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Reserve Bank of India


Reserve Bank of India

About Reserve Bank of India (RBI)

The Reserve Bank of India is India's Central Bank and is responsible for the managing the inflow and outflow of money into the system in India. RBI frequently dissiminates statistical information in regard to money flow and reserves amongst others. Raghuram Rajan is the current Governor of RBI.

Key People

  • Raghuram Rajan - Governor of Reserve Bank of India
  • KC Chakrabarty - Deputy Governor

Former Leaders

2015

RBI has cut policy rate by 25 bps in a surprise rate cut few weeks ahead of its regular monetary policy meeting. Jan 15, 2015

DV Subbarao tenure

Duvvuri Subbarao took charge as the Governor of Reserve Bank of India (RBI) from Y V Reddy on September 5, 2008.

Addressing liquidity crisis - 2008-09

The RBI raised interest rates aggressively earlier in 2008 but has later dropped them even more aggressively to counterbalance frozen money markets caused by the collapse of investment bank Lehman Brothers and the global recession that followed. RBI liquidity easing steps has worked to a certain extent that real estate developers have begun giving up to 5 percent discount on existing projects.

On October 24, 2008, the RBI kept the credit policy rates unchanged but has cut its GDP growth estimate for this fiscal to 7.5 - 8.0 per cent. It said inflation will fall to 7% by March 2009. The then Finance Minister Chidambaram said the policy review was on expected lines to manage India's financial stability.

On March 4, 2009, RBI announced a monetary stimulus slashing the rates at which it lends and borrows short-term funds from banks by half a per cent.

On March 27, 09, RBI Governor said that although it is uncertain as to when Indian economy will recover, when it does it will be sharper and quicker than other economies of the world.

In March 09, the RBI gave a directive to the banks to stop charging fee for cash withdrawals using ATM and debit cards issued by other lenders will be implemented from April 1 onwards.

On August 28, 09, RBI it predicted six per cent growth in Real GDP in the current fiscal despite a weak monsoon.

On October 27, 2009, Indian stock markets plunged by more than 380 points, its biggest single day loss in over two months, on frantic selling sparked by RBI quarterly monetary policy review.

RBI's actions in 2010

On July 27, 2010, the RBI raised short term lending or repo rate by 0.25 percentage points to 5.75 per cent.

2012

RBI cuts CRR by 25 basis points

On 17 September 2012, the Reserve Bank of India (RBI) has left the interest rates unchanged and cut the cash reserve ratio (CRR) by 25 basis points for banks to 4.5 per cent. The move has disappointed the market hopes that it would reduce borrowing costs. The policy repo rate was kept unchanged at 8%. The CRR will release Rs. 17,000 crore into the economy. Federal bond and swaps faltered after the RBI kept the interest rates on hold.

Planning Commission Deputy Chairman Montek Singh Ahluwalia lauded the RBI's decision to cut CRR saying that it would have a positive impact and will boost confidence in the economy.

Reserve Bank Governor D Subbarao met Finance Minister P Chidambaram on 18 September 2012, to discuss the economic situation in the country. Speaking to reporters later, Subbarao said that they haven't discussed on policy. The meeting came a day after the RBI has announced 0.25 percent cut in Cash Reserve Ration (CRR) to inject Rs. 17,000 crore into the banking system.

RBI Deputy Governor KC Chakrabarty, on 9 Dec 2012, has warned banks showing high profits that the RBI could hike the Provision Coverage Ratio (PCR) if the banks do not provide adequately for bad loans.

The Reserve Bank of India left policy interest rates unchanged on December 18, 2012. The RBI also kept the cash reserve ration (CRR) unchanged at 4.25 per cent, which is at its lowest since 1974.

2013

New Banking Licenses

Guidelines for setting up new private banks was issued in February 2013. Last date for applications was July 1, 2013.

The RBI has received 27 applications. Tata Sons Ltd and Value Industries Ltd withdrew their applications subsequently. India Post, IFCI, Anil Ambani group, Aditya Birla group, Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital are in fray.

