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The Reserve Bank of India’s new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from Sunday onwards. The RBI in June raised the interchange fee for financial transactions from Rs 15 to Rs 17, while for non-financial transactions the increase was done from Rs … Continue reading RBI’s new rules on interchange fee, 24/7 bulk clearing facility functional

The Reserve Bank of India (RBI) on Tuesday said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework. The penalty has been imposed for “contravention of/non-compliance” with certain provisions of directions issued by the RBI.

The Reserve Bank of India (RBI) is working on phased introduction of such currencies, its deputy governor of RBI T Rabi Sankar said on Thursday. Delivering a speech at an online discussion, Sankar said that the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards … Continue reading Working on phased introduction of digital currency: RBI deputy guv

The tapering of the second wave of the Covid-19 pandemic coupled with aggressive vaccination has brightened the near-term prospects of the Indian economy, though a solid increase in aggregate demand may take some time, said the Reserve Bank of India on the state of economy.

The Reserve Bank of India (RBI) on Wednesday imposed restrictions on Mastercard for not adhering to its norms on storage of payment system data. As per directions, Mastercard cannot add new customers on its network from July 22.

The RBI’s ban on selling new credit cards has impacted market share on an incremental basis, HDFC Bank said on Wednesday, promising to get back to the market “with a bang” once the “temporal” embargo is lifted and recoup the losses.

Taking a tough stance on the governance of urban cooperative banks, the Reserve Bank of India (RBI) on Friday announced minimum qualifications and age limits for CEOs and whole-time directors of these banks as part of its ‘fit and proper’ criteria.

The RBI extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another six months till December 2021 to enable the completion of its takeover by Centrum Financial Services. Paving the way for takeover of the crisis-ridden bank, the RBI had earlier in the month granted in-principle approval to Centrum Financial Services to … Continue reading RBI extends regulatory restrictions on PMC Bank till Dec

In a fresh round of Covid relief measures, the Reserve Bank of India nudged banks to lend to contact-intensive sectors such as hotels, restaurants, tourism, bus operators and other services by opening a Rs 15,000 crore liquidity window for the lenders. It provided another Rs 16,000 crore to SIDBI to meet the short- and medium-term … Continue reading RBI to give booster shot to Covid-hit services, MSMEs

Reserve Bank of India (RBI) Friday said National Automated Clearing House (NACH) will be available on all days of the week, effective August 1, 2021. NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.

The Reserve Bank of India (RBI) governor Shaktikanta Das on Friday made it clear that the central bank’s view on cryptocurrencies like Bitcoin remains unchanged and it continues to have “major concerns” on the volatile instruments.

Consumer confidence for the month of May 2021 weakened further to hit an all-time low, a survey by the Reserve Bank of India (RBI) showed on Friday. With consumer’s perceptions on general economic situation and employment scenario weakening further, the current situation index (CSI) fell to a new low of 48.5 in May from 53.1 … Continue reading Consumer confidence hits all-time low: RBI report

India’s central bank will likely keep interest rates at record lows this week as it assesses the economic fallout of the country’s evolving Covid-19 crisis, but the monetary authority is expected to reiterate its commitment on liquidity.

The Reserve Bank of India (RBI) on Monday asked banks, NBFCs and payment system providers not to refer to its earlier virtual currencies-related circular, that was issued in April 2018 and later aside by the Supreme Court, in their communications to customers.