The Monetary Policy Committee (MPC) met on the 3rd, 4th, and 5th of April 2024 and decided to keep the policy repo rate at 6.50 percent, other key policy rates also remained unchanged for the 6th straight time. RBI also left the policy stance unchanged with a focus on the withdrawal of accommodation. Withdrawal of…
RBI today issued a new direction to the card-issuing Authorised Payment System Providers / Participants (Banks and Non-banks) that they shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. “For existing cardholders, this option may be provided at the time of the next renewal,” the…
The Reserve Bank on Wednesday notified that the revised definition of trading book for capital adequacy in terms of MD on investments dated September 12, 2023. As per the guidelines, the investment portfolio would be categorized into 3 categories viz. Held to maturity (HTM), Available for sale (AFS), and Fair Value through Profit and Loss…
Reserve Bank of India (RBI) on Thursday issued an order restraining payments by companies through intermediaries to non-card-accepting recipients for violation of section 4 of the Payment and Settlement Systems (PSS) Act. While the central bank did not name the card network, it said that one card network has arrangements to allow such payments through…
The Monetary Policy Committee (MPC) met on the 6th, 7th, and 8th February 2024 and decided to keep the policy repo rate at 6.50 percent and other key policy rates also remained unchanged for the 6th straight time. RBI also left the policy stance unchanged with a focus on the withdrawal of accommodation. Withdrawal of…
The Reserve Bank of India today cautioned members of the public against fraud in the name of KYC updation. The modus operandi of such frauds, the RBI said, usually involves customers receiving unsolicited communications, including phone calls, SMS (short messaging service), and emails, through which victims are manipulated into revealing personal information, account details, or…
On Wednesday, the Reserve Bank of India directed Paytm Payments Bank to stop onboarding of new customers with immediate effect.The above supervisory action was warranted by the banking regulator given the Comprehensive System Audit report and subsequent compliance validation report of the external auditors that revealed persistent non-compliance and continued material supervisory concerns in the…
The repo rate is the rate at which the central bank of a country (Reserve Bank of India in the case of India) lends money to commercial banks in the event of any shortfall of funds. The repo rate is used by monetary authorities to control inflation. It is economically similar to a secured loan.…
RBI on Tuesday said that Regulated entities (REs) like Banks/FIs make investments in units of AIFs as part of their regular investment operations. However, it added that certain transactions of REs involving AIFs that raise regulatory concerns have come to their notice. The full form of AIF is the Alternate Investment Fund. AIF means any…
The Sovereign Gold Bond Scheme 2023-24 – Series II will be open for subscription from December 18, 2023. The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the…