Bimal Jaman committee has been set up to scrutinize the applications and submit its report along with shortlisted entities to Reserve Bank of India.

On 5 March 2014 Finance Minister P Chidambaram has hinted that few bank licenses could be issued. When questioned about model code of conduct coming into force, he said that government and regulators are discharging their normal duties and code of conduct has got nothing to do with bank license process.

2014

Free usage of home-bank ATMs limited to 5

Reserve Bank of India permitted banks to charge customers for using home-bank ATMs more than five transactions a month. From now, customers will be charged if they transacted at home bank ATMs more than five times a month and at non-home bank ATMs three times a month. Each transaction above the limit will be charged Rs. 20. The move is expected to decrease the cost of maintenance of ATMs to the lenders. Even non-financial dealings like balance enquiry, change of PIN, mini statement etc. will be charged. The new limits will come into effect from November 1, 2014.

Annual overseas Investment ceiling for Individuals

Reserve Bank of India has doubled the annual overseas investment ceiling for individuals to $250,000. The announcement was made by the RBI in its bi-monthly monetary policy statement. In August 2013, RBI has reduced the ceiling from $200,000 to $75,000 per person.

Reserve Bank of India in News

Emergent Payments Establishes Local Entity in India and Launches Jumpstart India Payment Solution
Emergent Payments, a global payments company specializing in providing a total solution for emerging markets around the world, today announced the launch of its office in India and Jumpstart India -- a complete local solution to help global businesses capitalize on a $19 billion eCommerce opportunity.

ING Vysya Bank completes merger with Kotak Mahindra Bank
The merger between ING Vysya Bank (Vysya) and Kotak Mahindra Bank (Kotak) has today been completed. The combined entity has a strengthened position as one of India's leading privately held banks, with a wider geographical spread and enhanced expertise across customer segments and product categories

Grameen Koota Receives Microfinance Organization of the Year Award 2015
Business Wire IndiaBangalore-based Grameen Koota has been selected as the Microfinance Organization of the Year (Large) 2015, at the 7th edition of the Microfinance India Awards. The Union Minister of State for Finance, Mr. Jayant Sinha, presented the award during the Inclusive Finance India Summit on Tuesday, December 8, 2015 at Hotel Ashok in New Delhi

Brickwork Offers Complimentary Seminars on Public Finances
Business Wire IndiaBrickwork Ratings, a wholly Indian credit rating agency, released the fourth edition of State Finances Handbook 2015 recently in The LaLiT, New Delhi. The Brickwork Book was released by Dr. Subir Gokarn, Director-Research, Brookings Institution India Center & former Deputy Governor of Reserve Bank of India

Financial Results for the Half-Year Ended September 30, 2015 Standalone & Consolidated
Business Wire IndiaHighlights   Board approves establishment of a Sponsored Level 1 ADR and Issue of Rupee Denominated Bonds Overseas Standalone profit after tax at Rs. 1,605 crore for the quarter ended September 30, 2015 –  growth of 18% 23% growth in the individual loan book (after adding back the loans sold in the preceding 12 months) Spread on loans at 2

The ATM Industry Association Announces New Co-Chair for Expanding India Region
Business Wire IndiaThe ATM Industry Association (ATMIA) is proud to announce the appointment of Mr. Srinivasa Katuri to honorary Board membership, as well as acting co-chair for the India Chapter.

Tata Capital Launches 'Har Shaadi Hai Shaandaar' Contest in Association with the Highly Anticipated Bollywood Film 'Shaandaar'
Business Wire India Tata Capital introduces new wedding loan product Contest Winners get a chance to meet Shahid Kapoor and Alia Bhatt! ​ Tata Capital, today announced the launch of the ‘Har Shaadi Hai Shaandaar’ contest in association with Dharma Production’s latest upcoming movie ‘Shaandaar’ releasing on October 22nd

BMW Financial Services Steps Up Investment in India
Business Wire IndiaThe BMW Group has increased its investment in BMW Financial Services India to 6.4 billion Indian Rupees (€ 98 million) in 2015 from 5.3 billion Indian Rupees (€ 80 million) in 2012.   Dr

DCB Bank Limited and Western Union Business Solutions to Support Indian SME’s Engage in Cross-border Trade
Business Wire IndiaDCB Bank Limited (formerly Development Credit Bank Ltd.) and Western Union Business Solutions, a business unit of The Western Union Company (NYSE:WU), announced a new collaboration to support small and medium-sized enterprises (SMEs) in India engage in cross-border trade.

