Public sector banks will embark on second round of 2-day bottom-up ideation exercise beginning Thursday for further streamlining the banking sector to help the nation become a USD 5 trillion economy in 5 years. The second leg of the month-long campaign will be inter-bank and will be held at state-level as per the direction of Department of Financial Services, Ministry of Finance. The first round was focussed at branch level and suggestions and ideas received from there will now be discussed at the state level from tomorrow, official sources said.
Members of the RBI's Monetary Policy Committee at its rate review held on 7 August have agreed that supporting growth will remain their top priority in the midst of inflation remaining stable within the next 1 year, according to the minutes of the meeting released on today.
The Banks Board Bureau has invited applications for the post of MD & CEO in 4 leading PSBs — Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank.
The IL&FS had not disclosed any NPAs for the last 4 years, the RBI has said in a report. The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT.
SBI is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its Chairman Rajnish Kumar today. The platform is secure and will eliminate the requirement of using debit cards, Kumar said.
BookMyForex.com, a marketplace for foreign exchange and remittances, has partnered with YES Bank to launch a co-branded multi-currency forex travel card for Indian overseas travellers. BookMyForex will offer zero margin or exact inter-bank rates 24x7 on forex card sales.
SEBI today provided more teeth to rating agencies by allowing them to obtain details of borrowings and defaults by companies. It also announced rewards for whistle blowers and approved changes in norms prohibiting insider trading.
SBI Cards and Payment Services Pvt. Ltd, the credit card subsidiary of SBI, invited investment banks and lawyers to act as advisers for its proposed IPO.
The finance ministry has initiated a review of India’s free trade agreement framework to assess the impact of such pacts on the overall economy. The view has been gaining ground among policymakers and industry that these free trade agreements (FTAs) brought little tangible benefit to India, while helping the partner country.
IL&FS has informed NCLT that in contravention of a NCLAT order, banks have debited about Rs 759 crore in the last 8 months for repayment on their dues which amounts to coercive creditor action.
Parle Products Pvt Ltd, a leading biscuit maker, might layoff up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a Co executive said today.
The probe by the Enforcment Directorate in the money laundering case, involving former finance minister P Chidambaram, has been enlarged. It suspects his role in granting alleged illegal Foreign Investment Promotion Board clearances to at least four more business deals, apart from INX Media and Aircel-Maxis, and receiving multi-crore kickbacks through multiple shell firms, official sources said today. The CBI has issued a Look Out Circular P Chidambaram to prevent him from leaving the country, officials said.
NIFTY50 10918.70 (-98.30)
The RBI asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by Sep-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines. In 2016, the RBI had set up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit. Based on the recommendations of the panel, the RBI has now issued the instructions aimed at mitigating risks in ATM operations and enhancing security. -Economic Times
The RBI has promoted Rabi N Mishra as the central bank’s executive director, after the position fell vacant on Rosemary Sebastian’s retirement, sources said. Mishra was principal chief general manager of the bank’s risk management department. As ED, Mishra would be looking after the newly-created specialised supervisory and regulatory cadre within the RBI. -Business Standard
The National Financial Reporting Authority (NFRA), the newly created regulator for auditors, has begun full-fledged investigations into the audit failure at IL&FS after taking over the job from the Institute of Chartered Accountants of India (ICAI) in April this year. -Economic Times
The Anti-Corruption Bureau has registered a case against the city's Deputy Mayor Sheikh Imran and officials of the Jammu and Kashmir Bank for alleged illegal appropriation of crores of rupees from the state exchequer, a spokesman said today. -Moneycontrol.com
India’s goods exports grew 3.93% to $29.99 billion in May (year-on-year) following a growth in many key sectors such as engineering goods, iron ore and leather products, even as shipments of gems & jewellery and petroleum products declined. Imports were 7.76% higher at $45.35 billion during the month widening the trade deficit to $15.36 billion, compared to $14.62 billion in the same month last year. Gold imports in May posted an increase of 37.43% to $4.78 billion. -Business Line
Inching closer to its historic peak, India’s forex kitty increased by $1.68 billion to $423.55 billion for the week to June 7, RBI data showed on Friday. The foreign exchange reserves had increased by $1.87 billion to $421.86 billion in the previous reporting week. -Business Line
The rate of interest on SB deposits needs to be revised upwards by at least 2% and interest on fixed deposits should be exempted from the purview of income tax, according to suggestions made by the AIBEA to the Finance Minister. The association said banks should extend agriculture loan at the rate of 2% per annum. Further, they should extend education loan at concessional rate of interest of 5% to the poorer sections, with interest subvention. -Business Line
This morning I got a notification from Citibank (where I have my salary account) saying that there is a FEMA forex online trading violation on my account and that my account will be closed unless I provide them an undertaking not to use my account for such illegal purposes. submitted by
The notification mentions the name of the recipient in the flagged transaction. A few months back, I had done currency exchange from INR to SGD for my personal trip to Singapore through an authorized, domestic-only, RBI approved currency exchange company called iForex. Unfortunately there is an online forex trading company with the same name and according to the folks at the iForex where I did the exchange, this is the issue.
