The central bank said loan disbursals as well as repayments can only executed via the bank accounts of borrowers and regulated entities (banks and NBFCs).
The Reserve Bank of India (RBI) on Friday increased the policy repo rate by 50 basis points to 5.4%.
He highlighted the global grim situation in view of inflationary pressures, tighter external funding situation and financial stability challenges in many countries.
RBI Governor Shaktikanta Das called cryptocurrency a “clear danger” in the foreword to the 25th issue of the Financial Stability Report (FSR).
RBI imposes Rs 1.68 crore penalty on Ola Financial Services for non-compliance with specific provisions
The penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by Ola Financial Services.
RBI’s move, analysts say, would make rupee more tradable globally and lessen dependence on US dollar
Founded in 2019, 1Pay is backed by ex-Goldman Sachs MD Sanjiv Shah and Sanjay Gaitonde. It is a payment aggregator that also brings transportation, logistics and the banking industry together.
The Reserve Bank of India said that the action is based on the deficiencies in regulatory compliance of the Federal Bank Limited.
The fall in the foreign exchange reserves was due to a dip in Foreign Currency Assets (FCA), a major component of the overall reserves, and also in the gold reserves.
The machines should be able to identify and segregate suspected counterfeits and notes which are unfit for circulation.
Reserve Bank of India has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset.
Economy on recovery path; inflationary pressure, geopolitical risks warrant careful handling of situation: RBI
The RBI's 25th Financial Stability Report said banks, as well as non-banking financial institutions, have sufficient capital buffers to withstand shocks.
India's reserve position in the International Monetary Fund dropped by USD 17 million to USD4.968 billion during the week ended June 17, as per the RBI Weekly Statistical Supplement.
The basic purpose of tokenisation is to increase and improve customer safety. With tokenisation, storage of card details is limited.
The government has tasked the RBI to ensure inflation remains at 4 per cent with a two per cent deviation on either side.
The MPC comprises the RBI Governor, two central bank officials, and three independent members nominated by the government.
PPIs are instruments that facilitate purchase of goods and services, financial services, and remittance facilities, against the value stored therein.
Over 26 crore digital payment transactions are processed daily by payment systems, of which UPI system itself processes more than two-thirds, said RBI.
Telangana is one among the top five states in the country, which witnessed the ‘largest rise’ in subsidies in the last three years.
The idea to establish ABBFF was to remove the fear of witch-hunting and actions based on hindsight, among officials of public sector banks.