RBI
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RBI approves Open, Cashfree Payments, PayNearby and Fairexpay for Cross-Border Payments
The Reserve Bank of India gave the go-ahead to Open, Cashfree Payments, PayNearby & Fairexpay, providers of payments and API banking solutions, for its cross-border payments offering. Cross-border payments are the focus of the Reserve Bank of India's (RBI) announcement...
Published On July 23rd, 2022 -
3 cooperative banks restricted from undertaking banking business by RBI
Three cooperative banks have received harsh limitations from the Reserve Bank of India in the last two days. Along with the Sri Mallikarjuna Pattana Sahakari Bank situated in Karnataka, these banks also include two from Maharashtra: the Nashik Zilla Girna...
Published On July 22nd, 2022 -
Urban Cooperative Banks 4-tier regulatory structure adopted by RBI
In order to improve the financial soundness of Urban Co-operative Banks (UCBs), the RBI has decided to create a straightforward four-tiered regulatory framework. A panel of experts led by former RBI deputy governor N S Vishwanathan had presented a number...
Published On July 22nd, 2022 -
Federal Bank and Bank of India penalized by RBI for breaking regulatory obligations
Due to shortcomings in regulatory compliance, the Reserve Bank of India (RBI) fined Federal Bank Rs 5.72 crore. The Reserve Bank of India (RBI) (financial services provided by banks) Directions, 2016 has strict penalties for violations. Federal Bank did not...
Published On July 11th, 2022 -
RBI imposes monetary penalty on IndusInd Bank, Kotak Mahindra Bank
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.05 crore and Rs 1 crore on Kotak Mahindra Bank and IndusInd Bank, respectively, for deficiencies in regulatory compliance. RBI’s these penalties are based on deficiencies in...
Published On July 6th, 2022 -
RBI modifies the rules for banknote sorting and authentication
The Reserve Bank of India (RBI) published guidelines ordering banks to test their currency sorting equipment every three months. Following the release of the new series of banknotes, the central bank updated the preexisting standards for authentication and sorting. The...
Published On July 4th, 2022 -
RBI delays implementation of provisions for issuing credit and debit cards
The Reserve Bank of India (RBI) extended the deadline for implementing a number of the master directives it issued on the issuance of debit cards and credit cards. by three months, from July 1, 2022 to October 1, 2022. The...
Published On June 24th, 2022 -
RBI raises limit of e-mandates for transactions up to Rs 15,000
The Reserve Bank of India (RBI) has raised the Additional Factor of Authentication (AFA) limit from Rs 5,000 to Rs 15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and Unified Payments Interface (UPI) for recurring transactions. It...
Published On June 18th, 2022 -
NBFCUL Releases New Provisioning Norms for Standard Assets, issued by the RBI
The Reserve Bank of India (RBI), in light of the growing involvement of non-banking financial companies (NBFCs) in the financial system, has issued a set of standards for provisioning for standard assets by large NBFCs. The RBI published a framework...
Published On June 8th, 2022 -
Sitikantha Pattanaik and Rajiv Ranjan, named executive directors by the RBI
Rajiv Ranjan and Sitikantha Pattanaik have been named executive directors by the Reserve Bank of India (RBI). Rajiv Ranjan was Adviser-in-Charge of the Monetary Policy Department and Secretary to the Monetary Policy Committee before being appointed to executive director. Pattanaik...
Published On May 17th, 2022
