RBI proposes additional authentication for digital transactions
Posted Date : 01-Aug-2024 , 08:52:59 am | Posted By CASANSAAR
Aiming at further strengthening the security of digital transactions, the Reserve Bank of India (RBI) on Wednesday proposed to introduce additional factors of authentication for digital transactions.
In the draft guidelines on ‘Alternative Authentication Mechanisms for Digital Payment&rsquo...
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RBI mandates real-time fraud monitoring for non-bank payment operators
Posted Date : 31-Jul-2024 , 08:42:42 am | Posted By CASANSAAR
The RBI on Tuesday said non-bank payment system operators will have to put in place a real-time fraud monitoring solution to identify suspicious transactional behaviour and generate alerts.
Also, non-bank payment system operators (PSOs) will have to ensure that an online session on mobile applica...
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RBI unveils new PCA framework for UCBs
Posted Date : 27-Jul-2024 , 08:36:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday launched the prompt corrective action (PCA) framework for urban co-operative banks (UCBs), on the lines of PCA norms for scheduled commercial banks and non-banking finance companies. The framework will come into effect from April 1, 2025.
The banking regu...
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RBI tightens norms for cash pay-outs at Banks
Posted Date : 25-Jul-2024 , 10:39:39 pm | Posted By CASANSAAR
The RBI on Wednesday tightened norms related to cash pay-out service at banks, making it mandatory for lenders to keep a record of recipients.
Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account.
The Reserve Bank of ...
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RBI has declared these 10 types of transactions as Fraud
Posted Date : 25-Jul-2024 , 08:37:22 am | Posted By CASANSAAR
Banks must now designate a specific person or team (nodal point) to report fraud to law enforcement agencies (LEAs) and coordinate with them to meet their needs. If fraud is found, it also needs to be reported to the RBI quickly.
How will reporting work? To ensure consistency, banks will use a sp...
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RBI mandates lenders to listen to loan defaulters before declaring accounts as fraud
Posted Date : 18-Jul-2024 , 08:25:02 am | Posted By CASANSAAR
The Reserve Bank of India has recently said that lenders should give defaulting borrowers enough time to respond before they are classified as "fraud accounts". The necessary action has been taken to ensure adherence to the principles of natural justice, a fundamental aspect of which is af...
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RBI issues revised circular to declare accounts as fraud, incorporates SC ruling on borrower rights
Posted Date : 16-Jul-2024 , 08:23:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on July 15 issued revised master directions on the classification of frauds to incorporate Supreme Court’s 2023 judgment on ‘natural justice’ for borrowers before their account was tagged as fraudulent.
The master circular issued on July 15 ...
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RBI urges CFOs of Banks to maintain open, honest communication with Auditors
Posted Date : 10-Jul-2024 , 08:59:50 am | Posted By CASANSAAR
Reserve Bank of India (RBI) Deputy Governor Swaminathan J on July 9 urged the chief financial officers (CFOs) of commercial banks and All India Financial Institutions to maintain open and honest communication within their organisations as well as with auditors and supervisors.
“Integral to ...
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RBI Levies Rs 1.31 Cr Penalty On Punjab National Bank (PNB)
Posted Date : 06-Jul-2024 , 09:01:18 am | Posted By CASANSAAR
The Reserve Bank of India on Friday has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-compliance. In a statement, the central bank said that the penalty was levied on the basis of supervisory evaluation of March 2022 accounts.
The bank extended loans to two sta...
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RBI imposes Rs 1.45 Cr Penalty on Central Bank of India for non-compliance
Posted Date : 14-Jun-2024 , 09:36:02 pm | Posted By CASANSAAR
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'.
The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE...
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RBI suffers system failure in automated system for Banks
Posted Date : 13-Jun-2024 , 12:41:47 pm | Posted By CASANSAAR
India's central bank system that enables lenders to manage their day-to-day liquidity needs did not work on Tuesday due to a technical issue, treasury officials said, its first such failure since it was set up nearly four years ago.
The automated sweep-in and sweep-out system (ASISO), u...
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RBI Monetary Policy - RBI keeps repo rate unchanged at 6.5%
Posted Date : 07-Jun-2024 , 10:42:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the second bi-monthly monetary policy of the financial year 2024-25 on Friday.
This is the first RBI policy after the Lok Sabha election results 2024. The RBI Governor headed six-member Monetary Policy Committee (MPC) decide...
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RBI approves highest-ever dividend of Rs 2.11 lakh Cr to Govt
Posted Date : 22-May-2024 , 08:09:13 pm | Posted By CASANSAAR
The Reserve Bank of India will pay a record Rs 2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of what was budgeted expectation, helping shore up revenue ahead of a new government taking office.
The RBI board, at its 608th meeting on Wednesday, approved t...
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RBI may transfer dividend of around Rs 1 lakh Cr to Government
Posted Date : 20-May-2024 , 04:39:29 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to transfer a substantial dividend, possibly around Rs 1 lakh crore, to the government, significantly higher than last year's payout, reported The Economic Times.
Recently, the RBI announced a significant reduction in the government's borrowing ...
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RBI directs NBFCs to adhere to cash disbursal limit of Rs 20,000 for loans
Posted Date : 09-May-2024 , 07:00:56 am | Posted By CASANSAAR
The Reserve Bank of India has directed non-bank finance companies (NBFC) to strictly adhere to IT Act on cash disbursements. This means, NBFCs must stick to a cap of Rs 20,000 while disbursing cash loans.
