A Manimekhalai replaces Rajkiran Rai as MD & CEO of Union Bank of India; Swarup Kumar Saha is named head of Punjab & Sind Bank while Ajay Kumar Srivastava is made CEO of Indian Overseas Bank.
ICICI Bank and Punjab National Bank hike lending rates in range of 15-30 basis points; HDFC raises its benchmark lending rate by 5 bps.
Punjab National Bank starts charging for online transactions; hikes service charges for RTGS, NEFT.
Former SBI deputy MD Natarajan Sundar joins as NARCL chief; Karnam Sekar and Malvika Sinha are named independent directors.
DICGC scheme covers 97.9% of total number of accounts compared to international benchmark of 80%; in terms of amount, total insured deposits of Rs 81.1 trillion accounts for 49% of total deposits as of March-end 2022, compared to 20-30% internationally.
NBFCs and urban cooperative banks need to be mindful of frailties in balance sheets and ensure robust asset-liability management, apart from improving quality of credit portfolios, RBI said.
RBI reduces to Rs 25 crore the net worth requirement for non-bank entities to set up Bharat Bill Payment operating units; earlier it was Rs 100 crore.
After falling for ten consecutive weeks, India's forex reserves increased by $4.23 bn to $597.51 bn for the week ended 20 May.
RBI’s income up 20.14% and expenditure 280.13% in FY22; year ends with surplus of Rs 30,307.45 crore versus Rs 99,122 crore in previous year.
With unwinding of support measures, some restructured accounts might face solvency concerns and impact on banks' balance sheets will become clearer in upcoming quarters, RBI said.
RBI nearly doubles gold purchase to 65 tonnes in FY22 as part of asset diversification poicy; total gold holding climbs to 760.42 tonnes.
A debt management strategy review is in the offing as RBI seeks to make government borrowings efficient over medium to long term with the right risk balance.
Fraud instances up 23.69% to 9,103 in 2021-22 versus 7,359 a year ago; total amount in frauds at Rs 60,414 cr in FY22, from Rs 1.38 lakh crore in 2020-21.
Phased approach to ensure financial stability, monetary policy conformity and efficient currency operations and payment systems; steps include proof of concept, pilots and launch of digital currency.
India’s highest denomination currency note of Rs 2,000, introduced in November 2016 soon after demonetisation, has continued to fall in circulation share both in value as well as in number terms.
