According to the data revealed by RBI, NRI deposits during April-August had recorded an increase and stood at $4.86 billion as compared to $4.04 billion for the same period in 2019. Bankers opined that NRIs' before leaving to India through the Vande-Bharat Mission could have transferred their deposits into NRE (non-resident external-rupee accounts). However, as the pandemic situation improves and people plan to return back, deposits are… read-more
Courtesy: The Print
HDFC Bank on October 17 informed that its present head of finance, Sashidhar Jagdishan, will be the new CEO of the bank. Earlier, the RBI has approved his appointment for a term of three years. Sashidhar, who joined HDFC in 1996, has served various positions in the bank including that of Chief Financial Officer. He is expected to take charge from October 27, and will replace incumbent Aditya Puri.
Citing the maintainability of "credit discipline", The RBI told the Supreme Court that it cannot extend the 6-month loan moratorium period. The bank also expressed its inability to provide more relief to coronavirus-hit sectors. Addressing the apex court's advise to consider the demands of real estate and power sector, the RBI opined that the sectors suffer from structural problem and they were under stress even before the pandemic.
Courtesy: Hindustan Times
The RBI Monetary Planning Committee has decided to continue the repo rate of 4%. RBI Governor ShaktiDas on October 9 said that the Indian economy was entering a "decisive phase" due to the pandemic. He added that owing to the pandemic, a economic contraction of 9.5% for the fiscal year is expected and opined that the economy would see positive growth by the fourth quarter of this fiscal year.
The executive director of the Reserve Bank of India, M Rajeshwar Rao, was appointed as the Deputy Governor of the apex bank on October 7. Rajeshwar Rao, who has been in service since 1984, has held various positions, and is managing internal debt management, financial markets operations and international and secretarial departments currently. Rao has replaced NS Vishwanathan as the fourth Deputy Governor of the RBI.
Three economists - Ashima Goyal, Jayanth R Varma, and Shashanka Bhide - have been appointed as the new independent members of the RBI's Monetary Policy Committee (MPC). The Union Government appoints independent members for the committee, which is responsible for maintaining price stability, and deciding the repo rate to control inflation. The other members of the six-member committee include the RBI governor, deputy governor and an official… read-more
The Centre on September 28 told the Supreme Court that it is discussing the issue of expiry of loan moratorium at the "highest level". Solicitor General Tushar Mehta informed the court that the government will be ready with its plans by October 1. Earlier on September 10, the court had asked the Centre and RBI to take a decision on the issue and file a report on it.
PM Cares Fund received Rs 204.75 crore through salary contributions by the staff of institutions including seven public sector banks and RBI, according to reports. Through RTI, it was revealed that apart from the contribution by the employees, there were donations made from other funds like Corporate Social Responsibility (CSR) as well. The contributions included Rs 113.63 crore by LIC, Rs 107.95 crore by SBI, and Rs 7.34 crore by RBI.
According to a tweet, RBI has signed Amitabh Bachchan to feature in a customer awareness campaign. The banking regulator has been continuously campaigning to aware and reach people informing them about fraudulent activities. The awareness drive includes dos and don’ts required for safe transaction. To increase RBI's reach, the campaigns are designed in regional languages as well. Interestingly, RBI's Twitter handle has 3.02 lakh more… read-more
Union Power Ministry served a notice to Jharkhand, asking to pay power supply dues of Rs 5,600 crore to Damodar Valley Corporation. It stated that JBVNL had been irregular in paying the power bills. However, it suggested that Jharkhand can “avail a loan under the Atmanirbhar Bharat” package. It also stated the RBI will deduct the amount from the state's account in quarterly instalments if there is failure in payment.