Page-44 of RBI
RBI restricts companies from refinancing of rupee loans via External Commercial Borrowings (ECB) route
RBI has barred Indian companies from raising money from subsidiaries of Indian banks overseas via the External Commercial Borrowings (ECBs) to refinance their rupee loans. Thus, Indian companies will not be allowed to raise ECB from overseas branches or subsidiaries of ..
Month: Current Affairs - May, 2014
RuPay, India’s indigenous card payment network launched
Rupay, India’s own payment gateway was launched to compete with networks such as Visa and Mastercard. The indigenous network will work on ATMs and merchant outlets and help in bringing down cash transactions. The RuPay is a blend of two ..
Month: Current Affairs - May, 2014
'Do not charge penalty on pre-payment of floating loans': RBI to Banks
The RBI gave relief to borrowers as it directed banks not to levy any penalty on individual borrowers for pre-payment of floating loans. The central bank has barred banks from imposing foreclosure charges or pre-payment penalties on all floating rate ..
Month: Current Affairs - May, 2014
RBI allows minors over 10 years to operate bank accounts
As per the guidelines issued by the RBI, minors above 10 years of age have been allowed to open and operate independently savings bank account and use other facilities like ATM and cheque books. The central bank has taken this ..
Month: Current Affairs - May, 2014
Don’t levy penalty if minimum balance is not maintained in bank account: RBI to banks
The RBI has asked banks not to impose penalties on customers who don’t maintain a minimum balance in any dormant account as part of a consumer protection initiative. A number of banks, including the State Bank of India, do not levy ..
Month: Current Affairs - May, 2014
Rising NPAs is making public sector banks unfit for private Provident Fund deposits
Surging Non-Performing Assets (NPAs) have rendered public sector banks such as State of India (SBI), Punjab National Bank (PNB) and Canara Bank unfit to take deposits from non-government Provident Funds (PF). As per the current rules governing investments by PFs, ..
Month: Current Affairs - May, 2014
RBI releases Report of Umesh Bellur headed GIRO Advisory Group
The Reserve Bank of India (RBI) released, on its website for public comments, the Report of the GIRO (Government Internal Revenue Order) Advisory Group. GIRO Advisory Group (GAG) was constituted by the RBI in October 2013, under the chairmanship of Prof. ..
Month: Current Affairs - April, 2014
Air India seeks bridge loan of $500 million
Air India is in quest of a ‘Bridge Loan’ of up to $500 Mn to take delivery of 4 Boeing 787 Dreamliner aircrafts between May and November 2014 from an on-going order. For this, Air India has invited offers from ..
Month: Current Affairs - April, 2014
RBI liberalizes hedging limit for investors up to $250,000
RBI has liberalized hedging limit for domestic investors to $250,000 from $100,000 on the basis of a simple declaration without any prerequisite of further documentation. RBI has now allowed all resident individuals, firms and companies, who have actual or anticipated foreign ..
Month: Current Affairs - April, 2014
RBI accepts P. Vijaya Bhaskar Committee's recommendations relating to Financial Benchmarks; asks establishing an independent body for recommending benchmark foreign exchange rate
RBI has accepted the P. Vijaya Bhaskar Committee’s recommendations relating to Financial Benchmarks. RBI has asked for establishing an independent body for recommending benchmark foreign exchange rate in order to avoid any potential manipulation by the bankers. The Bhaskar Committee had suggested ..