RBI introduces Card-on-File token facility at the level of banks and other institutions; move will make it convenient for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications.
Assistant manager of South Indian Bank’s Noida branch has been booked for allegedly siphoning off more than Rs 28 crore and transferring it to the accounts of his relatives and other associates.
While Rs 36,185 crore of unclaimed deposits reside in public sector banks, Rs 6,087 crore are with private sector banks.
RBI bars banks and NBFCs from investing in any scheme of alternative investment funds linked to borrowing companies.
IMF notes that RBI’s foreign exchange interventions have been used to avoid excessive volatility not warranted by fundamentals; RBI dismisses this view as being “incorrect” and “unjustified”.
Govt document, shared on X, triggers speculation that Union Bank of India and UCO Bank could possibly merger while Bank of Maharashtra and Bank of India could get together; govt later revises letter to end speculation.
Enforcement Directorate has taken up 1,105 bank fraud cases, attached crime proceeds worth Rs 64,920 crore and arrested 150 people, Minister of State for Finance Bhagwat Karad said.
Retail inflation climbed to a three-month high of 5.55% in November, led by higher food prices.
RBI cautions public not to fall prey to misleading ads offering loan waivers to borrowers.
IBA and bank employee unions agree for a 17% increase in salary and allowances for five years, effective November 2022; public sector banks to cough out Rs 12,449 crore more a year.
RBI is also working on establishment of a cloud facility for the financial sector to enhance data security, integrity and privacy.
RBI will come out with a regulatory framework for connected lending; aim is to strengthen credit management by banks and NBFCs.
The Reserve Bank of India has no plans to loosen interest rates as inflation continues to be the top priority, said RBI Governor Shaktikanta Das.
RBI decides to allow reversal of liquidity facilities under both SDF and MSF even during weekends and holidays to allow better liquidity management by banks.
RBI keeps repo rate unchanged for fifth consecutive time while retaining inflation projection at 5.4% and upping growth forecast to 7% for FY24.
