Press Releases - Regulating Commercial Banking - RBI - Reserve Bank of India
Press Releases
Mar 29, 2004
Minimum owned fund of Securitisation and Reconstruction Companies shall not be less than 15%
The Reserve Bank of India today directed Securitisation Companies and Reconstruction Companies that their minimum Owned Fund shall be not less than fifteen percent of the total financial assets acquired or to be acquired by the Securitisation Company or Reconstruction Company on an aggregate basis, or Rs. 100 crore, whichever is less. It has been clarified that the minimum Owned Fund has to be maintained irrespective of whether the assets are transferred to a trust se
The Reserve Bank of India today directed Securitisation Companies and Reconstruction Companies that their minimum Owned Fund shall be not less than fifteen percent of the total financial assets acquired or to be acquired by the Securitisation Company or Reconstruction Company on an aggregate basis, or Rs. 100 crore, whichever is less. It has been clarified that the minimum Owned Fund has to be maintained irrespective of whether the assets are transferred to a trust se
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Mar 27, 2004
RBI and Banks to accept Tax on March 30
The Reserve Bank of India has, for the convenience of tax payers, made arrangements to receive direct taxes, that is, income tax, corporation tax, etc., on Tuesday, March 30, 2004. On that day, it will receive these payments in cash upto 2.30 p.m. and by cheques/instruments upto 3.30 p.m. The Reserve Bank has also requested the bank branches authorised by income tax department to make necessary arrangements to accept payment of income tax dues in those states where Ma
The Reserve Bank of India has, for the convenience of tax payers, made arrangements to receive direct taxes, that is, income tax, corporation tax, etc., on Tuesday, March 30, 2004. On that day, it will receive these payments in cash upto 2.30 p.m. and by cheques/instruments upto 3.30 p.m. The Reserve Bank has also requested the bank branches authorised by income tax department to make necessary arrangements to accept payment of income tax dues in those states where Ma
Feb 24, 2004
Current Account Transactions Further Lliberalised
In order to further simplify and liberalise the current account transactions, the Reserve Bank of India has announced its decision to freely allow the Authorised Dealers, the following categories of remittances in terms of the Foreign Exchange Management Act (Current Account Transactions) Rules, 2000: Remittance by artistes, e.g., wrestlers, dancers, entertainers etc. Commission to agents abroad for sale of residential plots for amounts up to USD 25,000 or 5 per cent
In order to further simplify and liberalise the current account transactions, the Reserve Bank of India has announced its decision to freely allow the Authorised Dealers, the following categories of remittances in terms of the Foreign Exchange Management Act (Current Account Transactions) Rules, 2000: Remittance by artistes, e.g., wrestlers, dancers, entertainers etc. Commission to agents abroad for sale of residential plots for amounts up to USD 25,000 or 5 per cent
Dec 11, 2003
Pay Income-tax dues in advance at any designated bank branch : RBI
The Reserve Bank of India has advised income-tax assessees in the cities of Mumbai and Navi Mumbai to take advantage of paying their income tax dues at any of the designated bank branches. The income-tax department has authorised approximately 844 computerised branches of public sector banks and private sector banks in Mumbai and Navi Mumbai to accept payment of income-tax dues. The Reserve Bank has also advised income-tax assessees to avoid last minute rush at the Re
The Reserve Bank of India has advised income-tax assessees in the cities of Mumbai and Navi Mumbai to take advantage of paying their income tax dues at any of the designated bank branches. The income-tax department has authorised approximately 844 computerised branches of public sector banks and private sector banks in Mumbai and Navi Mumbai to accept payment of income-tax dues. The Reserve Bank has also advised income-tax assessees to avoid last minute rush at the Re
Dec 10, 2003
Prudential Guidelines on Banks’Investment in non-SLR Securities
Reserve Bank of India had issued guidelines on investments by banks in non-SLR securities on November 12, 2003. With a view to operationalising the guidelines a series of meetings were held with banks and other market participants and a transition period up to March 31, 2004 was provided. Further discussions were held with market participants on the actual implementation and for considering certain relaxations needed for a smooth transition, Reserve Bank has issued th
Reserve Bank of India had issued guidelines on investments by banks in non-SLR securities on November 12, 2003. With a view to operationalising the guidelines a series of meetings were held with banks and other market participants and a transition period up to March 31, 2004 was provided. Further discussions were held with market participants on the actual implementation and for considering certain relaxations needed for a smooth transition, Reserve Bank has issued th
Nov 17, 2003
