SBI General Insurance Launches 'SBIG Health Super Top-Up' Plan.
SBI General Insurance has launched a new health insurance product called the 'SBIG Health Super Top-Up' plan. This innovative plan is designed to provide additional coverage beyond the existing health insurance policies, helping policyholders manage higher medical expenses. With a sum insured ranging from ₹3 lakhs to ₹1 crore, the plan offers a range of benefits, including cashless hospitalization across a vast network of hospitals. The 'SBIG Health Super Top-Up' plan aims to enhance financial security for individuals and families, ensuring they receive quality healthcare without the burden of exorbitant costs. Customers can explore this plan on the SBI General Insurance website.
The plan offers a wide network of hospitals, ensuring easy access to quality healthcare for all policyholders.
With customizable coverage options, customers can choose a plan that best suits their healthcare needs and budget.
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RBI approved the merger of Rajapur Cooperative Bank Limited with Malad Cooperative Bank Limited.
The Reserve Bank of India (RBI) has approved the amalgamation of Rajapur Sahakari Bank Ltd with Malad Sahakari Bank Ltd. The decision was taken to strengthen the financial position of both cooperative banks, ensuring better service and stability for their customers. The merger is expected to enhance operational efficiency and improve banking facilities. With this approval, all assets, liabilities, and operations of Rajapur Sahakari Bank will be transferred to Malad Sahakari Bank. Customers of both banks are assured that their deposits and accounts will remain secure, with no interruption to services during the transition process.
This merger aims to enhance customer trust and strengthen the cooperative banking sector in Maharashtra.
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Russian Soyuz Capsule Successfully Brings Back Three Crew Members from the International Space Station (ISS).
A Russian Soyuz capsule successfully returned three crew members from the International Space Station (ISS) on September 26, 2024. The capsule, named Soyuz MS-24, landed safely in Kazakhstan, marking the end of the crew’s six-month mission aboard the ISS. The astronauts included two from NASA and one from the European Space Agency. Their time on the ISS involved conducting various scientific experiments and maintenance tasks. The safe return highlights the ongoing collaboration between international space agencies in advancing human space exploration and research, ensuring a continued presence in low Earth orbit.
The successful return demonstrates Russia's commitment to maintaining a reliable transportation system for crewed space missions.
Collaborative efforts among international space agencies enhance scientific research and pave the way for future explorations.
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Aditya Birla Capital Receives RBI Approval for Merger with Aditya Birla Finance.
Aditya Birla Capital has received approval from the Reserve Bank of India (RBI) for its merger with Aditya Birla Finance. This merger aims to streamline operations and enhance the financial services offered by the group. The consolidation is expected to improve the company’s market position and operational efficiency. With this approval, Aditya Birla Capital can proceed with the integration process, aligning its financial offerings and expanding its reach in the financial services sector. The move is anticipated to benefit customers by providing a wider array of financial products and services under one umbrella.
The merger aims to enhance customer experience by providing a broader range of financial solutions under one entity.
This strategic move is expected to strengthen Aditya Birla Group’s position in the competitive financial services market.
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Bellatrix Aerospace Unveils Project 200, A Satellite Designed for Ultra Low Earth Orbit (ULEO) Operations at 180-250 km.
Bellatrix Aerospace has officially launched Project 200, introducing a cutting-edge satellite designed to operate in Ultra Low Earth Orbit (ULEO) at altitudes of 180-250 km. This innovative satellite aims to enhance communication and data transmission capabilities, offering significant advantages for various applications, including Earth observation and scientific research. The project underscores Bellatrix Aerospace's commitment to advancing space technology and providing reliable solutions for clients in the aerospace sector. With Project 200, the company seeks to pave the way for more efficient and sustainable satellite operations, marking a significant milestone in the evolution of low Earth orbit missions.
Project 200 aims to support advanced satellite technologies for enhanced data accuracy and faster communication in ULEO.
The satellite will contribute to environmental monitoring and disaster management by providing real-time data from low Earth orbit.
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NASA's DART (Double Asteroid Redirection Test) Mission Set to Create First Human-Made Meteor Shower.
NASA's Double Asteroid Redirection Test (DART) mission is poised to create the first human-made meteor shower. Launched in November 2021, DART aims to demonstrate the ability to change an asteroid's trajectory. In September 2022, it successfully impacted the asteroid moonlet Dimorphos, altering its orbit around the larger asteroid Didymos. As a result of this impact, researchers expect debris from Dimorphos to enter Earth's atmosphere, producing a meteor shower visible from our planet. This groundbreaking event not only showcases humanity's capability to alter celestial bodies but also enhances our understanding of planetary defense strategies against potential asteroid threats.
DART's success marks a significant milestone in asteroid deflection technology and planetary defense efforts.
The mission enhances global collaboration in space research and showcases advancements in scientific innovation.
