Automatic and recurring mobile phone payments, utility bills, as well as subscription charges for over-the-top (OTT) platforms are likely to be discontinued as of April 1, thanks to a new Reserve rule. Bank of India (RBI). Originally announced in August 2019 and then revised in December, RBI’s new rule required …
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RBI concluded that the charge of non-compliance with the instructions was substantiated and justified the imposition of a monetary penalty. The Reserve Bank of India (RBI) on Tuesday imposed a monetary sanction of Rs 2.50 million on Bajaj Finance for using coercive recovery methods from its borrowers and for violating …
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NEW DELHI: The government will go from being a cautious spender in 2020 to opening the tax floodgates as Prime Minister Narendra Modi seeks to lift Asia’s third-largest economy from the worst of the pandemic. The restrictions imposed by the Finance Ministry on more than 80 government departments and ministries …
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The six-month loan moratorium and subsequent asset quality suspension rules have masked the pain on banks’ balance sheets, according to the Reserve Bank of India. The gross bad debt ratios of certain leading banks should have been higher by 19-60 basis points, had they continued to report bad loans normally, …
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As for the year 2021, banks in India will be closed for more than 40 days. In January 2021, banks in India will be closed for 14 days, including four Sundays, second and fourth Saturdays, and a national holiday. According to the Reserve Bank of India (RBI), these holidays can …
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The Reserve Bank of India (RBI) on Wednesday warned individuals and small businesses not to fall victim to a growing number of unauthorized digital lending platforms and mobile apps with promises of borrowing. quickly and without complications. These platforms charge excessive interest rates and additional hidden fees, adopt unacceptable and …
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India has again found itself among the countries tagged as currency manipulators on the US Treasury Department’s list. The move appears to have reinforced the view that the Reserve Bank of India (RBI) should allow the rupee to appreciate and reduce its intervention. Surely the two problems may not be …
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The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to keep official interest rates unchanged while maintaining an accommodative stance. He also believes that the economy is already out of the contraction zone and will register positive growth in the quarters ending in December (0.1%) and …
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The Reserve Bank of India (RBI) left nothing to surprise today and investors have been comforted by a fairly firm policy stance. Monetary policy rates have remained intact, and even the stance has not changed in the face of various challenges that lie ahead. What Governor Shaktikanta Das did was …
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In a rare act of tough love, the banking regulator has detained India’s most valuable lender for repeated disruptions to its digital services. HDFC Bank is unable to accept new credit card customers and will have to stop its planned digital launches until the issue is resolved. Read also: Inside …
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