#rbi news

[bhaskarlive]

Financial sector needs to step up vigil against 4 risks in digital tech, says RBI Dy Governor

RBI Deputy Governor Swaminathan Janakiraman at a global conference here on Wednesday highlighted that while the “evolving technological landscape” in the financial sector presents huge opportunities it also shows significant challenges that have to be taken care of.

Source: bhaskarlive.in

[rightnewshindi]

RBI ने Union Bank, Muthoot Finance समेत पांच बैंकों पर लगाया भारी जुर्माना, जानें ग्राहकों पर क्या पड़ेगा असर

Delhi News: भारतीय रिजर्व बैंक (Reserve Bank Of India) इन दिनों बैंकों और फाइनेंस कंपनियों पर सख्ती से नजर रख रहा है. बैंकों और फाइनेंस कंपनियों की ओर से नियमों के उल्लंघन पर आरबीआई एक्शन (RBI Action) मोड में नजर आ रहा है. सोमवार को रिजर्व बैंक ने 2 बैंक और 3 फाइनेंस कंपनियों के खिलाफ बड़ी कार्रवाई की है. इसके तहत सीएसबी बैंक (CSB Bank), यूनियन बैंक ऑफ इंडिया (Union Bank of India) और मुथूट…

[9to9imall]

TEN FACTS OF RESERVE BANK OF AUSTRALIA ? | What does the Reserve Bank do...

[acquisory]

RBI COMMITTEE RECOMMENDS CORPORATE OWNERSHIP OF PRIVATE SECTOR BANKS IN INDIA-RISKS FAR OUTWEIGH BENEFITS

“Large corporate/industrial houses may be permitted to promote banks only after necessary amendments to the Banking Regulation Act, 1949” — IWG Report on Corporate Ownership of Private Sector Banks.

On November 20, the RBI released the Internal Working Group (IWG) report that reviewed the existing licensing and regulatory guidelines relating to ownership, control, and corporate structure of private sector banks in India. The IWG examined existing guidelines within a larger context of meeting the credit demands of a growing economy; nurturing greater competition in the domestic banking sector through the entry of new players; and scaling up the presence of India’s banks in the world rankings.

The most significant but contentious recommendations are:

Read more here: https://www.acquisory.com/ArticleDetails/82/RBI-Committee-Recommends-Corporate-Ownership-Of-Private-Sector-Banks-In-India-Risks-far-outweigh-benefits

[jarvis-invest]

RBI declares hefty dividend

So, everyone is talking about the Reserve Bank of India (RBI) announcement of a record-breaking dividend payout of Rs 2.11 lakh crore to the Indian government for the financial year 2023-24 (FY24). We thought we should also. Let us look at the details.

The comparison

Previous Year: Rs 87,416 crore for FY23

Budget Estimate: Rs 1.02 lakh crore (budgeted by the government)

Historical High: Rs 1.76 lakh crore in FY 2018-19

Here's a breakdown of the FY24 dividend

Amount Received: Rs 2.11 lakh crore

Increase over FY23: 141%

Increase over Budget Estimate: 107%

How does it help the Indian government?

Here is how it is going to benefit the government:

Fiscal Deficit Management: The additional revenue can significantly help the government bridge the gap between its income and expenditure, thereby reducing the fiscal deficit. It is crucial for maintaining healthy public finances.

Increased Spending Power: The government can allocate these funds towards various social welfare programs, infrastructure development projects, or even debt reduction initiatives.

Improved Market Sentiment: A higher dividend from the RBI suggests a strong financial performance by the central bank, which can positively impact investor confidence in the Indian economy.

A few important points to know

Reason for High Dividend: The increased dividend is likely due to a combination of factors, including higher profits from RBI's forex operations due to the global interest rate hikes.

Contingency Risk Buffer: It's important to note that the RBI has also raised its contingency risk buffer to 6.5% in FY24, indicating a focus on maintaining adequate financial reserves despite the higher payout.

Overall, the RBI's record dividend is a positive development for the Indian government. It provides much-needed fiscal space and strengthens the government's hand in managing the economy. If you are also positive about the Indian economy, start your investment journey with Jarvis Invest.

[vvstockzone]

The Government of India’s Floating Rate Bond 2024 (FRB 2024) has a 6.97 percent interest rate, which the Reserve Bank of India (RBI) recently revealed. The interest rate will be in effect from May 07, 2023, to November 06, 2023. This action highlights how financial markets are dynamic and react to both local and international economic cues

[sanjana-s]

RBI Monetary Policy updates - Repo rate unchanged at 6.50%

The Reserve Bank of India's Monetary Policy Committee (MPC) recently announced its decision to maintain key interest rates at 6.50%, aligning with market expectations. The policy stance remains at 'withdrawal of accommodation', indicating a cautious approach towards economic support measures.

