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Tag: Reserve Bank of India (RBI)

RBI again designates Uday Kotak as MD of Kotak Mahindra Bank

December 16, 2020
Uday Kotak
  • The Reserve Bank of India (RBI) has adopted the re-appointment of Uday Kotak as Managing Director of Kotak Mahindra Bank for a further period of three years, with effect from January 1, 2021.
  • Kotak is the founder managing director and promoter of the bank.

RBI to set up Automated Banknote Processing Centre in Jaipur

December 13, 2020
Money
  • The Reserve Bank of India (RBI) has resolved to set up an Automated Banknote Processing Centre (ABPC) in Jaipur for the receipt, storage and dispatch of currency notes.
  • The functions of the ABPC will also include processing of banknotes obtained from currency chests (CCs) and bank branches and destruction of soiled banknotes in an automated manner.

RBI orders HDFC Bank to halt its digital launches

December 3, 2020
HDFC Bank
  • The Reserve Bank of India (RBI) has published an order to HDFC Bank with respect to certain incidents of outages in the internet banking, mobile banking and payment utilities of the lender over the past 2 years, the private sector bank informed the stock exchanges.

RBI foists six-month ban on Manta Urban Cooperative Bank

November 24, 2020
RBI
  • The Reserve Bank of India (RBI) has outlawed the Manta Urban Cooperative Bank in Jalna district of Maharashtra for six months for payment of money and loan transactions.
  • The central bank has given some guidance to this bank, which will be active for six months since the bank closed on 17 November 2020.

RBI forms Reserve Bank Innovation Hub to boost financial inclusion

November 18, 2020
RBI
  • The Reserve Bank of India has formed a Reserve Bank Innovation Hub (RBIH).
  • The aim of Innovation Hub is to promote innovation across the financial sector by leveraging technology and creating an environment that would facilitate and foster innovation.

RBI sets Lakshmi Vilas Bank under moratorium

November 18, 2020
Lakshmi Vilas Bank
  • The Reserve Bank of India (RBI) has put cash-strapped Lakshmi Vilas Bank (LVB) under a moratorium for a period of one month and limited withdrawals at Rs 25,000 for depositors, owing to a serious deterioration in the lender’s financial position.