Tag: RBI

Axis Bank, HDFC Bank Fined 2.91 Crore By RBI For Deficiencies In Regulatory Compliance

September 11, 2024 admin

Representational Image Mumbai: The Reserve Bank of India (RBI) has imposed penalties totalling Rs 2.91 crore on Axis Bank and HDFC Bank for certain deficiencies in statutory and regulatory compliance. In a statement on Tuesday, the RBI said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain provisions of…

Nation

97.96% Rs 2,000 Notes Returned, Rs 7,261 Crore Worth Notes Still With Public

September 2, 2024 admin

The Rs 2000 banknotes were introduced in November 2016. Mumbai: The Reserve Bank of India (RBI) on Monday said 97.96 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI…

Nation

PM Narendra Modi Says Policy Measures Taken To Boost Social Impact Of FinTech In India

August 30, 2024 admin

Narendra Modi said the social transformation brought about by the fintech sector is far-reaching. Mumbai: Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over USD 31 billion in investments in the last 10 years, and the abolition of the…

Nation

RBI forms expert committee to benchmark its statistics

August 12, 2024 admin

The Reserve Bank of India (RBI) has constituted an Expert Committee under the chairmanship of deputy governor Michael Debabrata Patra to benchmark the statistics regularly disseminated by it against global standards/best practices; study the quality of other regular data, where such benchmarks do not exist (e.g., sectors of national priority); and provide guidance on the…

Business

A simple guide to understanding inflation

August 2, 2024 admin

What is inflation? In simple terms, inflation refers to an increase in the price of goods and services over a period of time. To illustrate, if five chocolates cost Rs 10 in 2020 and if the price went up to Rs 15 in 2024, it simply means that the cost of chocolates has increased over…

Business

RBI Fines Visa Rs 2.41 Crore Over Usage Of Unauthorised Payment Method

July 27, 2024 admin

RBI has aimed to tighten scrutiny of the processes followed by fintech compamies. New Delhi: The Reserve Bank of India imposed a penalty of Rs 2.41 crore (nearly $288,000) on Visa in relation to its usage of an unauthorised payment transfer method, the central bank said on Friday. “It was observed that the entity (Visa)…

Nation

PPF returns still languishing lower than formula-based rates: RBI

July 21, 2024 admin

The RBI indicated that the interest rates offered by the Union government on two of India’s most popular small savings schemes continue to languish below the rates they should have earned as per a formula-based system adopted since April 2016. File | Photo Credit: Reuters The interest rates offered by the Union government on two of…

Business

Union Budget 2024: NBFC sector seeks more funds to improve liquidity, regulatory reforms from Budget

July 15, 2024 admin

As of the end of March 2024, NBFCs had a CRAR of 26.6%, a GNPA ratio of 4.0% and a return on assets (RoA) of 3.3%. (Representational image only) Ahead of the upcoming Union Budget scheduled to be presented on July 23, the Non-Banking Financial Company (NBFC) sector is expecting enhanced financial inclusion and reinforcing digitalisation…

Business

India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani

July 12, 2024 admin

Arvind Virmani, NITI Ayog member. File | Photo Credit: Special arrangement “The Indian economy will grow around 7% in the current fiscal year and is on track to maintain a similar growth rate for several years,” NITI Aayog member Arvind Virmani said on July 12. Mr. Virmani said there are new challenges facing the country…

Business

Financial inclusion index rises with growth across all segments: RBI

July 9, 2024 admin

The Reserve Bank of India. File | Photo Credit: Reuters The Reserve Bank’s FI-Index, capturing the extent of financial inclusion across the country, rose to 64.2 in March 2024, showing growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0…

Business