DIFC Aims to Host 100 Indian Firms as a Part of Its Long-Term Strategy
Business Wire IndiaDubai International Financial Centre (DIFC) concluded its week long engagement with leading business decision makers from India’s banks, insurers, law firms, asset and wealth management companies in the country’s commercial capital Mumbai

'It is 50: 50 Whether RBI will Cut Rates During the Next Review': Niranjan Hiranandani
Business Wire IndiaIn its third bi-monthly monetary policy review which will be announced on the 4th of August, the Reserve Bank of India (RBI) is as likely to announce another rate cut as it is likely to maintain status quo, said Niranjan Hiranandani, Managing Director, Hiranandani Communities. The Reserve Bank Governor Raghuram Rajan had cut the repo lending rate by 25 basis points to 7

XPay Wallet - Step Into A New Way of Payments Using your Mobile
Business Wire IndiaNew era of Mobile App payments dawn with the launch of XPay wallet, the real time payment platform that provides faster, easier and prompt service to people. It’s a moment of pride for the leading financial hub UAE Exchange India, to launch its Mobile app featuring QR code in India

MpowerSoft Comm, The First Tech Company to Acquire Application Service Provider (ASP) License from NPCI for IMPS
Business Wire IndiaMpower, a company that is a pioneer in providing Financial Transaction tech solutions for Financial Services, Retail, Utility Payments, Airtime and other Electronic Services Delivery, announces that it is the FIRST tech company that has procured an ASP  License from NPCI (National Payments Corporation Of India) for “IMPS” (Immediate Payment Services)

Tata Capital Named 2015 Gallup® Great Workplace Award Winner
Business Wire IndiaTata Capital, the financial services arm of the Tata Group, is proud to announce that it has received the 2015 Gallup Great Workplace Award. The award was created by Gallup, one of the world’s leading performance management consultancies, to recognize organizations for their extraordinary ability to create an engaged workplace culture that drives business outcomes

Niranjan Hiranandani says Rate Cut for Real Estate Unlikely in the RBI Policy Review
Business Wire IndiaFrom a real estate perspective, the Reserve Bank of India (RBI) policy review on Tuesday, April 7 has the potential to be a key ‘trigger’, one that has the potential to create a positive sentiment in the real estate industry, said Niranjan Hiranandani, MD, Hiranandani Constructions Pvt Ltd (HCPL)

Sector Lauds the RBI's Recommendation to Include Water and Sanitation in Priority Sector Lending
Business Wire IndiaThe recommendation of the Reserve Bank of India Working Group to include water and sanitation under priority sector lending is a significant step towards achieving Prime Minister Modi’s objectives of a ‘Swachh Bharat’. Priority Sector Lending (PSL) by banks is an integral part of India’s financial inclusion agenda

Real Estate Investments Bang for The Buck for NRIs
Business Wire IndiaThe investment by Non Resident Indians if made today in the real estate sector, will surely bring higher appreciation in the years to come without any regret. As per the said Foreign Exchange Management Act, an Indian citizen who resides outside India is permitted to acquire any immovable property in India other then agricultural/plantation property or a farm house

Professor Pulak Ghosh is the Only Academician Among Top 10 Most Influential Analytics Leaders in India
Business Wire IndiaProfessor Pulak Ghosh from the Quantitative Management Information Systems (QMIS) area at the Indian Institute of Management Bangaloreis the only academician in the country to feature in Analytics India Magazine’sTop 10 Most Influential Analytics Leaders 2015

