Tag: Reserve Bank of India (RBI)

Former RBI Governor Urjit Patel to take over as chairman of NIPFP

June 20, 2020

• National Institute of Public Finance and Policy(NIPFP) has appointed as Dr. Urjit Patel, former Reserve Bank Governor, as its Chairperson for a four-year term starting June 22, 2020.

Forex reserves bounce $8.22 billion; cross half-a-trillion (500M) mark for first time

June 12, 2020

• The country’s foreign exchange reserves passed the half-a-trillion mark for the first time after it surged by huge $8.22 billion in the week ended June 5, as per the latest data from the RBI.

India’s GDP may decline by 1.5% in FY21, says RBI survey

June 7, 2020

• A survey published by the Reserve Bank of India (RBI) has revealed that the Indian economy may decrease by 1.5 percent in FY21 though the next fiscal is expected to be much better.

RBI puts penalties on Bank of India, Karnataka Bank, Saraswat Cooperative Bank for non-compliance

May 31, 2020

• The Reserve Bank of India (RBI) put monetary penalties on Bank of India, Karnataka Bank and Saraswat Cooperative Bank for non-compliance on Income Recognition and Asset Classification (IRAC) measures.

Rs1500 crore letter of credit announced by RBI for EXIM Bank

May 22, 2020

• ईे15000 crore Letter of Credit (LoC) will be given by Reserve Bank of India (RBI) to the EXIM Bank for 90 days period from the date of availing with rollover maximum upto 1 year.
• Along with this RBI has also increased the max. period of pre-shipment and post-shipments export credit sanctioned by Banks from 1 year to 15 months for disbursements made upto 31 July 2020.

RBI updates policy rates.

May 22, 2020

• Reserve Bank of India (RBI) has made change in the policy rates. It has reduced repo rate from 4.4% to 4% and the Reverse repo rate from 3.75% to 3.35%.
•  Marginal Standing Facility (MSF) Rate has been lowered to 4.25% and Bank rate to 4.25%.

Transcorp allowed to issue co-branded prepaid cards by RBI

April 26, 2020

• Reserve bank of India (RBI) has allowed Transcorp International Ltd. to issue co-branded  prepaid cards in India. Co–branded cards represent a partnership between the business, customer, financial service provider and card issuing authority. 

The license of Mapusa Urban Co-operative Bank of Goa Ltd canceled

April 17, 2020

• The license of Mapusa Urban Co-operative Bank of Goa Ltd. has been canceled by the Reserve Bank of India.
• Due to cancellation of license, bank will not be allowed to carry out banking activities like accepting the deposit, issuing loans, etc as defined in Section 5(b) under Section 56 of the Banking Regulations Act, 1949

RBI starts a Twitter campaign to improve digital modes of payment

April 11, 2020

• The Reserve Bank of India(RBI) started a twitter campaign urging bank customers to adopt digital modes of payment that are convenient and safe.
• RBI restated the multiple digital payment options such as NEFT, IMPS, UPI, and BBPS that are available 24*7.
• The face of the campaign is Bollywood actor Amitabh Bachchan.

IRDAI sets up 16-member panel on governance at insurers led by Pravin Kutumbe

March 22, 2020

• Insurance Regulatory and Development Authority of India (IRDAI) instituted a 16-member committee headed by Pravin Kutumbe to further strengthen its guidelines on corporate governance.
• The committee consists of a head, six members from the insurance regulator besides members from the Reserve Bank of India and the Securities and Exchange Board of India along with other industry partakers.