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Non-compliant current a/cs: RBI extends closure deadline

August 05, 2021 12:18 am

In August 2020, the RBI had said banks with little or no loan exposure cannot open a current account for borrowers, and existing non-compliant accounts had to be frozen.

Payment operators can’t outsource core management functions: RBI

August 04, 2021 10:38 am

The service provider, unless it is a group company of the PSO, should not be owned or controlled by any director or officer of the PSO or their relatives.

Covid surge adding to uncertainty, RBI keeps key rate unchanged

Growth, inflation weighing, MPC may hold rates

August 02, 2021 10:19 am

On June 4, with focus firmly on the revival of the Covid-hit economy, the MPC slashed its growth projection, kept the main policy interest rate — repo rate — unchanged at 4 per cent and unleashed a host of measures to support businesses and ensure they have access to liquidity. The MPC will announce the next monetary policy on August 6.

Rising streak halts: Fall in currency assets pulls forex reserves down

August 01, 2021 1:34 am

In the previous week ended July 16, the foreign exchange — or forex — reserves had reached a record high of $612.730 billion, having risen by $835 million.

Madgaum Urban Co-op Bank licence cancelled; liquidator to be named: RBI

July 30, 2021 12:44 am

According to the RBI, as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Mobile wallets, card networks, white label ATM operators allowed to join RBI’s CPS

July 28, 2021 11:59 pm

According to the RBI, direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.

Online lenders can’t be allowed to charge ‘exorbitant’ rates: Delhi HC

July 28, 2021 3:28 am

“Don’t allow all these things. You are a custodian of interest of a small man also,” the division Bench of Chief Justice D N Patel and Justice Jyoti Singh while listing a PIL, seeking regulation of the online digital lenders, for hearing on August 27.

In five years of IBC regime, lenders took 61% haircut on claims, show data

July 27, 2021 7:09 am

The IBC is positioned as a framework for timely resolution of the debt of insolvent companies, rather than a mechanism for recovery. But there are pitfalls to achieving either of these targets.

Roadblock for rate transmission: External benchmark-linked loans rise, but MCLR still dominant

July 20, 2021 5:34 am

Data collected from banks by the RBI suggests the share of outstanding loans linked to external benchmarks — mostly the repo rate which is at 4 per cent — increased from as low as 2.4 per cent during September 2019 to 28.5 per cent during March 2021.

Cryptocurrency bank plans India operations, takes cooperative route to get around RBI rules

July 19, 2021 7:16 am

The “bank” has ambitious plans to extend loans to buy cryptocurrencies and open savings accounts for customers. The government is also planning to bring in a law to regulate cryptocurrencies.