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MUMBAI/BENGALURU (Reuters) - Private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the Reserve Bank of India (RBI) reduced charismatic CEO Rana Kapoor's term, creating uncertainty about its outlook. The RBI said late on Wednesday Kapoor can serve as the lender's chief executive only till Jan 31 next year, after shareholders voted in June to extend his term for three years, pending its approval. Kapoor, one of India's most prominent bankers, co-founded Yes Bank in 2003 and has been instrumental in its rise to become the fifth-largest private sector bank with assets of $43.2 billion.
(Reuters) - The Reserve Bank of India (RBI) has allowed Yes Bank Ltd Chief Executive Rana Kapoor to continue in the role until Jan. 31, 2019, the private-sector lender said on Wednesday. Yes Bank shareholders ...
The Reserve Bank of India (RBI) intervened heavily in the foreign exchange market on Friday, mounting a formidable defence of the 72 rupee to the dollar mark in a reversal of its light-handed approach in the last few weeks, dealers said. After briefly slipping to 72.04 to the dollar in early trade, the Indian rupee stayed above the 72 mark for most of the day with the central bank selling dollars whenever the unit came close to the psychological level. "It seems like they (RBI) have changed their strategy and is determined to not let the rupee fall below the 72 mark just like it was supporting it at 69," said one senior forex strategist at a state-run bank.
The Reserve Bank of India (RBI) faces a tough choice in how it uses its monetary muscle. Does it protect a fragile rupee or does it ensure there's enough cash in the banking system so lending in the economy doesn't dry up? If it defends the rupee, Asia's worst performing currency this year, it risks sucking massive amounts of rupees out of an economy already grappling with tightness in cash and unintended policy tightening.
Net profit was 951.1 million rupees ($13.86 million) for the three months ended June, compared with 877.1 million rupees a year earlier, it said in a statement. Analysts, on average, were looking for a loss of 12.60 billion rupees, according to estimates by Thomson Reuters I/B/E/S. Bad loans held by India's banks rose to 10.36 trillion rupees at the end of March, the government said last week, with state-backed lenders accounting for more than 86 percent of the total non-performing loans.
The Reserve Bank of India (RBI) is expected to raise interest rates again in the final three months of this year, according to a Reuters poll of economists, but over one-third of them predicted a hike as early as at the next meeting in August. Accelerating inflation and India retaining top spot as the fastest-growing major economy prompted the RBI to lift the repo rate by 25 basis points to 6.25 percent at the June 4-6 meeting, wrong-footing a slim majority of economists polled by Reuters who had expected no change. The latest poll, taken in the past week, showed 43 of 56 economists forecasting the RBI's repo rate at 6.50 percent or higher in the quarter ending December.
Growing inflation concerns prompted the Reserve Bank of India (RBI) to raise its policy rate for the first time in over four years on Wednesday, but it surprised some economists by keeping its stance "neutral" instead of changing to "tighten". The central bank's Monetary Policy Committee (MPC) lifted the repo rate by 25 basis points to 6.25 percent - the first rate change since a 25 basis point cut in August 2017. The committee "felt that there was enough uncertainty for us to keep to the neutral stance and yet respond to the risks to (the) inflation target that have emerged in recent months," RBI Governor Urjit Patel told reporters.
The Reserve Bank of India (RBI) will remain cautious and vigilant on managing the risks to growth and inflation in Asia's third-biggest economy, its chief Urijit Patel told reporters on Wednesday after the monetary policy meeting. The central bank raised its policy rate for the first time in more than four years, due to inflation concerns, but kept its policy stance as "neutral". On managing liquidity, Viral Acharya, a deputy central bank governor, said that the Reserve Bank of India will use appropriate instruments to manage liquidity as the surplus is likely to dip later this month.
(Reuters) - Bank of India Ltd reported a net loss of 39.69 billion rupees ($588.87 million) for the fourth quarter, as the state-owned lender set aside more funds for bad loans. That compared with a loss ...
