Social Entrepreneurship, Financial Inclusion and Mobile Money Blog
The Reserve Bank of India today released a notification which approves the creation of a new category of Non Banking Finance Companies (NBFC) called NBFC-MFI. The minimum net owned funds for an NBFC to qualify as a NBFC-MFI will be Rs 5 crore. NBFC MFI A partial part of the notfication containing the important details [...]
The Reserve Bank of India has further liberalised foreign exchange facilities for individuals under the Foreign Exchange Management Act, (FEMA) 1999.The facilities are: 1. NRIs can be Joint Holders in Resident’s SB/EEFC/RFC Accounts Individual residents in India are now permitted to include non-resident close relative(s) as joint holder(s) in their resident bank accounts, namely, savings(SB), [...]
The Reserve Bank of India has announced that it has constituted a Working Group under the Chairmanship of Smt. Usha Thorat, Director, Centre for Advanced Financial Research and Learning (CAFRAL) to examine a range of emerging issues pertaining to regulation of the NBFC (non-banking financial companies) sector. Last week, the RBI had rejected the demand [...]
The Reserve Bank of India has invited views/comments of all stakeholders and the public at large on the Malegam Committee report on microfinance institutions (MFIs). Comments/suggestions/views may be forwarded to the Chief General Manager-in-Charge, Rural Planning and Credit Department, Reserve Bank of India, Central Office Building, 10th floor, S.B.S. Road, Mumbai-400001 or emailed latest by [...]
The Reserve Bank of India has today advised certain relaxation to banks in its present restructuring guidelines in order to enable them to extend credit support to micro finance institutions (MFIs). The relaxation is purely a temporary measure and would be applicable to bank loans to MFIs restructured by banks up to March 31, 2011, the [...]
From January 3, 2011, the Reserve Bank of India will place on its website, the public engagement schedule of the Governor and the Deputy Governors. The engagement schedule will include public speeches and outreach activities undertaken by the executives. The initiative is one more step towards demystifying the central bank and the offices of the [...]
The Reserve Bank of India has decided to disseminate the data relating to sectoral deployment of credit on a monthly basis. The data is collected from select 47 scheduled commercial banks and accounts for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks. Real-Time Handbook of Statistics of the [...]
India’s Financial Sector remained Stress-free; But Risks arising from Macro-Economic Soft Spots and Global Growth Asymmetries remain The Reserve Bank of India presented its assessment of the health of India’s financial sector in the second Financial Stability Report (FSR), released here today. The report reflects the Reserve Bank’s continuing endeavour to communicate its assessment of the [...]
Last week the Reserve Bank of India released on its website a gist of the comments on the Discussion Paper on “Entry of New Banks in the Private Sector”. The range of comments received has been very wide and does not indicate consensus on any of the issues. The comments received are reflective of sectoral [...]
The Reserve Bank of India yesterday met select banks and SIDBI to get an assessment regarding the ground level situation in the microfinance sector in Andhra Pradesh and other states and the need for any interim measures. Banks informed that collections by MFIs in Andhra Pradesh have deteriorated considerably and there were some incipient signs [...]
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