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RBI allows foreign investors to up stake in Grasim Industries

Thursday, April 13, 2017, 8:22 PM

RBI allows foreign investors to up stake in Grasim Industries

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.

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IT department's Bengaluru processing centre gets unique pin code

Thursday, April 13, 2017, 4:30 PM

IT department's Bengaluru processing centre gets unique pin code

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.

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RBI Governor requested to redress issue of note shortage

Wednesday, April 12, 2017, 6:58 PM

RBI Governor requested to redress issue of note shortage

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.

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NEFT fund transfer to get faster

Wednesday, April 12, 2017, 8:33 AM

NEFT fund transfer to get faster

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.

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RBI imposes penalty on Shriram City Union, Hinduja Leyland Finance

Tuesday, April 11, 2017, 9:51 PM

RBI imposes penalty on Shriram City Union, Hinduja Leyland Finance

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.

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Independent public debt management agency by 2018-end

Sunday, April 9, 2017, 2:08 PM

Independent public debt management agency by 2018-end

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.

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Banks responsible for sick medium and small enterprises: SS Mundra

Sunday, April 9, 2017, 11:59 AM

Banks responsible for sick medium and small enterprises: SS Mundra

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.

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No deadline for introduction of Sharia banking in India: RBI

Sunday, April 9, 2017, 10:13 AM

No deadline for introduction of Sharia banking in India: RBI

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.

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Kotak Mahindra Bank to float infra debt fund

Saturday, April 8, 2017, 12:19 AM

Kotak Mahindra Bank to float infra debt fund

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.

News

 
Forex reserves move up $2 bn to $369.95 bn

Friday, April 7, 2017, 7:40 PM

Forex reserves move up $2 bn to $369.95 bn

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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