""A Good Budget for the Economy; Housing Sector would have Wanted More"": Niranjan Hiranandani
Business Wire IndiaThe past few months have witnessed a much improved real estate scenario driven by positive sentiments

'Finance is the Life-Line of Real Estate': Niranjan Hiranandani
Business Wire IndiaAfter a period of policy paralysis and a perceived slow-down in buying, the real estate industry is moving back to ‘positive sentiments’, especially after the change in government at both, the Centre as also in the state of Maharashtra

Mahindra Finance Announces Audited Financial Results for the Quarter and Half Year Ended 30th September, 2014
F-2015 Q2 Income up by 14% F-2015 Q2 PAT down by 6% The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets, announced today, the audited financial results for the quarter and half year ended 30th September, 2014

Intellect Lists on National Stock Exchange and The Bombay Stock Exchange
Intellect Design Arena Limited (a Polaris Group company), the world’s first full-spectrum banking products company listed today on the country's premier National Stock Exchange (NSE), and Bombay Stock Exchange (BSE), Mumbai. Arun Jain, Chairman & Managing Director, commenced the day’s trading by ringing the ceremonial bell at the National Stock Exchange

MetLife Foundation Partners With ACCESS To Bring Together World’s Experts to Promote Financial Inclusion in Inclusive Finance India Summit
The first “Inclusive Finance India Global Summit” in Delhi, organized by ACCESS, a national think tank, was inaugurated on Monday (December 8) by Shri HR Khan, deputy governor of Reserve Bank of India (RBI)

'Low Interest Rates Can Give a Positive Boost to Real Estate’: Niranjan Hiranandani
Given the ‘challenging phase’ as a result of the economic slowdown in the past couple of years, the change in Government at the Centre had evoked positive sentiment among all stakeholders in Indian real estate

Western Union Enhances Direct-to-Bank Service to India
The Western Union Company (NYSE: WU), a leader in global payment services, has advanced its international direct-to-bank transfers to select banks in India, paving the way for customers to send money in minutes* to major Indian banks

State Bank of India Enhances Customer Experience with Datacard® Instant Issuance Debit Card Solution
EntrustDatacard today announced that it has launched the first integrated instant issuance kiosk solution in South Asia with State Bank of India (SBI). This is also the first instant EMV chip card personalization application in Asia – which follows the Reserve Bank of India’s (RBI) regulation.

HCL Infosystems Reports Consolidated Revenue of Rs. 1683 Cr. for Quarter Ending 30th Sept, 2014
HCL Infosystems, India’s Premier Distribution, IT Services and Solutions Company today announced its financial results for the first quarter ended September 30th, 2014

IIMB Professor Appointed to UN Secretary General’s ‘Data Privacy Advisory Group’
Dr. Pulak Gosh, Professor, Quantitative Methods & Information Systems Area, Indian Institute of Management Bangalore, has been appointed as member of the Data Privacy Advisory Group of Global Pulse – the UN Secretary-General’s Big Data innovation initiative

6.99% Interest on Home Loans on All Properties at Ensaara Metropark
Luxora Infrastructure is very pleased to announce an agreement with HDFC to provide home loans at a special rate of 6.99% per annum. The rate, which is available for a limited period only, is exclusive to Ensaara Metropark. Ensaara latest offer will help reduce the overall cost of home ownership by reducing the buyer’s home loan interest burden to 6

Tata Capital Launches Super Shuttlers 2014 – A Badminton Talent Hunt for Kids
Tata Capital and The Prakash Padukone Badminton Academy (PPBA) have come together to launch this year’s edition of ‘Tata Capital Super Shuttlers’ in Bangalore. Having seen a successful inaugural edition in Mumbai in 2013, the badminton talent hunt for kids moves to Bangalore this year. The trophy of this year’s edition of the tournament was unveiled by Mr

Catholic Syrian Bank Collaborates with Manipal Global to Train its Officers
Catholic Syrian Bank (CSB) a leading bank from Kerala has collaborated with Manipal Global Education Services for a residential training programme in Bangalore for its 240 newly recruited Probationary Officers (POs)

