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Corporate & Other Laws RBI

  • RBI releases draft directions on hedging of commodity price
    Jan 13, 2018
    The Reserve Bank has proposed delegating to clients the decisions regarding the quality and tenor on hedging of commodity prices and freight risk.In its draft directions on the subject, the RBI has also proposed introducing the facility for hedging of indirect price risk for selected metals.Hedging refers to activity undertaken to reduce an identifiable and measurable risk."Eligible entities having exposure to commodity price risk for any eligible commodity may hedge such exposure in overseas markets using any of the permitted instruments," the draft said.
  • Home loans: RBI flags falling asset quality
    Jan 12, 2018
    The Reserve Bank of India (RBI) flagged worsening asset quality in the housing-loan space, stating that the non-performing asset (NPA) ratio in this category of loans rose to 1.1% in 2016-17 from 0.9% in 2015-16. Much of the deterioration in asset quality came from the up to Rs 2-lakh loan slab, where the NPA ratio rose 60 basis points (bps) to 10.4% between FY16 and FY17. The rise in stress was more severe in the case of housing finance companies (HFCs), which saw the NPA ratio in the up to `2-lakh loan segment jump 250 bps to 8.6% at the end of FY17.
  • RBI net buys $864 mn of US currency in Nov
    Jan 12, 2018
    The Reserve Bank remained net buyer of the US currency in November as it purchased USD 864 million from the spot market. In the month, the central bank purchased USD 2.570 billion from the spot market and sold USD 1.706 billion, according to the latest RBI data released today.In October, the central bank net bought USD 852 million of the greenback, and sold USD 1.058 billion and purchased USD 1.910 billion from the market.In September, it had bought USD 1.259 billion of the US currency on net basis.
  • Bond yield falls after RBI cancels part of auction, rupee closes at nearly four-month high
    Dec 30, 2017
    The yield on government bonds fell in the last trading session of 2017 after the Reserve Bank of India (RBI) cancelled part of the scheduled bond auction, bringing some relief to banks, which feared higher losses in their bond portfolios. The 10-year bond yield ended at 7.326%, down 7 basis points from its previous close of 7.396%. Bond prices have fallen more than 80 basis points this year, making it the worst year since 2009. Bond prices and yields move in opposite directions. Of the total Rs15,000 crore in bonds up for auction, RBI sold only Rs4,000 crore worth.
  • RBI’s housing price index dips marginally
    Dec 30, 2017
    The All-India House Price Index (HPI) recorded a tad slower year-on-year growth of 7.3 per cent in the second quarter of FY2018 against 7.7 per cent a year ago.Barring Chennai, the other nine cities in the index recorded a rise in housing price.The Reserve Bank of India’s quarterly HPI is based on transactions data received from housing registration authorities in 10 major cities — Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi. In the first quarter (Q1) of FY2018, the HPI rose 8.7 per cent.
  • Why RBI could keep repo rate unchanged even in 2018
    Dec 26, 2017
    Firming crude oil prices in the global market is likely to cast its shadow on retail inflation, which has began to move northwards after hitting a low of 1.46 per cent in June, and may prompt the RBI to hold interest rates at least for some time in 2018. Besides global oil prices, the impact of implementation of 7th Pay Commission, including the hike in house rent allowance, is likely put pressure on prices. Retail inflation may average around 4-4.5 per cent next year, higher than an expected sub-4 per cent level this year, feel industry experts and economists.
  • RBI: Loans to SMA-2 borrowers up 56.5% in March-September
    Dec 22, 2017
    The Reserve Bank of India (RBI) on Thursday said that total stressed advances of large borrowers increased by 2.4% between March and September 2017 and advances to large borrowers classified as special mention accounts-2 (SMA-2) also increased sharply by 56.5% during the same period. However, the share of large borrowers both in total bank loans as well as gross non-performing assets (NPAs) declined between March and September 2017, the central bank said in its Financial Stability Report (FSR).
  • RBI cites fiscal and external risks for holding policy rates
    Dec 21, 2017
    Since several uncertainties, especially on the fiscal and external fronts, persist it is important to be vigilant, RBI governor Urjit Patel said at the meeting of the monetary policy committee (MPC). He added that the recent upturn in crude oil prices has emerged as a cause of concern. “Hence, I vote for status quo in the policy rate, while maintaining the stance as neutral; this allows us the flexibility to respond appropriately to incoming data,” Patel said, according to the minutes of the MPC, which voted 5-1 to keep the policy rates unchanged at 6%.
  • Growth slowdown bottoming out, says RBI governor Urjit Patel
    Dec 16, 2017
    While expectations on price rise remain stable for the moment, “considerable caution and vigilance is warranted on the inflation front” but the slowing in growth could be over, said Reserve Bank of India (RBI) Governor Urjit Patel. “Recent success in containing inflationary pressure needs to be viewed in the broader context of entrenching macroeconomic stability, in which the government has played a crucial part,” Patel said in opening remarks at a recent conference on ‘Financial System and the Macroeconomy’.
  • RBI puts Corporation Bank under PCA as bad loans shoot up
    Dec 14, 2017
    The state-run Corporation Bank said that the Reserve Bank of India (RBI) has enforced restrictions on it under the prompt corrective action (PCA) on account of steep rise in bad loans and the need to raise capital. The lender’s net non-performing loans have crossed 10 percent and it incurred a loss of Rs 1,035 crore in the second quarter of fiscal 2018, as per an report in the Economic Times.
