Tag: RBI
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Poll bound government looks to raise small savings rate
By Anjana Das, New Delhi : With an eye on the upcoming Lok Sabha elections, the government may consider raising interest rates applicable to select small savings schemes popular among the economically weaker sections (EWS) and farmers in rural and semi-urban areas of the country. Sources said the Finance Ministry is currently evaluating the small…
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No RBI decision yet on interim dividend quantum to be paid to government
New Delhi : The RBI decides independently on the quantum of interim dividend to be paid to the Centre and a central bank committee is currently examining the issue, the government said on Monday. Queried on the issue following the customary post-Budget Reserve Bank of India (RBI) board meeting here chaired by him, Finance Minister…
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Finance Minister to address RBI Central Board on Feb 18
New Delhi : The Reserve Bank of India on Thursday said that Finance Minister Piyush Goyal will address its Central Board on February 18. In a late night statement, the RBI said that FM will address the Central Board of Directors in its customary post-budget meeting. The RBI’s Central Board of Directors consists of 18…
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Sensex closes 358 point up on hopes of rate cut
Mumbai : Expectations of rate cut in the Reserve Bank of India (RBI)’s bi-monthly monetary policy outcome due on Thursday, along with some healthy quarterly results, lifted the key equity indices on Wednesday. Besides, healthy foreign fund inflows also aided the upward movement of market. Sector-wise, auto, IT and metal stocks led the gains on…
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RBI expected to soften stance to ‘neutral’, without rate cut
Mumbai : The Reserve Bank of India is widely expected to keep its key lending rate for commercial banks unchanged at 6.5 per cent for the third time in succession when it makes the fiscal’s final bimonthly monetary policy review announcement on Thursday, but could change its stance from ‘calibrated tightening’ to ‘neutral’. The RBI’s…
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RBI penalises UCO Bank, Axis Bank and Syndicate Bank
Mumbai : The Reserve Bank of India (RBI) has imposed separate monetary penalties on lenders — UCO Bank, Axis Bank and Syndicate Bank — over deficiencies in complying with different regulatory norms. The RBI imposed a penalty of Rs 2 crore each on UCO Bank and Axis Bank for non-compliance with its circular on ‘Collection…
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Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai
Mumbai : Mauritius Prime Minister P.K. Jugnauth inaugurated the SBM Bank (India) Ltd, which becomes the first foreign bank in India that was granted the Reserve Bank of India (RBI) licence to operate as a wholly owned subsidiary, an official said on Friday. Previously known as SBM Bank (Mauritius) Ltd, it started Indian…
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Biggest bank fraud and RBI Governor’s resignation mark a dismal banking year (2018 In Retrospect)
By Biswajit Choudhury, New Delhi : The year leading up to the 2019 general elections was defined by a slowdown in investment, slackening growth, falling GST revenues, the biggest bank fraud and a credit crunch that provoked the most significant crisis in government-RBI relations. It was topped up by the abrupt resignation of Urjit Patel…
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RBI’s outreach effort, lower inflation pushes up Sensex
Mumbai : Hopes of lower interest rates and more liquidity on the back of easing retail inflation and the Reserve Bank’s outreach efforts and foreign fund inflows aided the barometer S&P BSE Sensex to gain over 150 points while NSE Nifty50 ended the session just short of 10,800 points. On a sector specific basis, the…
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Differences either get settled or Governors make way: Jaitley
Mumbai : Admitting to differences with Urjit Patel, who quit as RBI Governor, Finance Minister Arun Jaitley on Thursday said the government is the sovereign body for managing the economy and RBI Governors have exited if differences were not settled. “If you look at the history of the RBI, you had several incidents in the…