RBI
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Banking, Business, , ,

RBI impose penalty of 10 crores on HDFC Bank towards forcing auto loan cuy to buy GPS device.

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank Limited for violation of certain rules, the central bank said on May 28.This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.An examination of documents in the matter of marketing and sale of third-party non-financial products to the bank's customers, arising from a whistle blower…
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Economy, India, , ,

5 major changes kick in from December 1 – Online money transfers, Domestic LPG Cylinders, New trains …

From December 1, many rules ranging from LPG Cylinder prices to new timings for Real Time Gross Settlement System (RTGS), insurance premiums, new trains and ATM cash withdrawal -- things that have a major impact in the lives of common man are going to change. Since these rules are going to affect your everyday life, it is important to know more about these changes in detail. Here are some rules that are going to change from December 1. The Reserve Bank of India had in October 2020…
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Economy, India, , ,

Recession: July-Sept GDP to contract 8.6%, estimates RBI

The Indian economy likely entered into a technical recession for the first time in history at the end of the first half of 2020-21, according to the Reserve Bank of India. After an unprecedented decline of 23.9 per cent in GDP in April-June as estimated by the National Statistical Office on August 31, the central bank has ‘nowcast’ that Gross Domestic Product (GDP) for July-September quarter is set for a contraction of 8.6 per cent. The NSO estimates for the second quarter expected at the end of…
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Business, Economy, Personal Finance,

Can’t extend loan moratorium period, may affect credit creation in economy: RBI to Supreme Court

The Reserve Bank of India (RBI) filed a fresh affidavit in the loan moratorium case and told the Supreme Court that it cannot give more time as relief for sectors hit by the coronavirus pandemic. In the affidavit, RBI also stated that it is not possible to extend the moratorium period beyond six months. Explaining its reason, RBI said that exceeding the time limit may result in impacting overall credit discipline as it can widely effect the process of credit creation in the economy and also impact credit behaviour…
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Business, Economy, Personal Finance,

RBI Monetary Policy: No respite to home, auto loan borrowers; RBI keeps interest rate unchanged at 4%

The EMIs on home and auto loans are unlikely to come down in the near term as the Reserve Bank of India on Friday kept the key policy rates unchanged in its bi-monthly Monetary Policy review. The central bank announcing the outcome of its bi-monthly Monetary Policy rates on October 9 said that it has decided to keep the repo rate unchanged at 4 percent and the reverse repo rate at 3.35 percent. RBI will continue with its accomodative stance. The three day RBI Monetary Policy Committee (MPC)…
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Business, Personal Finance, , ,

New Debit Card, Credit Card rules from October 1: Everything you need to know

n an apparent attempt to make digital payments using debit cards and credit cards more secure, several new guidelines have been issued by Reserve Bank of India (RBI) that will come into effect from October 1, 2020.  The RBI had directed all banks to not unnecessarily give international facilities to customers' cards, unless the customer himself demands it. The move is aimed to stop increasing fraud transactions using debit and credit cards. RBI's new guidelines are effective from October 1. - As per new guidelines, customers will…
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Business, Economy, India, Personal Finance, , ,

RBI hikes LTV limit on gold loans to mitigate impact of COVID-19

Announcing the bi-monthly Monetary Policy on August 6, the Reserve Bank of India noted that the disruptions caused by COVID-19 have led to increased financial stress for borrowers across the board, creating a huge challenge of their debt burden. Accordingly, the Central Bank has to decided to provide a window under the June 7th Prudential Framework to enable lenders to implement a resolution plan in respect of eligible corporate exposures - without change in ownership - as well as personal loans, while classifying such exposures as standard…
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COVID 19 News, Economy, FightagainstCorona, India,

Consumer confidence collapses to historic low in May, says RBI survey

A survey released by the Reserve Bank of India (RBI) has showed that consumer confidence has collapsed to historic low amid the coronavirus pandemic. "Consumer confidence collapsed in May 2020, with the Current Situation Index (CSI) touching historic low and the one year ahead Future Expectations Index (FEI) also recording a sharp fall, entering the zone of pessimism," as per the Consumer Confidence Survey (CCS) released by the RBI. According to the CCS, consumer perception on the general economic situation, employment scenario and household income plunged deeper…
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COVID 19 News, Economy, India, , ,

RBI ramps up economic support; cuts interest rates, extends loan moratorium

The Reserve Bank of India (RBI) on Friday slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates in an effort to support the economy which is likely to contract for the first time in over four decades. The benchmark repurchase (repo) rate was cut by 40 basis points to 4 per cent, Governor Shaktikanta Das said announcing the decisions taken by the central bank's Monetary Policy Committee (MPC) that met ahead of its scheduled meeting in early June. Consequently, the…
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