RBI bars Kotak Mahindra Bank from onboarding new online customers, issuing fresh credit cards
Business | April 24, 2024 17:03 ISTThe RBI's action follows deficiencies in Kotak Bank's IT risk management and information security governance.
The RBI's action follows deficiencies in Kotak Bank's IT risk management and information security governance.
The Reserve Bank, which mainly factors in CPI while arriving at its bi-monthly monetary policy, has kept the key interest rate unchanged at 6.5 per cent since February 2023, citing concerns on the inflation front.
Ahead of the polls, states like Uttarakhand, Nagaland, and Tamil Nadu have declared special holidays to ensure citizens’ participation. States such as Arunachal Pradesh, Assam, Bihar, Chhattisgarh, and others have also announced bank holidays for April 19, 2024, in line with the elections.
The draft said non-banks providing PA-P services should have a minimum networth of Rs 15 crore at the time of submitting an application to the RBI for authorisation and a minimum networth of Rs 25 crore by March 31, 2028.
RBI is currently conducting CBDC pilots in Retail and Wholesale segments with different use cases and participating banks. Now, the central bank has proposed to expand trails beyond banks to non-bank payment system operators.
Business news: According to the Reserve Bank of India, Gold reserves increased USD 673 million to USD 52.16 billion during the week. The Special Drawing Rights were down USD 73 million to USD 18.145 billion, the apex bank added.
The latest announcement by the Reserve Bank of India will enable prepaid wallet users to conduct transactions using UPI. Till now, users were restricted to transacting through apps provided by their PPI issuers.
The dedicated mobile application for the Retail Direct Scheme will help individual investors make seamless transactions and will simplify access to government securities.
The Reserve Bank of India said the Rs 2,000 notes, that were in circulation till May 19, 2023, continue to be legal tender.
The Reserve Bank of India shared the list of bank holidays for the upcoming month which includes Sundays, second and fourth Saturdays as well as a list of public holidays.
The Reserve Bank of India (RBI) declared the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19, 2023.
The central bank has urged all agency banks involved in government transactions to keep their services available to the public on Sunday, March 31.
RBI business news: Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by Sept 30, 2023. The deadline was later extended to Oct 7, 2023. Deposit and exchange services at bank branches were discontinued on Oct 7.
Paytm business news: Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman.
Vijay Shekhar Sharma, CEO of Paytm, resigned as non-executive chairman and board member of Paytm Payments Bank due to regulatory challenges, including RBI's directive to wind down operations by March 15. The RBI's concerns stemmed from compliance issues and perceived proximity to Paytm.
Bank Holidays: While physical branches may be closed, online banking services remain operational throughout the holidays. It's essential for individuals to plan their visits and transactions accordingly.
Last month, the RBI barred Paytm Payments Bank Ltd (PPBL) from further deposits or credit transactions or top ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc., other than any interest, cashbacks, or refunds which may be credited anytime.
FASTags issued by Paytm Payments Bank will no longer support top-up or recharge functionalities from March 15 onwards.
SBI introduced a green deposit scheme last month, a significant initiative in the domestic banking sector.
The reversal of the funds is set for February 23 between 10:30 AM and 11:00 AM.
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