The Reserve Bank of India (RBI) on Friday, June 7, 2024, in its Statement on Developmental and Regulatory Policies announced, that banks have the discretion to offer differential rates of interest on bulk deposits as per their requirements and Asset-Liability Management (ALM) projections. The bulk deposit limit was enhanced in the year 2019 for Scheduled…
RBI today announced Automatic replenishment under the UPI Lite facility. Automatic replenishment ensures that users do not need to manually top up their UPI Lite wallets, making it easier to manage their offline transactions. This feature will be particularly beneficial for users in remote or rural areas where, internet connectivity is limited, as they can…
In the Statement on Developmental and Regulatory Policies, the Reserve Bank of India, Friday 7th June, announced recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with an auto-replenishment facility under the e-mandate framework. The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer’s account.…
Presenting the second monetary policy statement of FY25, RBI Governor Shaktikanta Das about the Central Bank’s position on the economy said “Remains vigil on any upside risk inflation, especially food inflation. Economic growth is holding firm.” The RBI’s monetary policy committee on June 7 decided to keep the repo rate unchanged for the eighth time…
The tools of monetary policy refer to the tools used by the Central Bank (RBI in India) to meet the set objectives of price stability and growth of the economy. The tools used by the Central Bank for the above purposes are; Cash Reserve Ratio (CRR), Statutory Liquidity Reserve (SLR) Directed credit and administered interest…
On Tuesday, RBI Governor Shri Shaktikanta Das, launched the PRAVAAH portal, the Retail Direct Mobile App, and a FinTech Repository. These three initiatives were earlier announced as part of RBI’s bi-monthly Statement on Development and Regulatory Policies in April 2023, April 2024, and December 2023 respectively. PRAVAAH is a secure and centralised web-based portal. The…
The Reserve Bank of India today, in its circular informed that during the onsite examination of Regulated Entities (Banks, NBFCs, and FIs) for the period ended March 31, 2023; it came across instances of lenders resorting to certain unfair practices in charging of interest. Some of the unfair practices noticed by the Central Bank are…
The RBI on Thursday said Gurugram-registered TalkCharge Technologies Pvt. Ltd. having its registered office at Unit No. 323, JMD Megapolis, 3rd Floor, Sohna Road, Sector 48, Gurgaon, Haryana-122018, is issuing Prepaid Payment Instruments (Wallets) through its website and app (application) ‘TalkCharge’ without obtaining the required authorization from RBI under the provisions of the Payment and…
‘Corporate Debt Security’ means non-convertible debt securities, which create or acknowledge indebtedness, including debentures, bonds, and such other securities of a company or a body corporate constituted by or under a Central or State Act, whether constituting a charge on the assets of the company or body corporate or not, but does not include debt…
The Statement on Developmental and Regulatory Policies released by RBI today proposed to facilitate a cash deposit facility through the use of UPI. “Cash Deposit Machines (CDMs) deployed by banks enhance customer convenience while reducing the cash-handling load on bank branches. The facility of cash deposit is presently available only through the use of debit…