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RBI: India among worst-hit in pandemic, economy will recover in 13 years

The Reserve Bank of India (RBI) in its latest report said India was one of the worst-hit nations during the Covid-19 pandemic and that it will take up to 13 years for India to fully recover from the scars of the Covid-19 pandemic. India suffered among the biggest pandemic induced losses in the world in […]

Government rolls out scheme for liquidity support to NBFCs

The Central government has rolled out scheme for liquidity support to NBFCs. The partial guarantee scheme will allow state-run banks (PSBs) to purchase assets of non-banking and housing finance companies (NBFCs and HFCs). The partial guarantee scheme aims at providing liquidity support to avoid distress sale of assets in a sector facing a shortage of […]

India and ADB Sign $31 Million Loan Agreement For Tamil Nadu

The Government of India and the Asian Development Bank (ADB) signed in New Delhi a Loan Agreement for $31 million to build-up the State Tourism Industry and boost visitor arrivals in Tamil Nadu. The signatories to the tranche 4 loan for Infrastructure Development Investment Program for Tourism (IDIPT) were Mr. Sameer Kumar Khare, Additional Secretary (Fund […]

5th 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 […]

RBI Lifts The Ban On Fino Payments Bank To Open New Accounts

Fino Payments Bank, one of India’s first payments banks, has been allowed to open new accounts by RBI after it submitted a compliance report. It had been barred by the central bank from adding new customers since the end of May.  An RBI audit revealed that some Fino accounts had deposits in excess of the […]

RBI Announces Steps To Increase Credit Flow To NBFCs

The Reserve Bank of India announced more measures to increase liquidity flows to the non-banking financial companies. The RBI permitted banks to use government securities equal to their incremental outstanding credit to NBFCs, over and above their outstanding credit to them as on October 19, to be used to meet liquidity coverage ratio requirements.  The move […]

SBI Signs MoU With Nepal’s NBI For Human Resource Development

State Bank of India has signed an MoU with Kathmandu-based National Banking Institute (NBI) for the development of human resources of the latter. Under the MoU, the strategic training unit of SBI will impart education, training and development to facilitate transformation of NBI’s HR department.  SBI signed the three-year MoU with NBI to establish a mutually beneficial […]

Centre Decides To Start Issuing Sovereign Gold Bonds 2018-19 From October

The Centre in consultation with the Reserve Bank of India has decided to issue Sovereign Gold Bonds 2018-19. The Sovereign Gold Bonds will be issued every month from October to February 2019.  The 2018-19 Series II tranche will be issued on 23rd of October and the period of submission is 15th to 19th of October. […]

NHB Increases Refinance Limit From Rs24,000 crore To Rs30,000 crore

National Housing Bank (NHB) has decided to increase the Refinance Limit from Rs. 24,000 crore to Rs.30,000 crore for the Current Year (July 2018-June 2019) towards refinancing eligible institutions. Now, eligible Housing Finance Companies & Other entities will have increased availability of funds. Till date, Rs.8835 crore has been sanctioned.  This refinancing is a credit […]