The Reserve Bank of India (RBI) failed to sell all the debt it offered to bidders at an auction for the fourth week in a row on Friday, raising concerns the government may have to pay investors much more to complete this year's borrowing programme. The RBI, which manages the government's borrowing programme, was scheduled to sell 120 billion rupees ($1.78 billion) of four different securities. The persistent lack of demand is a cause for worry for the government, which is scheduled to borrow a total 6.05 trillion rupees ($89.87 billion) in the current fiscal year that started in April.
MUMBAI/SINGAPORE (Reuters) - A series of measures from the Reserve Bank of India (RBI) to lure foreign buyers into the country's short-term debt market could easily backfire, investors fear, exposing the economy to volatile "hot money" flows. The RBI lifted a restriction limiting foreign investors to buying bonds with three years or more to maturity and also gave them access to short-term sovereign treasury bills. The RBI's lifting of the maturity restriction came after India's government bonds tanked when sovereign bond auctions failed to attract many buyers, followed by a spike in yields when surprisingly hawkish minutes of a monetary policy meeting raised fears of the RBI hiking interest rates.
MUMBAI (Reuters) - The Reserve Bank of India (RBI) said it will allow foreign portfolio investors (FPIs) to invest in treasury bills issued by the government, in its latest move to ease foreign investment ...
The Reserve Bank of India (RBI) said it is withdrawing a restriction that limited foreign investors to only investing in government and corporate bonds with tenures of three years or more, a move that could bolster the domestic bond market. The decision by the RBI, announced late on Friday, came close on the heels of weak investor interest in two recent auctions that led to a spike in sovereign debt yields. At Thursday's auction of a 7.37 percent 2023 bond, the Reserve Bank of India was only able to sell about 430 million rupees out of the 30 billion on offer into the market, with the remainder having to be bought by primary dealers.
On Sunday, April 22, a retired health worker named Ashok Pathak went to a United Bank of India (UBI) ATM in the Subhash Nagar neighbourhood of Bareilly, Uttar Pradesh, to withdraw some money. But among the notes totaling Rs4,500 that the counter dispensed was one very convincing fake Rs500 bill—olive green in colour and marked…
Four senior Reserve Bank of India (RBI) officials have been called on by investigators to help explain banking processes as police probe deeper into the $2 billion fraud at India's Punjab National Bank, sources familiar with the matter said on Thursday. A Central Bureau of Investigation source said earlier on Thursday the agency was questioning four top RBI officials -- three chief general managers and a general manager -- in relation with the fraud at state-run PNB, but the source did not elaborate on the line of questioning. Two other sources, privy to the RBI officials' meetings with investigators, said the central bank officials were being called upon to explain how banking processes work and that there was no suspicion of any wrongdoing on their part.
The Reserve Bank of India on Thursday deferred until next year a new accounting standard for the country's banks that would have led to higher bad-loan provisioning requirements. The regulator, which had earlier ordered the banks to move by April 1 to the Ind AS accounting standard, a variant of IFRS, said on Thursday pending rule changes it had decided to delay the implementation of the new accounting system. "Many of the banks are still not prepared ... so we thought that we should defer this by one year," said N.S. Vishwanathan, an RBI deputy governor at a news conference after the announcement of the bi-monthly monetary policy in which the central bank held key rates.
India's state-run bank shares rallied on Thursday after the Reserve Bank of India (RBI) lowered the amount the lenders needed to set aside as of end-March for their loans to nearly 40 companies that are undergoing bankruptcy resolution proceedings. The RBI has allowed banks to have a minimum provisioning cover of 40 percent on secured loans to those companies, lower than the minimum 50 percent it had earlier wanted them to set aside for those loans, according to bankers and a letter seen by Reuters. The RBI move comes at a time when banks already battling near-record levels of soured loans are staring at an increase in stressed assets after a rule change announced in February.
The RBI imposed the penalty on ICICI Bank for not complying with directions issued by it on direct sale of securities held under the bank's held-to-maturity (HTM) portfolio and for lack of disclosure about the sale, the central bank said in a statement https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR25938AACA959D1DA45AAA28BC1E1169EF20A.PDF on Thursday. ICICI Bank said it continued to sell bonds from its HTM category for a few weeks during the quarter ended March 2017 due to "genuine misunderstanding" on the timing of the applicability of RBI's direction in the matter.