RBI releases Report on Trend and Progress of Banking in India-2002-03
The Reserve Bank of India today released its Report on Trend and Progress of Banking in India, 2002-03. The Report gives a detailed account of the performance of and policy developments relating to commercial banks, co-operative banks, financial institutions and non-banking financial companies during 2002-03. The Report is divided into seven Chapters and contains detailed statistical tables on various parameters for banks and financial institutions.OverviewThe first c
The Reserve Bank of India today released its Report on Trend and Progress of Banking in India, 2002-03. The Report gives a detailed account of the performance of and policy developments relating to commercial banks, co-operative banks, financial institutions and non-banking financial companies during 2002-03. The Report is divided into seven Chapters and contains detailed statistical tables on various parameters for banks and financial institutions.OverviewThe first c
Oct 15, 2003
Quarterly Handout: Aggregate Deposits and Gross Bank Credit of Scheduled Commercial Banks - As on the last Friday of June 2003
"Banking Statistics: Quarterly Handout – June 2003" provides data on aggregate deposits and gross bank credit of scheduled commercial banks as on the last Friday of June 2003. The data are based on Basic Statistical Return-7, received from all scheduled commercial banks. The top hundred centres arranged according to the size of deposits accounted for 61.5 per cent of the total deposits and the top hundred centres arranged according to the size of bank credit acco
"Banking Statistics: Quarterly Handout – June 2003" provides data on aggregate deposits and gross bank credit of scheduled commercial banks as on the last Friday of June 2003. The data are based on Basic Statistical Return-7, received from all scheduled commercial banks. The top hundred centres arranged according to the size of deposits accounted for 61.5 per cent of the total deposits and the top hundred centres arranged according to the size of bank credit acco
Aug 29, 2003
RBI allows four Private Sector Banks to take Government Business
The Reserve Bank of India has permitted four private sector banks for conduct of all types of Central Government transactions as its agents with effect from October 1, 2003. The four banks that have been permitted to undertake Government transactions are HDFC Bank Ltd., ICICI Bank Ltd., IDBI Bank Ltd. and UTI Bank Ltd. These banks have also been authorised to conduct State Government transactions if any State Government desires to appoint any one or all these banks as
The Reserve Bank of India has permitted four private sector banks for conduct of all types of Central Government transactions as its agents with effect from October 1, 2003. The four banks that have been permitted to undertake Government transactions are HDFC Bank Ltd., ICICI Bank Ltd., IDBI Bank Ltd. and UTI Bank Ltd. These banks have also been authorised to conduct State Government transactions if any State Government desires to appoint any one or all these banks as
Aug 27, 2003
Pay Income-tax dues in advance at any designated bank branch : RBI
The Reserve Bank of India has advised income-tax assessees in the cities of Mumbai and Navi Mumbai to take advantage of paying their income tax dues at any of the designated bank branches. The income-tax department has authorised approximately 832 computerised branches of public sector banks and HDFC Bank in Mumbai and Navi Mumbai to accept payment of income-tax dues. The Reserve Bank has also advised income-tax assessees to avoid last minute rush at the Reserve Bank'
The Reserve Bank of India has advised income-tax assessees in the cities of Mumbai and Navi Mumbai to take advantage of paying their income tax dues at any of the designated bank branches. The income-tax department has authorised approximately 832 computerised branches of public sector banks and HDFC Bank in Mumbai and Navi Mumbai to accept payment of income-tax dues. The Reserve Bank has also advised income-tax assessees to avoid last minute rush at the Reserve Bank'
Aug 23, 2003
Decline in Inflation, Good Monsoon prompted Repo Rate cut ; Interest Rate for State Loans to stay at 6.20% : RBI
In response to a query from wire agencies, the official spokesperson of the Reserve Bank of India has said that the decision to reduce the repo rate has been taken in the light of decline in the inflation rate and good monsoon. It may be recalled that the Reserve Bank had earlier pointed out that it was closely watching the movement in inflation and behaviour of the monsoon before any decision would be taken. The annual rate of inflation which was about 6.7 per cent a
In response to a query from wire agencies, the official spokesperson of the Reserve Bank of India has said that the decision to reduce the repo rate has been taken in the light of decline in the inflation rate and good monsoon. It may be recalled that the Reserve Bank had earlier pointed out that it was closely watching the movement in inflation and behaviour of the monsoon before any decision would be taken. The annual rate of inflation which was about 6.7 per cent a
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