Paytm Payments Bank Ltd (PPBL) has reconstituted its board of directors by appointing four new independent directors, days after regulatory action by the Reserve Bank of India (RBI). The new appointments come weeks after the RBI barred PPBL from onboarding new customers and directed it to stop taking fresh deposits from existing customers over violations […]
Key Highlights of RBI’s Latest Monetary Policy: Reserve Bank of India (RBI) Governor Shaktikanta Das today indicated that the central bank may have reached the end of the current rate hike cycle after leaving the key policy rate unchanged in a split decision following the Monetary Policy Committee meeting. However, he stressed that policymakers need […]
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for the sixth time in a row as it maintains a tight vigil on inflation. This decision comes after an aggressive rate hike cycle that started in May 2022 in response to high inflation. The rate increase cycle was first paused in […]
Reserve Bank of India (RBI) increased the limits for certain types of transactions made through the popular Unified Payments Interface (UPI) platform and e-mandates that allow recurring online payments. Specifically, the central bank said it will increase the per-transaction limit for payments made to educational institutions and hospitals using the UPI platform from the existing […]
The Reserve Bank of India (RBI), the country’s central bank and banking regulator, today announced major policy decisions taken at its bi-monthly monetary policy review meeting held during 3rd to 5th October. While the RBI’s Monetary Policy Committee (MPC) kept key rates unchanged in its rate setting review, the policy measures announced cover significant areas […]
The Reserve Bank of India’s Monetary Policy Committee (MPC) unanimously decided to keep the benchmark repo rate unchanged at 6.5% while maintaining its stance of withdrawal of accommodation. In his statement, RBI Governor Shaktikanta Das emphasized that the global economy is experiencing a slowdown amidst tightening financial conditions, lingering geopolitical tensions and increasing fragmentation. However, […]
Reserve Bank of India governor Shaktikanta Das today warned investors to exercise caution when investing in crypto-currencies. “I have made our position very clear on this. Private crypto currency or whatever you call it, is a very big threat to our macro-economic and financial stability. “RBI’s position is that private crypto-currencies will interfere with RBI’s […]
The government of India today said it will introduce a digital rupee — a central bank digital currency — in the year starting April 2022. The move was announced by finance minister Nirmala Sitharaman. With this, India has become one of the few countries in the world to announce a date for the introduction of […]
Life Insurance Corporation of India, a government-controlled insurance company that has the highest share of the market in India, can continue to increase its stake in private lender Kotak Mahindra Bank, having got the nod from Reserve Bank of India to increase its stake to 9.99%. LIC has been increasing its stake in Kotak Mahindra […]
Government of India and the Reserve Bank of India seem to be bringing down the number of 2,000 rupee notes in circulation, even though no decision has been taken to phase them out. 2,000-rupee notes were introduced soon after the demonetization of 1,000-rupee notes in late 2016. Their introduction came for heavy criticism and was […]
India’s banking regulator has lifted a restriction it placed in September 2018 under which Bandhan Bank would have to seek its approval before opening any new branch. The restriction was put in place after the company failed to comply with a rule that requires banks to reduce their promoter shareholding to 40% or less within […]
Operating conditions for Indian non-banking financial companies/institutions (NBFCs or NBFIs) have improved slightly in the first two months of 2020, however, uncertainty levels continue to be high for certain segments within the sector such as housing finance and wholesale lending, global ratings agency Fitch said in a note today. “The recent fundraising by a number […]
Days after it imposed a monetary penalty of Rs 7 crore on four PSU banks, the Reserve Bank of India has slapped a fine of Rs 1 crore on ICICI Bank for delays in the implementations of the new controls relating to the SWIFT system of international payments. The SWIFT (Society for Worldwide Interbank Financial […]
A day after it imposed monetary penalty of Rs 7 crore on four PSU banks, the Reserve Bank on Monday slapped a fine of Rs 4 crore on Mangaluru-headquartered Karnataka Bank for delays in the implementation of new controls relating to the SWIFT system of international payments. The private sector lender was one of the […]
The Reserve Bank of India has fined the UCO Bank for discrepancies in complying with the central bank’s norms on classifying and reporting frauds and on collection of account payee instruments, the bank said. “..the Reserve Bank of India..under the Banking Regulation Act, 1949 imposed a penalty of Rs 2.00 crore for non-compliance of instructions […]
The Reserve Bank of India and the Securities and Exchange Board of India are “closely monitoring recent developments in financial markets” and are ready “to take appropriate actions, if necessary,” India’s central bank said in a one-line statement on Sunday. The move comes in the wake of what looks to be the beginning of prolonged […]
Indian banks will need between $40 bln to $55 bln (Rs 2.8 lakh cr to Rs 3.8 lakh cr) of additional capital to meet the Basel III capital adequacy norms set to come into effect next year, Fitch Ratings said, adding that most of the money will have to be put in by the tax […]
Bharti Airtel said the Reserve Bank of India has lifted the restriction on signing up new customers imposed on its banking unit Airtel Payments Bank. The restriction was imposed in January after reports that the company was signing up its mobile customers on its payments bank platform without seeking their full consent. Payments Banks are […]
The total amount of money held under the accounts opened under the Jan-Dhan Yojana is once again nearing the all-time high seen during demonetization, and has increased by nearly 10% over a period 4 months, puzzling banking officials. Numbers from RBI also show that Jan Dhan accounts have stopped losing money and that the average amount […]
State Bank of Mauritius has become the first foreign entity to receive a license to start a bank in India. The bank, along with DBS of Singapore, had received preliminary approval several months ago. It has now received the final banking license on Dec 6, banking sources confirmed. Mauritius, despite being a tiny Island nation […]
