RBI bans Kotak Mahindra Bank from on boarding new online customers
However, the RBI (Reserve Bank of India) said the bank shall continue to provide services to its existing customers, including its credit card customers.
However, the RBI (Reserve Bank of India) said the bank shall continue to provide services to its existing customers, including its credit card customers.
The RBI said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
This approval will now allow PayU to onboard new merchants on its platform.
The Finance Ministry on Monday announced the sale of government bonds worth Rs 32,000 crore in two categories on April 26 (Friday).
India stands at a crucial juncture in its quest to harness the potential of its demographic dividend. Renowned economist and former RBI Governor Raghuram Rajan’s recent remarks underscore the urgent need for concerted efforts to unlock the benefits of this demographic boon.
There are dedicated ombudsman schemes devoted to consumer grievance redressal in banking, non-bank finance companies and digital transactions, respectively, at present.
The RBI had announced the scheme on October 9, 2020 which is available up to March 31, 2021.
It was one of the sore points between RBI and the government during 2018. Following the change of guard at the central bank, it was decided to defer it by a year till March 2020.
The bank has been penalised for two major outages, one in November 2018 and the other in December 2019.
"The Reserve Bank will undertake, as a part of its supervisory mechanism, annual assessments of customer service and grievance redressal in banks based on the data and information available through the Complaint Management System, and other sources and interactions," said an RBI notification.
