Rs 8,08,318 crore agriculture credit disbursed till December '16

Agriculture credit to the tune of Rs 8,08,318 crore has been disbursed in the current fiscal till December 2016, Lok Sabha was informed according to the PTI report. Minister of State for Finance Santosh Gangwar said a total of Rs 8,77,527 crore worth of agriculture credit have been disbursed in 2015-16 and Rs 8,45,328 crore in 2014-15. The central government, the Reserve Bank of India and the N

Finmin, bankers to meet on utilising excess liquidity

The Finance Ministry has called a meeting of bankers today to discuss the ways to utilise the excess liquidity in the system, reported PTI. The meeting to be attended by heads of select large banks will be chaired by Economic Affairs Secretary Shaktikanta Das. Besides, RBI top officials including a Deputy Governor are also expected to attend. The demonetisation announced by Prime Minister Naren

RBI to sell 13 state govt sec for Rs 11,646.30 cr on March 27

The Reserve Bank of India on Thursday said it will auction thirteen state governments 10/20 year securities by way of auction for an aggregate amount of Rs 11,646.30 crore on March 27. “The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on March 27, 2017,” said RBI in a notification. Both competitive and non-competitive bids for the auc

Net profit growth improved significantly for manufacturing cos: RBI

The RBI has said that net profit growth of listed private sector manufacturing companies improved significantly in the third quarter of this fiscal, while there was a contraction in the services (other than IT) sector. Commenting on the abridged financial results of 2,784 listed private non-financial companies for October-December period of 2016-17, the Reserve Bank said improved profit growth

Farm loan waiver disturbing credit discipline: S.S. Mundra

Reserve Bank of India (RBI) Deputy Governor S.S. Mundra has expressed concern over farm loan waiver affecting credit discipline, said media reports. Commenting on the issue, Reserve Bank of India (RBI) Deputy Governor S.S. Mundra told the media, "The RBI's views has always been that farm loan waiver affects credit discipline." On resolution of the non-performing assets (NPAs) issu

Policy to tackle NPAs coming very soon: Arun Jaitley

T the next few days, you will hear of some policy decisions taken between the RBI and the government, in order to bring pressure to bear in resolving the NPAs situation," Jaitley said at the CNBC awards event here.

He said that although the NPA amounts are large, the major ones are restricted to a limited number of companies.

"Big NPAs are confined to to 30..40..at

India's current account deficit rises in third quarter

India's current account deficit (CAD) rose to $7.9 billion in the third quarter (October-December) of 2016-17 from $7.1 billion in the same quarter of 2015-16, the Reserve Bank of India (RBI) said on Thursday.

"Despite a slightly lower trade deficit on a year-on-year (y-o-y) basis, the CAD widened primarily on account of a decline in net invisible receipts," the Reserve

Farm loan waiver affects credit discipline: RBI

Echoing State Bank of India chief Arundhati Bhattacharya's views, Reserve Bank of India (RBI) Deputy Governor S.S. Mundra on Thursday expressed concern over farm loan waiver affecting credit discipline.

"The RBI's views has always been that farm loan waiver affects credit discipline," Mundra told reporters at the launch of Bandhan Bank's branch here.

On

RBI sets rupee reference rate at 65.4220 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.4220against the US dollar and 70.6688 for the euro. The corresponding rates were 65.4881 and 70.7206, previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.8495 and 58.81 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

RBI inks info exchange pact with Thailand

The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Bank of Thailand. The MoU was signed by Dr Veerathai Santhiprabhob, Governor on behalf of Bank of Thailand and Dr Urjit R. Patel, Governor on behalf of Reserve Bank of India, RBI said in a notification.

The Reserve Bank has entered

Government policies should be market-friendly: YV Reddy

The policies of the government should be market-friendly rather than being business friendly, former RBI Governor Y V Reddy said as per the PTI report. Addressing an event here, he said the primary role of the state is to protect the rights of its citizens. Reddy advocated that the government policies should be market-friendly, rather than being business friendly.

Referring to the Cen

Finance minister calls banks to discuss new facility to drain cash

By Suvashree Choudhury and Devidutta Tripathy

MUMBAI - The finance ministry has called bankers into a meeting on Friday to discuss setting up a new facility to absorb surplus cash in the banking system, according to a letter sent to heads of lenders seen by Reuters on Thursday.

The finance ministry wants to discuss implementing a new framework called a "

SBI-Mahila Bank merger on April 1: RBI

The Bharatiya Mahila Bank will be merged with the State Bank of India on April 1, along with five associate banks, the Reserve Bank of India (RBI) said on Wednesday.

