Edited on 23.06.2022 In the recent Monthly Economic review, the finance ministry struck a note of caution on the twin deficit problem. Many of our readers like to know about the twin deficit problem. Whenever a country faces an increased fiscal deficit and current account deficit at the same time, it is known as the…
The Reserve Bank of India vide circular dated April 21, 2022, had issued master directions for credit and debit card issuance in the year 2022. These guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the new norms of card issuance…
The issue of the 2022-23 Series I of the Sovereign Gold Bonds (SGBs) scheme 2022-23 is open for subscription from June 20, 2022 – to June 24, 2022. The nominal value of the bond is based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of…
“There is no proposal on neo-banks or digital banks because we feel that the existing banks and NBFCs can adopt more and more technology for delivery of banking services.” said Shaktikanta Das while delivering a speech at the Financial Express Modern BFSI Summit in Mumbai on June 17, 2022.”The theme of my address “Disruptions &…
RBI on Thursday lifted the restrictions imposed on Mastercard Asia / Pacific Pte. Ltd, vide order dated July 14, 2021, from immediate effect. Last year on July 14, 2021, the regulator imposed restrictions on Mastercard from onboarding new domestic customers including debit, credit, or prepaid onto its card network for non-compliance with the RBI circular…
RBI on Tuesday said that Banks fail to observe its directions in letter and spirit while financing Government-owned entities. As per RBI Master Directions, Banks should not grant finance for the construction of buildings meant purely for Government/Semi-Government offices, including Municipal and Panchayat offices. However, banks may grant loans for activities, which will be refinanced…
In my previous post ‘how to get down to the redevelopment project of a housing society building,’ I explained what are all the precautions to be taken by the Society and its members before entering into an agreement with the builders/developers and what are all the important clauses to be included in the agreement. In…
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated June 10, 2022, permitted life insurance companies to introduce products without taking prior permission (use-and-file) from IRDAI. The regulator had extended the same relaxation of the ‘use-and-file’ procedure to health and general insurance companies vide a circular dated 01.06.2022. Thus, the insurance companies…
While speaking at the Iconic Week celebration as part of the ‘Azadi Ka Amrit Mahotsav’ to mark the 75th anniversary of Independence, organised by the Central Board of Indirect Taxes and Customs (CBIC), today RBI Governor Shaktikanta Das said that most of the digital lending apps are not registered with the central bank and operate…
In the statement of developmental and Regulatory policies dated June 8, 2022, the Reserve Bank of India stated that the auto-transactions up to Rs 15,000 no longer require customers to authenticate such payments manually with a One Time Password (OTP). This is after the regulator received requests from several stakeholders to increase the limit under…