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The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) on Thursday barred Kanpur-based People's Co-operative Bank from granting fresh loans and accepting deposits for six months, due to its weak financial position. The RBI also said no withdrawal of amount of a depositor will be allowed from the co-operative bank. "As from the close of business on June 10, 2020, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise," the RBI said in a release. The central bank has barred the co-operative bank from selling, transferring or disposing any of its properties or assets. "In particular, no amount of the total balance across all savings bank or current accounts or any other account of a depositor may be allowed to be withdrawn," the central bank said. These directions will remain in force for six months from the close of business on June 10 and are subject to review, it said. The central bank, however, clarified that the directions should not be construed as cancellation of banking licence of the co-operative bank. The bank will continue to undertake banking business with restrictions till its financial position improves, it said.

RBI bars People's Co-operative Bank from granting fresh loans and accepting deposits for six months

Mumbai, The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) on Friday said nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,470 crore at the close of business on February 29, 2024," the RBI said in a statement. Thus, 97.62 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned, it added. "The Rs 2,000 banknotes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Post from any post office to any of the <keyword id="20026757" type="General" weightage="20" keywordseo="rbi-issue-offices" source="keywords">RBI Issue Offices</keyword> for credit to their bank accounts in India. Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30, 2023. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches were discontinued on October 7, 2023. Starting October 8, 2023, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI. The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, <keyword id="20790999" type="General" weightage="20" keywordseo="patna-and-thiruvananthapuram" source="keywords">Patna and Thiruvananthapuram</keyword>. The Rs 2,000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes.

As much as ₹8,470 crore worth ₹2,000 notes still with public: RBI

Mumbai, Feb 6 () In a bid to increase lending to MSME as well as to auto and home segment, Reserve Bank on Thursday tweaked maintenance of cash reserve ratio (CRR) norms by providing relaxation in calculation of total deposits. The move will encourage lending towards these targeted sectors having multiplier effect by banks as they will get exemption in CRR over incremental lending. This exemption window is available till July 2020. CRR is the percentage of total deposits that bank mandatorily park with the apex bank. It stands at 4 per cent of a bank's total deposit. Alongside sustained efforts to improve monetary transmission, the Reserve Bank is actively engaged in revitalising the flow of bank credit to productive sectors to support growth, as per the Statement on Developmental and Regulatory Policies released by RBI. "As a part of this, it has now been decided that scheduled commercial banks will be allowed to deduct the equivalent of incremental credit disbursed by them as retail loans for automobiles, residential housing and loans to micro, small and medium enterprises (MSMEs), over and above the outstanding level of credit to these segments as at the end of the fortnight ended January 31, 2020 from their net demand and time liabilities (NDTL) for maintenance of CRR," it said. This exemption will be available for incremental credit extended up to the fortnight ending July 31, 2020, it said. To give boost to the real estate sector, RBI said, it has been decided to permit extension of date of commencement of commercial operations (DCCO) of project loans for commercial real estate, delayed for reasons beyond the control of promoters, by another one year without downgrading the asset classification, in line with treatment accorded to other project loans for non-infrastructure sector. "This would complement the initiatives taken by the Government of India in the real estate sector. The detailed instructions will be issued shortly," it said. Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021. Micro, Small and Medium Enterprises (MSMEs) contributes over 28 per cent of the GDP, more than 40 per cent of exports and employs about 11 crore people. Considering the importance of MSMEs in the Indian economy and for creating an enabling environment for the sector, a one-time restructuring of loans to MSMEs that were in default but 'standard' as on January 1, 2019, was permitted without an asset classification downgrade. The restructuring of the borrower account was to be implemented by March 31, 2020, it said, adding, the scheme has provided relief to a large number of MSMEs. "As the process of formalisation of the MSME sector has a positive impact on financial stability and this process is still underway, it has been decided to extend the benefit of one-time restructuring without an asset classification downgrade to standard accounts of GST registered MSMEs that were in default as on January 1, 2020, it said. The restructuring under the scheme has to be implemented latest by December 31, 2020, it said. "This will benefit the eligible MSME entities which could not be restructured under the provisions of the circular dated January 1, 2019 as also the MSME entities which have become stressed thereafter. It is re-emphasised that this is a one-time regulatory dispensation. Detailed guidelines, in this regard, will be issued shortly," it said. Post transfer of regulation of Housing Finance Companies (HFCs) from National Housing Bank (NHB) to Reserve Bank with effect from August 9, 2019, it was decided that Reserve Bank will carry out a review of the extant regulatory framework applicable to HFCs and issue revised regulations in due course, and till such time HFCs shall continue to comply with the directions and instructions issued by NHB. "It is proposed to place the draft revised regulations on the Bank's website by the end of this month, for public comments," it said. DP DRR

