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Banking

RBI permits non-banking entities to set up ATM’s

Mumbai : The Reserve Bank of India, RBI has allowed non-bank entities with a minimum networth of 100 crore rupees to set up, own and operate money dispensing machines on behalf of banks. The Central bank in a notification said the automatic teller machines, ATMs operated by non-banking entities will be known as ‘White Label […]

Banking

RBI Governor: Reviving growth is collective responsibility

New Delhi : Reserve Bank of India Governor D Subbarao has said that inflation at current levels is unacceptable and it is the collective responsibility of the government, the central bank and industry to revive economic growth. Addressing the annual general meeting of the Indian Merchants Chamber in Mumbai last evening, Subbarao said India’s growth […]

Banking

RBI keeps interest rates unchanged, disappoints borrowers

The Reserve Bank kept interest rates unchanged giving priority to checking inflation over growth, disappointing India Inc and retail borrowers who were expecting at least 0.25 percent rate cut. Besides, the central bank also kept cash reserve ratio (CRR) or the percentage of deposits that banks have to keep with RBI unchanged at 4.75 percent. […]

Banking

RBI to announce mid-term credit policy review today

Mumbai : RBI Governor Duvvuri Subbarao is expected to go slow on his over two-year-old anti-inflationary posture and unveil a softer interest rate regime on Monday as more dark clouds gather over the economy, although inflation still remains above the Reserve Bank’s comfort zone. Following the shocking latest GDP numbers, which showed that economic expansion […]

Banking

RBI guideline to ease home loan payment process

New Delhi : The Reserve Bank of India (RBI) has directed state and central co-operative banks to stop levying penalty on pre-payment of home loans on floating interest rates with immediate effect. In a notification, it said though many banks had in the recent past voluntarily abolished pre-payment penalties on floating rate home loans, there […]

Banking

SBI cuts lending rates for SMEs & agriculture

Mumbai : Days ahead of the Reserve Bank of India’s mid-quarter review of credit policy, State Bank of India today cut its lending rates by between 0.5 percent and 3.5 per cent, mainly for the small and medium enterprises, and the agricultural sector. However, the interest rates on home and retail loans will remain unchanged. […]

Banking

SBI cuts fixed deposit rates by 0.25 pc

Mumbai : Ahead of RBI’s mid-quarter review of the monetary policy later this month, country’s largest lender State Bank of India (SBI) on Thursday slashed fixed deposit rates by 0.25 per cent across select maturities. The bank has decided to revise its retail term deposit interest rates with a reduction by 0.25 per cent in […]

Banking

Govt approves Rs 632 cr capital infusion in regional rural banks

New Delhi : Union Cabinet has approved capital infusion in some Regional Rural Banks to improve their capital to risk waited assets ratio. The amount of infusion is 632 crore rupees. The Cabinet approved 50 percent share of the Central government and also decided to extend the scheme of capitalization of weak Regional Rural Banks […]

Banking

RBI asks banks to stop charging prepayment penalty on floating home

New Delhi : Reserve Bank Of India has asked banks to immediately stop charging penalty on pre-payment of home loans taken on floating interest rates. In a notification issued from Mumbai on Tuesday, RBI has said that removal of foreclosure charges or prepayment penalty on home loans will lead to reduction in the discrimination between […]

Banking

RBI hints at easing interest rates

Mumbai : Ahead of its mid-quarterly policy review, the Reserve Bank on Monday hinted at cut in interest rates, saying moderation in inflation due to lower economic growth and cooling global oil prices provide room for easing monetary policy. “.. the growth is somewhat lower than expectation and that may have positive, moderating impact on […]