The Central Bureau of Investigation (CBI) registered the case against Hyderabad-based Totem Infrastructure and directors after a complaint from Union Bank, which the CBI said had been cheated out of about 3.14 billion rupees. The case comes after a more-than $2 billion fraud in state-run Punjab National Bank, dubbed the biggest bank fraud in India's history, triggered scrutiny of all soured bank loans for any sign of wrongdoing. Totem Infrastructure, loans to which became non-performing in June 2012, "allegedly diverted the funds by opening accounts outside the consortium (of eight banks) and through payments of wages by showing excess expenditure and huge stocks", the CBI said in a statement late on Thursday.
The Reserve Bank of India chief said on Wednesday that it had "very limited authority" over state-run banks and called for reforms to give the regulator more powers to police such lenders in the wake of a $2 billion fraud. Reserve Bank of India (RBI) Governor Urjit Patel defended the central bank's role in the aftermath of the Punjab National Bank fraud case and hit back indirectly at the Indian government, which has criticized the role of the regulator and auditors for failing to spot the alleged scam. In a rare, strongly-worded speech at a law university in the Western Indian state of Gujarat, Patel said there were numerous limitations in the RBI's powers over state-run lenders, such as its inability to remove directors, replace management, force a merger or initiate liquidation.
Emerging stocks held at two-week highs on Tuesday but gains were limited as investors awaited U.S. inflation data for hints on the pace of Fed rate rises, while the Turkish lira hit a near three-month low after a controversial voting law was passed. Inan Demir, senior emerging economist at Nomura International, said Friday's U.S. payrolls data had been strongly supportive of risk sentiment, thanks to its "Goldilocks" nature, showing rising employment but muted wage growth. The Turkish lira fell 0.7 percent against the dollar to its lowest since mid-December after parliament passed a controversial law revamping electoral regulations.
Union Bank of India (UNBK.NS) has direct credit exposure of about 1.2 billion rupees (13.33 million pounds)to companies controlled by jeweller Nirav Modi, and another 1.75 billion rupees ($26.9 million) to Gitanjali group of companies, its chief executive told Reuters on Friday. Companies belonging to Modi and his uncle Mehul Choksi, who heads the Gitanjali group, have been accused by Punjab National Bank (PNBK.NS) of defrauding the bank of over $2 billion. The bank alleges firms controlled by the duo colluded with rogue PNB staff to secure fraudulent guarantees that were used to raise credit from overseas branches of Indian banks.
The Reserve Bank of India (RBI) late on Monday tightened its rules around bank loan defaults, seeking to push more large loan defaulters toward bankruptcy courts and abolishing half a dozen existing loan-restructuring mechanisms, in its latest bid to accelerate resolution of the bad loans problem at Indian banks. The new set of rules are aimed at creating a "harmonised and simplified generic framework" for resolution of stressed assets in view of new bankruptcy regulations, the RBI said late on Monday. Last year, the RBI ordered banks to force roughly 40 of the biggest corporate loan defaulters into bankruptcy proceedings.
India's banking sector has seen bad loans surge in the last four years, with the 21 state lenders accounting for the bulk of 9.46 trillion rupees ($147 billion) in non-performing loans at the end of September. Reserve Bank of India and the government have been pushing for banks to clean up their bad debts, saying the overhang was choking new lending in Asia's third-largest economy. The central bank has pushed about 40 of the biggest corporate loan defaulters into India's new bankruptcy proceedings and said creditor banks must ensure at least 50 percent of bad loans with those firms were provisioned by March.
The Reserve Bank of India (RBI) on Wednesday kept its main repo rate on hold and retained its "neutral" stance, warning that it will closely monitor accelerating inflation but also saying economic growth needs to be "carefully nurtured". Surging oil and food prices pushed India's annual consumer inflation to a 17-month high of 5.21 percent in December - well above the RBI's 4 percent medium-target. Bonds surged, sending the benchmark 10-year yield down as much as 11 basis points from levels before the decision, amid relief the RBI statement wasn't as hawkish as some feared.