Revenue secretary Sanjay Malhotra appointed as new RBI Governor
Posted Date : 09-Dec-2024 , 08:03:25 pm | Posted By CASANSAAR
Revenue secretary Sanjay Malhotra has been appointed as the new Reserve Bank of India governor, an official notification from the Centre's cabinet committee stated on Monday.
Malhotra, a 1990 batch Rajasthan cadre IAS Officer, will replace Shaktikanta Das, whose tenure comes to an end on Tues...
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RBI allows Small Finance Banks to Give Credit on UPI
Posted Date : 07-Dec-2024 , 07:22:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday allowed small finance banks (SFBs) to offer pre-sanctioned credit lines through Unified Payments Interface (UPI). Till now, only scheduled commercial banks were allowed to offer pre-sanctioned credit lines on the flagship payments platform.
The cent...
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Amendment to Framework for Facilitating Small Value Digital Payments in Offline Mode
Posted Date : 04-Dec-2024 , 06:38:13 pm | Posted By CASANSAAR
RBI/2024-25/93
CO.DPSS.POLC.No.S908/02-14-003/2024-25
December 04, 2024
The Chairman / Managing Director / Chief Executive Officer Authorised Payment System Operators and Participants (Banks a...
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Rs 1 Trillion stuck in inoperative accounts, RBI asks banks to monitor resolution
Posted Date : 03-Dec-2024 , 11:58:01 am | Posted By CASANSAAR
The Reserve Bank has prodded bankers to resolve the mounting issue of inoperative accounts and the huge amount of unclaimed deposits in them by asking lenders to monitor the resolution process at the board level.
In a circular to all heads of banks Monday, the regulator advised banks to take nece...
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RBI cautions public on deepfake videos of Top Management circulated over social media giving financial advice
Posted Date : 20-Nov-2024 , 01:35:00 am | Posted By CASANSAAR
It Has Come to The Notice of Reserve Bank of India That Fake Videos of The Governor Are Being Circulated in Social Media That Claim Launch of Or Support to Some Investment Schemes by the RBI. These Videos Attempt to Advise People to Invest Their Money in Such Schemes, Through Use of Technological To...
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RBI issues framework for reclassification of FPI to FDI
Posted Date : 12-Nov-2024 , 11:35:49 am | Posted By CASANSAAR
The Reserve Bank of India on Monday issued an operational framework for reclassification of investment made by a foreign portfolio investor to foreign direct investment (FDI) if the entity breaches the prescribed limit. Markets regulator Sebi too has issued a circular on procedure for reclassificati...
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Government invites applications for RBI Deputy Governor
Posted Date : 04-Nov-2024 , 09:12:01 pm | Posted By CASANSAAR
The Centre has invited applications for the post of a deputy governor by November 30 to succeed Michael Patra at the Reserve Bank of India (RBI). Patra's extended term ends in January.
Applicants need to have at least 25 years of work experience in public administration or similar years of ex...
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RBI adds 13 more entities in 'Alert List' of unauthorised forex trading
Posted Date : 23-Oct-2024 , 08:25:15 am | Posted By CASANSAAR
The Reserve Bank on Tuesday updated the 'Alert List' of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88.
The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Ma...
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RBI proposes beneficiary name verification for RTGS and NEFT transactions
Posted Date : 10-Oct-2024 , 04:41:38 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed to provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction in Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
Payment Systems like UPI and IMPS p...
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RBI flags irregularities in Gold Loan Practices, asks lenders to review policies
Posted Date : 30-Sep-2024 , 09:49:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has uncovered significant irregularities in the processing of loans against gold jewellery by supervised entities.
Following a recent review and on-site inspections of select financial institutions, the RBI found several deficiencies in processing of gold loans, an...
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RBI allows foreign investors in IFSC to invest in Sovereign Green Bonds
Posted Date : 30-Aug-2024 , 10:33:07 am | Posted By CASANSAAR
The Reserve Bank on Thursday introduced a scheme to permit foreign investors in the International Financial Services Centre (IFSC) to invest in sovereign green bonds to facilitate wider non-resident participation in such instruments.
The government issued sovereign green bonds (SGrBs) in January ...
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RBI increased UPI transaction limit from Rs 1 lakh to Rs 5 lakh
Posted Date : 10-Aug-2024 , 08:43:54 am | Posted By CASANSAAR
In a latest move to facilitate higher payments through UPI, the RBI proposes to increase the per transaction limit under the payment system from Rs 1 lakh to Rs 5 lakh.
According to the RBI, the increased limit will further ease tax payments by consumers through UPI.
In another proposal, the R...
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RBI announces Continuous Clearing of Cheques under CTS
Posted Date : 09-Aug-2024 , 12:41:29 am | Posted By CASANSAAR
For expeditious clearance of cheques, the RBI has announced measure on Continuous Clearing of Cheques under Cheque Truncation System (CTS). Once implemented cheques would be cleared within hours of submission instead of two days taken currently.
CTS currently processes cheques with a clearing cyc...
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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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