Global Investors Instill Confidence Yet Again in Au Financiers
With its loan books inching towards the US$ 1 billion mark, Au Financiers has raised additional capital amounting to US$ 21 million in its fourth and latest round of fund raising under preferential offer of shares to existing shareholders, i.e. promoters and Investors, International Finance Corporation, Wargbug Pincus, Chrys Capital after raising equity in earlier rounds in 2008, 2010 and 2012

Xander Finance Appoints Chief Financial Officer
The global investment firm, The Xander Group Inc., has hired Rajeev Radhakrishnan as Chief Financial Officer of Xander Finance, their fast growing Indian NBFC.  Prior to joining Xander Finance, Rajeev worked at Goldman Sachs for 8 years and held various roles in Bangalore, New York, and Mumbai, the last as India Treasurer and Executive Director

Much Awaited Banking Licenses to be Issued by Reserve Bank of India to Reshape the Banking Industry – finds Frost & Sullivan
The next generation of banking structure will be the first step to a thousand mile journey to make India the third largest banking economy in the world.  The issue of “on-tap” new banking licenses will prove to be a game changer for the Indian banking industry

Addressing the Missing Middle - EFL’s Psychometric Credit Scores Help Financial Institutions Lend to Entrepreneurs
Within his vision for transforming the banking sector, Deputy Governor of the Reserve Bank of India (RBI)  Dr. K.C. Chakrabarty, has stated the importance of the MSME sector in fueling larger economic growth, “[MSMEs] play a pivotal role in generating employment, increasing cross-border trade and fostering the spirit of entrepreneurship

NUS Business School Launches Programme to Develop Asian Leadership Pipeline for the Finance Sector
As Asia grows, a looming shortage of senior leaders among the region's financial institutions is expected

Former BOJ Governor Masaaki Shirakawa Appointed Distinguished Visiting Fellow at NUS Business School
Mr Masaaki Shirakawa, former Governor of the Bank of Japan (BOJ), will be appointed as Distinguished Visiting Fellow at the National University of Singapore (NUS) Business School from 25 August 2014 to 10 September 2014. Mr Shirakawa is also a Special Visitor under the Monetary Authority of Singapore (MAS) Eminent Visitor Programme.

Former India Central Bank Governor Dr Duvvuri Subbarao Appointed Distinguished Visiting Fellow at NUS Business School
Dr Duvvuri Subbarao, former Governor of the Reserve Bank of India and former Finance Secretary to the Government of India, will be appointed as Distinguished Visiting Fellow at the National University of Singapore (NUS) Business School with effect from 2 May 2014, for a period of one year.

Indian stock markets hit new all-time highs on first day of new fiscal
Election Commission allows RBI to issue new banking licenses

Indian Rupee breaches 60 mark, closes at 8-month high
Rupee buoyed by RBI buying of Dollars and FII purchases

Tata Capital Thanks Do Righters for Completing Aatmaram’s Half Story
Thanks to 'Do Righters', the supporters of the Half-Stories cause - an initiative by Tata Capital, the company has now successfully accomplished its first journey and the task of helping Gaddi community in its survival

Tata Capital’s ‘Do Right’ Initiative Launches ‘Half-Stories - The Journey of Doing Right’
Tata Capital Limited – the financial services arm of The Tata Group, today announced the launch of ‘Half Stories – The Journey of Doing Right’ – the second phase of its ‘Do Right’ initiative

Magma Fincorp Ltd. Wins Gold at the LACP Global Spotlight Awards
Magma Fincorp Ltd, one of India’s leading retail asset finance companies has won the Gold award at the LACP (League of American Communications Professionals) Spotlight Awards 2013, a global competition that recognizes the best work in professional communications. The Magma Annual Report FY 13 titled “Poised” has been ranked among the best in the world grabbing 44th spot in the overall ranking

Xander Finance Closes Rs. 200 Cr (US$33 MM) Investment in Orris Infrastructure
Xander Finance structured and closed an investment of Rs. 200 Cr (US$ 33 MM) in Orris Infrastructure Private Limited, a leading real estate developer in the NCR. The investment is structured as senior secured non-convertible debt, listed on the wholesale debt market of the BSE

