Reserve Bank of India’s (RBI) decision to introduce exclusive domains for banks will make it easier to identify genuine banking websites and avoid phishing scams. Customers can verify a bank’s authenticity by checking if its website has the ‘bank.in’ extension before making transactions. RBI governor Sanjay Malhotra said rising fraud in digital payments is a … Read more
India’s new central bank governor cut interest rates for the first time in almost five years to help spur a slowing economy, providing a measured tone that disappointed some investors seeking more proactive steps.All six members of the Reserve Bank of India’s monetary policy committee, chaired by Governor Sanjay Malhotra, voted unanimously to lower the … Read more
The Reserve Bank of India (RBI) is expected to cut interest rates for the first time in nearly five years this Friday on waning concerns about stubborn inflation, economists and investors polled by ET said, as Mint Road’s priority changes to helping a visibly slowing economy accelerate.Nine of the 12 financial institutions polled believe … Read more
The Reserve Bank of India (RBI) may keep the current policy rates unchanged in the ongoing Monetary Policy Committee (MPC) meeting, according to a report by the Union Bank of India. As per the report, RBI is unlikely to announce a cash reserve ratio (CRR) cut to improve liquidity. A CRR cut is viewed as … Read more
The Reserve Bank of India (RBI) is contemplating a staggered implementation of the increase in provisioning for project financing to soften the blow on lenders and give them ample time to prepare for any impact on profitability. Projects nearing completion may also be given some leeway in provisions, people familiar with RBI’s plans said. Facing … Read more
The Reserve Bank of India (RBI) on Monday took another step to harmonize regulations applicable to mortgage financiers and other non-bank lenders, proposing higher liquid assets to back deposits at housing finance companies, smaller aggregate deposits as a proportion of their own capital, and allowing them to issue co-branded credit cards. These are part of … Read more
The Reserve Bank of India has decided to tighten the connected lending norms to prevent instances where persons in power who influence lending decisions have close connections with borrowers. The regulator has also decided to come out with a unified regulatory framework on connected lending for all the regulated entities to avoid gaps in regulation. … Read more
In a move to simplify and streamline bank account transfers, the National Payments Corporation of India (NPCI) is set to facilitate hassle-free fund transfers of up to Rs 5 lakh without the need to add a beneficiary, states an ET report. The revised Immediate Payment Service (IMPS) will soon allow users to make secure and … Read more
The app in question is Bob World. “This action is based on certain material supervisory concerns observed in the manner of onboarding their customers onto this mobile application,” the RBI said. “Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening … Read more