A recent press report said that there are around 6000 villages with a population of more than 2000 in Andhra Pradesh, without bank. The state government has anticipated that the banks would complete their appointment of business correspondents to these villages by the end of this year. The Reserve Bank of India has made it… Read More »
A recent press report said that the Textiles Ministry is working on a plan to restructure the loans borrowed by the textiles units from the government at concessional interest rates. The restructure of loans borrowed is expected to give relief to the textile units. According to an official statement the restructuring plan might consider moratorium… Read More »
In a notification from the Reserve Bank of India, the Export – Import Bank’s (Exim Bank) agreement on Line of Credit (LOC) to the Government of the Republic of Senegal was concluded such that LOC to the latter would be $27.50 million for financing eligible goods, services, machinery and equipment including consultancy services from India… Read More »
According to a recent press release from the Reserve Bank of India, decisions regarding financial inclusion were taken at the State Level Bankers’ Committee (SLBC) meeting chaired by Dr.D.Subbarao, the RBI Governor. The decisions included that the banks in Rajasthan would ensure that all 3,883 identified villages with a population of more than 2,000 are… Read More »
According to a recent report the RBI has increased the amount that the exporters can receive through service providers. The RBI offered the enhancement of amount that can be received as export remittances through Online Payment Gateway Service Providers (OPGSPs) from $500 to $3000. The Central Bank has permitted the banks dealing with foreign exchange… Read More »
A recent press report said that the Indian Infrastructure Finance Company would be under the regulations of the Reserve Bank of India. A proposal regarding this subject has been approved by the Union Cabinet. Regarding this Ms. Ambika Soni, Minister of Information and Broadcasting , had said that IIFCL would operate under the regulations of… Read More »
A recent press report said that the Reserve Bank of India would not give up hiking the interest rates until the inflation comes down to the desirable limit. According to Dr. D.Subbarao, the Governor of the RBI, the poor people are being affected by the inflation. Hence, until the inflation rate comes down the interest… Read More »
A recent press report said that the RBI has penalised Gujarat-based cooperative lender Mansa Nagarik Sahakari Bank Limited (MNSBL) for violation of Anti-Money Laundering (AML) guidelines. The RBI has imposed a penalty of Rs 1 lakh on Gandhinagar- headquartered MNSBL for violating the RBI’s instructions regarding the submission of reports on cash transactions above Rs… Read More »
A recent press report said that the Reserve Bank of India has hiked repo rate by 25 basis points, taking it to 8.25% and adjusted the reverse repo rate to 7.25%. According to reports, Mr. Keki M Mistry, vice chairman and chief executive officer, HDFC said that the markets were expecting a 0.25% increase in… Read More »
A recent press report said that the Reserve Bank of India on Wednesday relaxed norms by doubling the transaction cap on small money transfers in order to facilitate fund transfers to people, particularly migrants, who do not have bank accounts. According to the new norms, the cash payout arrangements for amounts being transferred out of… Read More »