Tag: RBI
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RBI Launches UDGAM Web Portal To Find Unclaimed Deposits In Banks
The Reserve Bank of India (RBI) has launched a new web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) to help people find their unclaimed deposits in multiple banks. The portal will allow users to search for their unclaimed deposits and accounts and either claim the deposit amount or make their accounts active ... -
What Are The 5 Major Impacts Of RBI Policy Across India?
The Reserve Bank of India (RBI) has announced its third bi-monthly monetary policy for FY24, keeping the repo rate unchanged at 6.5%. The central bank has raised the repo rate by 250 basis points since May 2022. The RBI is maintaining a pause on policy rates, with a focus on external resilience and core inflation. ... -
Banks Ask RBI To Frame Policy And Guidelines For Silver Loans
Several banks have reportedly approached the Reserve Bank of India (RBI) to request a policy framework for silver metal loans that would be similar to the existing gold metal loans for borrowers. The banks are seeking clarity on the guidelines and regulations for lending against silver as collateral. This move comes as the demand for ... -
Implement the interest waiver on interest scheme by November 5, RBI tells lenders
On Tuesday, the Reserve Bank of India has asked all lending institutions to ensure that interest waiver scheme on interest on loans up to INR 2 crore for six months moratorium period is brought into effect by November 5. This is in line with the government’s decision which also includes non-banking financial institutions. The government ... -
RBI report: surge in banking debts could defer India’s monetary recovery from pandemic’s aftermath
The Indian economy was already in awful shape, however, the flare-up of the pandemic has dived it further. The Reserve Bank of India’s committee report expressed that the pandemic “has impacted the best of businesses” and organizations that were generally better before the virus outbreak. Experts believe that banks might be more cautious about loan ... -
RBI slashes key rate by 40 bps to an all-time low, Predicts GDP shrinkage
On Friday, the Reserve Bank of India (RBI) announced cut in key interest rates by 40 basis points, to a new all-time low. This decision came unexpectedly as RBI is citing negative GDP growth in the current fiscal period. This is a double blow to the economy as the effect on low production and demand ... -
Indian Manufacturing rates dip in Lock Down first time in a decade
Indian manufacturing industry has been hit severely after the corona virus lockdown hit. According to data compiled by IHS Markit recently, the India Manufacturing Purchasing Managers’ Index (PMI) recorded a fall to 27.4 in April from 51.8 in March 2020, keeping in mind seasonally adjustments. It is worth noting that a reading of less than ... -
Black Friday, again: Here are three key reasons why market crashed today
Banking stocks took a beating on Friday following developments around YES Bank. The private lender’s board was superseded by the Reserve Bank of India (RBI). Mirroring global peers, the Indian stock market, too, crashed on Friday as a double whammy of Coronavirus jitters and a sharp sell-off in banking space owing to developments around State ...