So how do I deal with this incorrect warning? I do have a proper receipt with all the details of the iForex where I did the exchange. When I talked to the Citibank customer care, they didn't have any details apart from the information that they have sent me a notification for the violation. So they have escalated this issue to the backend team which flagged the transaction and will provide me the details of the transaction in 2 working days.
RBI warns against illegal forex trading on internet. ENS Economic Bureau, ENS Economic Bureau: Mumbai, Sun Apr 10 2011, 01:02 hrs . Top Stories. Arnab Goswami detained in 2018 suicide abetment case; ministers, Editors Guild express shock ; J'khand scholarship scam: Middleman’s diary shows nexus– phone numbers, passwords; Arnab Goswami detained: Union Ministers slam police action, draw ... Indian fans of Forex trading have suffered another blow earlier this week, as the Reserve Bank of India (RBI) ... Many of you may ask what's the big deal given that Forex OTC trading has been illegal in India for quite some time and, still, traders have found ways to circumvent the rigid laws and trade. The thing is that the latest notification makes the advice from previous notifications ... RBI takes strict measure on Illegal Forex and CFD trading. September 18, 2013 49 sec read. Mumbai: The RBI cracked down on offshore foreign exchange trading by Indians through online trading websites, asking banks to report any such remittances to the regulator. Marketcalls already had a earlier post on the legality of International forex trading and CFD trading in India. In a circular issued ... For India, trading on other pairs rather than defined by RBI is illegal under the FEMA Act. Trading forex in India through an online broker is a non-bailable offense in India. With many online brokers who misguide retail investors claiming forex trading performed legally through them. In order to save foreign reserve and save country people from loss, RBI restricted forex trading. Previously, LRS (Liberalised Remittance Scheme) was 2 lac but now RBI restricts it with 70-75k. Without abide by these restrictions, trade-in Forex considers as illegal. Though, there are legal ways by which you can be attached with FX. Legal route of doing Forex trade is to choose a SEBI ... Forex Trading Illegal in India : As per the RBI norms, any person, or firm found trading in Overseas Forex Market by any means of the internet; say trading portals or electronic media(in currencies other than mentioned above) will be considered illegal. Hence, a person is liable to penalty under the act of violation of FEMA Act, 1999. Banks in India providing card facilities and online banking ... Forex Trading Illegal in India : As per the RBI norms, any person, or firm found trading in Overseas Forex Market by any means of the internet; say trading portals or electronic media(in currencies other than mentioned above) will be considered illegal. Hence, a person is liable to penalty under the act of violation of FEMA Act, 1999.
The Supreme Court has lifted the restrictions imposed by the RBI on cryptocurrency trading. This can have major implications for India's economy. Find out more on This can have major implications... RBI warns of forex trading through foreign portals is forex trading legal My Credit Card gets Blocked Because of Forex Trading how to do forex trading in india online forex trading in india quora ... RBI Official News :- https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx?prid=35689 Rbi official :- https://m.rbi.org.in//Scripts/NotificationUser.aspx... Forex Trading से क्या हो सकती है हर रोज़ कमाई बड़ा खुलासा : Currency Trading Exposed Aryaamoney - Duration: 15:58. AryaaMoney ... RBI imposes stringent norms on Forex trading to stop Forex scam