The Reserve Bank has placed on its website the ‘Framework for facilitating small value digital payments in offline mode’. The framework incorporates the feedback received from the pilot experiments on offline transactions conducted in different parts of the country during the period from September ...

The Reserve Bank of India (RBI) has thrown open the government agency business like tax collection to scheduled payment banks and scheduled small finance banks (SFBs). This is part of move to provide further scope to private banks to conduct government ...

The Reserve Bank of India (RBI) Make Legal Entity Identifier (LEI) Mandatory for cross-border transactions for capital or current account transactions of Rs 50 crore and beyond that, from 1st October of the following year. LEI is a 20-digit number used to uniquely identify ...

The Reserve Bank of India has imposed several restrictions on Nagar Urban Co-operative Bank Ltd, Ahmednagar, Maharashtra, including a cap of Rs 10,000 on withdrawals for customers in the wake of deterioration of its financial position. RBI has issued the directions in the exercise of powers ...

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on State Bank of India (SBI) on November 26, 2021, for violating sub-section (2) of section 19 of the Banking Regulation Act, 1949. SBI held shares in the borrower companies of an amount exceeding 30 percent of the ...

A working group constituted by the Reserve Bank of India on digital lending through online platforms and mobile apps has submitted its report. RBI had set a WG on Digital Lending including Lending through Online Platforms and Mobile Apps, with Jayant Kumar Dash, Executive Director, RBI, ...

The Reserve Bank of India has announced to introduce the Internal Ombudsman mechanism for following two types of Non-Banking Financial Companies (NBFCs): Deposit-taking NBFCs (NBFCs-D) with 10 or more branches andNon-deposit taking NBFCs with assets size of ₹5,000 crore must ...

India’s retail inflation rate, measured by the Consumer Price Index or CPI, rose mildly in October to 4.48% year-on-year from 4.35% in September due to an uptick in food prices. The inflation was 7.61% in October last year. For the fourth month in a row, CPI has been below the Reserve Bank of ...

The Reserve Bank of India has launched its first global hackathon named ‘HARBINGER 2021 – Innovation for Transformation’. The theme of HARBINGER 2021: Smarter Digital Payments. The Hackathon invites participants to identify and develop solutions that have the potential to make digital ...

The Reserve Bank of India will launch a web-based supervisory system that will enable off-site and on-site supervision of modern functions such as digital banking and cyber security. RBI Deputy Governor M. K. Jain informed this while speaking at a private function in Mumbai. After this, banks ...