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The Reserve Bank of India (RBI) has extended the date for implementation of Basel III, the global capital norms for banks, by three months to 1 April. “The Reserve Bank of India has rescheduled the start date for implementation of Basel III to 1 April 2013 from 1 January 2013,†the central bank said. Read more
Employees and officers under the banner of United Forum of RBI Officers and Employees have called a country-wide strike on January one 2013 to protest the decision to close currency notes and coins issue counters from that date. Read more
A rate cut which looked imminent in January has now been called into question with the Reserve Bank of India (RBI) saying that it is worried that savers are shifting to non-financial assets like gold and real estate because of very low real returns on financial assets. Read more
The Department of Disinvestment has said that the impression created by the news item “Did RBI’s OMO help govt’s NMDC selloff?” is not correct. Reserve Bank of India (RBI) is an independent banking regulator who regularly conducts OMOs (Open Market Operations) as a normal tool of monetary policy as per its analytical mechanisms and policy decisions. Read more
More than two-thirds of non-banking finance companies (NBFCs) face closure if the Usha Thorat panel recommendation on minimum asset size is implemented by the Reserve Bank of India, shutting a vital source of funding in many parts of the country. Read more
The proposed guidelines by the Reserve Bank of India (RBI) for the non-banking finance companies (NBFCs) are likely to impact the profitability of these entities by 15-20 basis points (0.15-0.20%) in medium-term, according to a research report by the rating agency ICRA. Read more
The government and investors set the agenda for the executive in normal times. But the year 2012 will go down in Indian financial history as the executive setting it for the government and convincing investors that it is right and not them. It was an extraordinary year for the Indian economy with investments plunging, profitability falling, and the much-cherished growth rate falling to a near decade low. Read more
The Finance Ministry’s eagerness to see banks shed their non-core business is not surprising. With Basel III norms kicking in from January 1, 2013, banks will need to not merely conserve their capital base, but beef it up to meet the additional requirements laid down under Basel III. That’s a tough call even for private sector banks. Read more
Finance minister P. Chidambaram has kept his word. He has pushed through an amendment to banking laws in Parliament to strengthen regulatory powers of the Reserve Bank of India (RBI) even if that meant dropping a clause in the Bill that would have allowed commercial banks’ entry into commodity futures trading. Read more