The Reserve Bank of India said on Friday it was withdrawing the OMO sale that was scheduled for Nov. 23 due to "recent market developments and based on a fresh review of the current and evolving liquidity conditions".
The central bank is likely to set March 31, next year, as the deadline for the banks to resolve the issue or go ahead with bankruptcy proceedings against the borrowers, a finance ministry official told ET.
"Therefore I believe that, now that the monsoon has also been good, the food prices may come down rather than further rise," the former governor of the RBI told PTI.
In September 2016, India had exported services worth USD 13.77 billion. The import grew 1.7 per cent from USD 8.30 billion last year.
Retail inflation, a key input for RBI in setting the key interest rate, has been rising consistently since June amid a slowdown in factory output measured by the Index of Industrial Production (IIP).
Islamic or Sharia banking is a financial system based on the principles of not charging interest, which is prohibited under Islam.
The RBI asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year.
The scheme of simplified hedging facility was first announced by the Reserve Bank of India (RBI) in August 2016 and the draft scheme was released in April 2017.
The norms are part of the directions issued by the RBI on 'Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs (Non-Banking Financial Companies)'.
Last month, RBI levied a monetary penalty of Rs 6 crore on Yes Bank for failing to report a cyber-security breach of its ATM network
People can also give a missed call to 8691960000 to get more information through Interactive Voice Response System (IVRS) on fake calls or e-mails as "well as investing wisely and cautiously in chit funds", it added.
Now that the government has announced that Rs 1.35 lakh cr will be infused into public sector banks through recapitalization bonds, a lively debate has sprung up among bankers and fixed income traders on how to design these bonds. Here are some thoughts.
The Reserve Bank of India (RBI) has expressed unhappiness to Deutsche Bank over the leaking of information from a closed-door meeting held between RBI Deputy Governor Viral Acharya with senior fund managers and bankers
There was a marginal decrease in the employee strength of the domestic banks operating abroad to 3,984 in 2016-17 from 4,040 in 2015-16.
US President Donald Trump is expected to soon announce a successor to Federal Reserve Chair Janet Yellen, whose term expires early next year. "If sports teams can recruit the best talent from around the globe, why not central banks?" asked an article in Barron's magazine while pitching for Rajan as the next head of the Federal Reserve.
According to Bank of America Merrill Lynch (BofAML), the Reserve Bank is expected to follow an "asymmetrical" policy response to the US dollar, wherein it will allow some depreciation in the rupee and will recoup forex reserves at every opportunity that the greenback depreciates.
The core Consumer Price Index (CPI) based inflation, adjusted for house rent allowance is moderating, and the HRA impact (post 7th Pay Commission), is largely "statistical", it said.
The government recently unveiled a Rs 2.1 lakh crore, (representing 1.2 per cent of GDP), recapitalisation package for public sector lenders which will be injected over two years.
Despite a 34 percent drop in net profit at Rs 2,058 crore from a year ago, the Mumbai-based bank saw its gross non-performing assets (NPAs) in the three month period July-September decreased even as it spiked from a year-ago period.
The event comes three months after Amtek Auto, one of the 12 debt-ridden firms identified by the Reserve Bank of India (RBI), was taken to bankruptcy court.
This is the second time that the RBI, in its annual risk-based supervision, has observed divergences in both the banks’ NPA reporting.
Former RBI Governor Bimal Jalan on Wednesday endorsed the government's decision to recapitalise the public sector banks (PSBs) saying it will strengthen banking system and boost investment.
Finance Minister Arun Jaitley yesterday announced that Rs 2.11 lakh crore would be infused in PSU banks over two years, of which Rs 1.35 lakh crore will be through recapitalisation bonds. The remaining Rs 76,000 crore would be from the budgetary support and market raising.
Urjit Patel calls it a “real chance” to put in place comprehensive and coherent, rather than piece-meal, strategy to address the banking sector challenges
The RBI in a release said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.