The Reserve Bank of India on Tuesday placed on its website that the deepfake videos of the Governor are being circulated on social media that claim the launch of or support for some investment schemes by the RBI. “These videos attempt to advise people to invest their money in such schemes, through the use of…
RBI on a review amended KYC Master Direction on November 06, 2024. “The amendment has been necessitated to (a) align the instructions with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 vide Gazette Notification dated July 19, 2024, (b) incorporate instructions in terms of the corrigendum dated…
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday (October 9) announced changes in transaction limits of UPI 123 and UPI Lite wallet. During the Statement on Developmental and Regulatory Policies announcement, Das said that the per-transaction limit for UPI 123Pay will be increased from ₹5,000 to ₹10,000, while the UPI Lite wallet limit…
The Reserve Bank of India (RBI) announced its fourth bi-monthly monetary policy for FY25 today, October 9. The RBI’s rate-setting committee (MPC) kept the benchmark repo rate unchanged at 6.5% for the tenth straight meeting. However, RBI maintains the status quo on policy rates, but changes its stance to Neutral from ‘withdrawal of accommodation’; GDP…
Financial regulators are government agencies responsible for overseeing and regulating financial institutions and markets. The role of regulators of financial sectors encompasses a comprehensive framework of laws, rules, and procedures established by governments and financial authorities. Its essential objectives are to maintain stability and integrity in the financial system, protect consumer interests, and foster fairness…
Repo suggests the rate at which liquidity is injected into the banking system whereas Reverse Repo is the rate at which RBI absorbs liquidity from the banks. RBI controls the money supply in the country by effecting the changes in repo rate & reverse repo rate. Therefore repo and SDF (reverse repo rate) are known…
Effective from 20 July 2020, the Consumer Protection Act, of 2019 replaces the more than three decades old Consumer Protection Act, of 1986. The new Consumer Protection Act 2019 seeks to revamp the process of administration and settlement of consumer disputes, with strict penalties, including jail terms for adulteration and misleading ads by firms. Among…
A bank must protect the confidentiality of its customers’ personal and banking-related information. This duty of secrecy, or confidentiality, extends to any information obtained from a customer’s account or banking relations. It is the most important duty of a bank that it must ensure all banking records of the customers are protected and are not…
Service charges are intended to cover the cost of services provided by the bank. As per RBI guidelines, for basic charges rendered to individuals, banks will levy charges ad valorem subject to a cap. RBI working group recommended service charges shall be fixed on a principle that fixing lower rates for individuals as compared to…
Section 72 of the Indian Contract Act provides that a person to whom money has been paid by mistake must repay or return the same to the person who has made such payment. Implied law: If one pays money to his friend intentionally and the friend receives it without any agreement. That is called a…