Reserve Bank of India Current Affairs

RBI issues Digital lending norms to curb malpractices

RBI has issued the regulatory framework to make digital lending safe for customers. The RBI has mandated that digital loans must be credited directly in the bank accounts of borrowers and not through any third party. Any fees, charges, payable to Lending Service Providers in the credit intermediation process shall be paid directly by Regulated Entities and not by the borrower. Automatic increase in credit limit […]

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RBI cancels licence of Rupee Co-operative Bank, Pune

RBI has cancelled the licence of Rupee Co-operative Bank Ltd, Pune, will be effective after six weeks (September 22, 2022). Reason: The bank is unable to pay its present depositors in full (capital inadequacy). It does not comply with the provisions of Section 11(1) and Section 22 (3) (d) with Section 56 of the Banking Regulation Act, 1949. The bank has also prohibited from

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New Payment System For NRIs: The BBPS

The Reserve Bank of India (RBI) proposed to allow non-resident Indians (NRIs) to make utility, education and other bill payments on behalf of their family members living in India. The payments will be processed through Bharat Bill Payment System’s (BBPS) cross-border inward bill payments facility. BBPS is a payments system conceptualized by RBI and run by National Payments

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RBI’s Financial Inclusion Index shows growth

The financial inclusion (FI) index of Reserve Bank of India’s (RBI) has increased to 56.4 in March 2022 from 53.9 in March 2021. It shows growth in across all sectors across the country. Financial inclusion index was constructed to capture the extent of financial inclusion across the country. Sectors: Banking, investments, insurance, postal, pension sector. This index has been created without

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RBI launches awareness campaign as unclaimed deposits increase

The RBI has launched a campaign to raise the awareness about the unclaimed deposits, with a focus on the eight states that have the maximum amount of unclaimed deposits. The unclaimed deposits in banks have increased to Rs 48,262 crore in FY22 from Rs 39,264 crore. Eight states: Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar and Telangana/Andhra Pradesh. This

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Piramal Enterprises receives approval from RBI to start NBFC business

The Reserve Bank of India (RBI) has allowed Piramal Enterprises to start their non-banking finance company (NBFC) business without accepting public deposits. The RBI has grant license under Section 45 IA of the Reserve Bank of India Act, 1934. The license was received by the Company on 26th July, 2022. Last year, the Piramal Enterprises board approved the demerger of its pharmaceuticals

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RBI approves Open, Cashfree Payments, PayNearby and Fairexpay for Cross-Border Payments

The Reserve Bank of India gave the go-ahead to Open, Cashfree Payments, PayNearby & Fairexpay, providers of payments and API banking solutions, for its cross-border payments offering. Cross-border payments are the focus of the Reserve Bank of India’s (RBI) announcement about the Second Cohort’s release from the Regulatory Sandbox. The reserve bank chose four of the eight entities that

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RBI imposes restrictions on Mumbai-based Raigad Sahakari Bank

RBI has imposed restrictions on Mumbai-based cooperative bank, Raigad Sahakari Bank. Reason: Worsening of financial situation of the lender. The restrictions also include a withdrawal limit of Rs 15,000 per customer and it will remain in force for a period of six months. RBI has also imposed a penalty of Rs 6 lakhs on Shri Chhatrapati Rajarshi Shahu Urban Co-operative

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RBI imposes penalties on Federal Bank and Bank of India

RBI has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance and Rs 70 lakh on Bank of India for non-compliance with certain provisions of Know Your Customer (KYC) norms and instructions on ‘compliance function in banks’ issued by RBI RBI has been imposed on Dhani Loans and Services Ltd, Gurugram for non-compliance with KYC

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To conduct fieldwork of inflation anticipation survey, RBI chooses Hansa Research Group

Reserve Bank of India (RBI) announced to select to partner with the Mumbai-based Hansa Research Group in order to ogranize field research for the July 2022 cycle of the consumer confidence and inflation anticipation surveys. Reserve Bank of India (RBI) will conduct the July 2022 round of the two surveys with Hansa Research Group Pvt.Ltd., Mumbai. Mumbai has been hired to conduct

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