IFMR Trust Announces New Independent Directors
IFMR Trust announces the appointments of new Independent Directors on the Boards of IFMR Rural Channels and Services and IFMR Capital. Mr V. Leeladhar has joined the Board of IFMR Rural Channels and Services as an Independent Director. Mr V. Leeladhar was a Deputy Governor of the Reserve Bank of India

Polaris Posts Revenues of Rs. 584 Cr, EBITDA of Rs. 101 Cr in Q1 FY '13-14
Delivers Q-o-Q growth in midst of companywide restructuring Polaris Financial Technology Ltd, a leader in products, solutions and services that enable unprecedented operational productivity for the global Financial Services industry, today announced its first quarter results for FY 2013-14

Bank Internasional Indonesia Commences Operations in Mumbai, India
BII Mumbai is set to boost the Bank’s operations in India Bank Internasional Indonesia (BII) has commenced the operations of its Mumbai branch effective today. The Bank, headquartered in Indonesia, is a subsidiary of the Maybank Group, one of the largest bank in ASEAN by total assets and market capitalization with head quarter in Malaysia

Canara Bank Invests in Brickwork Ratings and Announces Strategic Partnership
Canara Bank, a Nationalized Bank with total business of over Rs. 600,000 crore, has invested in Brickwork Ratings, a Bengaluru based Credit Rating Agency. Canara Bank has picked up ten percent stake in Brickwork Ratings. In a recent function held at Canara Bank, Head Office at Bangalore, after signing the share subscription agreement, Mr

Tata Capital Launches the ‘Do Right’ Initiative
Tata Capital, financial services arm of the Tata group today, launched the ‘Do Right’ initiative, a campaign aimed at inspiring and inculcating the ‘right’ values in children from a young age

Oxigen and NPCI Launch OxiCash Money Transfer, India’s First Non - Banked Mobile Wallet that Powers the Unbanked Masses to Instantly Transfer Money
History jointly created by National Payments Corporation of India and Oxigen

Magma Nominated for Best Website in the 17th Annual Webby Awards
Magma Fincorp Ltd., one of India’s leading retail asset finance companies has been nominated for Best website in the 17th Annual Webby Awards. Hailed as the "Internet's highest honor" by The New York Times, The Webby Awards, presented by the International Academy of Digital Arts and Sciences (IADAS), is the leading international award honoring excellence on the Internet

Core Banking Integration with Fiorano ESB Enables Federal Bank to Rapidly Implement Aadhaar Payment Bridge System
Social payments of over a billion dollars through the network to benefit millions of beneficiaries Fiorano Software (www.fiorano.com), a leader in enterprise integration and messaging middleware solutions today announced that Federal Bank has deployed Fiorano ESB to support India’s Aadhaar Payment Bridge System (APBS), a welfare disbursement system

UAE Exchange Partners with Max Get More for Loyalty Rewards Program
UAE Exchange India, market leader in money transfer and foreign exchange solutions, has entered into a strategic tie up with Max Get More for offering customers the Loyalty Reward Program, a service offering of Max Get More. Customers swiping their debit cards to pay for the services availed from UAE Exchange branches will get points for each transaction done

Muthoot Fincorp Joins Global Growth Companies Community of World Economic Forum
Muthoot Fincorp Limited, the flagship company of the Muthoot Pappachan Group has joined the Global Growth Companies (GCCs) Community of World Economic Forum, as one of the fastest growing firms from India. Global Growth Companies (GGCs) community of World Economic Forum comprise of 370 entities across 5 continents and from 60 countries as its current members

Tata Capital Receives Special Recognition for ‘HR Excellence’ at the CII HR Excellence Awards 2013
Tata Capital, the financial services arm of the Tata Group, has been awarded the CII HR Excellence Recognition in the category of ‘Strong Commitment to HR Excellence’. The prestigious award ceremony was held on 24th September, 2013 at the CII National HR Excellence Award Confluence in New Delhi, with the Minister of State for HRD, Govt. of India - Mr. Jitin Prasada being the chief guest

