Photo: NewsOnAIR
RBI Issues Monetary Penalty On Bank Of India For Violation Of KYC Regulations
Reserve Bank of India (RBI) announced a monetary penalty of Rs 70 lakh against Bank of India for violating Know Your Customer standards on July 8. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," RBI said. RBI issued a directive after considering the bank's reply.
Tags: RBI, Monetary Penalty, Bank of India, KYC, money transactions
Courtesy: ANI
Photo: The Economic Times
RBI Announces Tokenization Of Credit,Debit Cards, Implemented From July 1
Aiming security of credit, and debit card data, the Reserve Bank of India (RBI) is set to implement tokenisation of card transactions. In regard to this, the RBI proposed new rules, implemented from July 1. In addition, the RBI extended the timeline for adherence to certain directions till October 1. The new rule has been implemented with rules, designed to ensure cardholders' security as the main highlight.
Tags: Cardholders, Credit Card, Debit Card, RBI, Security
Courtesy: The Free Press Journal
Photo: TV9 Gujarati
RBI Grants Banks, NBFCs 3 Month Extension To Adhere To Certain Credit, Debit Card Norms
Reserve Bank of India gave banks and non-banking financial companies (NBFCs) a three-month extension on June 21 to comply with certain rules connected to providing credit and debit cards, including card activation without clients' approval. Banks and NBFCs were supposed to adopt Master Direction on "Credit Card and Debit Card - Issuance and Conduct Directions, 2022" on July 1. The schedule for implementing remaining aspects of Master… read-more
Tags: RBI, Report, Credit Card, Debit Card, non-banking financial companies
Courtesy: DNA India
Photo: The Economic Times
RBI Increases Repo Rate By 50 Bps To Tame Inflation; Now Stands At 4.9%
RBI has announced to increase the policy repo rate by 50 basis points, to 4.9%, to tame the rising inflation in the country. Notably, this is the second hike in five weeks. The decision has been taken during RBI's three-day Monetary Policy Committee (MPC) meeting. Furthermore, the Standing Deposit Facility (SDF) rate stands at 4.65%, and Marginal Standing Facility (MSF) rate at 5.15%.
Tags: RBI, repo rate, SDF, MPC, MSF
Courtesy: ANI
Photo: Latestly
Supreme Court Decreases Personal Bond Value Of 2 Accused In Cheating Cases
Supreme Court has decided to lower the value of the personal bond of two defendants, Ramkrishna Premchand Dubey and Satishchandra Bhagwatiprasad Mishra, who were each sentenced to three years in prison in connection with 26 different cases of cheating. The personal bond sum has been decreased to Rs 50,000 per person. They were directors of a corporation, accused of collecting money from the public without Reserve Bank of India's approval. … read-more
Tags: Supreme Court, RBI, Prison, Bail, bond
Courtesy: ANI
Photo: Helloscholar
Fake Notes Of All Denominations Surge In Financial Year 2021-22: RBI Report
In the financial year 2021-22, fake bills of all denominations increased, according to a report by the Reserve Bank of India (RBI). In comparison to previous year, RBI discovered 101.9% more fake notes in Rs 500 denomination and 54.16% more false notes in Rs 2,000 denomination. Following the release of RBI report, Congress leader Rahul Gandhi and TMC MP Derek O'Brien criticized the government for its 2016 demonetization operation.
Tags: RBI, Fake Currency, Congress, Rahul Gandhi, demonetization
Courtesy: India Today
Photo: The Economic Times
RBI To Soon Adopt CBDC, Discusses Introduction Of Graded Approach
RBI has expressed positivity towards introducing a graded approach to adopt Central Bank Digital Currency (CBDC). It stated that the CBDC will be introduced in conformity with the objectives of the monetary policy, financial stability and efficient operations of currency and payments systems. Currently, the RBI is reportedly studying the design elements of CBDC after evaluating the pros and cons of introducing such a thing in India.
Tags: CBDC, Digital Currency, RBI, Shakti Kanta Das, Currency
Courtesy: ANI
Photo: TopCornerJobs
Banks To Be Closed For 3 Days In Second Half of May 2022; Online Banking Services Can Be Accessed
Banks will be shut for a number of three days in May for the remaining of the month. During bank holidays, users may still access their accounts online. According to Reserve Bank of India (RBI) rules, all public, commercial, foreign, cooperative, and regional banks in India must remain closed. RBI declared holidays in the following categories: Negotiable Instruments Act Holiday, Real Time Gross Settlement Holiday, and Banks' Closing of… read-more
Tags: Bank Holidays, RBI, commercial banks, Public banks, regional banks
Courtesy: DNA India
Photo: Business Standard
Gold Prices Drop By Rs 134, Silver By Rs 169: HDFC Securities
Gold prices in Delhi stands at Rs 50,601 per 10 gram, which is Rs 134 lower than the previously recorded price, on May 4, reported HDFC Securities. Furthermore, silver now costs Rs 62,787 per kg, which is Rs 169 lower than the previously recorded price. Also, a surprise rate hike by RBI, has resulted in the appreciation of Rupee by 8 paise, to settle at Rs 76.40 against US dollar.
Tags: Gold Price, Silver Price, Rupee, Dollar, RBI
Courtesy: Press Trust Of India
Photo: Business LIne
RBI Revises Repo Rate By 40 Bps, EMIs On Loans To Be Expensive
The RBI Governor Shaktikanta Das announced a 40 bps hike in repo rates, due to which money loans will be expensive. On May 4, Das said after unanimous votes of the Monetary Policy Committee, the repo rate has been increased by 40 basis points, citing persistent inflationary pressures in the economy. Moreover, the amount of deposits in bank rate is 4.5%. The hike will be effective from May 21.
Tags: repo rate, RBI, Governor Shaktikanta Das, MPC, Banks
Courtesy: The Free Press Journal
