In a statement, the Reserve Bank of India (RBI) also said there is no need for depositors and other stakeholders to react to speculative reports.
The exit of the bank’s MD came after the RBI on Friday appointed Yogesh K Dayal, Chief General Manager, RBI, as an Additional Director on the board of the bank for a period of two years till December 23, 2023 or till further orders.
🔴 However, the October number is still higher than the number of new members joined with the scheme in April and May, when the second wave of the pandemic was wreaking havoc on the country.
🔴 Democratic approach to rate setting: Michael Patra, RBI Deputy Governor
🔴 After June 2022, credit and debit card data should be purged from the online systems of merchants, the Reserve Bank of India has said.
Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions.
As per the new rule that comes into effect from January 1, 2022, all merchants need to use encrypted tokens for doing transactions instead of credit and debit cards.
As the liquidity measures announced by several developed economies begin to taper off, asset classes including cryptocurrencies are beginning to see a softening of prices.
According to BankBazaar Moneymood 2022 report, the share of fuel cards have gone up to 13.1 per cent of the overall cards.
In April this, the board of directors of Axis Bank had authorised it to borrow/raise funds in Indian currency/foreign currency by issue of debt instruments, perpetual debt instruments, AT 1 bonds, infrastructure bonds and Tier II capital bonds among others up to an amount of Rs 35,000 crore.
With the increase the revised base rate is 7.55 per cent, as per the information posted on SBI's website.
Bank Strike on 16 and 17 December: The United Forum of Bank Unions (UFBU), which is an umbrella body of nine bank unions, has called for a two-day strike starting from December 16.
The RBI decision has come after four big finance firms — IL&FS, DHFL, SREI and Reliance Capital — which collected public funds through fixed deposits and non-convertible debentures collapsed in the last three years despite the tight monitoring in the financial sector. They collectively owe over Rs 1 lakh crore to investors.
🔴 Modi said that the move to guarantee deposits of up to Rs 5 lakh up from Rs 1 lakh earlier meant that about 98 per cent of accounts were fully covered and a total Rs 76 lakh crore were insured by the Deposit Insurance and Credit Guarantee Corporation.
🔴 With this, banks have written off a whopping Rs 11,68,095 crore worth of bad loans, or non-performing assets (NPAs), in the last ten years
According to the bank, it has been included in the Second Schedule to the Reserve Bank of India Act, 1934.
The share of Rs 2,000 notes in circulation has fallen even as the currency in circulation has risen over 62 per cent over the last five years from Rs 17.74 lakh crore on November 4, 2016 to Rs 28.78 lakh crore on November 19, 2021.
🔴 The CBDC is a digital form of fiat currency which can be transacted using wallets backed by blockchain and is regulated by the central bank.
The Reserve Bank of India (RBI) superseded the board of Reliance Capital and appointed Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) as the administrator of the company.
A look at some challenges you may face in your home loan journey.
Karam has taken over the bank at a difficult juncture for the Hindujas, with a deepening dispute between his ailing 85-year-old grandfather’s side of the family and Srichand’s three younger brothers.
She said, “The government pursued all those whose accounts had turned into NPAs within the country and abroad. We ensured their properties are attached and through a legal process are sold and auctioned out and the money came back to the banks.”
Unity SFB is a joint venture between Centrum Group and BharatPe. It commenced operations as a small finance bank (SFB) with effect from November 1.
Addressing the conference on 'Creating Synergies for Seamless Credit Flow and Economic Growth', Prime Minister Narendra Modi said that banks are reflecting an inherent strength today. He said that the financial health of the banks have improved considerably as they have been recovering bad debt.
At a event last week, Das had said, “Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint. The government is actively looking at the issue and will decide on it. But as the central banker, we have serious concerns about it, and we have flagged it many times.”