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March 7, 2024 9:01 PM

RBI, Bank Indonesia sign MoU to promote use of local currencies for cross-border transactions

The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) in Mumbai on Thursday for establishing a framework to promote the use of local currencies viz. the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions. The MoU was signed by the Governor of Reserve Bank of India Mr. Shaktikanta Das and the Governor of Bank Indonesia Mr. Perry Warjiyo. This collaboration marks a key milestone in strengthening bilateral cooperation be...

January 31, 2024 9:19 PM

Reserve Bank directs Paytm Payments Bank to stop onboarding new customers with immediate effect; Also bars it from accepting deposits after 29th February

Reserve Bank of India has directed Paytm Payments Bank Ltd to stop onboarding new customers with immediate effect and has barred it from accepting deposits after the 29th of February. RBI said in a press release that action is being taken against Paytm for persistent non-compliance and continued material supervisory concerns in the bank. In exercise of its powers under section 35A of the Banking Regulation Act, RBI has directed that no further deposits and credit transactions or top-ups shall be...

October 18, 2023 2:05 PM

RBI imposes monetary penalty on ICICI & Kotak Mahindra Bank

<span style="color: #222222;">Reserve Bank of India has imposed a monetary penalty of 12.19 Crore rupees on ICICI Bank and 3.95 Crore rupees on Kotak Mahindra Bank due to violations of various provisions of the Banking Regulation Act and directions of RBI.</span> <br />''<br />''In a statement issued yesterday, RBI has said, ICICI bank sanctioned or committed loans to companies in which two of its directors were also directors. The statement says, ICICI...

October 18, 2023 2:05 PM

RBI imposes monetary penalty on ICICI & Kotak Mahindra Bank

October 4, 2023 1:19 PM

Bi-Monthly meeting of RBI's Monetary Policy Committee begins in Mumbai

Bi-Monthly meeting of Reserve Bank of India’s Monetary Policy Committee (MPC) began in Mumbai today. RBI Governor Shaktikanta Das will issue a Monetary Policy Statement on Friday. He will also address the Press Conference on the same day. After the last meeting, MPC kept interest rates unchanged. Currently Repo rate is at 6.5 per cent, Reverse Repo at 3.35 per cent and Bank rate is at 6.75 per cent. RBI has projected real GDP growth for 2023-24 at 6.5 per cent.

August 18, 2023 1:28 PM

Don't compound penal interest on loans : RBI to Banks, NBFCs

Reserve Bank issued guidelines to banks, NBFCs on levying of penal rates of interest on loans. RBI in a circular dated 18th Aug 2023 mentioned that there shall be no capitalisation of penal charges i.e., no further interest computed on such charges. After reviewing the practices followed by Banks on charging penal interest/charges, the central Bank issued the guidelines underscoring that Penalty, if charged, for non-compliance of terms and conditions of loan contract by the borrower shall be tre...

August 10, 2023 1:59 PM

Central Bank raises per transaction limit for UPI Lite to 500 rupees from existing 200 rupees to promote digital transactions

Reserve Bank of India has proposed to launch an innovative payment mode viz., “Conversational Payments” on UPI. It will enable users to engage in a conversation with an Artificial Intelligence-powered system to initiate and complete transactions in a safe and secure environment. RBI Governor Shaktikanta Das said, this channel will be made available in both smartphones and feature phones-based UPI channels, thereby helping in the deepening of digital penetration in the country. Initially the faci...

July 6, 2023 8:44 AM

Inter-Departmental Group of RBI releases report & recommendations for Internationalisation of rupee

An Inter-Departmental Group of the Reserve Bank of India has said that the increasing use of Indian rupee in invoicing and settlement of international trade, as well as in capital account transactions, will give the local currency international acceptance. The group was formed to examine the internationalization of rupee and frame a roadmap for the same. Its report and recommendations were placed on the RBI’s website yesterday. The report states that the internationalization of a currency ...

June 18, 2023 8:18 AM

RBI calls reports of missing banknotes incorrect

The Reserve Bank of India has come across reports circulating in certain sections of the media alleging missing of banknotes printed by banknote printing presses. The RBI emphasises that these reports are not correct. These reports are based on erroneous interpretation of information collected under the Right to Information Act, 2005 from the printing presses. As informed by RBI, it may be noted that all banknotes supplied from printing presses to RBI are properly accounted for. It has further...

June 8, 2023 7:34 PM

Reserve Bank of India allows banks to use RuPay Prepaid Forex cards

In order to expand payment options for Indians traveling abroad, the Reserve Bank has decided to allow issuance of RuPay Prepaid Forex cards by banks in India for use at ATMs, PoS machines, and online merchants overseas. Governor Shaktikant Das announced some additional measures after informing decisions of Monetary Policy Committee. Shaktikant Das informed that the scope and reach of e-Rupi vouchers are proposed to expand by permitting nonbank prepaid payment instruments issuers to issue e- Rup...

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