Page 3 - Reserve Bank Of India

Govt announces interest subvention scheme for export credit under EPM

RBI notifies interest subvention scheme Niryat Prothsahan, directing banks to extend subsidised pre- and post-shipment export credit under EPM

Budget should back R&D, create long-term funding institution: MPC member

RBI Monetary Policy Committee member Nagesh Kumar on Monday said the government should provide policy incentives to promote R&D activities and create an institutional fund to ensure long-term capital for the industry in the forthcoming Budget. Finance Minister Nirmala Sitharaman will present the Union Budget for 2026-27 on February 1. "For boosting the manufacturing-led growth, the Union Budget 2026-17 should consider some policy incentives for promoting in-house R&D activity of Indian companies, given its role in strengthening their productivity and competitiveness," Kumar told PTI in an interview. He said Research, Development and Innovation (RDI) and Anusandhan National Research Foundation (ANRF) are important measures adopted in recent times. "But they need to be complemented by incentives for corporate R&D activity," he said, adding that restoring the 200 per cent weighted tax deduction for R&D expenditure could be one such policy. According to Kumar, another ...

RBI proposes linking Brics' digital currencies to cut reliance on US dollar

India will host the summit, which will be held later this year. If the recommendation is accepted, a proposal to link the digital currencies of Brics members would be put forward for the first time

SBI terminates GMU Kolkata lease; civil society urges RBI to intervene

The State Bank of India has terminated the lease for its Global Markets Unit (GMU) premises in Kolkata, a move that has drawn objections from a civil society forum, which has urged the Reserve Bank of India (RBI) to intervene and stop any closure of the unit without regulatory approval. An SBI notice dated January 14, 2026, issued to a vendor, stated that the bank is terminating the lease for the 11th to 16th floors of the Jeevan Sudha Building on Jawaharlal Nehru Road in central Kolkata, which housed the foreign exchange and global markets unit. The notice provides a one-month period to vacate, signalling the bank's intent to leave the premises as part of its plan to consolidate treasury and forex operations in Mumbai. The bank used to operate its GMU and some international operations from Jeevan Sudha Building. However, the bank has a massive building, Samriddhi Bhavan, located at 1, Strand Road on the banks of the Hooghly, which serves as a major hub housing several SBI ...

Sebi, RBI working closely on bond derivatives: Tuhin Kanta Pandey

Sebi and RBI are working to introduce bond derivatives to deepen liquidity as the regulator pushes reforms to boost retail participation and strengthen India's bond market

RBI to set up central complaints processing centre under Ombudsman Scheme

Complaints filed online will be registered on the RBI's Complaint Management System portal, while those received through email or post will be processed centrally by the CRPC

RBI mandates auto transfer of unresolved plaints to internal ombudsman

The RBI has directed banks and eligible NBFCs to automatically escalate partially resolved or rejected complaints to the internal ombudsman and convey final decisions within 30 days

Japan's SMBC gets RBI's in-principle nod for wholly owned arm in India

The in-principle approval allowed the bank to set up the wholly owned subsidiary through the conversion of its existing branches in the country

Bank holiday today: Are banks closed on Jan 14 for Makar Sankranti 2026?

For the same festivals, banks in India celebrate holidays on various dates. For Makar Sankranti and Magh Bihu, banks in Gujarat, Odisha, Assam, and Arunachal Pradesh will be closed on Jan 14, 2026

RBI may introduce licensing regime for corporate business correspondents

Currently, fintechs operating in the segment are not directly regulated by the RBI, with partner banks assuming responsibility for the actions of the companies they contract

UPI user base can more than double to 1 billion: RBI Deputy Governor

There is a lot of scope and opportunity for expanding digital payment in the country and UPI has the potential to more than double to 1 billion users from the current base of 400 million, Reserve Bank Deputy Governor T Rabi Sankar said on Tuesday. About 50 per cent of global retail payment transactions are done in India but even then in terms of the number of digital transactions per person, it has to catch up with many advanced economies. Citing an example of Kenya, the RBI Deputy Governor said, digital transaction per person in Kenya is roughly double than what India has. The National Payments Corporation of India (NPCI), an RBI-0promoted body which created and operates UPI, had launched a USSD-based service to enable UPI access for feature phone users, within months of the launch of the main platform for smartphone users in 2016. " The active users of UPI are about 400 million. We are targeting 1 billion users. So...there is a lot of scope, there is a lot of distance that we nee

Banks must ensure year-round operational discipline: RBI deputy governor

Reserve Bank of India (RBI) Deputy Governor Swaminathan J has asked banks to put in place stronger operational discipline and data governance throughout the year, as supervision needs to shift from periodic snapshots to continuous awareness. Speaking on 'Issues and Challenges in Banking Supervision in the Digital Era', the deputy governor said for decades, supervisors were trained to read balance sheets and inspect processes, and it is still being done the same way. But today, he said a bank can look perfectly healthy on paper and still be one incident away from severe disruption. "The reason is that the centre of gravity is shifting from the 'branch and product' to the 'pipes and code'," he said. In other words, stability now depends as much on operational resilience, data integrity, and third-party dependencies as much as it does on capital and liquidity, Swaminathan said at the at the Third Annual Global Conference of the College of Supervisors here on Friday. In a digital ...

Bain Capital's plan to acquire Manappuram Finance delayed by RBI concerns

Bain received approval for the Manappuram deal, which was announced last March, from India's market regulator and the competition commission but the RBI is the final authority for the clearance

'RBI's $10 bn foreign exchange swap to sail through on corporate demand'

The swap involves the RBI buying dollars and injecting rupees in the first leg, which will be settled on Friday, before reversing ​the transaction three years down the line

Indian economy faces five headwinds that leave no margin for error

Markets look calm, but five forces-rising debt, slowing revenues, weak savings, geopolitics and populism-signal a tougher growth phase for India

Have SFBs really provided the breakthrough they were intended for?

While small finance banks are solvent and working well, we need to ask if there has been a breakthrough in stretching the inclusion agenda beyond MFIs

India's foreign exchange kitty down $10 bn, sharpest in over a year

The previous largest weekly decline was recorded in the week ended November 15, 2024

Fiscal prudence restoring room for counter-cyclical policy: Shaktikanta Das

India's fiscal discipline and multiple structural strengths are creating a powerful growth multiplier, restoring policy headroom and boosting global confidence, says Shaktikanta Das

Restrictions, penalties are last resort: RBI governor Sanjay Malhotra

RBI Governor Sanjay Malhotra said penalties and restrictions are a last resort, stressing collaboration with banks to curb digital fraud and strengthen customer protection

Skydo receives final RBI authorisation for cross-border payments

Skydo's PA-CB-I licence enables it to process cross-border payments, specifically for facilitating inward transactions