RBI
Overseas exposure of India MFs rises amid pandemic
According to a RBI survey, foreign liabilities of MF companies stood at $14.5 billion in March 2021, an over 50 per cent jump over previous year, mainly on account of units issued by MFs to non-residents. But, a bigger gain accrued in the foreign assets of MF companies due to rise in equity security and other foreign assets during the year and it stood at $2.9 billion at end-March 2021.
RBI warns against frauds in guise of KYC update
In a statement on Monday, the RBI said that it has been receiving complaints and reports about customers falling prey to frauds being perpetrated in the name of KYC updation. The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails among others from customers by urging them to share certain personal, account, or login details.
RBI extends curbs on UP-based People's Co-operative Bank
Section 35A of the Banking Regulation Act, 1949 gives the central bank power to give directions to banks and can take action, to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company.
Portfolio inflows boost India's forex reserves by over $8 bn
The portfolio equity capital was attracted to India on the prospects of faster economic recovery. Accordingly, the Reserve Bank of India's (RBI) forex reserves increased to $642.453 billion from $633.558 billion reported for the week ended August 27.
UCO Bank out of Prompt Corrective Action Framework
The decision, however, is subject to certain conditions and continuous monitoring. In a statement on Wednesday, the RBI said that performance of UCO Bank was reviewed by the Board for Financial Supervision and it was noted that as per its published results for the year ended March 31, 2021, the bank is not in the breach of the PCA parameters.
RBI imposes Rs 25 lakh fine on Axis Bank for violation of KYC norms
The penalty has been imposed in exercise of powers vested in the RBI under provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. In a statement, the central bank said that the penalty has been imposed for "contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India - Direction, 2016".
RBI to fine tune liquidity operations whenever needed
Addressing the FIMMDA-PDAI Annual Conference, he said that the Reserve Bank will endeavour to ensure adequate liquidity in the G-sec market as an integral element of its effort to maintain comfortable liquidity conditions in the system. Noting that government securities are a distinct asset class, Das said that it is important to appreciate the role the G-sec market plays.
RBI raises incentive for banks for distribution of coins
In a circular, the RBI said that an additional incentive of Rs 10 per bag would be paid for coin distribution in rural and semi-urban areas on the submission of a auditor certificate to this effect. The distribution of coins shall also be verified by RBI Regional Offices during inspection of currency chest or incognito visit to branches among others.
RBI appoints Ajay Kumar as new executive director
An RBI statement on Thursday said that the appointment came into effect from August 20. Prior to being promoted as ED, Kumar was heading the New Delhi Regional Office of the Bank as Regional Director. Over a span of three decades, he has served in foreign exchange, banking supervision, financial inclusion, currency management and other areas in RBI, said an RBI statement.
A 'tiered regulatory' framework on UCBs required: RBI panel
In its report, the Expert Committee on Primary (Urban) Co-operative Banks, under the chairmanship former RBI Deputy Governor N.S. Vishwanathan, said: "The Committee observed that given the heterogeneity in the sector, a tiered regulatory framework with more than two tiers is required to balance the spirit of mutuality and co-operation more prevalent in banks of smaller sizes.
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