RBI Issues Guidelines For Categories Of Digital Lenders To Curb Illegal Activities
The Reserve Bank of India (RBI) issued a set of guidelines in regard to digital lending, listing companies allowed in the business, the rules for loans and data collection, and how the fee is charged. On August 10, the RBI announced the digital lenders, which will be regulated by the RBI and concerned authorities. Furthermore, the regulated guidelines will be helpful to curb illegal activities in digital lending.
Tags: Reserve bank of India, guidelines, Digital Money Lenders, Central Bank, India
Courtesy: Business Standard
RBI Imposes Huge Fine On Bank Of Maharashtra Over KYC Violations
The Bank of Maharashtra is to pay Rs. 1.12 crore as penalty to the Reserve Bank of India (RBI) for non-compliance with certain directions, including those related to Know Your Customer (KYC) norms. On April 25, the RBI imposed the huge fine amid violation provisions related to banking conduct after the statutory Inspection for Supervisory Evaluation (ISE). The aforementioned fine was confirmed through an official release by the RBI.
Tags: Reserve bank of India, Bank of Maharashtra, Fine, KYC, Maharashtra
Courtesy: The Free Press Journal
RBI Directs Paytm Payment Banks To Stop Onboarding New Customers
The RBI under section 35A of the Banking Regulation Act, directed Paytm payment banks to stop onboarding new Paytm customers. The decision was in the view of certain supervisory material concerns observed in banks, on March 11. Furthermore, banks were asked to conduct comprehensive system audit of IT firms, read a RBI release. Notably, a final decision over new Paytm customers will be taken after IT reviews by the RBI.
Tags: Reserve bank of India, Paytm, paytm payments bank, IT audit, Banks
Courtesy: Business Line
RBI & Union Ministry On Same Page, Working With Harmony: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman, on February 14, dismissed rumours of conflict with the RBI. In a statement, Sitharaman said, "With RBI & Ministry, not just on crypto but every other thing as well, I think there's complete harmony". Notably, the statement came after rumours of disagreement over legalisation of crypto currency in India. Backing the statement up, RBI Governor Shaktikanta Das said, matter is being discussed… read-more
Tags: Union Finance Minister, Nirmala Sitharaman, Reserve bank of India, SHAKTIKANTA DAS, Cryptocurrency
Courtesy: One India
Banks To Face Penalty If ATMs Run Out Of Cash
The Reserve Bank of India (RBI) has directed all banks and White Label ATM operators to ensure timely replenishment of ATMs to avoid cash-outs and inconvenience to the public. A penalty of Rs 10,000 will be imposed on failing to do so. According to the new rule, "cash-out at any ATM of more than 10 hours in a month" will be subjected to the penalty.
Tags: Bank, Reserve bank of India, ATM, cash-out
Courtesy: Jagran English
MasterCard Ban Gives Edge To Visa For Issuing New Cards: RBL Bank
Reserve Bank of India (RBI) impeded MasterCard from issuing new cards to national customers from July 22, over violating data storage regulations without harming the existing customers. Meanwhile, the RBL Bank has signed a contract with Visa Worldwide to issue new credit cards. Approximately, there are 3 million credit card customers under RBL and is the fifth largest credit card issuer in the country.
Tags: RBL Bank, Credit Card, Debit Card, Reserve bank of India
Courtesy: Hindustan Times
RBI's New ATM Cash Withdrawal Limits: Explained
The Reserve Bank of India on June 10 revised the limits for ATM cash withdrawals. Customers are now allowed up to five free transactions in a month, from their own bank ATMs. Withdrawals from other bank ATMs will be free for the first three transactions in metro centres and first five transactions in non-metro centres. Crossing transaction limits will attract charges of Rs 21 per transaction, which will come into effect from January 1, 2022… read-more
Tags: Reserve bank of India, ATM
Courtesy: Mint
Retd. IAS Atanu Chakraborty To Be The Next Chairman Of HDFC Bank
Retired IAS, Atanu Chakraborty is likely to be the next chairman of the HDFC Bank. However, the HDFC Bank has submitted all the documents of Chakraborty and will replace Shyamala Gopinath whose term ends on January 1. Former MD of Gujarat Petronet Ltd, Chakraborty has over 22 years of experience in central or state departments including PSU’s. After appointing him, HDFC will become the second private bank after ICICI to have ex-bureaucrat as… read-more
Tags: HDFC BANK, Reserve bank of India, business, Atanu Chakraborty, ICICI Bank, Shyamala Gopinath
Courtesy: Times Now