Sunday, April 2, 2017, 10:20 PM
RBI Governor Urjit Patel and his deputies have got a big pay hike with government more than doubling their basic salary to Rs.2.5 lakh and Rs.2.25 lakh per month, respectively. Basic pay of Governor and Deputy Governors have been revised retrospectively with effect from January-1-2016, and marks huge jump from Rs.90,000 basic pay so far drawn by the Governor and Rs.80,000 for his deputies.
Sunday, April 2, 2017, 12:37 PM
The banking system in India is facing the challenge of bad loans and the RBI should focus on resolving it for the time being, an industry body has said. Even though interest rates are benign, credit off-take has remained at historic lows, clearly pointing out that the biggest problem the economy is facing is stressed assets, Assocham said.
Saturday, April 1, 2017, 11:12 AM
Mumbai-based payments company Fino Paytech has received the final license from the RBI to set-up its payments-bank-operations. With clearance from the regulator, the company is all set to kick-start its payments banking operations as Fino Payments Bank. Company which till now was operating as a payments-entity-driving financial inclusion for banks had to reduce its foreign shareholding to less than 50% for the final clearance from RBI.
Saturday, April 1, 2017, 8:39 AM
Bank loans to individuals recorded their weakest growth in six years in February, expanding at just 12% year-on-year to Rs.15.4 lakh crore, RBI data showed. In February 2016, retail credit had grown at robust 19.2% over February 2015. Loans to individuals had been clocking growth rates in the mid-to-late teens since May 2015 before signs of a slowdown began to surface in November 2016.
Friday, March 31, 2017, 11:06 PM
The Reserve Bank today increased foreign portfolio investors' (FPI) limits on investment in government bonds by an aggregate Rs 170 billion for the April- June period. The limits for investment by FPIs in central government securities have been increased by Rs 110 billion, while the same for SDLs are up by Rs 60 billion, the apex bank said in a notification.
Friday, March 31, 2017, 6:41 PM
Mumbai-based payments company Fino Paytech has received the final license from the RBI to set up its payments bank operations. With clearance from the regulator, the company is all set to kick-start its payments banking operations as Fino Payments Bank. The company which till now was operating as a payments entity driving financial inclusion for banks had to reduce its foreign shareholding.
Friday, March 31, 2017, 6:35 PM
India's foreign exchange reserves rose $1.1 billion to reach almost $368 billion for the week ended march 24, said the Reserve Bank of India on Friday. This is the second successive rise of the reserves with it having risen by more than $2 billion last week. According to market sources, the appreciation can be attributed to likely maturities in the forward market.
Friday, March 31, 2017, 5:37 PM
The RBI needs to print an additional Rs 1.15 lakh crore-worth of currency notes to reach a level of optimal remonetisation, with Rs 13.12 lakh crore already in circulation as on March 24, the State Bank of India (SBI) said on Friday. Reserve Bank of India (RBI) should only print Rs 1.15 lakh crore more from March 24 levels.
Friday, March 31, 2017, 4:17 PM
Income Tax Return form for individuals which will be available for filing ITR for Assessment Year 2017-18 from tomorrow. Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from the business. Only 6 crores out of 29 crore persons holding permanent account number (PAN) file income tax returns at present.
Friday, March 31, 2017, 2:43 PM
RBI on Friday imposed stringent restrictions on the Kapol Cooperative Bank Ltd. and barred depositors from withdrawing over Rs.3,000 from any type of accounts. The RBI has also restricted the financially troubled bank from granting or renewing loans and advances or making any investments, incurring any liability including borrowal of funds, and accepting fresh deposits without prior written approval of the apex bank.
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