Monetary Policy: RBI Leaves Repo Rate Unchanged At 6.5%

The Reserve Bank of India has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5%. Consequently, the reverse repo rate under the LAF remains at 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.  The decision of the MPC is consistent with the stance of […]

SIDBI Launched National Level Entrepreneurship Awareness Campaign ‘Udyam Abhilasha’

On the occasion of Birth Anniversary of Mahatma Gandhi, Small Industries Development Bank of India (SIDBI), had launched a National Level Entrepreneurship Awareness Campaign, Udyam Abhilasha in 115 Aspirational Districts identified by NITI Aayog in 28 States and reaching to around 15,000 youth.  SIDBI will join to contribute to “the transformation mission” unleashed for these […]

RBI Slaps Rs 5 Crore Penalty On Karur Vysya Bank

The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives. According to RBI statement, the penalty was imposed for non-compliance with its directions on “Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time […]

India’s External Debt Declines 2.8% At June-End: RBI

As per the RBI, India’s external debt declined 2.8% to USD 514.4 billion at June-end over the previous quarter on account of a decrease in commercial borrowings, short-term debt and non-resident Indian (NRI) deposits. At end-June 2018, the external debt was placed at USD 514.4 billion, recording a decrease of USD 14.9 billion over its […]

RBI Bars Bandhan Bank From Opening New Branches

The Reserve Bank of India (RBI) barred Bandhan Bank from opening new branches and also ordered freezing of the bank’s CEO salary over failure to stick to shareholding rules.  The Bank was not able to bring down the shareholding of Non-Operative Financial Holding Company (NOFHC) to 40% as required under the licensing condition, general permission to […]

RBI Eases Cash Reserve Rules To Ease Liquidity

The Reserve Bank of India allowed banks to dip further into statutory cash reserves in a bid to ease a liquidity squeeze afflicting the nation’s money markets. The move by the central bank follows concerns over tight liquidity conditions and banks’ unwillingness to lend to NBFCs.  As per the RBI, banks could ‘carve out’ up to […]

Finance Ministry Launched Mobile App “Jan Dhan Darshak”

Department of Financial Services (DFS), Ministry of Finance and National Informatics Centre  (NIC) have jointly developed a mobile app called Jan Dhan Darshak as a part of financial inclusion (FI) initiative. This app will act as a guide for the common people in locating a financial service touch point at a given location in the […]

BRICS Bank Approves $525-mn Loan For Infra Projects In MP

The BRICS’ New Development Bank has approved a $525-million loan for infrastructure projects in India. The loan will be used by the Indian government for on-lending to the Madhya Pradesh government for rehabilitating major district roads with a total length of about 2,000 km. The loan aims to improve connectivity of the rural interior with […]

Yes Bank Slapped With Rs 38 Crore In GST Fines

Midsized private sector lender Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances. Over Rs. 32 crore has been paid to the GST department, while Rs 6 crore has been paid in service tax which has been replaced by GST.  The issue relates to remittances […]