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The RBI and Bank Indonesia MoU covers all current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries. | Photo Credit: Reuters The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) on March 7 in Mumbai for…
The RBI directive means that a card issuing bank or non-bank can not force the card of any particular network on a customer. | Photo Credit: Reuters The Reserve Bank of India (RBI) has issued directions to card issuers not to enter into any arrangement or agreement with card networks that restrain them from availing…
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RBI has been engaging with IIFL Finance’s senior management and auditors (Representational) The Reserve Bank of India on Monday ordered non-bank finance company IIFL Finance to stop sanctioning, disbursing and selling gold loans with immediate effect, citing “material supervisory concerns” in its gold loan portfolio. There were “serious deviations” in assessing the gold taken as…
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File picture of RBI Governor Shaktikanta Das, who said that India accounts for 40% of all digital payments in the world | Photo Credit: ANI Reserve Bank of India Governor Shaktikanta Das said on Monday that digital transactions in India have grown 90-fold in 12 years. Mr. Das was speaking at the RBI headquarters in…
Read More “India accounts for 40% of all digital payments in the world: RBI governor” »
The Reserve Bank of India (RBI) imposed a monetary penalty on State Bank of India and Canara Bank for regulatory violations, the central bank said in a press statement on Monday. The State Bank of India was fined Rs 2 crore for violations related to depositor education awareness funds and shareholding in a company exceeding…
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Representational image. | Photo Credit: The Hindu The Rupee gained two paise to settle at 82.89 (provisional) against the U.S. dollar in a range-bound trade on February 26, tracking volatility in the equity market. Forex traders said inflow of foreign funds and softer crude oil prices provided support to the Indian currency. “Also, the dollar…
Read More “Rupee settles two paise higher at 82.89 against U.S. dollar” »
Paytm, on February 9, announced setting up of a group advisory committee to advise the company on strengthening compliance and on regulatory matters. | Photo Credit: The Hindu Shares of Paytm owner One97 Communications jumped 5% in the morning trade on February 26 after Reserve Bank of India (RBI) asked retail payment settlement body NPCI…
Read More “Paytm shares jumped 5% in the morning trade on February 26, 2024” »
A set of newly identified banks will need to back the Paytm app. The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP). If approved, this would allow…
Read More “RBI’s Measure Over Paytm Request “For Continued UPI Operation”” »
Visa did not say why the Reserve Bank of India has issued the directive. | Photo Credit: Reuters Visa said on February 14 that the Reserve Bank of India (RBI), which is also the country’s financial market regulator, had directed it last week to halt all domestic transactions for Business Payment Solution Providers (BPSPs). BPSPs…
Read More “Visa halts intermediated commercial card payments in India after RBI’s directive” »
Reserve Bank of India Governor Shaktikanta Das. | Photo Credit: PTI The Reserve Bank of India (RBI) on February 8 projected GDP growth for the next financial year at 7% on the back of improved household consumption and upturn in private capex cycle. The real GDP growth is, however, lower than 7.3% estimated by the…
Read More “RBI pegs FY’25 GDP growth at 7% on improved consumption demand, private capex spends” »
