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The Reserve Bank of India (RBI) has extended the validity of authorization issued to IT service management company Vakrangee, to setup, own and operate the White Label ATMs (WLA) in India. The validity of authorization has been extended till 31 March 2021. RBI has assigned a target of minimum 1,000 ATMS to be deployed by ..
The Reserve Bank of India (RBI) is conducting Open Market Operations (OMO) in the form of purchase of Rs 10,000 crore worth government securities. This important step of the central bank has been announced at the backdrop of the increased risks of COVID-19 pandemic. The operation would increase the liquidity in the Indian economy and ..
The Reserve Bank of India (RBI) has appointed former RBI Deputy Governor R Gandhi and former banker Ananth Narayan on the board of Yes Bank. They have been appointed as Additional directors on the board for two years. Ananth Narayan was serving as the regional head of financial markets in the Standard Chartered Bank. R ..
The Reserve Bank of India recently announced that it will regulate the entire activities of Payment Aggregators (PAs). Payment Aggregators enable the e-commerce sites and merchants to accept various payment instruments from the customers. As per the guidelines on regulation of PAs and Payment gateways (PGs), the existing PAs should attain a net-worth of Rs ..
The Union Cabinet approved a reconstruction plan proposed by the RBI for providing financial assistance to the Yes Bank. Union Finance Minister announced that the authorised capital of Yes Bank has been increased to Rs 6,200 crore. Under the plan, SBI will infuse Rs 7,250 crore in the Yes bank and take 49 per cent equity. ICICI Bank shall invest Rs 1,000 crore and HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore. Federal ..
The Reserve Bank on Friday issued regulatory guidelines for implementation of Indian Accounting Standards (Ind AS) by Non-banking financial companies (NBFCs) and Asset reconstruction companies (ARCs) when they prepare their financial results from FY20. Indian Accounting Standards is the Accounting standard adopted by companies in India and they are issued under the supervision of Accounting Standards Board (ASB). The Ind AS have ..
According to the Reserve Bank of India (RBI) notification, the single borrower and group exposure limit for Urban cooperative banks (UCBs) to 15% and 25% of tier I capital, respectively. This reduction in limit is to mitigate concentration risks arising out of large loans. Existing norms allowed 15% for single borrowers and 40% to group ..
The Reserve Bank of India drafted a reconstruction plan of Yes Bank recently. As per the plan, the investor bank shall buy 49% stake in Yes Bank. Recently, the State Bank of India announced that the executive committee of its central board approved for purchase of 725 Crore shares in YES Bank at a price ..