Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has asked state governments not to transfer their deposits out of private sector banks saying apprehensions about the safety of deposits in private lenders are highly misplaced. In a letter written to chief secretaries of all states, the central bank said moving deposits out of private sector banks could have implications for banking and financial sector stability. The letter came after reports suggested that some state governments have advised government bodies and other entities under their jurisdiction to transfer their funds held with private sector banks to public sector lenders. This follows the crisis at <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> where the RBI has superseded the bank's board and placed restrictions on withdrawals. "We strongly believe that such a move can have banking and financial sector stability implications," the RBI wrote. "We feel that apprehension on the safety of deposits in private sector banks is highly misplaced and will not be in the interest of stability of the financial system in general and the banking system in particular." It requested state governments to reconsider any decision they might have taken in this regard or are in the process of taking such decision. "The Reserve Bank has adequate powers to regulate and supervise the private sector banks and by using these powers, it has ensured that the depositors' money is entirely safe," the letter said. The RBI said the resolution of weak private sector banks in the past has been done in a manner that the depositors are not put to loss. "It is precisely with a view to retaining depositors' confidence in private sector banks and mitigating their hardship that, after the imposition of a moratorium on <keyword id="436044" type="DOMAIN" weightage="20" keywordseo="Yes-Bank-Ltd">Yes Bank Ltd</keyword>, the RBI has drawn up a draft scheme without any delay and we are making every effort to expedite the finalisation of the scheme," it added.

RBI assures state governments that their deposits are safe in private banks

Best power bank in India in 2023

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s total merchandise exports are expected to grow by 33 per cent during the second quarter of <keyword id="5027223" type="General" weightage="20" keywordseo="fy22" source="Orion">FY22</keyword>, the <keyword id="402797" type="General" weightage="20" keywordseo="export-import-bank-of-india" source="Orion">Export-Import Bank of India</keyword> said on Friday. Accordingly, <keyword id="10407892" type="General" weightage="20" keywordseo="india-exim-bank" source="Orion">India Exim Bank</keyword> forecast total merchandise exports in Q2FY22 to grow to $98.45 billion from $74.02 billion reported for the corresponding quarter of the previous financial year. Besides, non-oil exports are expected to rise 28.3 per cent to $85.63 billion, as compared to $66.73 billion reported for the corresponding quarter of the last fiscal. "The rise in India's exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand," India Exim Bank said in a statement. "Increase in commodity prices have also contributed to the increase in India's exports," it added. The forecasts are based on India Exim Bank's Export Leading Index (ELI) model. These forecast are released by India Exim Bank on a quarterly basis, during the first week of June, September, December and March for the corresponding quarters. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ronnie-screwvalas-investment-firm-leads-10-million-round-in-lido-learning/articleshow/86093922.cms">Ronnie Screwvala’s investment firm leads $10 million round in Lido Learning</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/den-networks-hathway-cable-biocon-alembic-pharma-ujjivan-financial-services-eron-international-stocks-are-going-down/slidelist/86093519.cms">Den Networks, Biocon, Alembic Pharma and more -- here’s why these companies made no money to investors even in a bull run</a>

India's exports expected to grow by 33% during the second quarter

Mumbai, May 28 () The Reserve Bank on Thursday said it has imposed a penalty of Rs 5 crore on state-owned Bank of India for non-compliance with certain provisions, including those related with NPA. The central bank also imposed a penalty of Rs 1.2 crore on Karnataka Bank for non-compliance with NPA norms. In a statement, RBI said it has imposed a monetary penalty of Rs 5 crore on Bank of India (BoI) for non-compliance with "certain provisions of the directions issued by RBI on 'Income Recognition, Asset Classification and Provisioning pertaining to Advances - Divergence in NPA accounts', 'Opening of current accounts by banks – Need for discipline', and 'Classification and reporting of frauds'". Giving details, it said the statutory inspection of BoI with reference to its financial position as on March 31, 2017 and March 2018 and the risk assessment reports pertaining thereto revealed, inter-alia, non-compliance with the certain directions. A notice was issued to the bank in this regard. After considering the bank's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions, RBI concluded that the charges of non-compliance with RBI directions warranted imposition of monetary penalty. The penalty on Karnataka Bank has been imposed for non-compliance with certain provisions of directions on 'Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Divergence in NPA Accounts' and 'Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances'. RBI also imposed a penalty of Rs 30 lakh on Saraswat Co-operative Bank for non-compliance with directions on 'Income Recognition and Asset Classification (IRAC) norms.' In all three cases, action is based on the deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by them with customers, RBI said. NKD RVK

