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  • 15-Jun-2019
  • HDFC sells further 4.22% stake in Gruh Finance for RS 899 crore

    Mortgage lender HDFC has sold over 4.22% stake in subsidiary Gruh Finance Ltd (Gruh), which is proposed to be amalgamated with Bandhan Bank for ?899.43 crore. Post the completion of the aforesaid sale of shares, Gruh would cease to be a subsidiary of the Corporation.

    Gruh is engaged in the business of providing home loans and is registered with the National Housing Bank as a housing finance company.

  • RBI asks banks to grout ATMs to wall, pill or floor to enhance security

    The Reserve Bank on Friday asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines.

    In 2016, the RBI had set up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit.

  • 14-Jun-2019
  • Rating agencies will now have to disclose the probability of defaults : Sebi

    Credit rating agencies will now have to disclose the probability of default for the instruments they rate and also clearly state the sensitive factors that could impact the credit worthiness of the entity.

    Further, rating agencies will have to adopt a standardised terminology to disclose liquidity indicators like liquid investments, access to credit and cash flows among other factors while rating an instrument.

    These are part of the enhanced disclosure guidelines introduced by the Securities and Exchange Board of India (SEBI) for credit rating agencies (CRA).

  • RBI to infuse Rs 12,500 crore into the financial system through bond purchase

    The Reserve Bank of India said Thursday said it will infuse Rs 12,500 crore into the financial system through bond purchases on June 20.

    The decision has taken based on a review of the evolving liquidity conditions and assessment of the durable liquidity needs going forward, the central bank said in a statement.

    The purchase of government securities under the Open Market Operation (OMO) for Rs 125 billion (Rs 12,500 crore) will be conducted on June 20, 2019.

  • 12-Jun-2019
  • RBI constitutes six-member panel to review ATM interchange fee structure

    The Reserve Bank of India has constituted a six-member committee to review the ATM interchange fee structure. VG Kannan, Chief Executive Officer of the Indian Banks' Association, will lead the review panel.

    Dilip Asbe, Chief Executive Officer, National Payments Corporation of India; Giri Kumar Nair, Chief General Manager, State Bank of India; S Sampath Kumar, Group Head, Liability Products, HDFC Bank; K Srinivas, Director, Confederation of ATM Industry; and Sanjeev Patel, Chief Executive Officer, Tata Communications Payment Solutions have been named as the members of the review committee.

  • 09-Jun-2019
  • RBI imposes Rs 2 crore penalty on Kotak Mahindra Bank

    The Reserve Bank of India (RBI) has slapped a penalty of ?2 crore on Kotak Mahindra Bank, for the non-state lender’s failure to adhere to the regulator’s diktat on promoter shareholding.

    The central bank has been engaged in a dispute with Kotak Mahindra since 2014 over its failure to meet the milestone for stake reduction by Uday Kotak, the billionaire promoter of the bank.

  • Jammu and Kashmir govt appoints RK Chibber as interim chief of J&K Bank

    The Jammu and Kashmir government on June 8 removed J&K Bank Chairman Parvez Ahmad and appointed its executive president R K Chibber as an interim chairman.

    The government said it has decided to take long term measures to improve functioning of the bank so that it becomes an example of a well managed government-owned bank and Ahmad's removal was the first step in that direction.

  • 05-Jun-2019
  • World Bank Retains Growth Forecast For Indian Economy At 7.5%

    The World Bank has forecast that India's economy is projected to grow at 7.5 per cent in the next three years, supported by robust investment and private consumption. 

    The bank in its Global Economic Prospects released yesterday said that India is estimated to have grown 7.2 per cent in fiscal year 2018-19, which ended March 31 this year. A slowdown in government consumption was offset by solid investment, which benefitted from public infrastructure spending. 

  • RBI Releases Report On 'Benchmarking India's Payment Systems'

    The report on 'Benchmarking India's Payment Systems’ which was released on Tuesday mentions that the country is "strong" in areas like having necessary laws and cash in circulation per capita.

    The report provides a comparative position of the payment system ecosystem in India relative to comparable payment systems and usage trends in other major countries. It says India is a "leader" in regulating costs of payments systems, number of debit cards issued and automated teller machines. 

    The report adds that India needs to make more efforts to decrease the volume of paper clearing and increase acceptance infrastructure to promote digital payments. 

    The report comes following an announcement in the April monetary policy review, which spoke about the need to benchmark India's payments systems.

  • 04-Jun-2019
  • Nilekani panel suggests 24x7 RTGS, NEFT, elimination of all charges

    To encourage digital payments, the Nandan Nilekani committee has suggested a host of measures, including elimination of charges, round-the-clock RTGS and NEFT facility, and duty-free import of point-of-sales machines.

    The committee, which was appointed by the RBI, had submitted its suggestions on promoting digital payments to Governor Shaktikanta Das last month.

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