Tag Archives: RBI

RBI penalty on IndusInd Bank

Reported by | Updated: December 14, 2017

The Reserve Bank of India has imposed a Rs 3 crore penalty on IndusInd Bank for not following the central bank’s regulations on classification of bad loans. RBI said in a statement the statutory inspection of the bank with reference to its financial position as on 31 March 2016 revealed, inter alia, violations of various […]

RBI to launch media campaign

Reported by | Updated: November 20, 2017

The Reserve Bank of India is proposing to have a multimedia and multilingual campaign to create awareness among people about banking regulations and initiatives of the central bank. The central bank has sought proposals from advertising agencies in this regard. The campaign is proposed to be in 14 languages with specific focus on regional languages. […]

Urjit Patel on FSI advisory board

Reported by | Updated: November 17, 2017

RBI governor Urjit Patel has been appointed to the Financial Stability Institute Advisory Board of the Bank of International Settlement (BIS). BIS is a global financial organization owned by major central banks from across the world. The Financial Stability Institute assists financial sector authorities worldwide in strengthening their financial systems. It is now in the […]

RBI not for Islamic banking

Reported by | Updated: November 15, 2017

Reserve Bank of India will not pursue the proposal for introduction of Islamic banking in India. The central bank, in reply to an RTI query, said its decision follows consideration of the wider and equal opportunities available to all citizens to access banking and financial services in the country. The RTI query by news agency […]

RBI says bank accounts should be linked to Aadhaar

Reported by | Updated: October 23, 2017

The Reserve Bank of India said linking bank accounts to Aadhaar is mandatory under the Prevention of Money Laundering Act. A statement issued by the central bank said in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the […]

RBI to launch pilot project on financial literacy

Reported by | Updated: October 16, 2017

The Reserve Bank of India is expected to launch a financial literacy drive in 80 blocks in 9 states on pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. Six NGOs registered with the Depositor Education and Awareness Fund – CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro […]

RBI issues new guidelines for PPIs

Reported by | Updated: October 13, 2017

The Reserve Bank of India has come out with final guidelines for prepaid payment instruments (PPI) such as closed, semi-closed and open wallets, which say all the PPIs will now be interoperable. The guidelines say interoperability shall be enabled in phases for the PPIs and that in the first phase, the issuers (both bank and […]

RBI proposes forex platform for retail customers

Reported by | Updated: October 13, 2017

The Reserve Bank of India has proposed the setting up of a foreign exchange platform for retail participants on the pattern of the FX-Clear platform of the Clearing Corporation of India. The central bank feels this would encourage transparent and fair pricing in the retail forex market. It has released a discussion paper in this […]

RBI says 99% of demonetized notes returned

Reported by | Updated: August 31, 2017

The Reserve Bank of India said Rs 15.28 lakh crore – or 99% – of the Rs 15.44 lakh crore demonetized in November 2018 have been deposited with the banks. This would mean there was hardly any black money in the monetary system and belies the government’s hopes of getting out of circulation several thousands […]

RBI panel to study on public credit registry

Reported by | Updated: August 3, 2017

The Reserve Bank of India has set up a committee to consider creation of a Public Credit Registry (PCR) to be operated by it. Deputy governor Viral Acharya said the proposed registry will be near real-time and will aid credit assessment not just by lenders but of the lenders themselves. It is expected to be […]

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