Paytm Payments Bank adds IAS officers, PSU bankers to board

Paytm Payments Bank Ltd (PPBL) has reconstituted its board of directors by appointing four new independent directors, days after regulatory action by the Reserve Bank of India (RBI). The new appointments come weeks after the RBI barred PPBL from onboarding new customers and directed it to stop taking fresh deposits from existing customers over violations […]

RBI Governor Signals End of Rate Hike Cycle While Remaining Vigilant on Inflation

Key Highlights of RBI’s Latest Monetary Policy: Reserve Bank of India (RBI) Governor Shaktikanta Das today indicated that the central bank may have reached the end of the current rate hike cycle after leaving the key policy rate unchanged in a split decision following the Monetary Policy Committee meeting. However, he stressed that policymakers need […]

RBI hikes UPI payment limit for education, hospitals

Reserve Bank of India (RBI) increased the limits for certain types of transactions made through the popular Unified Payments Interface (UPI) platform and e-mandates that allow recurring online payments. Specifically, the central bank said it will increase the per-transaction limit for payments made to educational institutions and hospitals using the UPI platform from the existing […]

Major Decisions Taken By RBI MPC in October 2023 Meeting

The Reserve Bank of India (RBI), the country’s central bank and banking regulator, today announced major policy decisions taken at its bi-monthly monetary policy review meeting held during 3rd to 5th October. While the RBI’s Monetary Policy Committee (MPC) kept key rates unchanged in its rate setting review, the policy measures announced cover significant areas […]

RBI Maintains Status Quo on Rates, Reiterates Focus on Inflation Management

The Reserve Bank of India’s Monetary Policy Committee (MPC) unanimously decided to keep the benchmark repo rate unchanged at 6.5% while maintaining its stance of withdrawal of accommodation. In his statement, RBI Governor Shaktikanta Das emphasized that the global economy is experiencing a slowdown amidst tightening financial conditions, lingering geopolitical tensions and increasing fragmentation. However, […]

Cryptocurrencies threaten India’s financial stability, invest at own risk – RBI governor

Reserve Bank of India governor Shaktikanta Das today warned investors to exercise caution when investing in crypto-currencies. “I have made our position very clear on this. Private crypto currency or whatever you call it, is a very big threat to our macro-economic and financial stability. “RBI’s position is that private crypto-currencies will interfere with RBI’s […]

LIC gets RBI nod to continue buying Kotak Mahindra Bank shares

Life Insurance Corporation of India, a government-controlled insurance company that has the highest share of the market in India, can continue to increase its stake in private lender Kotak Mahindra Bank, having got the nod from Reserve Bank of India to increase its stake to 9.99%. LIC has been increasing its stake in Kotak Mahindra […]

Liquidity crunch continues to hurt NBFCs, GDP growth – Fitch

Operating conditions for Indian non-banking financial companies/institutions (NBFCs or NBFIs) have improved slightly in the first two months of 2020, however, uncertainty levels continue to be high for certain segments within the sector such as housing finance and wholesale lending, global ratings agency Fitch said in a note today. “The recent fundraising by a number […]

RBI fines UCO Bank over fraud reporting

The Reserve Bank of India has fined the UCO Bank for discrepancies in complying with the central bank’s norms on classifying and reporting frauds and on collection of account payee instruments, the bank said. “..the Reserve Bank of India..under the Banking Regulation Act, 1949 imposed a penalty of Rs 2.00 crore for non-compliance of instructions […]

MARKET TURMOIL: RBI, SEBI says ‘closely monitoring’ situation

The Reserve Bank of India and the Securities and Exchange Board of India are “closely monitoring recent developments in financial markets” and are ready “to take appropriate actions, if necessary,” India’s central bank said in a one-line statement on Sunday. The move comes in the wake of what looks to be the beginning of prolonged […]

Airtel Payments Bank: RBI lifts ban on new signups

Bharti Airtel said the Reserve Bank of India has lifted the restriction on signing up new customers imposed on its banking unit Airtel Payments Bank. The restriction was imposed in January after reports that the company was signing up its mobile customers on its payments bank platform without seeking their full consent. Payments Banks are […]

Jan Dhan avg balance starts growing again after demonetization

The total amount of money held under the accounts opened under the┬áJan-Dhan Yojana is once again nearing the all-time high seen during demonetization, and has increased by nearly 10% over a period 4 months, puzzling banking officials. Numbers from RBI also show that Jan Dhan accounts have stopped losing money and that the average amount […]

State Bank of Mauritius gets banking license in India; Woori, PPF in queue

State Bank of Mauritius has become the first foreign entity to receive a license to start a bank in India. The bank, along with DBS of Singapore, had received preliminary approval several months ago. It has now received the final banking license on Dec 6, banking sources confirmed. Mauritius, despite being a tiny Island nation […]