Reserve Bank Of India (RBI): News

10 Aug 2023

Business

RBI to simplify floating-to-fixed rate conversion for loan borrowers

The Reserve Bank of India (RBI) plans to introduce a simpler and more transparent framework to allow borrowers to switch from floating to fixed interest rates. This will provide relief for those struggling with high rates on home, auto, and other loans.

UPI to support AI-powered conversational payments: How it will work

The Reserve Bank of India (RBI) is exploring the use of artificial intelligence (AI) for conversational payments on the Unified Payments Interface (UPI).

RBI keeps repo rate unchanged at 6.5% for third time

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) has opted to maintain the key repo rate at 6.5%, marking the third consecutive time this decision has been made.

09 Aug 2023

Inflation

After tomato, onion prices likely to hurt pockets

Indian households are likely to feel the pressure of an inflationary spell as onion prices are soaring due to tightening supplies.

08 Aug 2023

Cryptocurrency

How Odisha Police busted Rs. 1,000 crore cryptocurrency scam

The Odisha Police has reportedly busted a cryptocurrency investment scam worth Rs. 1,000 crore and arrested two suspects, including the head of Solar Techno Alliance (STA) Crypto Token, Gurtej Singh Sidhu.

17 Jul 2023

Business

Pension for retired RBI employees increased after 4 years

The central government has permitted the revision of pension for retired Reserve Bank of India (RBI) employees, reported Mint.

16 Jul 2023

Narendra Modi

Modi signs India-UAE trade pact, MoU to establish IIT-Delhi campus 

Prime Minister Narendra Modi on Saturday concluded his visit to the United Arab Emirates (UAE), where he met its ruler and UAE President Sheikh Mohamed bin Zayed Al Nahyan and signed crucial agreements.

13 Jul 2023

HDFC Bank

HDFC becomes first to introduce CBDC-UPI interoperability: How it works

It hasn't been that long since the Reserve Bank of India rolled out the wholesale and retail versions of Central Bank Digital currency (CBDC) or digital rupee.

India's current account deficit shrinks sharply to 0.2% of GDP

India's current account deficit (CAD) fell to $1.3 billion or 0.2% of the Gross Domestic Product (GDP) in the fourth quarter of the fiscal year 2022-23, per the Reserve Bank of India (RBI).

27 Jun 2023

Inflation

Why tomato prices doubled in days reaching Rs. 100/kg

Tomato prices have skyrocketed within days to touch Rs. 100 per kg in many parts of the country, raising inflation concerns for millions of households and the Reserve Bank of India (RBI).

26 Jun 2023

Shaktikanta Das

No negative impact of Rs. 2,000 notes' withdrawal: RBI governor

The withdrawal of Rs. 2,000 currency notes that the Reserve Bank of India (RBI) announced last month will have no negative impact on the economy, RBI Governor Shaktikanta Das said on Monday.

18 Jun 2023

RTI Act

RBI denies disappearance claims of Rs. 500 notes worth crores

The Reserve Bank of India (RBI) dismissed a report on Saturday that talked about the alleged "mysterious disappearance of Rs. 500 notes" approximately worth "Rs. 88,032.5 crore."

08 Jun 2023

RuPay

RBI allows RuPay Prepaid Forex card: Know how it works

Indians traveling abroad will soon have another option to make payments-RuPay Prepaid Forex card.

08 Jun 2023

Shaktikanta Das

Half of Rs. 2,000 notes deposited, exchanged so far: RBI

Around 50% of the total Rs. 2,000 currency notes have been deposited or exchanged so far, according to the Reserve Bank of India (RBI).

Reserve Bank keeps repo rate unchanged at 6.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Thursday made the official decision to keep the repo rate unchanged at 6.5%, news agency ANI quoted RBI Governor Shaktikanta Das as saying.

31 May 2023

Google

Google imposes new rules on personal loan apps in India

Predatory lending by loan apps has been a major issue in India. There have been calls to deal with lenders that harass borrowers.

30 May 2023

India

RBI unveils new lightweight payment system: Why is it needed

Once a cash-based economy, India has evolved as one of the leaders in digital payments.

23 May 2023

Shaktikanta Das

You can start exchanging your Rs. 2,000 notes from today

Anticipating a rush to exchange Rs. 2,000 notes, which begins on Tuesday, numerous banks have reportedly set up dedicated counters, people to manage queues, and enough inventory of lower denomination banknotes.

22 May 2023

Indian Government

Rs. 2,000 note withdrawal: Debunking all myths, revealing facts

The Reserve Bank of India (RBI) recently announced the withdrawal of Rs. 2,000 currency notes, leading to a wave of confusion and misconceptions.

22 May 2023

Shaktikanta Das

Don't rush to exchange Rs. 2,000 notes: RBI governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday there was no need to panic over the withdrawal of Rs. 2,000 notes.