The MPC's decision was supported by a 5:1 majority vote, highlighting a broad consensus among members. This move was largely anticipated by economists and experts, who welcomed the decision as a prudent step by the central bank.

Economists believe that the RBI has ample room to keep the repo rate unchanged, especially given the robust GDP growth forecast of 7% for FY25. This strong growth outlook, coupled with the central bank's commitment to targeting a 4% inflation rate, suggests that any future rate cuts are likely to be gradual and measured.

However, analysts point out that the timing of rate cuts may be influenced by external factors, such as the US Federal Reserve's (Fed) monetary policy stance. Many expect that the RBI will wait for the Fed to initiate its rate cut cycle before considering similar actions in India.

Looking ahead, the RBI's focus on financial stability is expected to remain paramount. This could mean that in certain circumstances, ensuring stability in the financial system may take precedence over managing inflation.

The GDP growth forecast for FY25, pegged at 7%, reflects the RBI's confidence in the economy's resilience and recovery. Growth projections for the June and September quarters stand at 7% and 6.9% respectively, with expectations of sustained growth momentum in the third and fourth quarters as well.

The MPC's decision to maintain status quo on policy rates and stances in its last review meeting, held in February 2024, underscores the central bank's commitment to a cautious and balanced approach towards monetary policy.

In conclusion, the RBI's decision to keep key rates unchanged reflects a balanced assessment of the current economic landscape, with an eye towards supporting growth while ensuring financial stability. The central bank's future actions are likely to be guided by a combination of domestic economic indicators and global developments, particularly the trajectory of the US Fed's monetary policy.

[head-post]

US pressures RBI to scrap Strabag share exchange deal with Deripaska

Austria’s Raiffeisen Bank International (RBI), the largest Western bank still operating in Russia is on the verge of abandoning a controversial €1.5bn share swap deal with sanctioned Russian oligarch Oleg Deripaska due to intense US pressure, IntelliNews reports.

The planned deal, which the bank had hoped to finalise this month, would have allowed RBI to repatriate about €1.5bn of its subsidiary’s earnings detained in Russia, but could also have allowed Deripaska to cash in a reportedly frozen 28% stake in Austrian construction company Strabag.

Russian authorities were expected to approve the swap deal. In February, at its 2003 results presentation, RBI said the deal should be finalised at the end of the first quarter and it would add 125 bps to its CET capital adequacy ratio. However, the deal is now likely to be cancelled, derailing one of the largest Western deals in Russia since the start of the military conflict in Ukraine.

If RBI does go ahead with the deal, Washington could impose penalties on the bank, the agency said.

Read more HERE

[trendstopiczone5]

RBI Guidelines Could Lead to Tata Sons Considering a Massive Rs 55,000-crore IPO

Click here to know more

[bhaskarlive]

Clearing time for cheques to be cut from 2 days to a few hours: RBI chief

The RBI aims to reduce the clearing time required for bank cheques to a few hours as part of a major step to facilitate the ease of doing business in the country, RBI Governor Shaktikanta Das said on Thursday.

At present, cheque clearing through the Cheque Truncation System (CTS) operates in a batch processing mode and has a clearing cycle of up to two working days. It is proposed to reduce the clearing cycle by introducing continuous clearing with ‘on-realisation-settlement’ in CTS, Das explained.

Source: bhaskarlive.in

[davidbuttler09]

Unlocking The Mysteries: Average Salary And Benefits Of Grade B Officers In RBI

When it comes to prestigious government jobs in India, the role of a Grade B officer in the Reserve Bank of India (RBI) stands out. As a central bank, the RBI plays a crucial role in the nation's economic stability, and Grade B officers are an integral part of this institution. In this article, we delve into the intricate details of the average salary and benefits availed by a Grade B officer in the RBI, shedding light on the perks and privileges that come with this coveted position.

Understanding The Role

Before we dive into the financial aspects, it's essential to comprehend the responsibilities of a Grade B officer. These professionals are tasked with crucial roles in areas such as banking supervision, regulation, and policy implementation. They act as a bridge between the top management and the operational staff, ensuring the smooth functioning of various departments within the RBI.

Average Salary Structure

The salary structure of a Grade B officer in the RBI is designed to attract and retain top talent. As of the latest available information, the basic pay for a Grade B officer is in the range of Rs. 35,150 to Rs. 62,400 per month. Additionally, they receive allowances such as Dearness Allowance (DA), House Rent Allowance (HRA), and other special allowances.

