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RBI fines Equitas SFB, India Post Payments Bank for compliance lapses

The Reserve Bank of India (RBI) on Friday said it has imposed penalties on Equitas Small Finance Bank and India Post Payments Bank for deficiencies in regulatory compliances. In a statement, the RBI said it has imposed a penalty of Rs 65 lakh on Equitas Small Finance Bank for non-compliance with certain directions on 'Levy of Foreclosure Charges/Pre-payment Penalty on Floating Rate Term Loans' and 'Credit Flow to Agriculture -- Collateral free agricultural loans'. A penalty of Rs 26.70 lakh has been imposed on India Post Payments Bank Ltd for non-compliance with certain directions on 'Customer Service in Banks', it said in another statement. Further, a penalty of Rs 3.10 lakh has also been imposed on Aptus Finance India Pvt Ltd for contravention of certain provisions of norms related to non-banking financial company. In each of the three cases, the RBI said the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any

IRDAI Caps Premiums, RBI Takes Over, Economists Want Liquidity, RBI Warns Fraud & Unions Seek Exemption

IRDAI limits premium hikes for senior citizens RBI takes over Aviom India Housing Finance Economists advocate for more liquidity, not just rate cuts RBI Governor flags digital fraud concerns

Credit growth moderates in personal loan segment in Dec: RBI data

Bank credit to personal loan segment moderated to 14.9 per cent year-on-year in December, largely due to decline in growth in 'other personal loans', 'vehicle loans' and 'credit card outstanding', according to Reserve Bank data released on Friday. The RBI has released data on sectoral deployment of bank credit for December 2024 collected from 41 select commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all commercial banks. On a year-on-year (y-o-y) basis, growth in non-food bank credit as on the fortnight ended December 27, 2024 moderated to 12.4 per cent as compared to 15.8 per cent for the corresponding fortnight of the previous year. According to the data, bank credit to agriculture and allied activities registered a growth of 12.5 per cent (y-o-y) as on the fortnight ended December 27, 2024 (19.4 per cent for the corresponding fortnight of the previous year). Further, credit growth to industry remained almost flat at 7.4 per cent ...

Forex reserves increase $5.57 billion to $629.55 billion, shows data

India's forex reserves increased USD 5.574 billion to USD 629.557 billion in the week ended January 24, the Reserve Bank said on Friday. In the previous reporting week, the overall kitty had dropped USD 1.888 billion to USD 623.983 billion. The reserves have been on a declining trend for the last few weeks, and the drop has been attributed to revaluation, along with forex market interventions by the Reserve Bank of India (RBI) to help reduce volatilities in the rupee. The forex reserves had increased to an all-time high of USD 704.885 billion in end-September. For the week ended January 24, foreign currency assets, a major component of the reserves, increased USD 4.758 billion to USD 537.891 billion, as per the RBI data. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves increased USD 704 million to USD 69.651 billion during the

Economic Survey 2025 suggests deregulation as a trigger for higher growth

We broadly concur with the Survey's assessment of a pick-up in rural demand on the back of improved crop output, disinflation, and an uptick in domestic investment activity

RBI injects $5.1 billion liquidity through oversubscribed FX swap auction

The RBI accepted 28 bids, totaling $5.1 billion, in the auction and the premium cut-off was set at 96.81 paisa, slightly below the prevailing market level before the auction results were announced

Markets Today: Economic Survey, US GDP; Nestle, ONGC, Q3; Dr. Agarwal's IPO

Back home, at 6:40 AM, GIFT Nifty futures indicated a strong start, up 71 points at 23,489

Brace for change: A key development on the anvil is the green taxonomy

The central bank is in the process of finalising and issuing a guidance note on scenario analysis and stress testing of climate-related risks

Regulators look at long-term spirit, fintechs had time to comply: Experts

The fintech industry players attend a panel discussion at the Business Standard BFSI Insight Summit 2024

Banks leave no stone unturned to stay ahead of fraudsters: Bank CEOs

The chiefs of leading banks attend a panel discussion on 'Banking on Technology' at the Business Standard BFSI Insight Summit 2024

We should aim to expand UPI's use worldwide: RBI Deputy Guv T Rabi Sankar

"It is important how you absorb acquisitions and make them successful. We care about the kind of firms we acquire, and how we integrate them with the mothership"

Fear mainly results in cyber frauds: State Bank of India's Nitin Chugh

Small-value frauds are the traditional phishing-based scams where people willingly give away their credentials or an account takeover

RBI action on unsecured lending warranted: Jio Financial chairman Kamath

"I think there is some sort of abuse of technology that is happening (by loan apps) and as a result, there is laxity in the whole process of lending"

Customer protection, value-added services to drive biz growth: C S Setty

"Annually, 12 million people prefer opening their savings accounts with us. That is not possible if your customer service is poor"

RBI opts for longer-term bond buys to add liquidity at OMO purchase auction

Reserve Bank of India bought bonds worth Rs 20,020 crore($2.31 billion) at an open market operation (OMO) on Thursday. The 10-year benchmark that matures in 2034 accounted for one-fourth

RBI tightens norms for imposing penalty under payment systems law

The Reserve Bank on Thursday tightened norms for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act (PSS Act) to rationalise and consolidate enforcement action by the central bank. As per the revised framework for payment system operators and Banks, operation of a payment system without authorisation, disclosure of information, which is prohibited, and failure to pay the penalty imposed by the Reserve Bank within the stipulated period are among the contraventions under the PSS Act. "(The) Reserve Bank is empowered to impose a penalty not exceeding Rs 10 lakh or twice the amount involved in such contravention or default where such amount is quantifiable, whichever is more, in case of contraventions/defaults...," said the 'Framework for imposing monetary penalty and compounding of offences under the Payment and Settlement Systems Act, 2007'. Earlier, the RBI was empowered to impose a penalty not exceeding Rs 5 lakh. The amount was raised

RBI receives six fold bids worth Rs 1.2 trn at OMO purchase auction

The cut-off price on the bonds scheduled was set below the secondary market price due to high demand, said market participants

RBI files bankruptcy application against Aviom India Housing Finance

The RBI also appointed Ram Kumar, the former chief general manager of state-run Punjab National Bank as the administrator for Aviom

Banks, importers seen lapping up India central bank's $5 billion FX swap

Central bank will conduct a 6-month dollar/rupee buy-sell swap, one of its many planned measures aimed at injecting liquidity worth about Rs 1.5 trillion ($17.33 billion) into the banking system

Digital payments rise 11.1% at Sept end 2024: RBI data on DPI

Digital payments across the country registered an 11.11 per cent year-on-year rise as on September 2024, according to RBI's index that measures the adoption of online transactions. RBI's Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 as against 445.5 for March 2024, the Reserve Bank said in a statement on Wednesday. "The increase in RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period, it said. The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country. The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods. These parameters are Payment Enablers (weightage 25 per cent); Payment Infrastructure Demand-side factors (10 per cent); Payment Infrastructure Supply-side factors (15 per cent);