Polaris Wins Three Major Asian Banker Technology Implementation Awards 2013

Asia Pacific's Central Banks and Government Institutions Turn to Thomson Reuters Eikon to Analyse Market Data and Connect with Financial Markets Communities
Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today revealed that 18 central banks and government organizations in Asia Pacific have recently rolled out the flagship Thomson Reuters Eikon platform for real-time financial data, analytics, news and commentary

Mumbai Sensex Gains as Indian Inflation Eases to 11-Month Low -- City Index Asia
City Index Asia -- The Mumbai Sensex has made significant gains in trading this morning (January 14th), as Indian inflation fell to an 11-month low in December.

Brickwork Releases “State Finances - Brickwork Handbook 2012”
Brickwork takes great pleasure to present the second edition Handbook on State Finances. Brickwork has unique criteria for rating State Governments that looks at the State’s willingness and ability to honor debt obligations. The criterion considers an analysis of political, economic, budgetary, financial and institutional variables deemed relevant to the State Government’s creditworthiness

The PoleStar Foundation Announces Winners of 14th Annual PoleStar Awards
The PoleStar Foundation, an independent trust established in 1998 to recognise Excellence in Business and IT Journalism, announced the winners of the 14th Annual PoleStar Awards in a ceremony held at the ITC Sheraton Park Hotel & Towers, on Wednesday, November 28, 2012. The award ceremony was inaugurated by the Chief Guest, Hon’ble Dr

SWIFT Expands to India’s Domestic Market
SWIFT today announced that six of its partner banks have signed the shareholder’s agreement to establish a joint venture that will address domestic market needs of the Indian financial services industry

Gartner Names eMudhra in “Who’s Who in Text Analytics”
eMudhra is proud to announce that Gartner, Inc

ISACA and IDRBT Recognize Outstanding IT Risk Management Programs at IDRBT Banking Technology Excellence Awards Ceremony
Global IT association ISACA and the Institute for Development & Research in Banking Technology (IDRBT), India, have issued the Award for Managing IT Risk to three deserving banks at the IDRBT Banking Technology Excellence Awards Ceremony

Polaris Profits Grow 37%; Revenues Grow 26%
Polaris Financial Technology Ltd. (POLS.BO), a leading global Financial Technology company, today announced the first quarter results for FY 2012-13. Key Performance Metrics For the quarter ended June 30, 2012, Revenue grew by 26% Y-o-Y to Rs. 569.31 crore from Rs. 450.19 crore and 9% Q-o-Q to Rs. 569.31 crore from Rs. 520.28 crore. Operating Profit (EBITDA) grew by 28% Y-o-Y to Rs. 106

UPA is responsible for economic paralysis in country, alleges BJP
The Bharatiya Janata Party (BJP) has blamed the Congress-led UPA Government at the Centre for failure to prevent economic slowdown in the country.

RBI defends rising gold prices
The rising gold prices in India vis-…-vis the commoners are of no consequence since the average citizen doesn't even contribute to one percent of the Gross Domestic Product (GDP), Deputy Governor of the Reserve Bank of India (RBI) Dr. K C Chakrabarty said here, on Thursday.

CORRECTING and REPLACING Max New York Life to be Named MAX LIFE INSURANCE
Max New York Life Insurance, the largest non-bank private life insurer, today announced the completion of its 26% stake transfer to Mitsui Sumitomo Insurance Co. Ltd., a MS&AD Insurance Group Holdings

Max New York Life to be Named MAX LIFE INSURANCE
Max New York Life Insurance, the largest non bank promoted private life insurer today announced the completion of 26% of its stake transfer to Mitsui Sumitomo Insurance Co. Ltd. a MS&AD Insurance Group Holdings

Valimo Enables MobME to Launch India’s First Legally Binding Mobile Digital Signature Solution

