NEW DELHI: The Reserve Bank of India (RBI) has announced the immediate removal of restrictions on Asirvad Micro Finance and DMI Finance, which were imposed on 21 October last year. The restrictions barred the two entities from sanctioning and disbursing loans.After RBI’s sanctions, both companies initiated corrective measures and submitted compliance reports to the central…
Last Updated:January 03, 2025, 15:13 IST The Reserve Bank of India has rolled out a new rule requiring banks and financial institutions to update credit records every 15 days instead of once a month. With the latest RBI rules, a missed payment could affect your credit score sooner than before, potentially impacting your ability to…
MUMBAI: RBI has asked the National Payments Corporation of India to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds.All banks that are direct members or…
MUMBAI: RBI has formed a panel to guide ethical AI adoption in the financial sector. The committee on Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) will be chaired by Pushpak Bhattacharyya of IIT Bombay.Others in the panel include experts from academia, industry, govt, and regulatory bodies. Its mandate includes assessing AI adoption…
India’s forex reserves rise to $658.09 billion NEW DELHI: India’s foreign exchange reserves increased by $1.51 billion to $658.09 billion in the week ending November 29, the Reserve Bank of India (RBI) reported on Friday. This marks the first rise in nine weeks, recovering from a five-month low.The reserves had previously declined by a cumulative…
ATMs are equipped with a mechanism that automatically retrieves unattended currency notes. (AI image) ATM cash retraction new rules: The Reserve Bank of India has now partly reversed its January 2012 directive that had mandated disabling of cash retraction in ATMs. The original decision was taken to prevent fraudulent activities at ATMs.ATMs are equipped with…
MUMBAI: Despite growth numbers coming in sharply lower and all-round calls for reduction in interest rates to support growth, the monetary policy committee (MPC) will find reducing rates a challenge.Lower-than-expected Q2 GDP growth numbers at 5.4% have increased pressure on RBI‘s MPC to reduce interest rates even as the expectation of a softer policy led…
MUMBAI: Foreign exchange reserves fell by nearly $18 billion in the week ending Nov 15-the sharpest fall on record-as global investors continued pulling out funds from Indian stock markets.According to RBI data, forex reserves declined by $17.8 billion to $657.9 billion during that week. The decline was largely due to a $15.5 billion drop in…
