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RBI bars Kotak Mahindra Bank from onboarding fresh customers via online, mobile banking; asks it to stop issuing fresh credit cards – Times of India

adminApril 24, 202404 mins

The Reserve Bank of India (RBI) has instructed Kotak Mahindra Bank to immediately stop onboarding new customers through its online and mobile banking channels and cease issuing new credit cards. This regulatory action was taken due to concerns about the bank’s compliance and risk management practices.However, RBI has directed Kotak Mahindra Bank to continue providing…

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RBI directs payment firms to track high-value, fishy transactions during elections – Times of India

adminApril 22, 202401 mins

The TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide…

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Tata Sons seeks IPO waiver from RBI after cutting debt – Times of India

adminApril 19, 202404 mins

MUMBAI: A month after raising over Rs 9,000 crore from TCS stake sale, Tata Sons has approached RBI seeking an exemption from a mandatory IPO. The holding company of the $150-billion salt-to-software Tata Group has informed RBI, in the fresh proposal, that it has reduced its debt significantly. Tata Sons needs to cut its debt…

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RBI diktat to payment cos on merchants – Times of India

adminApril 16, 202401 mins

RBI on Tuesday asked online payment firms to monitor transactions-related activities of merchants on their platforms and ensure that they meet its fresh guidelines, in a series of moves aimed at tightening the scrutiny of the sector.India’s burgeoning yet relatively less-regulated online payments industry has come under RBI’s cross-hairs given the lax oversight of some…

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Disclose all loan fees upfront from Oct 1: RBI – Times of India

adminApril 15, 202403 mins

MUMBAI: In a move to boost transparency, RBI has asked all banks and finance companies to provide borrowers with a key facts statement that includes data on all fees and the annual cost of credit from Oct 1 besides basic loan information. The statement should also provide details on the policy on recovery agents, contact…

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Why is RBI buying gold? Reserve Bank of India purchases nearly 13.3 tonnes of gold in Jan-Feb 2024 – Times of India

adminApril 15, 202406 mins

The Reserve Bank of India (RBI) has increased its gold purchases to enhance the diversity of its foreign exchange reserves amid fluctuations in the US dollar. The surge in the value of outstanding gold reserves accounted for more than 80% of the nearly $3-billion rise in forex reserves, which reached a record $648.5 billion as…

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‘Programmed’ eRupee is here to buy farm inputs – Times of India

adminApril 5, 202403 mins

MUMBAI: RBI has allowed non-banks to issue wallets for the central bank digital currency, also known as eRupee. RBI has also launched “programmable CBDCs”, which will be issued to farmers for restricted usage of buying farm inputs, a move which may pave the way for fertiliser subsidies to be routed through this mechanism.For example, govt…

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RBI extends rate pause as food price pressure lingers – Times of India

adminApril 5, 202405 mins

Mumbai: RBI‘s monetary policy committee on Friday decided to keep interest rates on hold for the seventh successive meeting, stating that “growth has surpassed all projections but cautioned that food price uncertainties continue to weigh on the inflation trajectory going forward”. RBI governor Shaktikanta Das said, “Two years ago, when inflation was at its peak…

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New UPI rules for access for prepaid instruments: Now, transfer money from your prepaid wallet using third party apps – Times of India

adminApril 5, 202402 mins

UPI Access for Prepaid Payment Instruments (PPIs) through Third Party App: The Reserve Bank of India (RBI) governor Shaktikanta Das on Friday announced in his monetary policy committee (MPC) statement that individuals can now use prepaid payment instruments like digital wallets to make payments via UPI through third-party apps. RBI Governor Shaktikanta Das highlighted that…

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Now, deposit cash at Cash Deposit machines using UPI! RBI governor Shaktikanta Das makes important announcement – Times of India

adminApril 5, 202401 mins

Now you can deposit cash at Cash Deposit machines using your UPI! RBI governor Shaktikanta Das made this announcement as a part of the RBI Monetary Policy Committee (MPC)’s policy statement today. Source link