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
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After being banned by the RBI from issuing new cards, US-based payments technology major Mastercard on Friday said it has submitted an audit report to the regulator showing compliance with the local data storage norms.
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) on Wednesday allowed authorised non-bank payment system providers (PSPs) to participate in centralised payment systems (CPS), such as real-time gross settlement (RTGS) and national electronic fund transfer (NEFT), as direct members.
Making a strong argument in favour of a central bank digital currency (CBDC) for India, the RBI has said that it would reduce currency costs for the government and would help offset the threat of virtual currencies.
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 Reserve Bank of India (RBI) allowed IDFC to exit as the promoter of IDFC First Bank. In a regulatory filing made to the BSE, IDFC said that the RBI on July 20 clarified that “after the expiry of lock-in period of 5 years, IDFC Limited can exit as the promoter of IDFC First Bank … Continue reading RBI allows IDFC to exit as promoter of IDFC First Bank
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 Reserve Bank on Monday issued a scheme ‘RBI Retail Direct’, a one-stop solution to facilitate investment in government securities by individual investors.
India’s central bank wants to anchor inflation expectations as it focuses on reviving economic growth, governor Shaktikanta Das told a local newspaper in an interview, and urged the government to look at lowering fuel taxes to ease price pressures.
The Reserve Bank on Thursday asked banks and financial institutions to use any widely accepted alternative reference rate (AAR) instead of LIBOR (London Interbank Offered Rates) as the reference rate for entering into new financial contracts.
The Reserve Bank of India (RBI) on Wednesday said it has imposed penalties on SBI, Bank of Baroda, IndusInd Bank, Bandhan Bank and 10 other lenders for contravention of various regulatory norms, including on lending to NBFCs.
The Supreme Court has refused to grant interim stay on the RBI’s notice asking Punjab National Bank to disclose information such as defaulters list and its inspection reports under the RTI Act, and sought responses from the Centre, federal bank and its central public information officer.
Plans by Big Tech to foray further into India’s financial sector pose risks for traditional banks as the tech firms have the potential to become dominant players in financial services, the Reserve Bank of India (RBI) said.
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
RBI remains concerned about crypto
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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
The Reserve Bank of India on Friday decided to keep key lending rate or repo rate unchanged for the sixth consecutive time in its June policy review meeting. RBI lowered its estimate for economic growth to 9.5% for the current fiscal from earlier projection of 10.5% due to the impact of the second Covid-19 wave. … Continue reading RBI keeps rates unchanged, pegs FY22 GDP growth at 9.5%
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.
Circular that bars crypto not valid: RBI
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In a positive move for cryptocurrency (virtual) investors and related businesses, the RBI on Monday told banks to stop citing its April 2018 circular to deny services to those dealing in crypto as the same was set aside by the Supreme Court. The RBI has asked banks to continue doing due diligence on cryptocurrency-related dealings … Continue reading Circular that bars crypto not valid: RBI
The Reserve Bank of India’s decision to remove a 2018 rule that forbid banks from facilitating cryptocurrency trades comes as a welcome relief for a community facing push-back from traditional lenders needed to help settle these deals.
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.