Reserve Bank of India (RBI)

RBI Fines HDFC For Non-compliance Under NHB Act

March 18, 2023 admin

According to a statutory inspection of HDFC conducted by NHB, it was revealed that the company failed to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20 The Indian Central Bank on Friday imposed a monetary penalty of Rs 5 lakh Housing Development Finance Corporation Limited (HDFC) for non-compliance with certain provisions issued by the National Housing Bank (NHB). According to a statutory inspection of HDFC conducted by NHB, it was revealed that the company failed to transfer matured deposits of certain…

No Issue With Crypto, If Laws Of Land Are Followed: MoS Chandrasekhar

January 20, 2023 admin

The Minister of State for Electronics & Information Technology Rajeev Chandrasekhar on Thursday said that there was no issue with cryptocurrency until all the laws of India are followed. He asked the investors to ensure that they follow the country’s laws and there was nothing legally that holds them back from investing in crypto. Answering a query at an event, Chandrasekhar said, “There is nothing today that outlaws crypto as long as you follow the legal process. If you want to invest in crypto, make sure you go through the…

KYC Compliance: How Ready Are Indian FinTech Startups

January 7, 2023 admin

The proliferation of fintech companies has emerged in the last decade, attempting to disrupt (or complement) traditional financial institutions. Out of 100+ Unicorns in India, almost 15 per cent are in the FinTech space, highlighting the momentum this space has gained in the recent past. From banking and savings to payments, transfers, investing, and insurance, these companies offer users a plethora of services. As diverse as the offerings are, there is a binding factor in the form of KYC (Know Your Customer), that unites the players in this space. KYC…

Government Nominates DFS Secretary Vivek Joshi As Director On RBI’s Central Board

November 17, 2022 admin

The Union government has nominated Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, Government of India, as a Director on the Reserve Bank of India’s Central Board. “The nomination of Vivek Joshi is effective from November 15, 2022 and until further orders,” the RBI said in a statement. Joshi took charge as Secretary, Department of Financial Services (DFS), Ministry of Finance on November 1, 2022. Joshi also served as Joint Secretary with the Department of Expenditure between 2017-17 period, where his responsibilities included formulation of public procurement…

Total Exports Of Software Services Increased By 15.9% During 2021-22: RBI

September 10, 2022 admin

RBI has reported that total exports of software services increased by 15.9 per cent in 2021-22. During the year, the US was the major destination for software exports. Total exports of software services, including services delivered by foreign affiliates of Indian companies, increased by 15.9 per cent and stood at USD 171.9 billion during 2021-22. In this period, local software business by foreign affiliates stood at USD 15.2 billion, with the United States being the major destination. Computer services continued to account for over two-thirds of total software services exports.…

Parliamentary Panel Wants Banks To Compensate Customers Hit By Cyber fraud

August 4, 2022 admin

A Parliamentary panel on Wednesday suggested that banks should compensate customers hit by cyber fraud pending investigation by various agencies. The Standing Committee on Finance noted the efforts undertaken by RBI on limiting the liability of customers in unauthorised electronic banking transactions and the guidelines framed for the Digital Banking Units (DBUs) to create awareness among customers on safe digital banking practices. The hapless customers should not be made to suffer and forced to run from pillar to post for redressal, the panel headed by BJP leader Jayant Sinha said.…

RBI Imposes Restrictions On Indian Mercantile Cooperative Bank

January 29, 2022 admin

The Reserve Bank on Friday said it has imposed several restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow, including a cap of Rs 1 lakh on withdrawals. The restrictions came into force from closure of business hours on January 28, 2022 (Friday). In a statement, RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment. “In particular, a sum not exceeding Rs 1 lakh of the total balance across all savings bank or current accounts or any other account…

Digital Payments Record 40% Annual Growth At Sep-End 2021: RBI Data

January 20, 2022 admin

Digital payments across the country registered a growth of nearly 40 percent in a year through September 2021, as per the RBI’s latest index that measures the adoption of online transactions. The newly constituted RBI’s digital payment index (RBI-DPI) stood at 304.06 during September 2021 as against 270.59 in March 2021 and 217.74 in September 2020. The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country the RBI said in a statement on Wednesday. The Reserve Bank had announced the construction of…

India Inc’s Overseas Direct Investment Dips Over 8% To $2.05B In Dec 2021

January 11, 2022 admin

Outward foreign direct investment by Indian companies fell by over 8 percent to USD 2.05 billion in December 2021 in the current fiscal, data from the Reserve Bank of India (RBI) showed on Monday. The domestic companies had invested USD 2.23 billion in their overseas joint ventures and fully-owned subsidiaries during December 2020 in the previous financial year. Of the total investment made by the Indian companies overseas during the month, USD 1.22 billion was in the form of issuance of guarantees, USD 464.39 million was equity participation and USD…

Jan Dhan Deposits Cross Rs 1.5 Lakh Crore

January 10, 2022 admin

Deposits in bank accounts opened under the Jan Dhan scheme, launched about seven and half years ago by the government, have crossed the Rs 1.5 lakh crore mark. As per the latest finance ministry data, the total balance in over 44.23 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,50,939.36 crore at December end, 2021. PMJDY, the National Mission for Financial Inclusion, had completed seven years of implementation in August last year. It was announced by Prime Minister Narendra Modi in his Independence Day address on August…