RBI enhances scope of Special Non-Resident Rupee accounts

The Reserve Bank of India (RBI) has enhanced scope of ‘Special Non-resident Rupee’ (SNRR) by allowing persons residing outside India to open such accounts for purposes such as- (a) external commercial borrowing (ECB), (b) trade credit and and (c) Trade ..

Month: Current Affairs - November, 2019

Panel to review regulations of cooperative banks

The Union Finance Minister on 10th October, 2019 announced that a high level committee will be formed to look into the regulations that govern multi state cooperative banks. RBI imposed banking restrictions on PMC bank in September. This has left ..

Month: Current Affairs - October, 2019

Slowdown effects more pronounced in India: IMF

The new International Monetary Fund (IMF) chief Kristalina Georgieva warned that the global economy is witnessing ‘synchronised slowdown’ which will result in slower growth for 90% of the world this year. The largest emerging market economies like India are experiencing ..

RBI rejects Lakshmi Vilas Bank-Indiabulls Housing Finance merger plan

The Reserve Bank of India (RBI) rejected the merger proposal between Lakshmi Vilas Bank and mortgage lender Indiabulls Housing Finance Limited. If the RBI would have approved the move, this would have been the first-ever incident where a non-bank lender ..

5% additional Dearness Allowance approved

Additional installment of Dearness Allowance and Dearness Relief was approved by the Union Cabinet on October 9, 2019. According to the approval, the central government employees are provided with a increase of 5%. Currently it is 12% of the basic ..

Month: Current Affairs - October, 2019

RBI Consumer Confidence Survey, 2019

According to RBI Consumer Confidence Survey, the consumer confidence dipped to a six-year low. The federal bank says that this is mainly due to decline in employment, income and discretionary spending. The CSI – Current Situation Index fell to 89.4 ..

Month: Current Affairs - October, 2019

RBI cuts Repo Rate

RBI today released its 4th bi – monthly policy review. The Reserve Bank of India cut repo rate by 25 base points to 5.15%. It is the lowest since 2010. This is the fifth consecutive rate cut of the Shaktikanta ..

Month: Current Affairs - October, 2019

Key Facts: Why RBI has abruptly placed restrictions on PMC Bank?

The Reserve Bank of India has imposed caps on withdrawals made by customers of Punjab and Maharashtra Cooperative Banks for 6 months. The imposition was invoked by the central bank under Section 35 A of India’s Banking Regulation act, 1949. ..

Month: Current Affairs - September, 2019

RBI’s Surplus Transfer

The Reserve Bank of India has transferred a surplus of Rs. 1.76 lakh crores to the Indian Government. This payment, which is equal to 1.25% of the Indian GDP (in nominal rates for 2018-19) aims to provide some breathing space ..

Government gets Rs 1.76 lakh crore surplus transfer from the RBI

The Indian Government has received a massive boost from the RBI as the RBI has agreed to transfer over Rs. 1.76 lakh crores.? What has happened? The Bimal Jalan committee had recommended the transfer of the surplus funds held by ..