Dearness Allowance (DA)

DA is a crucial component of the RBI Grade B salary. It is revised quarterly based on the Consumer Price Index (CPI). This ensures that the officers are compensated in accordance with the cost of living, providing them with a fair and dynamic income structure.

House Rent Allowance (HRA)

Given the diverse locations where RBI offices are situated, HRA becomes a significant part of the overall compensation. The HRA is a percentage of the basic pay and varies depending on the city of posting. It's aimed at facilitating accommodation for officers and ensuring their well-being.

Special Allowances

Apart from the basic pay, Grade B officers receive special allowances that contribute to their overall income. These allowances are designed to acknowledge the specialized nature of their roles and the skills required to fulfill them.

Perks And Benefits

In addition to the salary structure, Grade B officers enjoy a range of perks and benefits that enhance their overall employment experience. Some notable benefits include:

Medical Facilities

RBI provides comprehensive medical facilities for its employees, ensuring their well-being and that of their dependents. This includes coverage for various medical treatments, hospitalization, and other healthcare needs.

Accommodation

Grade B officers are eligible for RBI's accommodation scheme, providing them with suitable housing options. This alleviates the stress of finding accommodation in cities where the cost of living can be high.

Leave Policies

RBI offers generous leave policies, including casual leave, sick leave, and earned leave. This ensures that officers can maintain a healthy work-life balance and attend to personal and family needs when required.

Provident Fund And Pension

Like many government institutions, RBI provides a robust provident fund and pension scheme. This long-term savings plan ensures financial security for Grade B officers post-retirement.

FAQ

Q1: How is the Dearness Allowance (DA) calculated?

A1: DA is calculated as a percentage of the basic pay and is revised quarterly based on the Consumer Price Index (CPI).

Q2: Can Grade B officers choose their place of posting?

A2: While officers can express their preferences, the final decision regarding the place of posting rests with the RBI based on organizational needs.

Q3: Is the accommodation provided by RBI optional?

A3: Yes, officers have the option to either avail of RBI's accommodation or choose private accommodation. The accommodation scheme is designed to provide convenience and financial support.

Conclusion

In conclusion, being a RBI Grade B officer not only comes with a sense of responsibility and prestige but also offers a competitive and attractive salary package with various perks and benefits. The financial remuneration, coupled with the comprehensive support system provided by the RBI, makes this position highly sought after in the realm of government jobs in India. Aspiring candidates should not only be drawn to the challenges of the role but also appreciate the holistic compensation package that accompanies it.

[9to9imall]

GLOBAL CURRENCY INDIAN RUPEE ?|How the Indian rupee is going global inte...

[udaysagar15]

Check out this post… "Unlocking Financial Opportunities: RBI Approved Loan Apps in India".

[fundsutra]

Say Goodbye to Penal Interest, Hello to Penal Charges

RBI's Game-Changing Move: Say Goodbye to Penal Interest, Hello to Penal Charges

The Reserve Bank of India (RBI) is shaking up the lending landscape with a significant announcement. Starting January 1, 2024, they're bidding adieu to 'penal interest' and introducing 'penal charges' for loan defaulters. But what does this mean for borrowers and lenders? Let's dive into the details.

The Intent Behind the Change

RBI's primary goal is to foster responsible borrowing practices. The shift from penal interest to penal charges aims to instill credit discipline without turning these charges into an additional source of revenue for lenders. In other words, it's about fairness and accountability.

What's Changing Exactly?

The key change lies in how defaults are penalized. Under the new rules, borrowers who breach the terms of their loan contract will face 'penal charges' instead of 'penal interest.' Significantly, these charges won't be capitalized into the principal amount; they'll be separate and transparent.

Fairness Across the Board

The RBI is leaving no room for discrimination. All charges must be reasonable and consistent, regardless of the type of loan. So, no more unfair treatment of specific borrowers.

Transparency Is Non-Negotiable

Lenders are in the spotlight here. They must clearly disclose these charges in loan agreements, critical fact statements, and on their websites. Transparency is the name of the game.

Who's in Scope?

These rules apply to virtually all financial institutions regulated by the RBI, including commercial banks, cooperative banks, NBFCs, housing finance companies, and various financial institutions. However, they don't cover certain financial products like Credit Cards, External Commercial Borrowings, Trade Credits, and Structured Obligations.

What's Next?

The RBI isn't stopping here. They're keen on gathering feedback from the public on these changes. Stay tuned for draft guidelines soon to ensure your voice is heard in shaping the future of lending practices.

In a nutshell, these RBI changes represent a significant shift in lending practices, aiming to make borrowing more transparent, fair, and accountable for everyone involved.