Thursday, April 13, 2017, 8:22 PM
The Reserve Bank has allowed foreign investors to hike their stake in Grasim Industries to up to 49% from the existing limit of 30%. Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) can now invest from 30% to 49% of the paid up capital of Grasim Industries Limited under the portfolio investment scheme (PIS), RBI said.
Thursday, April 13, 2017, 4:30 PM
Taxpayers wanting to send their paper ITR acknowledgement forms or documents related to refunds and others to the I-T department's CPC in Bengaluru can now send it to a "unique" pin-code. The Department of Post has allotted the pin-code to the Central Processing Centre (CPC) to ensure that letters and mails sent by taxpayers and assessees are not lost and reach the centre without-delay.
Wednesday, April 12, 2017, 6:58 PM
Opposition leader in the Kerala assembly Ramesh Chennithala requested the Reserve Bank of India to take steps to resolve the currency shortage being faced in ATMs and treasuries in the state. Chennithala, in a letter to RBI Governor Urjit Patel, said many government treasuries and ATMs in Kerala were facing a currency crunch even after RBI lifted the limit imposed on cash withdrawals.
Wednesday, April 12, 2017, 8:33 AM
Fund transfer via NEFT or National Electronic Funds Transfer is set to get faster. Instead of hourly basis, the fund transfer will happen in batches of 30-minute intervals, said RBI Deputy Governor BP Kanungo. NEFT or National Electronic Funds Transfer is an electronic payment system that allows individuals to transfer funds between banks. This fund transfer system is maintained by the RBI.
Tuesday, April 11, 2017, 9:51 PM
The Reserve Bank of India (RBI) on Tuesday imposed a monetary penalty on Shriram City Union Finance and Hinduja Leyland Finance of Rs 20 lakh and Rs 5 lakh respectively. The penalty was imposed for violation of directions/orders issued by Reserve Bank of India from time to time, RBI said on its website.
Sunday, April 9, 2017, 2:08 PM
The finance ministry is likely to set up a full-fledged independent public debt management agency by the end of next year to manage government borrowing programme that runs into lakhs of crore. At present, the government debt, including market borrowings, is managed by the Reserve Bank of India. PDMA should hopefully be functional in the last quarter of 2018, sources said.
Sunday, April 9, 2017, 11:59 AM
A large number of MSMEs are getting sick and the responsibility of this lies squarely with the banks. Banks are the reason for this. We have given several tools to encourage banks to give automatic enhancement in credit, all kinds of facilities have been provided, but they have not been used to the extent they should have been done,” RBI deputy governor Mundra said.
Sunday, April 9, 2017, 10:13 AM
No deadline has been set for introduction of Sharia or interest-free banking in India, the Reserve Bank of India (RBI) has said. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The RBI had earlier proposed opening of "Islamic window" in conventional banks for gradual introduction of Sharia compliant banking.
Saturday, April 8, 2017, 12:19 AM
Kotak Mahindra Bank (KMB) today announced plans to float an infrastructure debt fund. The Uday Kotak-led bank, which received a board approval recently to raise over Rs 5,000 crore, said it has obtained the RBI nod for floating a subsidiary to manage the fund. At present, three IDFs are in operation, promoted by ICICI Bank, IDFC and LARSEN & TOUBRO.
Friday, April 7, 2017, 7:40 PM
India's forex reserves went up by USD 2.02 billion to USD 369.95 billion in the week to March 31 on a huge jump in currency assets, the Reserve Bank said today. The forex kitty had increased by USD 1.15 billion to USD 367.93 billion in the previous reporting week. Gold reserves moved down by USD 45 million to USD 19.87 billion.
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