As per the Reserve Bank of India data, the growth of bank deposit has moderated to 10% in March 2022 as compared with 11.9% in 2021. Current, savings and term deposits have been increased by 10.9%, 13.3% and 7.9%, respectively, during 2021-22. The share of current account and savings account (CASA) deposits has been increasing over the years and stood at […]
Bank deposit growth slows down in March 2022: RBI Read More »
The Reserve Bank of India has notified that it has extended the timeline for implementation of a few provisions under its master directions on credit card and debit card issuance. The timeline has been extended by three months from July 1, 2022, to October 1, 2022. Provisions: Card-issuers shall seek OTP based consent from the cardholder for activating
RBI extends date for implementation of provisions concerning card issuance Read More »
The Reserve Bank of India (RBI) has raised the Additional Factor of Authentication (AFA) limit from Rs 5,000 to Rs 15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and Unified Payments Interface (UPI) for recurring transactions. It implies, additional authentication will not be need for payment of Rs 15,000 per transaction. The Reserve Bank of India (RBI) has, over the past
RBI raises limit of e-mandates for transactions up to Rs 15,000 Read More »
RBI increase the number of digital payment transactions by more than 3X by 2025 and to curb volume of cheque-based payments to less than 0.25% of total retail payments Core theme of vision documents: E-Payments for Everyone, Everywhere, Everytime (4Es). It covers 47 specific initiatives and 10 expected outcomes. It provide users with safe, secure, fast, convenient,
RBI ‘Payments Vision 2025’ seeks 3-fold jump in digital payments Read More »
The Central Government has nominated Anand Gopal Mahindra (Chairman of Mahindra group), Venu Srinivasan (TVS Motor’s Chairman), Pankaj Ramanbhai Patel (Zydus Lifescience’s Chairman ) and Ravindra Dholakia (IIM Ahmedabad’s ex-faculty) as part-time non-official Directors on the Central Board of RBI. The appointment will be for a period of four years and effective from June 14. RBI Governor: Shaktikanta
RBI appointed Anand Mahindra and Venu Srinivasan to RBI Board Read More »
The Reserve Bank has cancelled the licence of The Mudhol Co-operative Bank Limited, Bagalkot (Karnataka), thus restricting it from repayment of deposits and acceptance of fresh funds. The bank does not have adequate capital and earning prospects, the Reserve Bank of India (RBI) said on Wednesday while announcing the cancellation of licence. RBI also said
RBI cancelled licence of Mudhol Co-op Bank, Bagalkot, Karnataka Read More »
The Reserve Bank of India (RBI) has raised the limits for individual housing loans being extended by Urban Cooperative Banks (UCBs) and Rural Cooperative Banks by over 100%. The limits for Tier I /Tier II UCBs have been revised from ₹30 lakh/ ₹70 lakh to ₹60 lakh/ ₹140 lakh, respectively. RCBs the limits have been
RBI raises individual housing loan limit for co-operative banks Read More »
The six-member Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta Das voted unanimously to raise repo rate by 50 basis points to 4.90 percent. The Monetary Policy Committee has raised the repo rate in order to tackle elevated inflation. Standing Deposit Facility and Marginal Standing Facility rates also raised by 50 basis points. Standing Deposit Facility rate now 4.65 percent, and
RBI Monetary Policy: RBI raises repo rate by 50 bps to 4.90% Read More »
The Reserve Bank of India (RBI) has released the provisioning guidelines for outstanding loans extended by ‘NBFC-Upper Layer’. These guidelines shall be effective from October 1, 2022. Individual housing loans and loans to Small and Micro Enterprises (SMEs): 0.25%. Housing loans extended at teaser rates: 2% (decrease to 0.4% after 1 year from the date on which the rates are raised.)
RBI releases provisioning norms for upper-layer NBFCs Read More »
The Reserve Bank of India (RBI) has issued norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India. As per the guidelines, banks may allow Qualified Jewellers to remit advance payments for 11 days for import of gold through IIBX in compliance to the extant Foreign Trade Policy and regulations
RBI issues norms for gold import by qualified jewellers through IIBX Read More »
