Reserve Bank of India has become the net seller of the US currency in June 2022 after selling USD 3.719 billion on a net basis. The central bank has purchased USD 18.96 billion from the spot market and sold USD 22.679 billion. In June 2021, RBI ...

The Reserve Bank of India has canceled the licence of Deccan Urban Co-operative Bank, Karnataka the lender does not have adequate capital and earning prospects. As per the data submitted by the bank, more than 99 percent of the depositors are entitled to receive the ...

RBI has issued the regulatory framework to make digital lending safe for customers. The RBI has mandated that digital loans must be credited directly in the bank accounts of borrowers and not through any third party. Any fees, charges, payable to ...

RBI has cancelled the licence of Rupee Co-operative Bank Ltd, Pune, will be effective after six weeks (September 22, 2022). Reason: The bank is unable to pay its present depositors in full (capital inadequacy). It does not comply with the provisions ...

The Reserve Bank of India (RBI) proposed to allow non-resident Indians (NRIs) to make utility, education and other bill payments on behalf of their family members living in India. The payments will be processed through Bharat Bill Payment System’s (BBPS) cross-border inward bill ...

The financial inclusion (FI) index of Reserve Bank of India’s (RBI) has increased to 56.4 in March 2022 from 53.9 in March 2021. It shows growth in across all sectors across the country. Financial inclusion index was constructed to capture the extent of financial inclusion ...

The RBI has launched a campaign to raise the awareness about the unclaimed deposits, with a focus on the eight states that have the maximum amount of unclaimed deposits. The unclaimed deposits in banks have increased to Rs 48,262 crore in FY22 from Rs 39,264 crore. Eight ...

The Reserve Bank of India (RBI) has allowed Piramal Enterprises to start their non-banking finance company (NBFC) business without accepting public deposits. The RBI has grant license under Section 45 IA of the Reserve Bank of India Act, 1934. The license was ...

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 ...

RBI has imposed restrictions on Mumbai-based cooperative bank, Raigad Sahakari Bank. Reason: Worsening of financial situation of the lender. The restrictions also include a withdrawal limit of Rs 15,000 per customer and it will remain in force for a period of six months. ...