"All branches of Bharatiya Mahila Bank (BMB) will function as branches of the SBI from April 1. Customers, including depositors of BMB, will be treated as customers of SBI," the RBI said in a statement here.

RBI inks MoU with Central Bank of Nigeria

The Reserve Bank of India has announced its Memorandum of Understanding (MoU) on "Supervisory Cooperation and Exchange of Supervisory Information" with the Central Bank of Nigeria. The apex bank signed an MoU with Central Bank of Nigeria under the presence of Godwin Emefiele, Governor on behalf of Central Bank of Nigeria and Dr Urjit R Patel, Governor Reserve Bank of India.

RBI sets rupee reference rate at 65.4881 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.4881 against the US dollar and 70.7206 for the euro. The corresponding rates were 65.3117 and 70.2950 yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.6833 and 58.70 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

SBI officials held for violating RBI guidelines

The CBI has arrested two senior State Bank of India (SBI) officials for misappropriating funds of around Rs 12.40 lakh by violating the RBI guidelines imposed during demonetisation, an official said on Wednesday.

Senior Special Assistant M. Sultan Mohiuddin and Deputy Manager (Operations) I.J. Raja Sekhar, employed at SBI's Buchireddypalem branch in Andhra Pradesh's Nellore di

RBI slaps Rs 5 lakh fine on Eko India Financial Services

The Reserve Bank of India (RBI) has slapped Rs 5 lakh fine on Eko India Financial Services Private Limited for not adhering to RBI instructions and wrongful reporting. “RBI has imposed a monetary penalty of Rs 5,00,000/- (Rupees five lakh only) on Eko India Financial Services Private Limited (entity) in exercise of the powers vested under the provisions of section 30 of the PSS Act, 2007

RBI slaps Rs 2 lakh fine on Harihareshwar Sahakari Bank

The Reserve Bank of India has imposed a monetary penalty of Rs 2 lakh on Harihareshwar Sahakari Bank Ltd for violation of norms.

“The Reserve Bank of India has imposed a monetary penalty of ? 2.00 lakh (Rupees Two Lakhs only) on Harihareshwar Sahakari Bank Ltd., Wai, Dist: Satara in exercise of the powers vested in it under the provisions of Section 47 A (1) (b) read with Sectio

RBI recasts norms on currency hedging for MNCs

The RBI changed norms to provide operational flexibility to multinational entities and their Indian subsidiaries exposed to currency risks arising out of current account transactions in the country, reported PTI. The extant hedging guidelines have been amended to provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of current account transactio

India firms borrow $2.23 bn from foreign sources in Feb: RBI

Indian firms' borrowing from foreign sources stood at $2.23 billion in February 2017, RBI data showed. In February 2016, the domestic companies had raised more than $1.35 billion from overseas markets through external commercial borrowings (ECBs). The two sets of numbers, however, are not comparable as the new data include money raised through rupee denominated bonds (RDBs) in overseas mark

RBI changes currency hedging norms for MNCs: Reports

The RBI has said that it has changed norms to provide operational flexibility to multinational entities and their Indian subsidiaries exposed to currency risks arising out of current account transactions in the country. As per reports, the existing hedging guidelines have been amended to provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of c

Defaulters owe Rs 91,155 cr to public sector banks: Government

The Indian Government has informed the parliament that there were more than 9,100 wilful defaulters who together owed Rs 91,155 crore to public sector banks at December-end. As per reports, Banks declare wilful defaulters as per the norms stipulated by the Reserve Bank of India.

Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, “There w

RBI amends hedging guidelines for MNCs' Indian subsidiaries

The Reserve Bank of India (RBI) on Tuesday said it has amended the hedging guidelines for Indian subsidiaries of multi-national companies (MNCs) with a view to providing operational flexibility.

"With a view to providing operational flexibility to multinational entities and their Indian subsidiaries exposed to currency risk arising out of current account transactions emanating in

RBI sets rupee reference rate at 65.3117 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.3117 against the US dollar and 70.2950 for the euro. The corresponding rates were 65.3827 and 70.3779, previously.

According to a RBI statement, the exchange rates for the pound and the yen against the rupee were 80.6273 and 57.95 per 100 yen, respectively, based on reference rates for the dollar and cross-cur

RBI proposes to limit value in PPIs at Rs 1 lakh

The RBI proposed to fix the upper limit for Pre-paid Payment Instruments at Rs 1 lakh in view of growing usage of PPIs for purchase of goods and services, reported PTI. The RBI had received requests from stakeholders and other entities for relaxations in certain areas while strengthening the norms for safety and security, risk mitigation and customer protection aspects related to usage of PPIs.