As per the latest Reserve Bank of India (RBI) data, the foreign currency reserves of India declined by $1.466 billion to $633.614 billion, in the last week of 2021, which ended December 31, 2021. In the previous week ended December 24, the reserves dipped by USD 587 million to USD 635.08 billion. Gold reserves rose by USD 14 million to USD […]
Forex reserves decline by USD 1.466 bn to USD 633.614 bn: RBI data Read More »
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 2020 to June 2021. Payment/transaction will be considered offline when the
RBI releases framework for Facilitating Small Value Digital Payments in Offline Mode Read More »
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 agency business. In May this year, RBI has revised the existing guidelines on ‘Appointment of Scheduled Private Sector Banks as Agency Banks of RBI’ for
RBI allowed SFBs as Agency Bank to conduct Govt Business Read More »
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 parties to financial transactions worldwide to improve the quality and accuracy of financial data systems. The
RBI enforces 20-digit LEI for cross-border deals Read More »
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 vested in it under subsection (1) of Section 35 A
RBI imposed restrictions on Nagar Urban Co-operative Bank Read More »
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 paid-up share
RBI imposes Rs 1 Crore penalty on SBI For violating norms Read More »
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, as the Chairman to study all aspects of digital lending activities
RBI released a report of Working Group on Digital Lending Read More »
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 and Non-deposit taking NBFCs with assets size of ₹5,000 crore must appoint an Internal Ombudsman (IO). Consequently, these two categories of NBFCs will have to appoint Internal Ombudsman (IO). The internal Ombudsman will
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 India’s six
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 payments accessible to the under-served, enhance the ease of payments and user experience while strengthening
RBI launches its First Global Hackathon named ‘HARBINGER 2021’ Read More »
