RBI today clarified that the Central Bank does not have arrangements with third parties to redress grievances against RBI-regulated entities. The above clarification was given in view of instances of misinformation being spread through certain sections of the social media about the Reserve Bank – Integrated Ombudsman Scheme 2021 (RB-IOS) has come to the notice…
In today’s (10.02.2022) meeting, the MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Accordingly,…
In terms of the recently amended Factoring Regulation Act, 2011which widens the scope of companies that can undertake factoring business, permits Trade Receivables Discounting System (TReDS) to file the particulars of assignment of receivables transactions with the Central Registry on behalf of the Factors for operational efficiency. The Act empowers the Reserve Bank of India…
To push digital transactions in rural and semi-urban areas, the Reserve Bank of India (RBI) on Monday issued a framework allowing offline payments up to Rs.200 per transaction, subject to an overall limit of Rs 2,000 until the balance in the account is replenished. Balance replenishment can only occur in an online mode. The new…
The Reserve Bank of India (RBI) on Thursday extended the deadline to comply with new card storage rules by another six months till 30th June 2022, following requests from industry bodies and other stakeholders. “In light of various representations received in this regard, we advise…the timeline for storing of a card on file (CoF) data…
The Reserve Bank of India has today issued the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs). In a notification on its website, the RBI said the new framework; the first of its kind for NBFCs will come into effect from October 1 next year. It may be recalled that the revised Prompt…
All Scheduled Commercial Banks other than foreign banks, Small Finance Banks, Payment Banks, and Regional Rural Banks incorporated in India who have met regulatory capital requirement (including regulatory buffer) are permitted to infuse capital in overseas branches and subsidiaries and retention/ repatriation/ transfer of profits in these centres by banks incorporated in India. Banks that…
In the Statement on Developmental and Regulatory Policies on December 8, 2021, the Reserve Bank of India announced an increase in the UPI Transaction Limit for Specified Categories.The statement said that the ‘Reserve Bank has been making efforts to facilitate greater participation of retail customers in financial markets, e.g. investment in the G-secs segment through…
In today’s (08.12.2021) MPC meeting, the Reserve Bank of India decided to maintain the policy repo rate under the liquidity adjustment facility (LAF) on hold at 4.0 percent. The Monetary Policy Committee of the Reserve Bank of India has also decided to maintain the status quo on all other key policy rates. RBI had…
The Reserve Bank of India has noted that some cooperative societies are using the word ‘bank’ in their names, in contravention of the Banking Regulation Act. Some cooperative societies are even accepting deposits from non-members/nominal members/associate members without any licensing or approval from the central bank, which is tantamount to conducting banking business in violation…