RBI Increases Transaction Limits For UPI 123Pay And UPI Lite
The limit for UPI Lite balances has also been increased to Rs 5,000 from Rs 2,000. UPI Lite, available on apps like Paytm, BHIM, and Google Pay, was launched in September 2022 to support quick, low-value transactions. Many banks are already offering this facility
Delhi HC Declines To Formulate Uniform Banking Code For Foreign Exchange Transactions
The petitioner argued that methods like RTGS, NEFT, and IMPS allow harmful foreign funds into Indian banks. He claimed these funds threaten India's foreign exchange reserves and finance radical activities
RBI Bulletin Sees Revival In Rural Consumption, Boost To Private Sector Investment
RBI monthly bulletin has expressed optimism about India's economic prospects, citing a revival in rural consumption.
RBI Proposes More Frequent Credit Reporting To Improve Transparency
RBI is considering a proposal to increase the frequency of credit information reporting to CICs to every two weeks or even shorter intervals.
RBI Plans Major Overhaul To Speed Up Cheque Clearing Process
RBI is set to significantly accelerate cheque clearing times, with plans to reduce the process to just a few hours.
Economic Survey To Be Tabled In Parliament On July 22
The Economic Survey's presentation coincides with the IMF's recent upward revision of India's economic growth forecast for FY25 to 7 percent from the previously projected 6.8 percent in April.
Eid Bank Holiday 2024: Will The Banks Be Closed Or Not For Bakrid
In India, Eid ul-Adha will be observed on June 17, 2024, while in the UAE and other Arab countries, Bakrid will be celebrated on June 16, 2024.
India Is On Cusp Of Long-Awaited Economic Takeoff: RBI
The International Monetary Fund (IMF) has revised India's GDP growth forecast upwards by nearly 2 percentage points for the fiscal year 2023-24.
Reserve Bank Hosts Conference On Governance In Asset Reconstruction Companies
This conference is part of a series of supervisory engagements the RBI has been conducting over the past year with its regulated entities, including previous meetings with the boards of Scheduled Commercial Banks and Urban Co-operative Banks.
RBI Bars Kotak Mahindra Bank, New Credit Cards and Online Customer Onboarding Suspended
The central bank highlights that the bank has been found lacking in its IT Risk and Information Security Governance for two consecutive years.
