-PTI MUMBAI: Reserve Bank will soon come out with final guidelines on customer protection which would limit customers liability in case of unauthorised electronic banking transactions, RBI deputy governor S S Mundra said on Tuesday. Last year in August, RBI had issued draft circular on limiting liability of customers in case on fraudulent banking transactions, resulting in debits to their accounts or cards. RBI had asked comments and suggestions on the same. "Based...
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Shame of unpaid debt a key reason for farmer suicides, finds study -Sayantan Bera
-Livemint.com The RBI-commissioned study listed faulty crop choices and aspirational consumption patterns as other major factors for farmer suicides New Delhi: Shame arising out of inability to repay loans taken from relatives and acquaintances is a key reason for farmers resorting to suicide, a study commissioned by the Reserve Bank of India (RBI) found. The study titled “Lives in debt: narratives of agrarian distress and farmer suicides”, conducted by researchers at Shiv Nadar...
More »Auditor Extraordinaire: The Curious Case of NPA Underreporting in India -Hemindra Hazari
-TheWire.in At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore. Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks’ audited accounts and the Reserve Bank of India’s (RBI) findings regarding bad loans on the...
More »In Response To RTI, RBI Says Sharing Details Of Demonetisation Process May Hurt Country's Economic Interests -Ashwini Srivastava
-Outlook Six months after the announcement of demonetisation by Prime Minister Narendra Modi, the RBI has declined to share details of the note ban process, saying it would be detrimental to the country's economic interests. Replying to an RTI query, the central bank said disclosing such details may impede future economic or fiscal policies of Government of India. The Reserve Bank of India (RBI) was asked to provide a copy of the minutes...
More »After 6 months, RBI still in dark on junked notes -AM Jigeesh
-The Hindu Business Line Central bank says specified bank notes yet to be reconciled with the physical cash balances New Delhi: Even six months after the demonetisation exercise, the Reserve Bank of India is yet to complete the accounting of the withdrawn Rs. 1,000 and Rs. 500 notes. The RBI has admitted as much in a 15-page response late in April to questions from the Standing Committee on Finance, headed by veteran Congress...
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