RBI news and archive

RBI urges banks, e-commerce firms to improve relations

The Reserve Bank of India (RBI) has asked banks and ecommerce companies to establish better relations among them and it is also open to the idea of both forming joint ventures with each other, where ecommerce companies can act as banking correspondents. “Banks will have to take cognisance of e-commerce the way it is galloping,” RBI deputy...

Apparel

RBI, Finmin demand clarifications on portfolio investments

The Reserve Bank of India (RBI) and the Ministry of Finance have asked for clarifications over portfolio investments in multi-brand retail sector. The clarification would felicitate listed domestic retailers like Futures Retail attract more foreign investment. Under the current investment rules, foreign institutional investors (FIIs) can be up...

Apparel

Govt considers loan recast for textile sector

The government is considering restructuring Rs 35,000-crores loan which could provide a much required relief to the debt-ridden textile sector. Low or no export orders due to the sluggish economy in the West and falling profit margins have negatively affecting the sector for quite some time. The RBI may issue norms for banks soon, since both the...

Apparel

Exporters unhappy with extension of interest subvention

Indian garment exporters are not happy with the government’s decision to extend the rupee credit interest subvention scheme up to March 31, 2012 for handloom, handicraft, carpet and small and medium enterprise (SME) sectors. They feel that excluding garment and knitwear sectors from the scheme will benefit only 40 per cent of the industry. Under...