RBI envisages new guidelines for ATMs
Reserve Bank of India in its Statement on Developmental and Regulatory Policies published on Thursday sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of financial markets; and improving payment and settlement systems. One of the items on the agenda is executing new guidelines for ATMs. This is…
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RBI keeps the policy repo rate unchanged in fifth Bi-monthly Monetary Policy Statement
In the fifth bi-monthly monetary policy statement announced on Thursday (dated 05.12.2019), MPC decided to keep policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within…
Read article Microfinance as the Next Wave of Financial Inclusion
Mr.M.K.Jain, Deputy Governor of Reserve Bank of India while speaking at the inaugural session of the Small Industries Development Bank of India (SIDBI) National Microfinance Congress 2019 in Mumbai, said that “Microfinance, involving the extension of small loans and other financial services to low-income groups, is a vital economic conduit designed to facilitate financial inclusion…
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Government Notifies insolvency law for financial service providers
In the backdrop of instances of various FSPs facing problems, the Corporate Ministry, Government of India on Friday (November 15, 2019) notified rules under the insolvency law to deal with the resolution of financial service providers, excluding banks. According to the statement of Corporate Ministry, the new rule “Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings…
Read article RBI raises the limit for borrowing from NBFC-MFIs
Effective from November 08, 2019 the eligibility criteria for classification under ‘Qualifying Assets’ for NBFC-MFIs are revised. The Reserve Bank of India (RBI) in it’s circular dated November 08, 2019 increased the household income limits for borrowers of NBFC-MFIs from the current level of ₹1,00,000 for rural areas and ₹1,60,000 for urban/semi-urban areas to ₹1,25,000…
RBI mandates banks not to charge for NEFT transactions from January 2020
In order to further Digital Payments in the country, RBI announced today (Nov 08, 2019) that it has mandated the Banks not to charge for NEFT online transactions of SB customers. The new rule is effective from 1st January 2020. The Central Bank statement said that the new order is to “empower every citizen with…
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