Tag: RBI

ED issues showcause notice to Xiaomi over FEMA violation

The Enforcement Directorate (ED) on Friday said that the Adjudicating Authority has issued showcause notices to Xiaomi Technology India Private Limited, its officials and three banks under the relevant provision of the Foreign Exchange Management Act (FEMA) on the basis of a complaint filed by the probe agency in connection with illegal remittances made by the company to the tune of Rs 5,551.27 crore.

June 9, 2023

RBI’s decision to keep repo rate unchanged on expected lines: SBI chief Khara

The repo rate is the rate of interest at which RBI lends to other banks. The Reserve Bank of India's (RBI) monetary policy committee unanimously decided to keep the repo rate unchanged at 6.5 per cent.

June 8, 2023

RBI-MPC decides on internationalisation of Rupay cards, expanding scope of NPA resolution

Expanding the scope of resolving the issue of non-performing assets (NPA) to other regulated entities, extending the time for Urban Cooperative Banks (UCB) to achieve the target for priority sector lending, internationalisation of Rupay cards are some of the major decisions of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC).

June 8, 2023

RBI lowers India’s 2023-24 inflation forecast to 5.1 pc

On a quarterly basis, retail inflation (or Consumer Price Index) in Q1 is seen at 4.6 per cent, Q2 at 5.2 per cent, Q3 at 5.4 per cent, and Q4 at 5.2 per cent, said RBI Governor Shaktikanta Das

June 8, 2023

Indian economy to surpass 7 per cent growth in FY 23: SBI research report

State Bank of India's research report, Ecowrap said that India's growth in fourth quarter of FY23 is likely to be 5.5 per cent, which would lead to the country's growth for FY23 at 7.1 per cent.

May 26, 2023

No panic rush for exchange of `2,000 notes

These notes can also be exchanged at RBI’s regional rural counters along with business correspondent points.

May 24, 2023

RBI holds conference for directors on boards of Public Sector Banks

The Reserve Bank of India held a conference for the directors on the Boards of Public Sector Banks. The conference was held in New Delhi on Monday.

May 23, 2023

PIL in Delhi HC against RBI, SBI permitting Rs 2K note exchange without identity proof

A plea has been moved in the Delhi High Court challenging Reserve Bank of India (RBI) and State Bank of India (SBI) notifications, that permits exchange of notes without any identity proof.

May 22, 2023

“Hurray! We’re getting back our money,” say Ludhiana traders after Rs 2,000 note ban

The same happened when PM Narendra Modi announced demonetisation in November 2016. Suddenly, traders in Ludhiana found the money being delivered at their doorstep Ludhiana businessmen are claiming that strangely, they have become beneficiaries of the Rs 2000 note ban that was imposed yesterday by the Reserve Bank of India RBI. They are claiming that...

May 20, 2023

TDP Chief Chandrababu Naidu welcomes RBI decision to scrap Rs 2000 notes

Stating that he wanted to transform Visakhapatnam as an IT hub and tourism center besides promoting the city as financial capital after building Amaravathi as the capital of the State, the Naidu said that now CM Jagan is playing a game with these cities.

May 20, 2023

India’s wholesale inflation turns negative at (-) 0.92 pc for April

Notably, the wholesale price index (WPI)-based inflation had been in double digits for 18 months in a row till September.

May 15, 2023

India’s forex reserves rose to $595.976bn during week ending May 5: RBI

India's foreign exchange reserves rose by $7.196 billion to $595.976 billion during the week ended May 5, data released by the Reserve Bank of India (RBI) said on Friday.

May 13, 2023

ED should provide details of recoveries, properties of Congress leaders: CM Baghel

ED should provide details of recoveries, properties of Congress leaders: CM Baghel

May 10, 2023

RBI imposes over Rs 1.73-cr fine on HSBC for wrong credit card data

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1,73,75,000 on The Hongkong and Shanghai Banking Corporation Limited (HSBC Ltd) for the contravention of certain rules under Credit Information Companies Rules, 2006 (CIC Rules).

May 9, 2023

Delhi HC grants six weeks to RBI to respond to PIL on Uniform Banking Code

A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad granted time to RBI for filing a response.

March 21, 2023

Greater challenges will emerge as markets become more developed, interconnected: RBI Deputy Governor

Foreign exchange market participants will have to prepare themselves to manage the changes and the associated risks, and the Foreign Exchange Dealers' Association of India

March 9, 2023

RBI slaps over Rs 3-crore penalty on Amazon Pay

 The Reserve Bank of India (RBI) on Friday said it imposed a monetary penalty of over Rs 3 crore (3,06,66,000) on Amazon Pay (India) for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) requirements.

March 3, 2023