Relief on loans up to ₹2 crore addresses borrowers’ distress, RBI tells Supreme Court

Complete waiver of compound interest will destabilise broader financial stability, says central bank The Reserve Bank of India (RBI) has told the Supreme Court that the Centre’s resolve to shoulder the cost of ‘interest on interest’ for MSME loans and personal loans up to ₹2 crore addresses pandemic-induced financial distress …

Read moreRelief on loans up to ₹2 crore addresses borrowers’ distress, RBI tells Supreme Court

Sensex rallies 327 pts post RBI policy outcome; extends gains for 7th day

RBI Governor Shaktikanta Das’ comments on expectation of GDP turning positive in the January-March quarter of the current financial year also fuelled the market rally, traders said. Equity benchmark index Sensex rallied 327 points on Friday, extending gains for the seventh straight session on the back of financial stocks after …

Read moreSensex rallies 327 pts post RBI policy outcome; extends gains for 7th day

Retail inflation expected to stay close to targeted level by last quarter of FY21: RBI Governor

The RBI has kept the retail inflation target of 4 % with a bias of plus/minus 2 %. RBI Governor Shaktikanta Das on Friday said retail inflation is expected to remain close to the targeted level by the last quarter of the current fiscal year. However, it is likely to …

Read moreRetail inflation expected to stay close to targeted level by last quarter of FY21: RBI Governor

RBI to rationalise risk weightage on housing loans to push demand

With revision in the risk weightage, the requirement of capital provision for banks will come down encouraging banks to push housing loan products with attractive features. In order to promote the housing sector, the Reserve Bank of India on Friday decided to rationalise risk weightage on housing loans, making the …

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RTGS to be available 24×7 from December, says RBI Governor

The NEFT system was made available on a 24x7x365 basis since December 2019. In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National …

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RBI keeps benchmark interest rates unchanged, sees GDP contracting by 9.5% in FY2020-21

The central bank announces a series of measures to enhance liquidity support to financial markets. The monetary policy committee of the Reserve Bank of India has unanimously decided to keep the key lending rates unchanged, Governor Shaktikanta Das said on Friday. The MPC voted unanimously to leave the policy repo …

Read moreRBI keeps benchmark interest rates unchanged, sees GDP contracting by 9.5% in FY2020-21

Sebi takes steps to increase MF managers’ accountability; tightens disclosure norms

Markets regulator Sebi on Tuesday decided to make mutual fund managers more accountable by introducing a code of conduct for them and tightened disclosure norms with regard to forensic audit of listed entities. The watchdog also decided to strengthen the role of debenture trustees and amend insider trading norms. The …

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Lenders give clean chit to Reliance Commercial Finance as GT audit finds no fraud

NEW DELHI: A group of lenders, including the National Bank for Agriculture and Rural Development (Nabard), has given clean chit to Reliance Commercial Finance Ltd (RCFL), the NBFC arm of Reliance Capital, after an independent forensic audit report from Grant Thornton did not detect any fraud in the RCFL account. …

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RBI extends enhanced borrowing limit for banks under MSF till Mar 31

Mumbai: Amid the ongoing economic woes created by the coronavirus pandemic, the Reserve Bank has decided to extend by six months the enhanced borrowing facility provided to banks to meet liquidity shortage till March 31, 2021. The RBI, as a temporary measure, had increased the borrowing limit for scheduled banks …

Read moreRBI extends enhanced borrowing limit for banks under MSF till Mar 31