Reserve Bank of India (RBI) Governor Shaktikanta Das today made an unscheduled speech as the second wave of coronavirus continues to devastate the country. “As the financial year 2020-21 – the year of the pandemic – was drawing to a close, the Indian economy was advantageously poised, relative to peers. India was at the foothills…
The Reserve Bank of India on Monday issued certain instructions on the governance for banks, including private banks, Small Finance Banks (SFBs), Wholly Owned Subsidiaries of Foreign Banks (not applicable to foreign banks operating as branches in India). In respect of the State Bank of India and Nationalised Banks, these guidelines would apply to the…
Reserve Bank of India while allowing banks to pay dividends on equity shares, reviewed the dividend declaration norms for the year ended March 31, 2021. “In view of the continuing uncertainty caused by the ongoing second wave of COVID-19 in the country, it is crucial that banks remain resilient and proactively raise and conserve capital…
As expected by most of the experts and analysts, the Reserve Bank of India (RBI) has today announced the monetary policy in which it has kept the repo rate unchanged at 4% and also decides to retain its ‘accommodative’ policy stance. RBI had kept the key policy rates unchanged for the fifth consecutive meeting. On…
Edited and republished on 05.04.2021 On Monday (05.04.2021), the Reserve Bank of India updated several amendments made to the Gold Monetization scheme 2015 to date and advised all designated banks to give adequate publicity to the Scheme through their branches, websites, and other channels. As per present guidelines, nominated banks authorized to import gold by…
The Reserve Bank of India today extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA). The framework mandated the use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of ₹2,000, since enhanced to ₹5,000),…
Today, the Governor of RBI Shri Shaktikanta Das, in his address at the India Economic Conclave 2021 organized by the Times Network in New Delhi. “Today, the Governor of RBI Shri Shaktikanta Das, in an address at the India Economic Conclave 2021 organized by the Times Network in New Delhi and chosen to speak about…
Reserve Bank of India today directed all the agency banks that the Government transactions done by them for the financial year 2020-21 must be accounted for within the same period. Special clearing for that purpose will be conducted for collection of government cheques on March 31, 2021 the notification said. The details of special clearing…
The RBI on Friday (Feb 26) extended the deadline to apply for an umbrella entity, which the central bank wants to set up to focus on retail payments system in the country, by over a month to March 31 in view of the pandemic. In August last year, RBI invited applications from desirous entities by…
Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. The central bank has sought to retain its current inflation target of 4%, with a two-percentage-point latitude on either side, seeking to build confidence in the broader economy that is still prone to both supply shocks and sudden…