Reserve Bank of India (RBI) News

The Deccan Urban Co-operative Bank Ltd has been prohibited from making any fresh investments The Karnataka-based co-operative bank customers can not withdraw more than Rs. 1,000 from their savings account The Reserve Bank of India will think of modifications in the orders as per the conditions.

Special Secretary-cum DIF, Government of Odisha, wrote a letter to Regional Director RBI in this regard.

As per the medium-term fiscal policy cum fiscal policy strategy statement tabled in Parliament, the government is aiming to contain the fiscal deficit at 3.4 per cent in the current as well as the next fiscal, and then bring it down to 3 per cent in 2020-21.  

The fresh call comes just months after the RBI approved a 1.76 trillion rupees ($24.8 billion) dividend payment to the federal government, including 1.48 trillion rupees for the current fiscal year.

Das said in his remarks at the Third Suresh Tendulkar Memorial Lecture, hosted by the central bank.

Dealers hailed the move as a step in the right direction to help traders hedge their bets on the domestic front.

In line with record low retail inflation, the RBI Governor headed Monetary Policy Committee (MPC) cut policy repo rate by 25 basis points to 6 percent and the reverse repo by similar proportion to 5.75 percent.

The RBI had in February last year sent a copy of the IDG report to the Finance Ministry.

Inflation eased to its slowest pace in more than five years in June. 

Moving on fast-track, the RBI had in June identified 12 large loan defaulters who account for 25 percent of the total bad loans in the banking sector.

However, the Harvard professor said it will take years to judge the full impact of India`s demonetisation move in accelerating electronic payments and the larger picture is that the government has done much to promote financial inclusion.

The apex court had in November last year observed that the disclosure of names of big loan defaulters who owe Rs 500 crore and more to banks, would not lead "anywhere" as the important issue was to address "root cause" of accumulation of the non-performing assets (NPAs).