Which bank is central bank of india

Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia. Photographer: Andrey Rudakov/Bloomberg India's government is engaged on the issue of facilitating payments with Russia, and the Reserve Bank of India will do whatever the government decides, Deputy Governor Michael Patra said June 24. He did not offer any other details. The Deputy Governor's statements assume significance as the government had remained tight-lipped on the issue even as multiple meetings between banking representatives of both nations had taken place. Ever since the Russian invasion of Ukraine and the subsequent barrage of sanctions on Moscow by the West, trade between India and Russia has depended on routing transactions through smaller Russian banks which are as yet untouched by sanctions. Both nations had initially focused on establishing a barter mechanism involving a set of commodities. A key part of this would be an agreement … [Read more...] about India engaged on issue of facilitating payments with Russia: Deputy Governor Michael Patra

The Reserve Bank of India (RBI) appointed Yogesh K Dayal, its chief general manager, as an additional director on the board of private lender RBL Bank for a period of two years. The appointment came into effect on December 24, 2021. RBL Bank, in a regulatory filing on December 25, said its board has welcomed the central bank's decision. "The bank shall benefit from this addition considering his rich experience with the highly respected regulator," it said. His tenure would last "for a period of two years w.e.f December 24, 2021 till December 23, 2023 or till further orders, whichever is earlier", RBL Bank said. The appointment has been made by the RBI under Banking Regulation Act, 1949. The lender noted that Dayal is not related to any of the directors or other key managerial personnel of the bank, and is also not debarred from holding the office of director by virtue of any SEBI order or any other regulatory or statutory authority. Notably, Dayal is a career central banker … [Read more...] about RBI appoints Yogesh Dayal as additional director on RBL Bank board for two years

State Bank Of India As the world debates the pros and cons of adopting a four-day workweek, hundreds of thousands of bank employees in India are demanding a five-day system. At least nine unions of bank employees will go on a day’s strike on June 27 to press their demand. They want time off every Saturday and Sunday, saying the technology at the disposal of banks would allow a smooth transitioning to a five-day workweek. “We have been talking to all stakeholders for the last seven years. But things have not moved as desired. A five-day work week is a basic demand from us and it’s for the betterment of health, and work-life balance of bank employees,” C.H. Venkatachalam, general secretary of the All Indian Bank Employees Association (AIBEA), told Moneycontrol. “Nearly 900,000 bank employees will shun work and protest on 27 June to drive this message and a few other demand points,” Venkatachalam  said. Bank employees in India are still working six days a week when other … [Read more...] about Forget a four-day workweek, bank employees in India want a five-day week​

- A + A (June 22): An Indian ministerial panel will meet next week to discuss a goods and services tax on cryptocurrency transactions, people with knowledge on the matter said. The panel, comprising federal and states’ finance ministers, is seeking to broaden the tax net to track dealings in virtual digital assets in a more effective manner, the people said, declining to be identified citing rules on speaking with media. The panel is meeting for two days starting June 28 in the northern Indian state of Chandigarh. The panel is unlikely to finalize a rate in the upcoming meeting but discussions may be held on placing it in the highest tax slab of 28%, the people said. A finance ministry spokesperson did not immediately respond to calls seeking comments. Earlier this year, Finance Minister Nirmala Sitharaman imposed a levy of 30% on income from transfer of virtual assets and a 1% tax at source on all crypto transactions in a bid to assess the size of crypto market … [Read more...] about India panel to consider sales tax on cryptocurrency next week

(Representative image) India's current account deficit (CAD) fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 billion in January-March 2021. In percentage terms, the CAD in January-March 2022 was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter. "The sequential decline in CAD in Q4:2021-22 (January-March) was mainly on account of a moderation in trade deficit and lower net outgo of primary income," the central bank said. India's merchandise trade deficit fell to $54.5 billion in the first quarter of 2022 from $59.8 billion the previous quarter, helping bring down the CAD. Close On the services front, the trade surplus edged up marginally to $28.3 billion from $27.8 billion in October-December 2021. Also helping the current account deficit to moderate was a lower net outgo of primary income, which … [Read more...] about India’s January-March current account deficit falls to $13.4 billion; FY22 CAD at three-year high

