Budget 2020

RBI puts Rs 1,000 withdrawal cap on Deccan Urban Co-operative Bank; fresh loans, deposits restricted

The Reserve Bank on Friday said it has barred Karnataka-based Deccan Urban Co-operative Bank Ltd from granting fresh loans or accepting deposits and customers cannot withdraw more than Rs 1,000 from their savings account for a period of six months. The lender has also been asked not to make fresh investments or incur any liability […]

Budget 2020

RBI tightens payments security norms for banks, digital payment operators

Mumbai: The central bank late Thursday sought to strengthen India’s digital payments architecture, publishing detailed guidelines to improve security, control and compliance among banks, gateways, wallet operators and other non-bank entities that are at the vanguard of helping New Delhi achieve its goal of a ‘less-cash’ transaction economy. The new rules come at a time […]

Budget 2020

Reserve Bank issues rules for HFCs

The RBI on Wednesday issued directives to housing finance companies (HFCs) on maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio. It said the directions, took immediate effect and were aimed at protecting the interests of investors and depositors. “All non-deposit taking HFCs with asset size of ₹100 crore and above and […]

Budget 2020

Crypto conundrum: Digital Currency future seems vague in India

Even as the world’s largest and most popular cryptocurrency is making headway, the question of regulation looms large in India. At present, the meteoric rise of Bitcoins can be attributed to continued interest by major corporates. Now, more and more small and big investors around the world are attracted to cryptocurrency owing to its potential […]

Budget 2020

India’s high priority for now should be to grow at 7%-8%: Former RBI Governor Bimal Jalan

In an interview with PTI, Mr. Jalan further said it does not seem that India will be able to achieve a $5-trillion economy target by 2024-25 Describing the Budget 2021-22 as “extremely good”, former RBI Governor Bimal Jalan on Tuesday said that India’s high priority for now should be to grow at 7%-8%, and then […]

Budget 2020

India has a backdoor entry into digital currency. Will it take it?

India’s central bank is opening its balance sheet to the public. Retail investors will have online access to the government bond market via investment accounts with the Reserve Bank. As the government’s investment bank, the RBI manages institutional buying and selling in gilt securities. Skepticism is high about “Retail Direct” because previous attempts at bringing […]

Budget 2020

All remaining 18,000 bank branches to be under CTS by Sep: RBI

MUMBAI: As part of further improving, speeding up and fool-proofing the payments and settlement systems, the Reserve Bank on Friday said all the 18,000-odd branches which are outside the centralised clearing system called cheque truncation system will come under it by September. The cheque truncation system (CTS) is in use since 2010 and covers around […]

Budget 2020

Set up 24×7 helpline for digital payments by Sept, RBI tells operators

In another move to strengthen the digital payment services, the RBI Governor Shaktikanta Das has announced the setting up of a 24X7 helpline for digital payment services. The announcement was made via Statement on Development and Regulatory policy issued today. As per the governor’s speech, “With enhanced penetration and efficiency of digital payments, major payment […]