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.
Buoyant domestic demand and higher capacity utilisation in manufacturing sector prompts RBI to up GDP growth projection in FY24 to 7% from 6.5% earlier.
RBI retains retail inflation projection for FY24 at 5.4% but says inflation may see an uptick in November and December due to pressure on food prices.
RBI raises UPI payment limit to hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh; hikes cap for e-mandates for recurring payments to Rs 1 lakh.
Currently, OTP-based additional factor of authentication was needed when an auto payment via UPI exceeded the Rs 15,000 limit.
Warburg Pincus offloads 9.17 crore shares of IDFC First Bank through block deal; transaction done at Rs 86.1 per share.
CBI’s needle of suspicion has gone on thousands of accounts which were opened around the time the IMPS transactions started and money transfers were received.
Paytm will seek to expand its portfolio of high-ticket personal and commercial loans while scaling down on loans under Rs 50,000.
Scheduled commercial banks recover Rs 7.15 lakh crore of NPAs during last five financial years, govt informs Parliament.
Enforcement Directorate confiscates assets worth Rs 15,186.64 crore under PMLA and almost all of these have been restituted to public sector banks, Finance Minister Nirmala Sitharaman said.
