RBI Governor Shaktikanta Das-headed six-member monetary policy committee (MPC) on Friday decided to raise the repo rate by 50 basis points and announced the withdrawal of the accommodative stance, largely in line with expectations, making it a non-event. “On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee…
RBI Governor Shaktikanta Das on Friday speaking at the ‘Banking beyond tomorrow’ the Annual Banking Conclave of Bank of Baroda said that the central bank will ensure that the rupee “finds its level” in line with its fundamentals with “zero tolerance” for volatile and bumpy movements of the currency.” We are living in turbulent times.…
The Reserve Bank of India on Friday released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other 21 major countries. The pilot exercise for benchmarking India’s payment systems was undertaken in 2019 with respect to the position in 2017. The above exercise was conducted…
The Reserve Bank of India (RBI) on Friday revised the existing guidelines for authentication and sorting the new series of banknotes and issued guidelines directing banks to test their banknote sorting machines on a quarterly basis. “In the backdrop of introduction of the new series banknotes, these parameters have been reviewed and a revised set…
The Take-home salary, contribution to Employees’ Provident Fund and working hours could change significantly as the Centre plans to implement new labour laws from July 1. The Indian parliament has passed the four labour codes — wages, social security, industrial relations, occupational safety, health and working conditions. These codes were created by subsuming 29 Central…
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…
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…
In today’s (June 8, 2022) statement of development and regulatory policies, the Reserve Bank of India (RBI) announced measures to support cooperative banks by doubling the credit limits for the individual borrowers of Primary (Urban) Co-operative Banks (UCBs) and Rural Cooperative Banks (RCBs) – State Cooperative Banks and District Central Cooperative Banks. According to the…
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday hiked the repo rate by 50 basis points (bps) to 4.90 per cent. The move comes barely a month after the central bank in a surprise off-cycle meeting had jacked up the repo rate by 40 basis points to 4.40 per cent to…
[Today, RBI clarifies about Government order on Production Linked Incentive (PLI)] Updated on 31.05.2022 In the RBI circular dated March 8, 2022, it was stated that the extended IES would not be available to those beneficiaries who were availing of the benefit under any Production Linked Incentive (PLI) scheme of the Government. In this regard,…