Impacted by the coronavirus pandemic, the Indian economy dipped by a historic 23.9 per cent in the first quarter of the current financial year. The contraction narrowed down to 7.5 per cent in the second quarter.
The bank had breached the minimum net worth requirement for two quarters in the financial year 2019-20, the RBI said in a statement.
The monthly bulletin of the central bank for December said the more evidence has emerged since the last bulletin which shows that the Indian economy is coming out of the Covid-induced slowdown.
Retail inflation has peaked in the country but is unlikely to come down enough for the Reserve Bank to make rate cuts in the whole of 2021, Japanese brokerage Nomura said on Friday.
A notice was issued to the bank asking why penalty should not be imposed for non-compliance with the directions issued by RBI.
Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020.
As per the draft amalgamation scheme, the RBI has said on and from the appointed date, the entire amount of the paid-up share capital and reserves and surplus, including the balances in the share/securities premium account of the transferor bank (LVB), shall stand written off.
In a relief to stressed borrowers who are facing hardships due to the impact of COVID-19 pandemic, the apex court had passed the interim order on September 3.
Bank of Baroda had made certain changes with effect from November 1, 2020, with regard to the number of free cash deposits and withdrawals per month. Opposition political parties had also protested against the move.
The RBI has informed the Supreme Court that it has asked the banks, and financial institutions as well as the non-banking financial institutions to take "necessary actions" to credit the accounts of eligible borrowers, by November 5, with the difference between compound and simple interest collected on loans of up to Rs 2 crore during the moratorium scheme.
In a notification, RBI said: "All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline."
The NGTA, according to the RBI, would be a web-based application providing scalability, maneuverability and flexibility to introduce new products and securities, besides supporting multi-currency transactions and settlements.
In an affidavit before the Supreme Court, the Reserve Bank of India has said it would not be possible to grant more time as relief for sectors hit by the coronavirus pandemic.
The Governor of Reserve Bank of India (RBI), Shaktikanta Das on October 09 announced that Gross Domestic Product (GDP) is expected to decline by 9.5% in 2021.
In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis.
The Reserve Bank of India will announce the monetary policy on October 9 as the Monetary Policy Committee (MPC) will meet during October 7-9.
The all-India House Price Index (HPI) rose 2.8 per cent in the first quarter of the current financial year on an annual basis, according to data released by the Reserve Bank of India.
According to Reserve Bank of India's data on India's Balance of Payments (BoP), a year-on-year basis the Q1FY21 surplus stood at $19.8 billion from a deficit of $15 billion reported for the corresponding period of the previous fiscal.
In an attempt to make online and card payments more secure, the Reserve Bank of India (RBI) has issued new guidelines for banks, cardholders that will be effective from October 1, 2020.
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