The Reserve Bank of India (RBI) Friday maintained policy interest rates and its monetary stance for the eighth straight review meeting amid concerns of a likely spike in food prices, but cracks in Monetary Policy Committee widened with two of the six panel members favouring easier money. It also raised the forecast of economic growth … Read more
The Reserve Bank of India’s balance sheet size increased 11.08 per cent to Rs 70.48 lakh crore as of March 31, 2024, the central bank said in its annual report released Thursday. RBI’s balance sheet in FY23 stood at Rs 63.44 lakh crore. The central bank noted that its balance sheet has normalised to pre-pandemic … Read more
The two subsidiaries are – ECL Finance Limited (EFL) – it is being directed to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/ or closure of accounts in its normal course of business. Edelweiss Asset Reconstruction Company Limited (EARCL) – it is … Read more
Easing of rates by the Reserve Bank of India might still have to wait going by the hawkish tone in an assessment of the economy published by the RBI economists in its latest monthly bulletin. “A modest easing of headline inflation in the reading for April 2024 confirms the expectation that an uneven and lagged … Read more
Recent actions by the Reserve Bank of India (RBI) suggest that it may transfer a higher dividend – possibly in the region of ₹1 lakh crore – to the government than last year, giving a potential boost to New Delhi’s finances. Last week, the RBI announced a steep cut in the government’s borrowing through Treasury … Read more
The Reserve Bank of India on Tuesday updated its “guidance note” on operational risk management for the financial sector, and also extended it to the NBFCs, including housing finance companies. The 2005 ‘Guidance Note on Management of Operational Risk’ covered only commercial banks. The Reserve Bank of India (RBI) said an operational disruption can threaten … Read more
RBI‘s monetary policy committee on Friday decided to keep interest rates on hold for the seventh successive meeting, stating that “growth has surpassed all projections but cautioned that food price uncertainties continue to weigh on the inflation trajectory going forward”. RBI governor Shaktikanta Das said, “Two years ago, when inflation was at its peak at … Read more
RBI barred JM Financial Products (a subsidiary of JM Financial) from extending loans against shares, including financing subscriptions to IPOs of shares and debentures, with immediate effect over irregularities and corporate governance issues. An RBI statement said the “action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company … Read more
Reserve Bank of India (RBI) has found various significant lapses in IIFL Finance‘s (IFL) Gold Loan business. It has consequently, directed the Company to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans. (The Company can continue to service its existing gold loan … Read more