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RBI cuts interest rates and extends loan moratorium to ramps up economic support.

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The Reserve Bank of India (RBI) on Friday slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates in an effort to support the economy which is likely to contract for the first time in over four decades. The benchmark repurchase (repo) rate was cut by 40 basis points […]

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How the RBI Dodged RTI Appeals For Minutes Of Meeting On Demonetisation.

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After two years of stubborn refusal to part with any details regarding the minutes of its board meeting on demonetisation, the RBI has demonstrated its sheer disdain for the RTI Act. While India’s leaders make a mockery of the constitution and the economy, the Reserve Bank of India made a mockery of the Right to […]

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Will take appropriate supervisory action in PNB case : RBI

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The Reserve Bank today said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take “appropriate supervisory action”. The country’s second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi. In a statement, the central bank said it has already […]

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Visually impaired facing problems with new currency: Delhi HC

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Visually impaired persons are facing difficulty in using the newly introduced currency notes and coins, the Delhi High Court observed today and issued notice to the government and the RBI. The court said the matter was of “very grave public interest” and should be addressed seriously. A number of visually impaired people in the country […]

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Visually impaired cannot recognise new Rs 50 note: PIL in HC

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The newly issued Rs 50 currency notes cannot be differentiated from others by visually impaired persons, a PIL today claimed in the Delhi High Court which sought the RBI and the Centre’s stand on the issue. A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar said the matter needed urgent attention […]

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Gujarat HC raps RBI for giving directions to NCLT

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The Gujarat High Court today rebuked the Reserve Bank of India for asking the National Company Law Tribunal in its June 13 directive to give priority to the insolvency proceedings against companies with huge debts. It also questioned the functioning of the central bank. The bench of Justice S G Shah came down heavily on […]

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SC asks Govt to consider giving window to deposit old notes

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Rekindling hopes, the Supreme Court today asked the government and the RBI to consider granting a window to those who have not been able to exchange scrapped Rs 500 and Rs 1000 notes for genuine reasons, saying people should not lose their own money for no fault of theirs. “You (Centre) cannot be allowed to […]

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SC gives Centre, RBI time to devise plan for depositing demonetised currency

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The Supreme Court today granted the Centre and the Reserve Bank of India two weeks to consider the option of granting a window to those who could not deposit their demonetised Rs 500 and Rs 1,000 currency notes for a compelling reason. A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud […]

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No deadline for introduction of Sharia banking in India: RBI

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No deadline has been set for introduction of Sharia or interest-free banking in India, the Reserve Bank of India (RBI) has said. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The RBI had earlier proposed opening of “Islamic window” in conventional banks […]

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‘Intention was to make you alive to the situation’

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The Supreme Court today said its order seeking prompt replies from the Centre and the RBI on a plea against alleged tweaking of rules on exchange of demonetised currency was intended to make them “alive to the situation”. The apex court, which had issued notices to the Centre and the federal bank on March 6, […]

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SC seeks reply of Centre,RBI on plea over depositing old notes

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The Supreme Court today sought response from the Centre and the RBI on a plea alleging that people were not being allowed to deposit demonetised currency notes till March 31 as promised. “Issue notice returnable by Friday,” a bench headed by Chief Justice J S Khehar said and asked petitioner Sharad Mishra to serve the […]

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PIL not a weapon to challenge financial decisions: RBI to Delhi HC

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Public interest litigation (PIL) cannot be used as a “weapon to challenge financial or economic decisions”, the RBI has told the Delhi High Court opposing a plea against the surcharge on credit and debit card transactions. The plea has alleged that the surcharge levied by the banks and the financial institutions on credit and debit […]

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Suicides by farmers: SC seeks response from Centre, states

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The Supreme Court today sought responses from the Centre, state governments, union territories and the RBI to examine the likely reasons behind suicides by farmers. A bench comprising Chief Justice J S Khehar and Justice N V Ramana asked them to respond within four weeks. The bench said that it is a “sensitive matter” of […]