No forms, documents needed to exchange Rs. 2,000 notes: SBI

The State Bank of India (SBI) has informed its branches that no form or identity proof documents are required to exchange Rs. 2,000 notes, which the Reserve Bank of India (RBI) withdrew from circulation on Friday.

Why Rs. 2,000 note withdrawal is important, IMF expert explains

Dr. Krishnamurthy Subramanian, the executive director for India at the International Monetary Fund (IMF), has hailed the decision of the Reserve Bank of India (RBI) to scrap the circulation of Rs. 2,000 currency notes.

19 May 2023

India

RBI to withdraw Rs. 2,000 currency note from circulation

The Reserve Bank of India (RBI) has instructed banks to cease issuing Rs. 2,000 denomination banknotes with immediate effect. It, however, stated that the banknotes in the Rs. 2,000 denomination will continue to be legal tender.

18 May 2023

Indian Government

International credit card spending attracts 20% TCS: What it means

Using credit cards on overseas holidays or business trips is about to become more expensive. Do you know why?

21 Apr 2023

Maharashtra

Banks decline coins from Shirdi's Saibaba temple citing space crunch

Banks are reportedly struggling to accommodate the huge amount of coins received by Shirdi's Saibaba temple as donations in Maharashtra.

12 Apr 2023

Ajit Pawar

MSC Bank scam: ED chargesheet drops NCP's Ajit Pawar, wife

The Enforcement Directorate (ED) has filed a chargesheet against the Maharashtra State Cooperative (MSC) Bank in a multi-crore money laundering case, naming a company linked to former Maharashtra deputy chief minister and Nationalist Congress Party (NCP) leader Ajit Pawar.

09 Apr 2023

Aadhaar

Aadhaar Enabled Payment System: Features and how to use explained

Aadhaar Enabled Payment System (AePS) is a type of digital payment method based on the Unique Identification Number (UIN).

07 Apr 2023

Mumbai

RBI's retail digital rupee is now live in 4 cities

On December 1, 2022, the Reserve Bank of India (RBI) launched the retail digital rupee (eRs-R) on a pilot basis in India. The pilot of RBI's Central Bank Digital Currency (CBDC) involved a closed group of banks and cities.

RBI shelves NUE, the UPI rival project: Here's why

The Reserve Bank of India (RBI) has shelved its project to create an alternative for the Unified Payment Interface (UPI).

Your UPI account will soon work like a credit card

The Reserve Bank of India's (RBI) bi-monthly Monetary Policy Committee (MPC) meeting was packed with surprises this time.

06 Apr 2023

Repo Rate

After six hikes, RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) stopped its rate-hike cycle to keep the repo rate unchanged at 6.5%, RBI Governor Shaktikanta Das announced on Thursday.

03 Apr 2023

India

OPEC+ cuts oil output: Know its impact on India

A surprise cut in oil output by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, has sent the global market into a frenzy.

RBI may pause interest hikes, keep 6.5% terminal repo rate

The Reserve Bank of India (RBI) is likely to pause interest rate hikes in the next Monetary Policy Committee (MPC) meeting in April, said State Bank of India (SBI) Research, per ANI.

17 Mar 2023

India

Credit Suisse's crisis is more relevant to India: Know how

The global financial system is going through a tough time. On the one hand, we have Silicon Valley Bank and on the other, we have Credit Suisse.

Bank Run: The problem that triggered Silicon Valley Bank collapse

Last week, the US government shut down Silicon Valley Bank as it failed to raise funds for functioning.

13 Mar 2023

India

Here's how you can exchange torn or damaged currency notes

Your mutilated banknotes are still exchangeable!

08 Mar 2023

Cryptocurrency

Government imposes anti-money laundering provisions on cryptocurrency, virtual assets

In the latest blow to the cryptocurrency sector in the country, the Indian government has imposed money laundering provisions on the industry.

NCLT gives nod to Suraksha Group to buy Jaypee Infratech 

The National Company Law Tribunal (NCLT) has approved Mumbai-based Suraksha Group's bid to buy Jaypee Infratech Limited (JIL) six years after it entered the insolvency process in 2017, PTI reported.

28 Feb 2023

India

India's Q3 GDP growth declines to 4.4% amid high inflation

India's GDP (gross domestic product) growth for the third quarter of the current fiscal slowed down. Per data released by the National Statistical Organization (NSO), the GDP growth for Q3 FY23 came in at 4.4%, compared to 6.3% in Q2.

India's UPI makes global debut in partnership with Singapore's PayNow

Starting today, cross-border payments between India and Singapore are going to get easier. The Unified Payment Interface (UPI) of India and Singapore's PayNow will be linked to enable faster cross-border remittances.