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Iran Successfully Launches Chamran-1 Research Satellite into Orbit.
Iran has successfully launched its Chamran-1 research satellite into orbit, marking a significant achievement in its space program. The launch took place from a facility in the northern part of the country, with officials stating that the satellite is designed to gather data for scientific research and support various sectors, including agriculture and environmental monitoring. This development comes amid ongoing discussions about Iran's technological advancements and the implications for regional security. The successful deployment of Chamran-1 demonstrates Iran's growing capabilities in space technology and its commitment to enhancing its scientific infrastructure.
The Chamran-1 satellite will enhance Iran's research capabilities in remote sensing and data collection.
This launch showcases Iran's technological advancements amidst international scrutiny.
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RBI Imposes Monetary Penalty of ₹2.91 Crore on Axis Bank and HDFC Bank.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.91 crore on Axis Bank and HDFC Bank for non-compliance with regulatory norms. This action underscores the RBI's commitment to ensuring that banks adhere to established guidelines and maintain the integrity of the financial system. Axis Bank was fined ₹1.1 crore, while HDFC Bank faced a penalty of ₹1.81 crore. The RBI's decision comes as part of its ongoing efforts to promote accountability and transparency in the banking sector, highlighting the importance of strict adherence to regulations to safeguard customer interests and maintain public confidence.
The penalties reflect the RBI's strict approach towards ensuring compliance among banking institutions.
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RBI Allows Resident Overseas Citizens of India (OCI) Cardholders to Access Loans for International Studies.
The Reserve Bank of India (RBI) has announced that Resident Overseas Citizens of India (OCI) cardholders are now eligible for loans to study abroad. This new guideline aims to facilitate higher education for OCI cardholders residing in India, broadening their access to financial support. The RBI’s decision reflects a commitment to supporting international education opportunities and easing financial barriers for students. OCI cardholders, who are residents in India, can now apply for study loans under this updated framework, enhancing their ability to pursue academic programs at international institutions. This move is expected to benefit many students aiming for higher education overseas.
OCI cardholders residing in India can access education loans for undergraduate and postgraduate programs abroad.
The RBI’s move aims to support educational aspirations of OCI cardholders and enhance their global opportunities.
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PayGlocal Receives RBI Approval to Operate as Online Merchant Payments Aggregator.
PayGlocal has received approval from the Reserve Bank of India (RBI) to operate as an online merchant payments aggregator. This authorization allows PayGlocal to facilitate digital transactions for various merchants, streamlining the payment process and enhancing convenience for both businesses and customers. As an approved aggregator, PayGlocal will offer services that include payment gateway solutions, transaction processing, and financial reconciliation, contributing to the growth of digital commerce in India. The RBI's nod underscores the increasing regulatory support for digital payment solutions, promoting innovation and efficiency in the financial technology sector.
PayGlocal’s approval enhances access to seamless online payment solutions for small and medium-sized enterprises (SMEs).
The RBI’s endorsement positions PayGlocal as a significant player in India’s evolving digital payment landscape.
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"SpaceX’s Polaris Dawn Crew Completes Historic Private Spacewalk and Returns to Earth Safely.
SpaceX's Polaris Dawn mission crew, led by billionaire entrepreneur Jared Isaacman, has successfully returned to Earth. The mission’s capsule splashed down in the Gulf of Mexico near Florida’s Dry Tortugas before dawn. Onboard were Isaacman, two SpaceX engineers, and a former Air Force Thunderbird pilot. The crew achieved a significant milestone by conducting the first private spacewalk while orbiting approximately 460 miles (740 kilometers) above Earth, surpassing the altitude of the International Space Station and Hubble Space Telescope. This historic spacewalk marks a major advancement in private space exploration and commercial space travel.
The success of Polaris Dawn may pave the way for future private space missions and spacewalks, influencing the planning and execution of upcoming commercial space exploration projects.
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India's First Silicon Carbide Manufacturing Unit to be Established in Odisha.
India is set to inaugurate its first silicon carbide manufacturing unit in Odisha, marking a significant milestone in the country's industrial development. This cutting-edge facility, planned to bolster India's position in the global semiconductor market, will focus on producing high-performance silicon carbide materials essential for advanced electronics and electric vehicles. The project is expected to attract substantial investment, generate numerous jobs, and stimulate technological innovation. By establishing this unit, India aims to reduce dependency on foreign imports and strengthen its domestic manufacturing capabilities, aligning with the broader vision of becoming a key player in the global semiconductor supply chain.
The unit will enhance India’s self-reliance in advanced material production, reducing import dependence.
The project will boost regional development and technological expertise in Odisha.
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ISRO to Launch First Base Module of Bharatiya Antariksh Station by 2028.
