Today the Reserve Bank of India released on its website the DRG Study1 titled, “Anatomy of Price Volatility Transmission in Indian Vegetable Market”. The study is co-authored by Puja Padhi, Himani Shekhar, and Akanksha Handa. The study was funded by the Reserve Bank of India under the DRG Study Series. The study investigates the horizontal…
The Reserve Bank of India (RBI) on Monday (June 26, 2023), imposed a monetary penalty of ₹26 lakh (Rupees Twenty-six lakh only) on TransUnion CIBIL Limited, Mumbai (the company) for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005. “This action is based on the deficiencies in regulatory compliance and is not…
In a notification on Friday (23, June) the RBI said that the Financial Benchmark Administrators (FBAs), which control ‘significant benchmarks’ in the markets for financial instruments regulated by the banking regulator, have been accorded approval to cease the publication of the Mumbai Interbank Forward Outright Rate (MIFOR) after June 30, 2023.“In light of the cessation…
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Thursday (June 8, 2023) decided to keep the policy repo rate unchanged at 6.50% and the Standing Deposit Facility (SDF) rate has been pegged at 6.25 per cent. The central bank kept bank rates at 6.75 per cent. He added that the MPC unanimously…
The Committee for Review of Customer Service Standards in RBI Regulated Entities set up by RBI last year found that nearly one crore customers complain to their banks and other REs every year, and the number has not changed much in the last three years. The six members committee headed by RBI Deputy Governor B.P.Kanungo…
Pursuant to Friday’s announcement of withdrawing Rs 2,000 notes, RBI reiterated that Rs.2000 notes continue to be legal tender unlike demonetization exercise. In view of the allegations of customers were dying while waiting in queues to exchange bank notes during the 2016 note ban, the Reserve Bank on Monday advised banks to provide shade from…
The Reserve Bank of India has decided to withdraw Rs 2,000 denomination banknotes from circulation and asked all to exchange them by September 30, 2023. The Rs 2,000 notes, however, will continue to be legal tender. “In pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw…
The Government of India has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005; vide a notification dated July 7, 2015, for setting up of the Central KYC Records Registry (CKYCR). Central KYC Registry (CKYCR) is the central repository of KYC information of customers. This registry is a one-stop collection of the information…
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Wednesday (April 6, 2023) decided to keep the policy repo rate unchanged at 6.50%. Reserve Bank projected India’s GDP growth forecast raised to 6.5% from the previous 6.4 percent for 2023-24. The present policy rates can still be regarded as accommodative, the statement said.…
RBI on Tuesday notified that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year. All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023, said RBI. It further said…