RBI imposes penalty on Bank of India, Karnataka Bank

New Delhi, Soon after the Budget announcement, insurance cover on bank deposits has been increased from Rs 1 lakh to Rs 5 lakh effective Tuesday, the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) said.A Deposit insurance was static at Rs 1 lakh since 1993. The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI. The increase, the RBI said, has been done with a view to providing a greater measure of protection to depositors. On Saturday, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had announced the increase of insurance cover to Rs 5 lakh in her Budget Speech. The move will help boost the confidence of people in the banking system after a scam last year in Punjab and <keyword id="689622" type="COMPANY" weightage="20" keywordseo="Maharashtra-Cooperative-Bank">Maharashtra Cooperative Bank</keyword> (PMC Bank) which affected lakhs of customers. As the insurance cover stands increased, the banks will pay a premium of 12 paise against 10 paise per Rs 100 deposit. The deposit insurance scheme covers all banks operating in India, including the private sector, cooperative and even branches of foreign banks. There are some exemptions such as deposits of foreign governments, deposits of central and state governments, and inter-bank deposits.

RBI says bank scam victim compensation increased to Rs 5 lakh after Budget announcement

Mumbai, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s forex reserves jumped USD 1.634 billion to USD 618.937 billion for the week ended January 12, 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>) said on Friday. In the previous reporting week, the overall reserves had declined sharply by USD 5.89 billion to USD 617.3 billion. The country's forex kitty had reached an all-time high of USD 645 billion in October 2021. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended January 12, the foreign currency assets -- a major component of the reserves -- increased USD 1.859 billion to USD 548.508 billion, the data said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves were down USD 242 million to USD 47.247 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 12 million to USD 18.31 billion, the <keyword id="20097680" type="General" weightage="20" keywordseo="apex-bank" source="keywords">apex bank</keyword> said. India's reserve position with the IMF increased USD 6 million to USD 4.872 billion in the reporting week, the RBI data added.

Forex reserves jump $1.63 billion to $618.9 billion

New Delhi, March 17 (IANS) As the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) barred Paytm from taking on new customers for its <keyword id="2324069" type="General" weightage="20" keywordseo="payments-bank" source="Orion">Payments Bank</keyword>, a new report on Thursday said that fintech platforms' dominance in digital payments may not result in a significant data advantage over banks. According to Moody's Investors Service, the introduction of the Unified Payment Interface (UPI) in 2017, which allows funds to be transferred instantaneously, has been a key catalyst to the development of digital payments due to the ease of use of apps running on the system. "However, their dominance may not lead to significant advantages over banks, because the UPI's open architecture means that a large user base does not necessarily make a particular service provider more competitive than others on the system," said <keyword id="2176954" type="General" weightage="20" keywordseo="srikanth-vadlamani" source="Orion">Srikanth Vadlamani</keyword>, Moody's Vice President and Senior Credit Officer. Also, banks which are playing a crucial role in facilitating UPI payments, have access to transactions on the network. "Because of this, <keyword id="3680498" type="General" weightage="50" keywordseo="fintechs" source="Orion">fintechs</keyword>' dominance in digital payments may not result in a significant data advantage over banks," the report mentioned. Large Banks, on the other hand, have significantly improved their digital capabilities for key retail services. Private sector banks and industry leader <keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> have significantly improved their own digital products in other areas, with customers adopting them widely. "This will help these banks fend off competition from fintechs outside the payment segment. On the other hand, public sector banks other than SBI have relatively weak digital offerings and will be negatively impacted from the heightened competitive intensity," the report noted. Fintechs will continue to try to expand into other financial services, particularly personal loans and loans to small merchants. "However, at the same time, the overall market may also expand as technology creates more opportunities, allowing banks to counter pressure on margins with business growth," the Moody's report said. Overall, fintech payment companies in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> have led the rapid growth of digital payments in the country, but their dominance may not translate to competitive advantages to expand into other financial services. In addition, India's major banks have significantly beefed up their digital product offerings and canAwithstand the competition from fintechs, according to the report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/climate-change-causing-farms-to-fall-short-on-tomatoes-almonds-and-coffee-demand-say-scientists/articleshow/90282274.cms" style="">Climate change causing farms to fall short on tomatoes, almonds, and coffee demand, say scientists</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/hurun-rich-list-gautam-adani-larry-page-mukesh-ambani-and-others-who-made-the-most-money-in-2022/slidelist/90272552.cms" style="">Hurun Rich List — Gautam Adani, Larry Page, Mukesh Ambani and others who made the most money in 2022</a>

