Reserve Bank of India has imposed a penalty of Rs 1 crore on HDFC Bank for non-compliance with Know Your Customer (KYC) norms. Supervisory evaluation of the bank (2016-17) revealed that the HDFC Bank had "failed to exercise ongoing due diligence" with regards to 39 current accounts opened by its ...

The Reserve Bank of India (RBI) stopped the production of Rs. 2000 notes. Not a single note has been printed in the last financial year. According to the RBI report, the share of Rs 2,000 notes in value term was 50.2 per cent in 2016/17, which later fell to 31.2 per cent in 2018/19. Daily ...

The Reserve Bank of India (RBI) may impose heavy penalties on banks, and stipulate higher provisioning for stressed loans following a supervisory review of its June 7 circular. And, in a first-of-its-kind move, chief executive officers (CEOs) and senior management of banks could also be held ...

The Reserve Bank of India has launched Aadhaar-based Video Customer Identification Process (V-CIP) to allow banks and other lenders to remotely complete KYC of customers on videos. The central bank has allowed video-based KYC (Know Your Customer) as an option to establish a customer's identity. ...

Reserve Bank of India (RBI) launched a mobile app named ‘MANI’ to identify currency notes. The visually challenged can identify the denomination of a note by using the application, which can also work offline once it is installed. Daily Current Affairs Quiz 2020 Users can download the app ...

The Reserve Bank of India (RBI) has transferred a little over Rs 1.76 lakh crore to the Narendra Modi government, in a move that give greater fiscal leeway to the Centre and bring to an end the contentious debate over the central bank’s ‘excess reserves’. Daily Current Affairs Quiz 2019 In ...

Reserve Bank of India(RBI) Deputy Governor N.S. Vishwanathan has urged banks for timely resolution of stressed assets in their ‘own interest’ under the new framework to extract the best value and underlined the need for dealing only in "genuine" cases. Daily Current Affairs Quiz 2019 The ...

Reserve Bank of India released the final ‘enabling framework for regulatory sandbox,’ taking into account inputs received after a consultation process that began in April. The framework will likely be a positive step for financial technology start-ups and companies looking to innovate in the fast ...

Bank of Baroda (BoB) announced a new home loan product linked to the Reserve Bank of India’s repo rate. In doing so, BoB has gone the State Bank of India way. Following the latest Monetary Policy Committee decision to cut rates by 35 basis points (bps), several state-run banks, including Union ...

The central bank has also decided to expand biller categories for Bharat Bill Payment System (BBPS). The BBPS, an interoperable platform for repetitive bill payments, currently covers five segments — direct-to-home (DTH), electricity, gas, telecom and water bills. Daily Current Affairs Quiz ...