data showed today. The investments made in January 2016 amounted to USD 4.25 billion. It also lower from December's USD 2.49 billion. Of the total overseas direct investment of USD 1.82 billion, USD 246.37 million came in the form of equity money; USD 483.78 million t

RBI board meet discusses economic scene, other challenges

The Reserve Bank central board took stock of the current economic situation, global and domestic challenges and other specific areas of its operations, reported PTI. "The 563rd meeting of the central board meeting was chaired by RBI Governor Urjit R Patel... The board reviewed the current economic situation, global and domestic challenges and other specific areas of operations of the Reser