RBI announces incentive for lending to MSME, home, auto sectors

New Delhi, Apr 17 () Finance Minister Nirmala Sitharaman on Friday said the RBI has taken a slew of steps to maintain adequate liquidity in the system, incentivise bank credit flows, ease financial stress and enable normal functioning of markets, following difficulties being faced due to COVID-19.Announcing a second stimulus in less than a month, the RBI eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points to help mitigate risk to the economy posed by the pandemic."In view of the difficulties being faced due to #COVID19, the @RBI has taken a slew of steps aimed at maintaining adequate liquidity in the system, incentivising bank credit flows, easing financial stress, and enabling the normal functioning of markets," Sitharaman said in a tweet.In order to increase credit to farmers, MSMEs and housing sector, RBI announced a special refinance facility totalling Rs 50,000 crore for NABARD, SIDBI and the National Housing Bank, she said.Of this, Rs 25,000 crore goes to NABARD, Rs 15,000 crore to SIDBI, and Rs 10,000 crore to NHB for improving long-term funding requirements of agriculture and the rural sector, small industries, housing finance companies, NBFCs and MFIs, the minister said."To increase MSME liquidity, @RBI announced a targeted long-term repo operation totalling Rs 50,000 crore aimed at mid and small NBFCs and MFIs. This amount can be revised upwards if needed in the future. RBI also cut the reverse repo rate by 25 bps to 3.75%," Sitharaman said.The reverse repo rate is the rate banks earn by parking deposits with the Reserve Bank of India."In order to encourage banks to deploy these surplus funds in nvestments and loans in productive sectors of the economy, it has been decided to reduce the fixed rate reverse repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 4 per cent to 3.75 per cent with immediate effect," the RBI said.However, the RBI retained the policy repo rate at 4.40 per cent, and the marginal standing facility rate and the Bank Rate at 4.65 per cent.She further said that to ease the worries of MSMEs that are in danger of becoming NPA accounts, it has now been decided that the NPA classification norms will exclude the 3-month moratorium window that banks are allowed to give on loan repayments.This effectively means that bad loans or non-performing asset (NPA) classification will now happen after 180 days instead of the current policy of 90 days of payment default.This would cover the borrowers of both banks and NBFCs but lenders will have to make an additional provision of 10 per cent for those exposures under moratorium."The @RBI has increased the ways and means advance limit for states to 60 per cent over and above the level as on March 31 to help state governments tide over cash flow problems due to a temporary dip in revenue collections," she said.The RBI earlier this month had announced an increase in the ways and means advances (WMA) limit of states by 30 per cent.It has now been decided to increase the WMA limit of states by 60 per cent over and above the level as on March 31, 2020 to provide greater comfort to the states for undertaking COVID-19 containment and mitigation efforts, and to plan their market borrowing programmes better. The increased limit will be available till September 30, 2020.The RBI had announced its first stimulus on March 27 to help the economy deal with the impact of COVID-19 pandemic. DP BALBAL

RBI measures to boost liquidity, incentivise banks to lend more to boost economy: FM

Mumbai, Mar 30 () Credit information company Transunion Cibil on Monday assured borrowers that data reporting will be aligned to RBI's moratorium announcement and there will not be any dent to credit histories as a result of it.The move came after the RBI announcement of a 3-month moratorium for servicing all the term loans as a measure to contain the economic fallout due to the lockdown to contain coronavirus spread."We would work closely with our member banks and credit institutions to define the data reporting framework basis (after) the announcements made by the RBI Governor, so that during the moratorium period there is no adverse impact on the credit histories and CIBIL Score of borrowers," the company said in a statement.The RBI announcement came as a relief to the borrowers and affirmed commitment to provide a comprehensive picture of each person so they can be reliably and safely represented in the marketplace.The company, the biggest among three players in the CIC (credit information companies) market, said it is also working with members to ensure more frequent and near real-time data reporting during these unprecedented times."Reporting and monitoring daily nuances of consumer behaviour trends will yield deep insights for the industry to adjust policy and lending. This will ensure support to consumers and enable the lending bodies to transact with confidence," it said. AA BALBAL

You Searched For "RBI announcement" and got 5 results

RBI bars People's Co-operative Bank from granting fresh loans and accepting deposits for six months

PTI

As much as ₹8,470 crore worth ₹2,000 notes still with public: RBI

PTI

RBI announces incentive for lending to MSME, home, auto sectors

PTI

RBI measures to boost liquidity, incentivise banks to lend more to boost economy: FM

PTI

Transunion Cibil says data reporting to be in line with moratorium guidelines

PTI

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