According to a Reuters report, this direction comes in a bid to deter cash transactions.
...
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RBI proposes tighter project finance rules
Posted Date : 04-May-2024 , 07:53:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday proposed tighter rules to govern lending to projects under implementation. The central bank’s draft rules include a classification of the projects as per their phase and higher provisioning of up to 5 per cent during the construction phase, even if the...
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RBI comes out with FEMA regulations for direct listing on international exchange
Posted Date : 25-Apr-2024 , 09:57:44 am | Posted By CASANSAAR
Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively.
Regulations have been ...
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RBI directs payment firms to track high-value, fishy transactions during elections
Posted Date : 23-Apr-2024 , 08:19:47 am | Posted By CASANSAAR
The Lok Sabha elections 2024 are in full swing with electioneering adding much colour to the entire process. However, to ensure that there is no wrongdoing, the Reserve Bank of India (RBI) has sent a missive to Payment System Operators (PSOs) asking them to keep a watch on all suspicious high-value ...
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RBI Issues Draft Guidelines on Payment Aggregators
Posted Date : 18-Apr-2024 , 11:05:18 am | Posted By CASANSAAR
he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem.
The draft also covers the physical point-of-sale activities of payment aggregators (PAs).
The RBI said that given the growth in di...
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RBI eases rules on hedging of gold price risk in overseas markets
Posted Date : 16-Apr-2024 , 01:54:54 am | Posted By CASANSAAR
The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC.
Resident entities such as banks were permitted t...
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RBI imposes monetary penalty on 5 co-operative banks for rule violation
Posted Date : 22-Mar-2024 , 07:25:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on March 21 said it has imposed monetary penalty on five co-operative banks for rule violations.
These banks are Pragati Mahila Nagrik Sahakari Bank, Janata Co-operative Bank, Jila Sahakari Kendriya Bank, Karad Urban Co-operative Bank, and The Kalupur Commercial Co...
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RBI organises Annual Conference of the RBI Ombudsmen
Posted Date : 20-Mar-2024 , 02:52:01 pm | Posted By CASANSAAR
The Reserve Bank of India organised the Annual Conference of RBI Ombudsmen, on March 15, 2024 in Mumbai. The theme of the conference was “Protecting the Consumers – Building Robust Systems and Procedures”. The Conference was attended by Chairman/ Managing Director & C...
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RBI alerts banks on heightened cyber security threats
Posted Date : 19-Mar-2024 , 07:54:39 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cautioned some banks, urging them to fortify their defences against potential cyber attacks, as per a Moneycontrol report citing industry sources.
The warnings, issued to select banks, follow the central bank's recent Cyber Security and Information Technolo...
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RBI Ombudsman received more complaints against private banks per branch in FY23
Posted Date : 13-Mar-2024 , 07:32:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) received 6.52 complaints per branch against RBL Bank between April 1, 2022 and March 31, 2023 through the offices of RBI Ombudsman (ORBIOs), according to the latest annual report. This is the highest number of complaints per branch against any private banks, as per th...
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RBI urges financial institutions to disclose climate risks
Posted Date : 29-Feb-2024 , 05:25:15 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday proposed a four-year road map starting 2025-26 for regulated entities (REs) – banks, financial institutions, and non-banking finance companies (NBFCs) – to disclose climate-related financial risks under the standard framework.
The regulated...
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RBI to examine overseas investment rules
Posted Date : 22-Feb-2024 , 09:32:08 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will meet banks to sort out the grey areas in overseas investment (OI) regulations which have stalled the plans of several wealthy Indians, business families, and startups from taking exposures to foreign securities, funds and companies.
Can a resident individual s...
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RBI asks Visa, Mastercard to stop card-based commercial payments
Posted Date : 15-Feb-2024 , 07:37:33 am | Posted By CASANSAAR
The Reserve Bank has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance.
While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response fro...
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RBI bars Paytm Payments Bank from offering services effective March 2024
Posted Date : 01-Feb-2024 , 08:18:12 am | Posted By CASANSAAR
Reserve Bank of India has imposed restrictions on Paytm Payments Bank and barred the entity from offering incremental banking services effective March 2024, due to concerns regarding breach of and compliance with regulatory norms.
“The Comprehensive System Audit report and subsequent compli...
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Revised norms on fair lending practice effective from April 1 - RBI
Posted Date : 15-Jan-2024 , 09:52:03 pm | Posted By CASANSAAR
The revised fair lending practice, which prohibits banks and NBFCs from using penal charges on loan defaults as a revenue enhancement tool, will come into effect from April 1, the Reserve Bank said on Monday.
Concerned over the practice of banks and non-banking financial companies (NBFCs) using p...
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RBI proposes banks with less than 6% net NPAs to declare dividends
Posted Date : 03-Jan-2024 , 08:31:24 am | Posted By CASANSAAR
The Reserve Bank on Tuesday proposed allowing banks having net non-performing assets (NPAs) ratio of less than 6 per cent to declare dividends.
As per the prevailing norms last updated in 2005, banks need to have a NNPA ratio of up to 7 per cent to become eligible for declaration of dividends.
...
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