Category: RBI

Will RBI blink before the US Fed and cut rates this year? While the robust GDP numbers did raise the hope of an earlier than expected rate cut, the sticky inflation situation seems to put a spanner in the works. According to Elara Capital, sticky food inflation due to uncertain weather conditions remain key risks. According to them, the Reserve Bank of India may hold policy repo rate through 2025 and the first of the rates cuts might be seen in early 2026 as against earlier expectation of Q3FY25 or later half of 2025.

Growth numbers indicate to urgency to cut rates

In a detailed report, economists at Elara Capital outlined that, “With India’s GDP growth projected at a…
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Source: https://www.financialexpress.com/policy/economy-will-rbi-cut-rates-before-the-us-fed-elara-capital-says-rates-may-be-on-hold-on-inflation-worries-3473048/lite/

RBI on Monday warned lenders to not levy interest from the date of loan sanction, instead of actual disbursement. In a home loan or other loans, there is often a lag between sanction and disbursement and charging it from the date of sanction imposes additional interest cost on the borrower.Charging interest from the date of loan sanction or loan agreement execution rather than from the date of actual disbursement is a violation of fair lending practices norms.Customers end up paying interest on money they haven’t received, which inflates the cost of borrowing. Second, in the case of loans disbursed by cheque, charging interest from the date of the cheque rather than when it’s cashed or…
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Source: https://timesofindia.indiatimes.com/business/india-business/cant-levy-interest-on-loan-amounts-not-received-rbi-to-banks/articleshow/109708357.cms

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The Reserve Bank of India (RBI) on April 29 said it has imposed monetary penalty two co-operative banks viz., The Central Co-operative Bank and The Vaish Co-operative Adarsh Bank, for rule violations.
The central bank imposed Rs 1 lakh penalty on The Vaish Co-operative Adarsh Bank, and Rs 2 lakh on The Central Co-operative Bank, it said in a press release.

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The Central Co-operative Bank was penalised for non-compliance with directions issued by the National Bank…
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Source: https://www.moneycontrol.com/news/business/rbi-imposes-monetary-penalty-on-2-co-operative-banks-for-rule-violations-12710729.html/amp

Raghuram Rajan, former Reserve Bank of India (RBI) governor said that having inclusive growth will increase the pace of growth but taxing the rich is not the way to do that. Speaking at an event at the Kellogg School of Management – Northwestern University, he said, “We need to try and elevate rather than bringing the successful down.” Former Governor of Reserve Bank Of India (RBI) Raghuram Rajan shared his views on wealth distribution. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The remarks come after Indian Overseas Congress chairman Sam Pitroda earlier said that the inheritance tax in the US is an idea that could be debated…
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Source: https://www.hindustantimes.com/business/raghuram-rajan-on-wealth-distribution-elevate-rather-than-bringing-the-successful-down-101714360679241-amp.html

27 April 2024, Mumbai: In a landmark partnership aimed at revolutionizing digital agri lending, the National Bank for Agriculture and Rural Development (NABARD) will integrate its e-KCC loan origination system portal with the Public Tech Platform for Frictionless Credit (PTPFC) of Reserve Bank Innovation Hub (RBIH).

NABARD, India’s apex development bank, developed the Loan origination system portal to facilitate digital Kisan Credit Card (KCC) loan processing for cooperative banks and Regional Rural Banks (RRBs). Through the integration with PTPFC, about 351 district and state cooperative banks and 43 RRBs will gain access to a range of services including digital state land…
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Source: https://www.en.krishakjagat.org/india-region/nabard-and-rbi-innovation-hub-collaborate-for-revolutionizing-digital-agri-lending/

During the month of May, the banks will not function for eight days at different places.

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Bank Holidays: The Reserve Bank of India (RBI) has issued a holiday list for banks and for the month of May, banks will be closed for 14 days due to various occasions. Advertising

Advertising To facilitate your bank-related activities, we share with you the dates when the banks will be closed during the…
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Source: https://www.india.com/business/banks-to-remain-closed-for-14-days-in-may-complete-details-inside-6889312/amp/