Page 100 - Rbi

RBI warns against rising fraud in its name: Know how to remain protected

Cheats using fake RBI letterheads and email addresses, posing as central bank employees to deceive people with false promises of lottery winnings, fund transfers and government schemes

Fintechs don't have track record to evoke trust: RBI's T Rabi Sankar

Speaking at Global Fintech Fest 2024, Sankar noted that fintech cos largely not licensed by regulator, making it even more crucial for them to prove they can operate responsibly and earn public trust

RBI allows foreign investors in IFSC to invest in sovereign green bonds

The Reserve Bank on Thursday introduced a scheme to permit foreign investors in the International Financial Services Centre (IFSC) to invest in sovereign green bonds to facilitate wider non-resident participation in such instruments. The government issued sovereign green bonds (SGrBs) in January 2023. SGrBs were also issued as part of the government borrowing calendar in FY2023-24. At present, foreign portfolio investors (FPIs) registered with Sebi are permitted to invest in SGrBs under the different routes available for investment by FPIs in government securities. Earlier in April, the Reserve Bank announced the plan -- Scheme for Trading and Settlement of Sovereign Green Bonds in the International Financial Services Centre in India -- to facilitate wider non-resident participation in SGrBs. On Thursday, the RBI issued a circular permitting eligible foreign investors in the International Financial Services Centre (IFSC) to invest in such bonds. "The scheme shall apply to investm

RBI cautions against fraud, warns against sharing OTP and KYC details

The RBI also detailed various modus operandi used by fraudsters

RBI asks public to be cautious against fraudulent activities in its name

The Reserve Bank of India (RBI) on Thursday cautioned against fraudulent activities in its name and asked the public not share account login details, OTP, or KYC documents with unidentified persons. It has come to the notice of the RBI that unscrupulous elements are using various methods to defraud members of the public by using the name of RBI in some capacity, the central bank said in a statement. The RBI also listed various modus operandi employed by fraudsters. Fraudsters use fake letter heads and fake email addresses of the RBI, impersonating as employees of the central bank, and lure people with fictitious offers such as lottery winnings, fund transfers, foreign remittance, and government schemes. Targeted victims are made to part with money in the form of currency processing fee, transfer/remittance/procedure charges. Another tactic that has come to our notice is of small/medium businesses being approached by fraudsters posing as government/RBI officials and made to pay a .

CD ratios of Indian banks lower than global peers, says Ashima Goyal

Goyal further stated that the rise in non-performing assets (NPAs) in certain areas, such as personal credit, can be managed through targeted prudential regulations

RBI announces early redemption for SGB: Tax implications explained

You can prematurely withdraw your sovereign gold bond investment once it completes the fifth year

RBI expected to finalise guidelines on project loans in 2-3 months

The final project loan guidelines are likely to be announced in the next two to three months, a senior RBI official said on Thursday. The norms regarding the Expected Credit Loss (ECL)-based provisioning are in an advanced stage of discussion, the official told reporters here. The Reserve Bank of India has proposed to set aside 5 per cent of the total exposure to a project till the construction of the project is on. Fearing a hit to profits, banks have been asking for a relook into it, as per reports. The RBI official said up to 60 responses have been received on the project loans draft, and the central bank is going through all the suggestions. When asked about the timelines by when the final guidelines will come in, the official said it will take "at least 2-3 months", but did not give a specific answer on whether the guidelines will be implemented from April 1 next year onwards. To a question on the ECL framework, the official said the norms are in the "advance stages" of ...

RBI focusing on making UPI, RuPay truly global, says Governor Das

RBI grants license to FACE as self-regulatory org in fintech sector

Sebi seeks RBI support to boost participation in corporate bond repo market

Market players said that ARCL is not classified as a Qualified Central Counterparty (QCCP), which restricts participation from banks and PDs

Paytm gets govt approval for downstream investment in payments arm PPSL

Fintech firm One97 Communications -- the owner of Paytm brand -- has received the government's approval for downstream investment in wholly owned subsidiary Paytm Payments Services Ltd, a regulatory filing said on Wednesday. The company will reapply for a payment aggregator (PA) licence, it said. "We would like to inform you that PPSL has received approval from the Government of India, Ministry of Finance, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the Company into PPSL. With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under foreign direct investment norms. As per Press Note 3, the government had made its

Rupee falls 2 paise to 83.95 against US dollar in early trade today

Rupee depreciated 2 paise to 83.95 against the US dollar in morning trade on Wednesday, weighed down by a muted trend in domestic equities. Forex traders said from a macroeconomic standpoint, the rupee's downside appears well-contained, with the 84-level acting as a crucial support, likely bolstered by expected RBI intervention to prevent further depreciation. At the interbank foreign exchange market, the local unit opened at 83.94, then lost further ground and touched 83.95, registering a loss of 2 paise from its previous close. On Tuesday, the rupee depreciated by 6 paise to close at 83.93 against the American currency. According to CR Forex Advisors MD Amit Pabari the Reserve Bank's interventions not only seem to limit the rupee's downside but also cap its appreciation. "This was evident earlier in the week when, despite significant dollar weakness, the rupee remained steady, unlike other emerging market currencies that experienced notable gains," Pabari said. The rupee is exp

Regulators' panel brainstorm on taking action on spammers making robo calls

A joint panel of sectoral regulators brainstormed on taking urgent action on spammers making promotional voice, robo and pre-recorded calls in a meeting convened by the telecom regulator Trai on Tuesday. The joint committee of regulators (JCOR) was attended by the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority of India (Irdai), Pension Fund Regulatory and Development Authority (PFRDA), Ministry of Consumer Affairs (MoCA) and Ministry of Electronics and IT (MeitY), an official statement said. The Department of Telecom (DoT) and Home Ministry representatives also attended the meeting as special guests. The regulators deliberated on business entities making commercial voice calls using cloud-based telephony and fixed-line connection-based private exchanges, with hundreds of indicators in violation of Trai's regulations. "These entities should be migrated to the designated 140 series for making promotional call

Shriram Finance plans to raise up to $1.5 bn from overseas, says CEO

Last November, Reserve Bank of India asked all lenders to set aside more capital on loans given to non-banking financial companies (NBFCs)

RBI mulls softer rollout of infra financing norms amid lender pushback

The central bank faced criticism claiming that the new norms may slow down important govt projects like highways and power plants, which are critical for India's economic growth

SaaS startup Finarkein announces raising $4.75 mn in pre-series A round

Company's technology allows enterprises to co-create data products on India's digital public infrastructure

RBI to launch Unified Lending Interface to transform lending space: Das

There should not be in any rush to roll out system-wide CBDC before one acquires a comprehensive understanding of its impact, Das said

What’s Unified Lending Interface (ULI) and why RBI likes it

RBI Governor Shaktikanta Das on Monday (August 26) announced the introduction of the Unified Lending Interface (ULI), marking a step towards revolutionising India’s credit system. Here’s a lowdown on

Tata Sons avoids mandatory listing after repaying Rs 20,000 crore debt

Tata Sons, the holding company of the Tata Group, has voluntarily surrendered its certificate of registration to the Reserve Bank of India (RBI)

RBI's new credit risk standards are game changer for Indian economy

A well-executed model risk management framework can give a lender precise credit assessment, improve customer trust and edge over competition