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Bombay HC asks RBI to consider issue of salary payment to teachers

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The Bombay High Court today asked the RBI to consider the issue of payment of salaries to aided school teachers since it is disbursed through district cooperative banks which have been prohibited from depositing and exchanging old currency notes. The Mumbai, Solapur, Nashik and Pune District Central Cooperative Banks had approached the high court challenging […]

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Fin Min, RBI response sought on exchanging old notes

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The Bombay High Court has sought response from the Finance Ministry and Reserve Bank of India on a PIL seeking extension of deadline for exchanging the demonetised notes. A division bench of Justices Bhushan Gavai and Vinay Deshpande issued the notices yesterday while hearing a Public Interest Litigation (PIL), and posted the matter for further […]

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Demonetisation: Guj HC seeks response from Centre, RBI

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The Gujarat High Court has sought response from the Centre and RBI on a PIL challenging the legality of demonetisation and exclusion of district cooperative bank account holders from exchanging or withdrawing currency notes. A division bench of Chief Justice R Subhash Reddy and Justice V M Pancholi sought the response on a PIL moved […]

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Bombay HC seeks RBI’s response on co-operative banks’ petition

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Observing that prima facie there were some inconsistencies in the two circulars issued by the Reserve Bank to district co-operative banks on demonetisation issue, the Bombay High Court today sought RBI’s response to a batch of petitions filed by these banks. The Mumbai and Solapur District Central Co-operative banks had approached the high court last […]

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Cannot disclose details on release of new Rs 500 notes: RBI

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The Reserve Bank of India today informed the Madras High Court that it cannot disclose details regarding the release of new Rs 500 denomination currency to the banks for distribution due to security reasons. The submission was made by the counsel for RBI on a petition seeking a direction to the Registrar of Co-operative Societies […]

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RBI to intervene in Tata-NTT Docomo case in HC

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The Reserve Bank of India (RBI) today sought to intervene in the ongoing litigation in Delhi High Court between Tata Sons and Japanese telecom major NTT Docomo over the enforcement of a USD 1.17 billion arbitral award in favour of the foreign company. The London Court of International Arbitration (LCIA) had made the award in […]

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Supreme Court

SC for disclosure of amount of outstanding loans, RBI resists

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Default in repayment of loans running into “lakhs of crores of rupees” today prompted the Supreme Court to throw up the idea of making public the total outstanding amount without disclosing the defaulters names, but RBI resisted the proposal citing confidentiality clause. “This information does make out a case. This is quite a substantial amount […]

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Supreme Court

SC for making public the loan default amount, RBI opposes

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The Supreme Court today favoured making public the total amount of outstanding loans given by banks to various individuals and entities and running into lakhs of crores of rupees as per the information provided to it by RBI in a sealed cover. “This information does make out a case. This is quite a substantial amount […]

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SC asks RBI to give list of defaulters of over Rs 500 cr loan

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The Supreme Court today directed the RBI to provide a list of companies which are defaulters of bank loans of over Rs 500 crore while expressing serious concern over the rise in bad loans. The apex court also asked the Reserve Bank of India(RBI) to provide within six weeks the list of companies whose loans […]

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Delhi HC seeks RBI reply on PIL over e-retail

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Delhi High Court today sought the RBI’s response on a PIL alleging that as per one of its circulars, retail trading in any form through e-commerce would not be permissible for companies which receive foreign direct investment (FDI). A bench of Chief Justice G Rohini and Justice Jayant Nath issued notice to the Reserve Bank […]

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atmwithdrawl

Cap on withdrawals through ATM is policy decision: RBI tells Delhi HC

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The Reserve Bank of India (RBI) on Wednesday told the Delhi High Court that putting a cap on the number of withdrawals by banking customers using their ATM cards without being charged, is a policy decision taken in public interest. A bench of Chief Justice G Rohini and Justice Rajiv Sahai was also informed by […]

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