Page 83 - Rbi

Allow use of non-financial transactions to decide a/c status: SBI to RBI

Current regulatory norms permit only credit and debit transactions to render an account operational.

Climate change affects financial system, need regulatory checks: RBI Dy Guv

Rao emphasised that the financial sector lacks comprehensive data to assess climate risks fully

Banking law amendments to make inheritance of deposits unambiguous

To improve governance, customer services says experts

RBI enhances UPI Lite wallet limits, updates offline payments framework

Earlier, the per-transaction limit and wallet limit for transactions made through Unified Payments Interface (UPI) Lite were set at Rs 500 and Rs 2,000, respectively

Food inflation in policy formulation a complex issue: EAC-PM member Shah

In July, Chief Economic Advisor V Anantha Nageswaran pitched for excluding food inflation from policy formulation which set it a fierce debate in policy circles with RBI resisting any such move

RBI raises UPI Lite wallet limit to Rs 5,000; per transaction to Rs 1,000

The Reserve Bank on Wednesday increased the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000 in order to encourage wider adoption of the popular instant payment system through mobile phones. UPI Lite transactions are offline to the extent that Additional Factor of Authentication (AFA) is not required, and transaction alerts are not sent in real time. Currently, the upper limit of an offline payment transaction is Rs 500 and the total limit for offline transactions on a payment instrument is Rs 2,000 at any point in time. The Reserve Bank on Wednesday amended the 'offline framework' issued in January 2022 with an aim at facilitating small value digital payments in offline mode. "...the enhanced limits for UPI Lite shall be Rs 1,000 per transaction, with Rs 5,000 being the total limit at any point in time," said a Reserve Bank circular. An announcement in this regard was made by the central bank in October this year. An offline payment means a transaction whi

Reserve Bank likely conducting dollar-rupee swaps to support currency

The currency has largely remained under pressure over the last two months on the back of heightened foreign portfolio outflows and a wave of dollar strength sparked by the Donald Trump's victory

SBI urges RBI to include non-financial transactions for account status

Faced with the challenge of ensuring an account remains operative, the State Bank of India (SBI) has written to the Reserve Bank, requesting change in rules, and consider non-financial transactions like balance checking as well for tagging an account as operative. C S Setty, chairman of the country's largest lender, said many a time, an account holder, especially ones where cash transfers under government programmes is the primary usage, does limited number of financial transactions. After direct benefit transfer, the money gets credited into the account, there are at best two-three debit transactions before it becomes dormant and earns the tag of being inoperative, he said on the sidelines of a bank event late on Tuesday evening. Even a non-financial transaction should be able to activate the account, Setty said, adding, "We have taken it up with the Reserve Bank of India (RBI)." He added that the current set of rules focus on financial transactions in a given point of time which

Newgen Software shares zoom 9% after accepting purchase order from RBI

On November 28, 2024, the company announced that it had received a purchase order from RBI to implement and maintain Regulatory Application Management System (RAMS)

RBI monetary policy: 'Prioritise liquidity support over rate action'

With the shockingly low Q2 GDP growth of 5.4 per cent year-on-year (Y-o-Y) last week, growth during the first half of 2024-25 stands at 6 per cent

Amid regulatory overhaul, Axis Bank awaits RBI nod on Axis Finance's future

Options under consideration include absorbing non-banking financial company (NBFC) into bank, pursuing a public listing, or reducing its shareholding in NBFC below a specified threshold

RBI lifts supervisory restrictions on Sachin Bansal-led Navi Finserv

Following the imposition of restrictions on Navi, the lender cancelled a scheduled fund raising activity of Rs 100 crore. Rating agency CRISIL had also put Navi's ratings on "rating watch"

RBI directs banks to urgently reduce inoperative or frozen accounts

This includes enabling seamless Know Your Customer (KYC) updates through mobile or internet banking, non-home branches, video customer identification processes, and more

98% of Rs 2,000 notes returned; Rs 6,839 cr worth notes still with public

The Reserve Bank on Monday said 98.08 per cent of the Rs 2,000 banknotes have been returned to the banking system, and only Rs 6,839 crore worth such notes are still with the public. On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 denomination banknotes from circulation. The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 6,839 crore at the close of business on November 29, 2024, RBI said. "Thus, 98.08 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement. The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches till October 7, 2023. However, this facility is still available at the 19 issue offices of the Reserve Bank. From October 9, 2023, the RBI issue offices are also accepting Rs 2,000 banknotes from individuals and entities for deposit into

RBI cancels registration of Zavron Finance over irregular lending practices

The RBI on Monday said it has cancelled the certificate of registration of Nagpur-based Zavron Finance due to irregular lending practices. Zavron Finance has violated RBI guidelines on code of conduct in outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as credit appraisal, loan disbursal, fixing of rate of interest, as well as KYC verification process, the central bank said in a statement. It further said the company not only failed to conduct due diligence on the Lending Service Providers (LSPs) to assess their competence, security and internal controls, ultimate beneficial owners, nationality/shareholding pattern, but also failed to carry out periodic review of security practices/control processes deployed by the LSPs so as to secure confidentiality/security of customer data. "The company has violated RBI guidelines on fair practices code by not providing the copy of loan agreement and sanction letter in ...

Unclear if US law permits Trump's 100% tariff threat on Brics: Ex-RBI Guv

President-elect Donald Trump's warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US law permits such an action, former RBI Governor Duvvuri Subbarao said on Monday. He also said even for BRICS, there are internal differences about bringing out an alternative to the US Dollar. The nine-member group that includes India, Russia, China, and Brazil, moving out of the US currency and having a common one remains a non-starter because of both politics and economics. "Donald Trump has threatened to slap 100 per cent tariffs on imports from countries that try to move out of the dollar. His ire was particularly directed at the BRICS bloc which has been actively talking about developing an alternative to the dollar. Trump is known to bark more than he bites," Subbarao told PTI. BRICS, formed in 2009, is the only major international group of which the

RBI ballooning NDF position suggests more rupee losses, say bankers

The Reserve Bank of India's aggregate short foreign currency in forwards and futures position jumped three-fold to $49.2 billion from September to October, official data showed on Friday

RBI to weigh growth slowdown, inflation at its MPC meeting this December

A survey conducted by Business Standard revealed that majority respondents believed that the RBI might revise its growth and inflation projections for the financial year

RBI likely to hold rates for 11th straight time: Business Standard poll

May cut cash reserve ratio, lower growth and inflation projections

Sharp slowdown: Solutions will need to go beyond interest rate cuts

Some economists believe that a pickup in government capital expenditure will help accelerate growth