  • Stressed accounts on RBI list: Banks to set aside Rs 10,000 cr more
    Dec 14, 2017
    Banks would need to set aside an additional Rs 10,000 crore as provisions for accounts in the Reserve Bank of India’s (RBI) second list that are set to be referred to the National Company Law Tribunal (NCLT). However, these provisions are likely to spread over the December and March quarters, as the central bank has allowed banks time till the end of the financial year to provide for them. Two senior public sector bankers said that all but five of the 28 accounts in the second list would likely be referred to the NCLT in the absence of any resolution or requisite buyer interest.
  • RBI net buys $852 mn of US currency in October
    Dec 12, 2017
    The Reserve Bank continued to remain a net purchaser of dollar in October after it bought USD 852 million in October from the spot market. Though the pace of dollar accretion slowed in October as compared to the last month. In the reporting month, the Reserve Bank bought USD 1.910 billion, while it sold USD 1.058 billion of the US currency in the spot market, according to the latest RBI data.
  • Central banks buying gold in effort to diversify reserves
    Dec 11, 2017
    The hoard of gold with central banks is rising. While the focus of global investors has been on the equity market in recent times, central banks have silently moved towards gold. There was a 25 per cent jump in gold buying by central banks in the September quarter of 2017, according to the World Gold Council. They bought 111 tonnes in the threemonth period, up from 88.8 tonnes in the corresponding period of the previous year. A BusinessLine analysis of past data shows that central banks have bought over 3,000 tonnes of gold from the market since 2009, following the US-led recession.
  • RBI's MDR rationalisation may discourage retailers, undermine digitisation efforts
    Dec 08, 2017
    Shortly after the Reserve Bank of India’s (RBI) announcement of rationalisation of merchant discount rates aimed at boosting non-cash transactions, payment gateways are crying foul stating that with no equitable distribution of MDR, the slashing of rates will only add to their pain. The RBI, through a notification dated 6 December, 2017, has revised the Merchant Discount Rates (MDR) for debit card transactions at large format retail stores from 0.5 percent per transaction to 0.9 percent (not exceeding Rs 1,000).
  • RBI leaves key rates unchanged, passes economic revival buck to Centre
    Dec 07, 2017
    Wednesday’s unsurprising Reserve Bank of India (RBI) decision to leave its policy rate and neutral stance unchanged while mildly raising its inflation forecast for the second half of this fiscal has put the task of spurring the economic recovery, of which there is scant evidence so far, more in the hands of a fiscally stressed government. Announcing the Monetary Policy Committee’s decision to keep the repo rate at 6% in the wake of a “sharp uptick in momentum” of retail inflation, RBI governor Urjit Patel said: “We have a neutral stance, which means that depending on the data flow (on growth/inflation) in the coming months and quarters (we) will determine…the policy.”
  • Urjit Patel on bank recapitalisation: Plan will be differentiated across banks
    Dec 07, 2017
    State-run banks with a well-managed balance sheet will get priority in the central government’s recapitalisation programme, the Reserve Bank of India’s (RBI) governor Urjit Patel said on Wednesday, while announcing the central bank’s monetary policy decision. “As announced by the government, the plan will be differentiated across banks. In particular, recapitalisation bonds will be front-loaded for banks that have managed their balance sheet strength more prudently and can use the injected capital to lend, beside providing for legacy asset losses,” Patel said.
  • RBI expects retail inflation to range 4.3-4.7% in second half FY18
    Dec 06, 2017
    The RBI said today that it expects retail inflation to be in the 4.3-4.7 per cent range during the second half of the current fiscal, marginally higher than projected earlier, on account of global crude oil prices and implementation of the 7th Pay Commission recommendations. It said the headline inflation outcomes have evolved broadly in line with projections. “Going forward, the inflation path will be influenced by several factors,” it said in the Fifth Bi-Monthly Monetary Policy Review unveiled today, keeping the key policy or the repo rate unchanged at 6 per cent.
  • RBI Monetary Policy: MPC Holds Rates, Maintains Neutral Stance
    Dec 06, 2017
    The monetary policy committee today voted to keep interest rates unchanged, but maintained a neutral stance allowing it to adjust rates in both directions if needed. The decision was in line with market expectations. A Bloomberg News poll of 46 economists had shown that a majority expected rates to remain unchanged.Following today’s review, the benchmark repo rate remains at 6 percent. The reverse repo rate is at 5.75 percent. The decision was taken by 5-1 vote, with Ravindra Dholakia voting for a 25 basis point cut in rates.
  • RBI likely to keep interest rate on hold for 2nd time in a row
    Dec 04, 2017
    The Reserve Bank is likely to keep the key rate unchanged on Wednesday and stay focused on inflation control as the rebound in September quarter GDP growth - after a five quarter decline - seemed to have eased pressure on it to lower rates, experts said.India Inc, however, is demanding interest rate cut to further build on positive sentiment generated by the rebound and upgrade of the country's sovereign rating by Moody's.The Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, will meet on December 5 and 6 for the Fifth Bi-monthly Monetary Policy Statement for 2017-18. The resolution of the MPC will be made public on December 6.
  • Why RBI should ignore calls for a rate cut
    Dec 02, 2017
    The September quarter GDP numbers weaken the case for a rate cut by the central bank. Calls for reducing interest rates had started even before the economic growth numbers were released. The government seemed to imply this to the Reserve Bank of India (RBI) monetary policy panel: We have announced a bank recapitalisation package, plugged loopholes in the bankruptcy code and simplified the goods and services tax (GST). Now, you do your bit.
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