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RBI RESERVE RATIOS AND POLICY RATE 2014
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Reverse Repo Rate : 7%
Marginal Standing Facility Rate : 9%
Cash Reserve Ratio : 4%
Statutory Liquidity Ratio (SLR) : 22.5%
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NEWS IN BANKING & FINANCE
1. Reserve Bank of India released second Bi- Monetary Policy Statement.
2. Treasury heads of three banks ET spoke to confirmed that RBI officials have informally communicated that banks can resume trades under respective NOP limits.
3. Reserve Bank of India kept key rates unchanged. While the repo rate was maintained at 8% and reverse repo rate at 7%, the SLR was cut by 50 basis points.
4. KYC norms for opening bank account have been eased by RBI. Now single documentary proof of address can be used to open a bank account.
5. The Reserve Bank of India will modify its retail bonds linked to consumer prices as its first attempt to insulate investors from price rises failed with only a few buying them.
6. Bank deposits grew at 13.91 per cent year-on-year to Rs. 79,00,894 crore, similar to credit growth, data from the Reserve Bank of India (RBI) showed.
7. RBI has tightened the money laundering rules for money transfer companies and has empowered their designated directors to penalise offerders who failed to comply with the Prevention of Money Laundering Act, 2002.
8. India and the US have agreed to implement Foreign Accounts Tax Compliance Act (FATCA), a US law that targets tax non-compliance by US taxpayers with foreign accounts.
9. The Reserve Bank of India allowed minors above the age of 10 to open and operate savings bank accounts independently. This was to promote the objective of financial inclusion and to bring uniformity among banks in opening and operating minors’ accounts.
10. The RBI panel, headed by Ex-Chairman of Axis Bank, P. J. Nayak, said to dilute the government stake in public sector banks to below 50 % as the 26 public sector banks (PSBs) suffer due to several ‘externally imposed constraints’ like dual regulation by the RBI and the Finance Ministry, and external vigilance by agencies such as the CVC and CAG, among others.
11. Reserve Bank of India (RBI) on 9 May 2014 barred Indian companies from raising the External Commercial Borrowings (ECB) from overseas branches and subsidiaries of Indian banks for refinance or repayment of the Rupee loans raised from domestic banking system.
12. SEBI has issued new norms for public issuance of debt securities under which such offers have to be of minimum Rs. 100 crore, while issuers would need to make additional disclosures and attain atleast 75 per cent subscription.
13. Subhalakshmi Panse, former CMD of Allahabad Bank, has joined the board of Federal Bank as an Independent Director.
14. World Bank lower forecast Growth Rate for developing countries to 4.8% from 5.3 %.
15. ICICI Bank has launched co‐branded card with DMRC. It can be your credit/debit card, and offers the benefit of 10 per cent discount that the DMRC smart card offers.
16. Export‐Import Bank of India (Exim Bank) entered into a memorandum of understanding (MOU) with the Indian Council of Cultural Relations (ICCR) for establishment of a Chair for financial management in Lagos Business School, Nigeria.
17. National Bank for Agriculture and Rural Development (Nabard) has reduced the interest rate on its long‐term refinance facility to banks by 20 basis points to promote investments in agriculture. The new rates will be 9.5 per cent (9.7 per cent earlier) for 5 years and above and 9.7 per cent (9.9 per cent earlier) for 3‐5 years.
18. Finance Minister Arun Jaitley has been appointed on the Board of Governors of Philippines‐based Asian Development Bank (ADB).
19. Exim Bank has extended USD 46 million line of credit to Mauritius for financing goods and defence related vehicles purchases.
20. World Bank has signed an agreement with the government to provide a loan assistance of USD 1,006.20 million for Sarva Shiksha Abhiyan III, which is the largest ongoing "Education for All" programme in the world.
21. FICCI and IDBI signed an MoU for easy access to organised finance facility at competitive interest rates for micro, small and medium enterprise (MSME).
22. India recently launched its own payment gateway 'RuPay', equivalent of Visa and Mastercard, which will work on ATMs and merchant outlets and help in reducing cash transactions.
23. India became third‐largest economy in 2011 from 10th in 2005: India emerged as the world’s third‐largest economy in 2011 from being the 10th largest in 2005, moving ahead of Japan, while the US remained the largest economy closely followed by China, latest figures have revealed.
24. Govt accepts Sahoo panel report on review of depository receipts scheme. The key recommendations of the committee include allowing issuance of depository receipts against any underlying securities — equity or debt, by any issuer ‐ listed or unlisted.
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