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KEY TAKEAWAYS FROM RBI MPC POLICY The Reserve Bank of India hikes key lending rate or repo rate by 25bps to 6.25% — Reverse repo rate now stands at 6%; FY19 growth projection retained at 7.4 % — The central bank projects retail inflation at 4.8-4.9% for April-September, 4.7% in H2 FY18 — It sees major upside risk to the inflation path as crude prices rose 12% — Says volatile crude oil prices adds uncertainty to its inflation outlook — RBI expects boost to investments from swift resolution under the Insolvency & Bankruptcy Code — Geo-political risks, financial market volatility, trade protectionism to impact domestic growth — Adherence to budgetary targets by the Centre and states will ease upside risks to the inflation outlook — All members of the monetary policy committee voted for a 0.25% rate hike — Next meeting of the Monetary Policy Committee on July 31 and August 1

The 2-day bank strike could impact withdrawal and cash deposit in the branches of public sector banks. UFBU has notified 48-hour-kong strike starting at 6:00 am on May 30 SBI has warned that strike could impact operations Bank employee unions against 2% wage hike offered by IBA Banking operations could be hit as nearly 10 lakh employees of state-run banks go on a two-day strike starting today, to press for wage hikes. 21 public sector banks control 75 per cent of the total business in the country. Withdrawal and cash deposit in the branches of public sector banks would be affected. The  month-end strike  comes at a time when many employers process the salaries of staff. However, the functioning of private banks like ICICI, HDFC Bank, Axis and Kotak Mahindra is expected to be normal except for delays in cheque clearances. Some banks have already warned of the strike impacting their banking operations. SBI , the country's largest bank, in a statement to exchanges...

https://lookinews.blogspot.in/?m=1 CBI has registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by Union Bank of India The Central Bureau of Investigation (CBI) registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by state-run Union Bank of India. “The CBI registered a case today (Thursday) on a complaint by Union Bank of India against Totem Infrastructure and its promoters and directors Tottempudi Salalith and his wife Tottempudi Kavita of Hyderabad,” a person familiar with the developments said. The number of bank fraud cases has been piling up after the Reserve Bank of India (RBI) directed banks to file complaints against erring companies. The latest case comes just a day after the investigating agency filed a case of loan fraud against Kanishk Gold Pvt. Ltd on a complaint by State Bank of India (SBI). Union Bank of India’s industrial finance branch of Hy...

If from today you are not able to load fresh funds into your  mobile wallet , you can blame the  Reserve Bank  for it. In what could be a major impact on the  digital payments  industry, mobile wallets would be required to submit a full  KYC  for their users, without which the central bank would impose severe restrictions on its operations. While the  Payments Council of India , the industry body for the prepaid payments, made repeated appeals to the central bank to revoke the order and allow wallets till Rs 10,000 to operate without full KYC, the RBI said clearly that every payment instrument will have to abide by the KYC norms as they are also part of the extended banking ecosystem. "It will impact the Rs 12,000-crore industry in a major way and consumers will be severely impacted over the next few months, but we expect that in the long run it will be good for the overall ecosystem since wallets will get access to quality customers," sa...

To invest or not to invest - that is the question many of us have in our minds when it comes to cryptocurrencies at the moment. A lot of us are tip-toeing around the idea of investing in them but with all the uncertainty that surrounds them (both in terms of regulations and its legality) we remain cautious. Other than investing in an unregulated space and the potential risk of losing your money by falling prey to a ponzi scheme, you have more reasons to stay away from such investments. Here are six more reasons why you should stay away from cryptocurrencies (well, at leastuntithere is more clarity) 1. Banks have started stopping purchase of cryptocurrency with their cards Recently, Citibank in an email notification to its customers has said that its credit and debit cards cannot be used to purchase cryptocurrencies. Following this, SBI Card has also cautioned customers against risks associated with  bitcoin  and other crypto-currencies and is in d...

Aircel , the debt-ridden  mobile  service provider, and its two units filed for bankruptcy in the National Company Law Tribunal, underscoring the struggles of India’s smaller telcos in a brutally competitive market amid a crackdown on large loan defaulters. Detailed talks with lenders and shareholders failed to yield a consensus on restructuring Rs 15,500 crore of debt and getting funding, leaving resolution under the Insolvency & Bankruptcy Code, 2016, as the only option, Aircel said in a statement on Wednesday. Aircel’s decision to move the  NCLT  was spurred by the Reserve Bank of India’s decision to scrap debt revamp schemes in favour of the Insolvency & Bankruptcy Code. “No agreement could be reached. Under current circumstances, especially after the 12 February 2018 RBI guidelines, the company believes resolution process under the Code is an appropriate recourse,” the company, majority-owned by Malaysia’s  Maxis , said in the statement. A...