The Reserve Bank of India (RBI) is in talks with pre-paid instrument (PPI) issuers in the wake of last week’s clarification , with the central bank not keen on encouraging innovation that is fuelled by regulatory arbitrage, according to a person aware of the deliberations. “The RBI has only clarified what was already there. The idea is that innovation should not exclusively base itself on regulatory arbitrage,” the aforementioned person told Moneycontrol on condition of anonymity. “If one entity requires a licence to do a certain activity, the RBI cannot let some other entity, in the name of innovation, do the same thing without a licence. So, there is nothing against innovation itself,” the person added. On June 20, the RBI issued a clarification that current rules did not permit non-banks to allow loading of PPIs such as wallets and prepaid cards using credit lines. The clarification from the central bank, which is yet to be made public on its website, further said … [Read more...] about RBI, PPI companies in talks; central bank not in favour of innovation based on regulatory arbitrage

In a letter to fintechs on June 20 RBI said that loading of credit lines into prepaid payment instruments (PPIs) such as wallets and prepaid cards is not permitted. "I think the RBI is in a civil war. One faction talks about innovation and inclusion. Another faction works hard to undermine this. This circular makes no sense to me at all." "They seem to have decided to close fintech companies in India. One blow coming after the other." These were just some of the messages being exchanged between founders of fintechs in India on WhatsApp groups on the evening of June 20th, minutes after a letter by the Reserve Bank of India (RBI) threatened to endanger their very existence. In a missive that went out to many startups in the evening, the RBI said that loading credit lines into prepaid payment instruments (PPIs) such as wallets and prepaid cards is not permitted. What seemed like a routine Monday swiftly turned into an existential crisis for many Indian fintechs. RBI … [Read more...] about RBI nukes multiple Indian fintechs through guidelines on prepaid instruments

Representative image The market valuation of the top-10 most valued firms plunged by a whopping Rs 3.91 lakh crore last week, in tandem with a steep sell-off in equities, with TCS and and Reliance Industries taking the biggest hit. Past week, the BSE Sensex plunged 2,943.02 points or 5.42 per cent, while the NSE Nifty declined 908.30 points or 5.61 per cent. Markets have been extremely bearish of late amid rate hikes by global central banks, unrelenting foreign fund outflows and jump in crude oil prices. The market valuation of the 10 most valued domestic firms eroded by Rs 3,91,620.01 crore last week. From the top-10 firms, Tata Consultancy Services (TCS) was the top loser, as its market valuation tumbled Rs 1,01,026.4 crore to stand at Rs 11,30,372.45 crore. The market capitalisation (mcap) of Reliance Industries Ltd (RIL) tanked Rs 84,352.76 crore to reach Rs 17,51,686.52 crore. The valuation of Infosys eroded by Rs 37,656.62 crore to Rs 5,83,846.01 crore and that of … [Read more...] about Market crash: Top 10 firms lose Rs 3.91 lakh crore in m-cap; TCS, Reliance biggest laggards

Housing Development Finance Corp on April 20 said it has entered into binding agreements to sell 10 percent of HDFC Capital Advisors to a subsidiary of Abu Dhabi Investment Authority (ADIA), the United Arab Emirates' biggest sovereign wealth fund, for Rs 184 crore. "...This investment will help leverage ADIA’s global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors across multiple strategies and asset classes in the real estate and technology ecosystem,” said HDFC chairman Deepak Parekh. HDFC Capital is targeting to finance development of one million affordable homes in India and is in active discussions with global investors to raise additional funds, Housing Development Finance Corp said. HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Funds one, two and three and manages an approximately $3 billion funding platform. The stake sale comes after HDFC and HDFC … [Read more...] about HDFC to sell 10% of subsidiary to Abu Dhabi Investment Authority

The Reserve Bank of India (RBI) on June 23 appointed Venkat Nageswar Chalasani as a member of the Advisory Committee of debt-laden Srei Infrastructure Finance and Srei Equipment Finance , following the resignation of R Subramaniakumar. Chalasani, whose appointment is tendered with immediate effect, was the former Deputy Managing Director of State Bank of India, the banking regulator said in a release. Along with Chalasani, the Advisory Committee comprises T.T. Srinivasaraghavan, the former Managing Director of Sundaram Finance, and Farokh Subedar, the former Chief Operating Officer and Company Secretary of Tata Sons. The advisory committee shall advise the administrator on the operations of Srei Infra and Srei Equipment Finance during the corporate insolvency resolution process, the RBI said. Also read: SREI Equipment Finance says auditor found fraudulent transactions worth Rs 3,000 crore during FY20-21 Close The RBI had on October 4 superseded … [Read more...] about RBI appoints Venkat Nageswar Chalasani in Advisory Committee of Srei Group recast