The RBI has launched the UPI payment facility for foreign visitors to India, initially available at select international airports. Inbound travelers will receive PPI wallets linked to UPI to make local payments, with plans to expand this service to other airports and cities soon.
The RBI said that the eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets.
India's central bank, the Reserve Bank of India (RBI), has released draft guidelines for minimum capital requirements for market risk in a move to align banking regulations with Basel III standards.
RBI increased the Repo Rate by 25 basis points on February 8, prompting many banks to raise interest rates on personal, car, and home loans.
RBI introduces changes to NEFT and RTGS systems for FCRA related transactions following the Home Ministry's mandate for SBI to report all donor details. SBI must capture donor details and report them daily to MHA, while other banks must make necessary changes by March 15, 2023.
SBI Credit Card Charge News: SBI Cards & Payment Services has announced an increase in the SBI Credit Card charges. Rent payments made through credit cards will now incur a fee of Rs 199 plus taxes, as per an email and SMS notification sent to SBI Cards users.
The government has set a target of Rs 16,000 crore for Sovereign Green Bond auction in the current financial year, aiming to reduce emissions and increase non-fossil fuel-based energy resources.
UPI is a system that bunches multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments under a common platform.
Reserve Bank Governor Shaktikanta Das rejected speculations about Indian banks may have exposure to ongoing market turbulence prompted by the Adnai row.
Home, car loan EMIs set to rise again as RBI hiked interest rate by 25 BPS to 6.5%
The RBI has been tasked to ensure that retail inflation remains at 4 per cent with a margin of 2 per cent.
Since May last year, the Reserve Bank has increased the short-term lending rate by 225 basis points to contain inflation, mostly driven by external factors, especially global supply chain disruption following the Russia-Ukraine war outbreak.
Another official of the RBI said users of Central Bank Digital Currency in the retail segment will reach 50,000 by the end of this month.
Core inflation is the portion of overall inflation that excludes food and oil. Since, food costs have decreased, which is generally what happens in the winter, Rajan argued that the problem with inflation is disinflation.
The observations in the RBI's Report titled 'State Finances: A Study of Budgets of 2022-23' comes in the backdrop of Congress-ruled Himachal Pradesh becoming the latest state to announce reverting to the Dearness Allowance (DA) linked Old Pension Scheme (OPS).
Amid global shocks and challenges, the Indian economy presents a picture of resilience and the regulators are ready to take appropriate actions to preserve financial stability, RBI Governor Shaktikanta Das said.
While talking with Congress leader Rahul Gandhi, the former governor of the Reserve Bank of India said, "India is also going to be hit. India's interest rates have also gone up but Indian exports have been slowing quite a bit. India's inflation problem is more about commodities inflation problem, ve
RBI stopped printing the Rs 2,000 currency notes 3 years back. There is information that people have hoarded it and it is being used for terror funding, drug trafficking and black money, Sushil Modi said.
The RBI on Wednesday hikes the key repo rate by 35 basis points. The rise in repo rate is the fifth straight increase since May.
SC on demonetisation: Reserving its verdict on a batch of pleas challenging the Centre's 2016 decision, a five-judge constitution bench headed by Justice SA Nazeer heard the submissions from Attorney General R Venkataramani, RBI's counsel, and the petitioners’ lawyers.
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