RBI launches ‘MANI’ app to help visually challenged to identify denomination of notes. The app is capable of identifying the denominations of Mahatma Gandhi, (New) Series banknotes by checking front or reverse side at various holding angles and a broad range of light conditions.
RBI decided that Primary (Urban) Co-operative Banks (UCBs) having total assets of ₹500 crore and above as on 31st March of the previous financial year shall report credit information, including classification of an account as Special Mention Account (SMA), on all borrowers having aggregate exposures of ₹5 crore and above with them to Central Repository of Information on Large Credits (CRILC) maintained by the Reserve Bank. Aggregate exposure shall include all fund-based and non-fund based exposure, including investment exposure on the borrower.
RBI launches new prepaid payment instrument for digital transactions up to Rs 10,000. The amount loaded in such PPIs during any month will not exceed Rs 10,000 and the total amount loaded during the financial year will not exceed Rs 1,20,000.
RBI has released Financial Stability Report as of December 2019 on 27th December 2019. The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, as also the resilience of the financial system. The Report also discusses issues relating to development and regulation of the financial sector.
Reserve Bank of India released the Report on Trend and Progress of Banking in India 2018-19, a statutory publication in compliance with Section 36 (2) of the Banking Regulation Act, 1949. This Report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions during 2018-19 and 2019-20 so far.
10-year bond yields were under pressure since the RBI unexpectedly paused rates contrary to market expectation citing inflation concerns. Since RBI Policy, 10 year bond yield have gained nearly 27 basis points.
With effect from December 16, 2019 RBI has asked banks to Extend NEFT facility 365/24*7 .
The Reserve Bank of India today released on its website, “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”. In the Second Bi-monthly Monetary Policy Statement, 2019-20 dated June 06, 2019, it was announced that the Draft Guidelines for ‘on tap’ Licensing of such banks will be issued. Accordingly, the draft guidelines were published on the RBI website on September 13, 2019 inviting comments from the stakeholders and members of the public. Taking into consideration the responses received, the final guidelines have now been issued.
RBI Monetary Policy Highlights: Future repo rate cuts not being ruled out, says Shaktikanta Das. Despite an expectation of 25 bps repo rate cut, MPC maintained status quo on repo rate at 5.15 percent and accommodative stance.
Reserve Bank issued instructions on ‘on tap’ authorisation to entities desirous to function / operate / provide platforms for Bharat Bill Payment Operating Unit (BBPOU); Trade Receivables Discounting System (TReDS); and White Label ATMs (WLAs).