The Reserve Bank of India (RBI) may impose heavy penalties on banks, and stipulate higher provisioning for stressed loans following a supervisory review of its June 7 circular. And, in a first-of-its-kind move, chief executive officers (CEOs) and senior management of banks could also be held liable for lack of progress. Daily Current Affairs Quiz […]
RBI to impose fines on banks with poor progress Read More »
The Reserve Bank of India has launched Aadhaar-based Video Customer Identification Process (V-CIP) to allow banks and other lenders to remotely complete KYC of customers on videos. The central bank has allowed video-based KYC (Know Your Customer) as an option to establish a customer’s identity. The V-CIP, which will be consent-based, will make it easier
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Reserve Bank of India (RBI) launched a mobile app named ‘MANI’ to identify currency notes. The visually challenged can identify the denomination of a note by using the application, which can also work offline once it is installed. Daily Current Affairs Quiz 2020 Users can download the app which is an acronym for Mobile Aided
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The Reserve Bank of India (RBI) has transferred a little over Rs 1.76 lakh crore to the Narendra Modi government, in a move that give greater fiscal leeway to the Centre and bring to an end the contentious debate over the central bank’s ‘excess reserves’. Daily Current Affairs Quiz 2019 In doing so, the RBI’s
Rs 1.76 lakh crore RBI bonanza for Modi government Read More »
Reserve Bank of India(RBI) Deputy Governor N.S. Vishwanathan has urged banks for timely resolution of stressed assets in their ‘own interest’ under the new framework to extract the best value and underlined the need for dealing only in “genuine” cases. Daily Current Affairs Quiz 2019 The central bank will be coming out with the final
Resolve stressed assets on time in your interest: RBI to banks Read More »
Reserve Bank of India released the final ‘enabling framework for regulatory sandbox,’ taking into account inputs received after a consultation process that began in April. The framework will likely be a positive step for financial technology start-ups and companies looking to innovate in the fast changing and highly regulated sector. The regulatory sandbox allows live
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Bank of Baroda (BoB) announced a new home loan product linked to the Reserve Bank of India’s repo rate. In doing so, BoB has gone the State Bank of India way. Following the latest Monetary Policy Committee decision to cut rates by 35 basis points (bps), several state-run banks, including Union Bank of India, Allahabad
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The central bank has also decided to expand biller categories for Bharat Bill Payment System (BBPS). The BBPS, an interoperable platform for repetitive bill payments, currently covers five segments — direct-to-home (DTH), electricity, gas, telecom and water bills. Daily Current Affairs Quiz 2019 “In order to leverage, the advantages of the Bharat Bill Payment System
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RBI imposes fine of Rs 11 crore on seven public sector banks for violating norms on current account opening. Allahabad Bank and Bank of Maharashtra have been imposed a fine of ₹2 crore each, Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been slapped with fines of ₹1.5
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Based on the feedback from stakeholders and with a view to further liberalise the ECB framework, it has been decided, in consultation with the Government of India, to relax the end-use stipulations relating to external commercial borrowings for Working Capital requirements, General Corporate purposes and Repayment of rupee loans. Accordingly, eligible borrowers will now be
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