Reserve Bank of India Current Affairs

RBI formed panel to review customer service standards in banks, NBFCs

The Reserve Bank of India has set up a committee to review the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it. The six-member committee headed by former RBI deputy governor B P Kanungo. He will submit a report within three months from the date of its first meeting. It will also review the evolving needs of the […]

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RBI decides to give ₹30,307 cr FY22 dividend to Centre

The RBI has approved a dividend payment of Rs. 30,307 crore to the Centre for the fiscal year 2021-22. The bank’s central board of directors also decided to maintain the contingency risk buffer (CRB) at 5.50%. In the 2022 budget, the government had estimated that it would receive Rs. 73,948 crore as dividend from the RBI and state-owned banks for FY22. The budgeted dividend is 27% lower

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BSE named Ex RBI Deputy Governor SS Mundra as Chairman

Leading stock exchange BSE Limited approved the appointment of SS Mundra, Public Interest Director as the Chairman of the board of directors of the company. Mundra will take place Justice Vikramajit Sen who is the current chairman. Mundra was appointed as Public Interest Director at BSE in January 2018. He retired as Deputy Governor of the Reserve Bank

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PSBs frauds decline by 51% to Rs 40,295 crore

According to the Reserve Bank of India (RBI), the Public sector banks have reported over a 51% dip in the amount involved in frauds to Rs 40,295.25 crore during the financial year ended March 2022. The 12 PSBs had reported frauds worth Rs 81,921.54 crore in the preceding fiscal 2020-21. But, the number of fraud cases has fallen slightly as

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Sitikantha Pattanaik and Rajiv Ranjan, named executive directors by the RBI

The Reserve Bank on Friday said Sitikantha Pattanaik and Rajiv Ranjan have been appointed as executive directors with effect from May 1. Ranjan will also serve as an ex-officio member of the rate-setting panel Monetary Policy Committee (MPC). Pattanaik was an adviser at the Department of Economic and Policy Research before being appointed to ED. Rajiv Ranjan will oversee the

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RBI imposed Rs 59 lakh penalty on KEB Hana Bank

The Reserve Bank of India (RBI) has levied a monetary penalty of 59 lakh rupees (Rupees Fifty Nine Lakh only) on KEB Hana Bank (the bank) for non-compliance with RBI’s “Reserve Bank of India (Interest Rate on Deposits) Directions, 2016” by a decision dated May 12, 2022. This penalty was issued in the execution of

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RBI raises repo rate by 40 basis points to 4.40%

The Reserve Bank of India (RBI) has raised the Repo rate by 40 basis points to 4.40% and the cash reserve ratio (CRR) by 50 basis points to 4.50%. Aim: To bring down the raised inflation to the desired level and tackle the impact of geopolitical tensions. Deposit rates and EMI on loans are likely to increase. The hike in CRR by 50 bps will

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Manappuram Finance fined Rs 17.63 lakh by the RBI for failing to comply with KYC regulations

The Reserve Bank of India (RBI) said it has imposed a monetary penalty of Rs 17.63 lakh on Manappuram Finance Limited for non-compliance of norms related to Know Your Customer (KYC) and Prepaid Payment Instruments (PPIs). KEY POINTS: The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 17,63,965 on Manappuram Finance Limited

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RBI caps lending limits of NBFCs

The Reserve Bank of India (RBI) has tightened the rules for non-banking finance companies (NBFCs) relating to their large exposures. The exposure of NBFCs for the Upper layer: Exposure must not exceed 20% of its capital base at all times, Board can allow an additional 5%. NBFCs that are into infrastructure finance can have exposure of 25%, with an option of an additional 5% of Tier I capital to a single counterparty.

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RBI releases Guidelines on Establishment of Digital Banking Units (DBUs)

The Reserve Bank of India (RBI) on Thursday issued guidelines for the establishment of ‘Digital Banking Units’ as announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman earlier this year. In the Union Budget 2022-23 the finance minister made announcements for setting up of 75 Digital Banking Units (DBUs) in 75 districts to

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