Now RBI website at your fingertips

  Date : Mar 10, 2017- Now RBI website at your fingertips The Reserve Bank of India today formally launched a mobile application (app) version of the Reserve Bank of India’s website (www.rbi.org.in). The app is available on Android as well as iOS platforms and can be downloaded from the Play Store/App Store in one’s Android phone/iPhone, respectively, using the keyword “Reserve Bank of India”. To start with, the most accessed sections of the website : press releases, IFSC/ MICR codes, Bank Holidays and Current Rates including Policy rates and reference rate of four major currencies – have been made available on the app. There is a dynamic window on the top of the landing page of the app which alternatingly displays three public awareness messages – the new design currency notes

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Section 269SS and 269T applicable to NBFC: RBI

  RBI/2016-17/245 DNBR (PD) CC.No.086/03.10.001/2016-17 March 09, 2017 All NBFCs Madam/ Sir, Disbursal of loan amount in cash Reference is invited to instructions contained in para 37(iii)(b) of Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 and Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 which states that high value loans against gold of ₹1 lakh and above must only be disbursed by cheque. 2. On review, and in line with the rules issued under Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax

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B P Kanungo appointed RBI Dy Governor

  B P Kanungo was today appointed Deputy Governor in Reserve Bank of India (RBI) for three years. The Appointments Committee of Cabinet (ACC) has approved his appointment to the post with effect from the date of taking over the charge on or after April 3, an order issued by Personnel Ministry said. He has been appointed in place of R Gandhi, it said. Kanungo was in March last year appointed as Executive Director in the central bank. The ACC has also named Dilip S Shanghvi as Member, Western Local Board of RBI. The appointment of Shanghvi, the promoter of Sun Pharmaceutical Industries Limited, to the post is for a period of four years.

Note ban impact on GDP may be seen this quarter: RBI Deputy Governor Viral Acharya 

  Demonetisation impact on GDP may be seen in the current quarter in some segments, while the remonetisation excersise should be completed in 2-3 months, RBI Deputy Governor Viral V Acharya said today. Asked if spillover of notes ban could extend to January-March quarter, Acharya said the impact could be felt in some segments. “Ultimately, the cash shortage is like the liquidity shock and unless it had led to a substantial wealth destruction one would expect its effects to be quite temporary. I’m not saying that the temporary impact is not hard on some parts of the economy, you would expect the effect to be temporary,” he said. “There may be a couple of sectors, like 2-wheeler sales, where there is slightly slower rebound,” he said. When asked about the

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RBI sets up panel to review cyber threats

  The Reserve Bank today announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology. The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholders and suggest appropriate policy interventions to strengthen cyber security and resilience, the central bank said. Going forward, the committee headed by Meena Hemchandra, Executive Director, RBI, can co-opt more experts and also operate through a framework of sub-committees to examine specific issues, it said. Based on the recommendations of the Expert Panel on Cyber Security and Information Technology Examination, the RBI had issued guidelines to banks in June last year mandating cyber security preparedness to tackle cyber risks. “While banks have taken several steps to strengthen their

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Don’t settle all Friday trades in HDFC Bank: RBI to custodians

  The Reserve Bank of India (RBI) has directed that certain trades in the HDFC Bank scrip on Friday be annulled, said three people with knowledge of the development. The cut-off time for the central bank’s directive is 1.40 pm. No trades after that involving foreign investors are to be settled. The time in question was when the market participants were intimated through a circular that the 74 per cent investment ceiling for foreign portfolio investors (FPI) had been crossed. Restrictions on FPI buying in HDFC Bank’s stock were lifted for Friday after the segment’s holding in the lender fell below the threshold of 74 per cent. The move led to a huge demand for shares of the country’s most valued bank from FPIs, sending the stock soaring 9.5 per cent. “The demand was

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Government appoints 3 directors on RBI Central Board 

  The government on Thursday appointed three part-time directors on the Reserve Bank of India (RBI) board after an approval from the appointments committee of the cabinet for a four year term. In a release on the Department of Personnel and Training (DoPT) website the government said that economist Ashok Gulati, human resources expert and chairman of services provider Teamlease, and economist and former FICCI secretary general Rajiv Kumar have been appointed on the central bank’s board. The latest appointments will increase the strength of government appointed directors on the RBI board to six from the current three. The government appoints ten directors from various fields besides two government officials. Last March the government had appointed former Gujarat chief secretary Sudhir Mankad, the then TCS CEO and current Tata chairman

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RBI keeps status quo on policy, wants banks to lower rates

  RBI today kept rates unchanged citing lack of clarity on macro front post note-ban and rising inflationary threat, even as it signalled a possible end to rate-cutting cycle by shunning long-held “accomodative” stance while Governor Urjit Patel nudged banks to make loans cheaper. Patel-headed six-member monetary policy committee (MPC) unanimously decided to maintain status quo on repo rate for the second time in a row, leaving it untouched at six year-low of 6.25 per cent, so as to “assess how the transitory effects of demonetisation on inflation and the output gap play out.” “The MPC exercised abundant prudence in keeping the policy rates on hold while looking at these transient effects and awaited a clearer and unbiased assessment of inflation,” Patel said at his post-policy press meet. RBI also

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Indian households less confident about economic situation: RBI survey 

  Indian households are less confident of their current economic situation as people are uncertain about their immediate income, employment and spending capabilities, a Reserve Bank of India (RBI) bi-monthly survey on consumer confidence said. Current perceptions of households of their economic condition worsened in December 2016 with all expectations except price and level of inflation plummeting. The RBI monitored current situation index (CSI) which provides a gauge of households’ assessment of general economic conditions like employment, their own income and rpice situation declined sharply to 102.0 in December 2016 from 108.7 in November 2016. This RBI survey captures households perceptions compared to a year ago and their expectations a year ahead on a three point scale, namely, improved, remained the same, worsened. 4,752 respondents were surveyed in six cities

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Junked notes deposit data to be revealed after June: RBI 

  Over a month after the end of 50-day demonetisation period, the RBI today said it is reconciling data on junked 500 and 1,000 rupee notes with physical cash and the “final numbers” will be divulged after June 30, the day when all windows for depositing old notes will be closed. Following the shock demonetisation announcement on November 8, the government had asked people to deposit old notes in banks by December 30. Indians who were abroad during November 9 to December 30 have been given a 3-month grace period till March 31 to deposit the junked notes, while for the NRIs, it is 6 months till June 30. RBI Deputy Governor S S Mundra said the final numbers can only be revealed after counting the notes deposited in cooperative

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