A new Bill proposed in the Parliament has a provision which says that deposit and locker holders can name up to four nominees instead of one. The Bill that carries this provision is Banking Laws (Amendment) Bill which was introduced in Lok Sabha on Friday. The Bill also has provisions for new reporting dates among … Read more
The Reserve Bank of India (RBI) recently instructed banks and credit information companies (CICs) to update the credit information they collect at shorter intervals, i.e. once a fortnight rather than once a month. The instructions were issued on Thursday via a notification after the monetary policy statement by RBI Governor Shaktikanta Das. The central bank … Read more
Reserve Bank of India (RBI) Governor Shaktikanta Das announced Thursday that the central bank will create a public repository of digital lending apps (DLAs) deployed by regulated entities, i.e., banks and other financial institutions. This means any digital lending app deployed by a bank or non-banking financial corporation (NBFC) must be part of the repository. … Read more
And while the economy is galloping, there are pain points that are beginning to hurt. India has emerged as the fastest growing large economy with an enviable gross domestic product (GDP) growth of over 8%. However, the economic expansion has been uneven. The rural economy, particularly, has been sluggish and there simply aren’t enough jobs … Read more
New Delhi: Privatisation of central public sector enterprises has not been put on hold, but is not a priority under the government’s calibrated approach to disinvestment, said Tuhin Kanta Pandey, secretary of the department of investment and public asset management (DIPAM). He said that the focus will be on ‘value creation’ from disinvestment, dividends and … Read more
India’s recent record of sustained high growth, sizeable economy, its self-sustaining agriculture, highly distributed production capability, leadership in services and technology and prudent fiscal management have emboldened it to aspire to be a developed nation by 2047, when the country will celebrate its century as an independent nation. Many economists and analysts have worked backwards … Read more
Nearly a week after the Reserve Bank of India (RBI) highlighted a gap in deposit and credit growth during a meeting with the top bosses of public and private sector, Bank of Maharashtra and Bank of Baroda have rolled out special tenure deposit schemes in order to fund growing demand for credit. Bank of Baroda, … Read more
Should transactions done on UPI (Unified Payments Interface) be charged? A merchant discount rate (MDR) or a transaction fee is currently not charged for almost all UPI payments (excluding payments through PPI or prepaid instruments) as it is seen as one of the major ways to enhance UPI’s coverage and minimise the resistance to technology … Read more
The Reserve Bank of India has allowed resident Indians to open foreign currency accounts in Gift City (IFSC near Gandhinagar, Gujarat) for purposes permitted in the Liberalised Remittance Scheme (LRS). Earlier, these accounts were limited to investing in securities in Gift City and education-related payments. This broader scope for remittances can be a game-changer for … Read more
The Reserve Bank of India (RBI) penalised five banks including Punjab National Bank (PNB) with various RBI directions, reported The Economic Times. RBI imposed a penalty of ₹1.31 crore on PNB, which became the fifth bank for getting the wrath of the banking regulator. Other banks fined by the RBI are The Gujarat Rajya Karmachari … Read more