RBI proposes to include beneficiaries of PM Vishwakarma Scheme under Payments Infrastructure Development Fund Scheme

October 6, 2023 8:39 PM

RBI proposes to include beneficiaries of PM Vishwakarma Scheme under Payments Infrastructure Development Fund Scheme

The Reserve Bank has proposed to include the beneficiaries of @RBI under the Payments Infrastructure Development Fund - PIDF Scheme. In a statement regarding various developmental and regulatory policy measures issued from Mumbai today, RBI said the decision is expected to give a fillip to its efforts towards promoting digital transactions at the grassroots level.   The Reserve Bank has further proposed to extend the PIDF Scheme by a further period of two years, i.e., up to Decemb...

Reserve Bank issues directions for appointment of Internal Ombudsman for all Credit Information Companies

October 6, 2022 8:20 PM

Reserve Bank issues directions for appointment of Internal Ombudsman for all Credit Information Companies

The Reserve Bank has issued directions for appointment of Internal Ombudsman for all Credit Information Companies - CICs. As announced in the monetary policy statement dated 5th August 2022,  all complaints that are partly or wholly rejected by CICs will be reviewed by the Internal Ombudsman before the final decision is conveyed to the complainant. The Ombudsman will not entertain any complaints directly from the members of the public. RBI has directed CICs to complete the process of appointment...

RBI asks issuers to provide facility to switch on, off cards to prevent frauds

January 16, 2020 7:48 AM

RBI asks issuers to provide facility to switch on, off cards to prevent frauds

Reserve Bank has asked banks and other card-issuing companies to provide facility to customers to switch on and off their debit or credit cards, a move aimed at enhancing security for digital transactions. The RBI said that at the time of issue or re-issue, all cards (physical and virtual) should be enabled for use only at contact based points of usage [ATMs and Point of Sale (PoS) devices within India. The central Bank said issuers should provide cardholders a facility for enabling card not pre...

RBI issues new guidelines for resolution of bad loans

June 7, 2019 8:56 PM

RBI issues new guidelines for resolution of bad loans

The Reserve Bank has issued a new framework for resolution of bad loans, offering a 30-day gap for stress recognition instead of the one-day default earlier. In a notification issued from Mumbai today, RBI has said that lenders will have complete discretion with regard to the design and implementation of resolution plans, subject to the specified timeline and independent credit evaluation.   The apex bank has said that lenders may recognise incipient stress in loan accounts, immediately on defau...

RBI says that it will reduce the statutory liquidity ratio by 0.25 percent every quarter beginning January next year

December 5, 2018 9:14 PM

RBI says that it will reduce the statutory liquidity ratio by 0.25 percent every quarter beginning January next year

The Reserve Bank today said that it will reduce the statutory liquidity ratio by 0.25 percent every quarter beginning January next year. Statutory Liquidity Ratio - SLR - is the portion of funds which banks are required to maintain in the form of cash, gold reserves, the government approved securities before providing credit to the customers. In a statement, RBI said the reduction will continue until it reaches 18 per cent from the current 19.5 percent. The move is likely to release funds locked...

July 13, 2018 2:02 PM

MPC to continue with 3-day format for monetary policy meet

July 10, 2018 11:34 PM

MPC to continue with 3-day format for monetary policy meet

Reserve Bank has said it will continue with the three-day meeting format of the Monetary Policy Committee which decides on the key interest rate, commencing on 30th of this month.  In a press release issued from Mumbai today, RBI said that third Bi-monthly Monetary Policy Statement for 2018-19 will be issued on 1st of the next month and the practice of a three-day meeting format adopted before the last policy will be continued.  The MPC used to meet for two-days, but last the meeting was stretch...

RBI reveals that India's manufacturing sector recorded robust growth in sales

July 10, 2018 5:45 AM

RBI reveals that India's manufacturing sector recorded robust growth in sales

Reserve Bank has revealed that India's manufacturing sector recorded robust growth in sales and improvement in operating profit growth in the fourth quarter of the last fiscal.  A performance report of the private corporate business sector by RBI informs that the companies posted sales of 9.25 lakh crore rupees in the last quarter of 2017-18 as compared to 8.41 lakh crore rupees in the last quarter of 2016-17.  The report says that demand conditions improved for electrical machinery and...