Reserve Bank of India on Thurday extended card tokenisation deadline by six months to June 30, 2022. The earlier deadline was December 31, 2021. Post June 30, 2022, merchants will not be able to store card information of users and will have to replace each card number with a randomised token number.
RBI has reviewed and revised the existing framework for SCB’s and also issued fresh PCA Framework for NBFC’s. The new PCA norms for SCB’s shall be effective January 1st, 2022 & for NBFC’s the PCA norms will be effective wef October 1, 2022.
Statement on Developmental and Regulatory Policies Statement sets out various developmental and regulatory policy measures relating to (i) regulation and supervision; (ii) financial markets; and (ii) payment and settlement systems.
The Reserve Bank of India’s (RBI’s) six-member monetary policy committee (MPC), headed by Governor Shaktikanta Das, decided to maintain key interest rates for a ninth straight meeting, retaining an accommodative stance amid the threat surrounding Omicron coronavirus variant.
As per extant practice, banks incorporated in India seek prior RBI approval for infusion of capital in their overseas branches and subsidiaries. retention of profits in, and transfer or repatriation of profits from these overseas centres. 3. In order to provide greater operational flexibility, RBI decided that prior RBI approval for above capital infusion/ transfers…
RBI announced in the Governor’s Statement of December 08, 2021, banks which had availed of funds under TLTRO and TLTRO 2.0 will be provided with one more option to prepay the outstanding amount. 2. Banks desirous of exercising the above option are advised to submit their requests via email to the Financial Markets Operations Department (Ph: 022-2263…
RBI hackathon applications are open for anyone above 18 years of age with an innovative idea. The registration process began on November 15 and the last date to register and submit proposals is December 15.
The Banking Regulation Act, 1949 (BR Act, 1949) was amended by the Banking Regulation (Amendment) Act, 2020 (Act 39 of 2020) which came into force on September 29, 2020. Accordingly, co-operative societies cannot use the words “bank”, “banker” or “banking” as part of their names, except as permitted under the provisions of BR Act, 1949…
The Reserve Bank of India today released the November 2021 issue of its monthly Bulletin. The Bulletin includes five speeches, four articles and current statistics.
The four articles are: I. State of the Economy; II. Is the Phillips Curve in India Dead, Inert and Stirring to Life or Alive and Well?; III. Uncertainty and Disagreement among Professional Macroeconomic Forecasters; and IV. Changing Tides in the Indian Money Market.
In view of the impending discontinuance of LIBOR as a benchmark rate, RBI decided to permit banks to offer interest rates on FCNR (B) deposits using widely accepted ‘Overnight Alternative Reference Rate (ARR) for the respective currency’ with upward revision in the interest rates ceiling by 50 bps. As a measure to handle the information…