Polaris to implement Intellect Quantum Core Banking Solution in National Bank of Ethiopia
Polaris Financial Technology Ltd (POLS.BO), a leading global Financial Technology Company, today announced that National Bank of Ethiopia, an important Central Bank in the African continent, has chosen to implement Polaris’ next-generation IntellectTM Quantum Core Banking Solution (CBS) for Central Banks

India and Smart Technology: the promise of accelerated social and economic development
Every year, the CARTES Event highlights one country among the major emerging countries which offers considerable development prospects in terms of products, solutions and services for the smart security industry (SIM cards, bank cards, secure documents and trusted services). For 2012, CARTES has chosen India

Thomson Reuters to Host Third Pan-Asian Regulatory Summit in Hong Kong

KC Chakrabarty receives two year extension as Deputy Governor of RBI
Chakrabarty will serve as Deputy Governor till June 30, 2014

RBI hikes ECB limits by $10 billion
In an endeavor to check the rupee slide and improve markets, the Reserve Bank of India (RBI) today hiked the limit of external commercial debt by $10 billion.

Finance Ministry, RBI to announce certain steps soon: Mukherjee
UPA presidential nominee Pranab Mukherjee, who is all set to quit his office as the Finance Minister, today said his ministry and the Reserve Bank of India (RBI) will soon announce certain steps.

Mukherjee to give growth plan before signing out as FM
UPA presidential nominee Pranab Mukherjee is expected to announce measures to boost the economy and shore up the falling rupee on Monday, a day before he resigns as the country's finance minister.

Government committed to restore growth momentum, stabilise rupee: PM
Prime Minister Manmohan Singh has said his government is committed to restore the country's growth momentum in the backdrop of rising economic slowdown.

Govt. to take measures to improve market conditions: Mukherjee
Asserting that the basic fundamentals of Indian economy are strong, Finance Minister Pranab Mukherjee today said the government in consultation with the Reserve Bank of India (RBI) will announce certain measures on Monday to improve the market conditions.

Annual food inflation eases to lowest in six years
Union Finance Minister Pranab Mukherjee on Thursday said that annual food inflation eased for a ninth straight week to its lowest in nearly six years in mid-December on improved supplies.

ItzCash and DCB Bank in Association with Visa Launch Freedom Prepaid Card in Mumbai

Fall in rupee value causing loss to jewellers in Jaipur
The fall in the value of rupee in international markets is causing loss to jewellers in Jaipur city.

ACCESS Development Services and HSBC Present Microfinance India Awards 2011
ACCESS Development Services and HSBC Present Microfinance India Awards 2011. The Awards were presented on the inaugural day of the Microfinance India Summit - December 12, 2011

Banking access to villages with over 2000 population by March 2012: RBI Governor
Reserve Bank of India (RBI) Governor Duvvuri Subbarao on Thursday planned to make banking accessible to villages of the country with over 2000 population by March 2012.

Subbarao discusses upgradation of entrepreneur centres with Mamata
The Governor of Reserve Bank of India (RBI), D. Subbarao met West Bengal Chief Minister, Mamata Banerjee regarding the upgradation of entrepreneur centres in the state in Kolkata on Wednesday.

Citi India Honours Individual Enterprise at the Citi Micro Entrepreneur Award, 2011
The 2011 Citi Micro Entrepreneur Awards today recognized nine micro entrepreneurs and a community owned enterprise at a ceremony presided over by Honourable Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India and hosted by Mr Pramit Jhaveri, CEO, Citi India along with the Governing Council Members of the awards program

Commenting on downward inflation trend too premature: Pranab Mukherjee
In the backdrop of signs of easing inflation as per the weekly figures, Union Finance Minister Pranab Mukherjee on Friday said a review of the monetary policy would be done only after monthly inflation figures are announced.

Fall in rupee's value slumps hosiery exports in Punjab
The fall in value of rupee in the international market has dented the hosiery industry in Ludhiana.

RBI keeps rates unchanged in its mid-quarterly monetary policy review
The Reserve Bank of India (RBI) in its mid-quarterly monetary policy review has kept the repo rate and reverse repo rate constant keeping in view the current financial condition of the country.

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