Reserve Bank of India – Timeline Daily

RBI Directs Kotak Mahindra Bank To Stop Onboarding New Customers, Issuing Fresh Credit Cards

24Apr

Business

RBI Directs Kotak Mahindra Bank To Stop Onboarding New Customers, Issuing Fresh Credit Cards

The Reserve Bank of India in a press release today directed the the Kotak Mahindra Bank Limited to "cease and desist, with immediate effect, from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards." Announcing the decision, the regulator stat...

Navigating The Paytm Crisis: Lessons And Strategies For India’s Fintech Sector

27Feb

Business

Navigating The Paytm Crisis: Lessons And Strategies For India’s Fintech Sector

The recent crisis involving Paytm Payments Bank has sent shockwaves through India's finance and fintech sector, prompting a re-evaluation of regulatory compliance and market dynamics. As the Reserve Bank of India imposes limitations on Paytm, stakeholders across the industry are assessing potential ...

Manju Agarwal Resigns From Board Of Paytm Payments Bank

12Feb

Business, Technology

Manju Agarwal Resigns From Board Of Paytm Payments Bank

Financial technology firm Paytm has confirmed that Manju Agarwal, an independent director at Paytm Payments Bank Limited (PPBL), has resigned. The company said in an exchange filing that Manju Agarwal resigned from its banking arm due to ‘personal commitments’. Recently, the Reserve Bank of India (R...

“Your Money Is Safe”: Paytm Payment Bank Assures Customers After RBI Ban

2Feb

Business

“Your Money Is Safe”: Paytm Payment Bank Assures Customers After RBI Ban

Paytm Payments Bank reportedly assured its customers on Friday that their "money is safe" with the company. By sending out emails and text messages, the company told customers that the RBI directive does not impact their existing balances, reported NDTV. Paytm Payments Bank made this move as the ...

RBI Gives Green Signal To Zomato To Operate As Online Payment Aggregator

25Jan

Business

RBI Gives Green Signal To Zomato To Operate As Online Payment Aggregator

Zomato Payments, the subsidiary of popular online food delivery platform Zomato, has received the certificate of authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. According to an exchange filing by Zomato, the authorisation came into effect on January 24,...

Congress Leader Jairam Ramesh Attacks PM Modi Citing RBI Report On ‘Utterly Wasteful’ ‘Demonetisation’

2Jan

India

Congress Leader Jairam Ramesh Attacks PM Modi Citing RBI Report On ‘Utterly Wasteful’ ‘Demonetisation’

Sharing an article published by The Hindu, the Indian National Congress (INC) MP and general secretary in charge of communication Jairam Ramesh attacked Prime Minister Narendra Modi and the BJP-led central government, saying that demonetisation, which was implemented by the government and hailed as ...

For The 4th Consecutive Time, RBI Keeps Lending Rate Unchanged At 6.5%

6Oct

Business

For The 4th Consecutive Time, RBI Keeps Lending Rate Unchanged At 6.5%

The Reserve Bank of India (RBI) decided to keep its key lending unchanged at 6.5% for the fourth consecutive time. RBI Governor Shaktikanta Das informed today that this significant decision was taken unanimously at the central bank's Monetary Policy Committee (MPC) meeting after a detailed assessmen...

Rs. 2,000 Currency Note Exchange Can Only Be Done Until September 30, What Happens If Someone Misses The Deadline

27Sep

Business

Rs. 2,000 Currency Note Exchange Can Only Be Done Until September 30, What Happens If Someone Misses The Deadline

The deadline for returning Rs. 2,000 currency notes is Monday, September 30, 2023. The Reserve Bank of India (RBI) has issued a directive urging the public to exchange or deposit these banknotes by the deadline. What happens if you miss the deadline? According to the RBI, individuals can still mak...

RBI May Hold Interest Rate at 6.5% as Inflation Remains High

25Sep

Business

RBI May Hold Interest Rate at 6.5% as Inflation Remains High

Experts believe the Reserve Bank of India (RBI) may hold the repo rate at 6.5% for the fourth time in a row at its bi-monthly monetary policy review meeting in early October, as retail inflation remains high. The RBI's last interest rate hike was on February 8, 2023, to 6.5%. Since then, it has main...

How Fraud Loan Apps Trap Borrowers – And What You Need To Do

24Sep

Business

How Fraud Loan Apps Trap Borrowers – And What You Need To Do

The proliferation of illegal loan apps in recent years has raised significant concerns, despite the government's efforts to combat them. These apps pose a serious threat to the society and economy due to their unscrupulous practices, which include threats and harassment. Tragically, there have been ...