In its recent report, Bank of America Merrill Lynch (BofA-ML) opined that the Reserve Bank of India (RBI) may not reduce policy repo rate until the volatility in the currency market subsides. According to the brokerage, the central bank may prefer to reduce Cash Reserve Ratio (CRR) by 25 basis points on July 30 instead of cutting policy rates if the Indian currency remains
Tag: Reserve Bank of India
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RBI sells bonds worth Rs 140 bn in recent auction
Reserve Bank of India (RBI) sold Rs 140 billion worth bonds of various tenure on behalf of government. The central bank sold 2020 bond, 2025 bond, 2032 bond and 2035 bond through a recent auction. The central bank set a cut-off price of Rs 104.22, yielding 7.6598 percent for the 8.20 percent 2025 bond. For the 8.12 per cent, 2020 bond, the RBI set a cut-off price
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RBI panel calls for separation of business segments
A draft report of a Reserve Bank of India (RBI) panel suggested banks to separate the business segments of wealth management and and investment advisory services by creating a subsidiary. Further, the report, released recently, suggested that RBI must approve the creation of subsidiaries for this purpose. Such subsidiaries must be registered with the Securities and Exchange Board of India (SEBI), the report says
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RBI gets 26 applications for bank license
Reserve Bank of India (RBI) is learnt to have received 26 applications for banking license from corporates, non-banking finance companies (NBFCs), microfinance institutions (MFIs) and other players. The country's leading corporates like Tata Sons, Aditya Birla Nuvo , L&T Finance Holdings, a unit of engineering major Larsen & Toubro Ltd are among the aspirants for new bank license, a statement by the RBI show
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RBI includes 3 more sectors in infra category
Slurry pipelines and capital dredging projects would be eligible for concessional loan from banks as the Reserve Bank of India (RBI) brought these sectors under the ambit of infrastructure lending. Besides the above sectors, the central bank also brought telecom and telecommunications services under the infrastructure ambit. This will make loans cheaper to companies in these sectors.
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RBI data shows slower credit growth in major sectors
Mirroring the continuing slowdown in Indian economy, bank credit to all major sectors, barring personal loans, continued to grow at a slower pace than last year, said the country's apex bank Reserve Bank of India (RBI) data. RBI's sectoral credit data said that personal loans showed a rise of 16.3 per cent in May this year, compared to 13 per cent in May last year.
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RBI keeps CRR unchanged
A resolute Reserve Bank of India (RBI) refrained from reducing policy repo rate in its mid-quarter review of monetary policy on 17 June 2013 citing the persistently high food inflation even though general inflation has declined.
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Bajaj Finserv mulls entry into banking business
Media reports indicate that Bajaj Finserv is one of the non-banking finance companies (NBFCs) that applied for a banking license with the Reserve Bank of India (RBI). Bajaj Finserv is the holding company for the financial services businesses of the Bajaj Group. After getting license, the holding firm plans to convert the assets of its subsidiary Bajaj Finance - also known as Bajaj Finserv Lending - into a bank, reports indicate
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Some MFIs plan foray into banking sector
Chandra Shekhar Ghosh, Chairman and Managing Director of Bandhan Financial Services said the microfinance company would apply for a banking license with the Reserve Bank of India (RBI). Consulting firm Deloitte will advise the Kolkata-based microfinance company (MFI) on the application formality. The MFI has 45 branches and a customer base of 2.6 million in unbanked rural areas
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Edelweiss plans to set up bank, to seek RBI’s licence
For setting a new private bank, Edelweiss Financial Services is to apply to Reserve Bank of India. It will transfer its existing merchant banking business to subsidiary as a step to comply with norms prescribed by RBI for new banking license, said the firm on June 24. The firm will make an application to the RBI for a Banking License, in accordance with the provisions of the Guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013, the company informed the Bombay Stock