Indian fintech payment platforms might dominate but have no data advantage over banks, says Moody's

<ul><li>The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> had put a <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> on <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>, imposed withdrawal restriction of Rs 50,000 only till April 3. </li><li>The bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks' ATMs as well. </li><li>As per the RBI's draft reconstruction scheme, <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> will pick up 49 per cent stake in the crisis-ridden Yes Bank.</li></ul>Crisis-hit Yes Bank said on Tuesday that customers could now make payments towards their credit card and loans through other bank accounts, days after prominent banking services were curtailed after the RBI imposed moratorium on the lender. The announcement comes as panic gripped the bank's customers, who queued before ATMs and bank branches to withdraw money. They were also not even able to access Internet banking and other services like digital payments through another party's platform. Forex services and credit card purchases, among others, were also impacted. "Inward IMPS/NEFT services have now been enabled," Yes Bank tweeted. "You can make payments towards YES Bank credit card dues and loan obligations from other bank accounts. Thank you for your co-operation." The Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> had put a moratorium last Thursday on the cash-strapped Yes Bank, imposed withdrawal restriction of Rs 50,000 only till April 3 and superseded its board through appointment of an administrator. However, the bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks' ATMs as well. During the moratorium period, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore. The bank's financial health is not sound as it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as the managing director and CEO from March last year. Troubles at new-generation private sector started brewing up ever since the the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering -- to continue as MD and CEO in September 2018, and had asked the lender to find a new successor. Yes Bank's administrator, Prashant Kumar, a former SBI executive, had on Friday assured customers that the moratorium period could end by this weekend.

Yes Bank says credit and loan payments can be made via other bank accounts

The country's largest lender, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) has warned customers against instant loan apps and even suggested measures to safeguard against the menace. "Please refrain from clicking on suspicious links or giving your information to a company posing as a <keyword id="15606804" type="General" weightage="50" keywordseo="bank-or-financial-company" source="Orion">Bank or Financial Company</keyword>. Report cybercrimes at cybercrime.gov.in," the bank tweeted. Instant loan apps, especially those originating from China have been a menace as the government as well as the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>), have received several complaints against them. Their proliferation has led to increased cases of cybercrime and also extortion of hapless borrowers. Sharing some safety tips, the SBI suggested that it is always better to check the authenticity of an app before downloading. There are lots of illegal apps that may trap users and siphon off money from their accounts. Customers should not click on suspicious links and discretion should be used to avoid falling for unauthorised apps, the SBI said. Check the app permission settings to secure your data from getting stolen and in case of theft, such matters should be reported to the local police authorities, the bank cautioned further. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-generates-15-16-lakh-formal-sector-jobs-every-month-says-ashwini-vaishnaw-citing-epfo-data/articleshow/95738734.cms">India generates 15-16 lakh formal sector jobs every month, says Ashwini Vaishnaw citing EPFO data</a>

You Searched For "bank of india" and got 9 results

RBI assures state governments that their deposits are safe in private banks

PTI

Best power bank in India in 2023

Rounak Jain

India's exports expected to grow by 33% during the second quarter

IANS

RBI imposes penalty on Bank of India, Karnataka Bank

PTI

RBI says bank scam victim compensation increased to Rs 5 lakh after Budget announcement

IANS

Forex reserves jump $1.63 billion to $618.9 billion

PTI

Indian fintech payment platforms might dominate but have no data advantage over banks, says Moody's

IANS

Yes Bank says credit and loan payments can be made via other bank accounts

PTI

SBI warns customers against instant loan apps

IANS

Popular Keywords

Buying Guides