The Indian Space Research Organisation (ISRO) has announced plans to launch the first base module of the Bharatiya Antariksh Station by 2028. This ambitious project marks a significant milestone in India's space exploration efforts, aiming to establish a space station in low Earth orbit. The base module will serve as the foundation for future expansions and research missions. It will support various scientific experiments and technology demonstrations, furthering India's capabilities in space science. ISRO's commitment to this timeline underscores its dedication to advancing space technology and exploring new frontiers.
The Bharatiya Antariksh Station will enhance international collaboration in space research and technology development.
The project aims to establish India as a leading player in space exploration and habitation.
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Indian Institute of Management Kozhikode (IIMK) LIVE and Reserve Bank Innovation Hub (RBIH) Sign Memorandum of Understanding to Promote Innovation and Research in FinTech Sector.
The Indian Institute of Management Kozhikode (IIMK) LIVE and the Reserve Bank Innovation Hub (RBIH) have signed a Memorandum of Understanding (MoU) to foster innovation and research in the FinTech sector. This collaboration aims to enhance the development of cutting-edge financial technologies and promote groundbreaking research in the field. By leveraging their respective strengths, IIMK LIVE and RBIH plan to create a dynamic ecosystem that supports startups, researchers, and professionals in FinTech. The MoU marks a significant step towards advancing financial technology and addressing emerging challenges in the industry.
The MoU includes joint workshops and seminars to facilitate knowledge exchange and collaborative FinTech projects.
IIMK LIVE and RBIH will also offer mentorship and support for FinTech startups and innovative solutions.
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Paysharp Receives Final Authorization from Reserve Bank of India (RBI) to Act as a Payment Aggregator (PA).
Paysharp has received the final authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA). This approval allows the fintech company to facilitate payment services for merchants by consolidating and processing payments from various customers. RBI’s authorization is crucial as it ensures that Paysharp complies with the regulatory standards required for secure and efficient digital transactions. The move is expected to enhance Paysharp’s service capabilities and support the growth of digital payments in India. The approval positions the company among authorized entities in the country’s rapidly evolving fintech landscape.
Paysharp’s authorization enhances its credibility and trustworthiness among businesses and consumers in the digital payment ecosystem.
The RBI’s approval reflects ongoing support for the growth and regulation of India’s digital payment infrastructure.
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RBI Imposes Rs 2.68 Crore Penalty on UCO Bank.
The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank. The penalty is related to non-compliance with regulatory guidelines and deficiencies in the bank’s operations. This action reflects the RBI's ongoing efforts to ensure adherence to banking norms and maintain financial discipline within the sector. UCO Bank is expected to address the issues highlighted by the RBI and implement corrective measures to prevent such lapses in the future. The RBI’s regulatory framework aims to uphold the integrity and stability of the banking system in India.
UCO Bank must submit a compliance report to the RBI within 30 days.
The penalty underscores the RBI's commitment to strict regulatory enforcement.
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RBI Launches Scheme for Trading and Settlement of Sovereign Green Bonds in International Financial Services Centre (IFSC).
The Reserve Bank of India (RBI) has introduced a new scheme for the trading and settlement of sovereign green bonds within the International Financial Services Centre (IFSC) in GIFT City, Gujarat. This initiative aims to enhance market access and liquidity for green bonds, supporting India's sustainable finance goals. The scheme will allow for more efficient and transparent transactions, providing a boost to the green bond market. It is expected to attract both domestic and international investors, reinforcing India's commitment to environmental sustainability and green financing.
The scheme facilitates streamlined green bond trading, enhancing India's role in global sustainable finance initiatives.
It provides a platform for international investors to engage in India's green bond market, fostering global collaboration.
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RBI Imposes Monetary Penalty of ₹1.5 Lakh on Valsad Mahila Nagrik Sahakari Bank.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.5 lakh on Valsad Mahila Nagrik Sahakari Bank for failing to adhere to regulatory norms. The penalty comes as a result of the bank's non-compliance with specific directions issued by the RBI. The central bank has emphasized the importance of strict adherence to regulatory requirements to ensure the stability and reliability of financial institutions. The RBI's action highlights its ongoing efforts to maintain high standards in the banking sector and safeguard the interests of depositors.
The RBI’s penalty underscores its role in enforcing compliance and maintaining financial discipline within the banking sectors.
Valsad Mahila Nagrik Sahakari Bank must address the regulatory issues to avoid further penalties and operational disruptions.
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RBI Recognizes Fintech Association for Consumer Empowerment as Self-Regulatory Organization for Fintech (SRO-FT).
The Reserve Bank of India (RBI) has officially recognized the Fintech Association for Consumer Empowerment as a Self-Regulatory Organization for Fintech (SRO-FT). This designation marks a significant milestone in the regulation of fintech companies in India. As an SRO-FT, the association will have the authority to set and enforce standards, ensuring better protection and empowerment for consumers in the financial technology sector. This recognition aims to enhance transparency and accountability within the industry, fostering greater trust and stability in the fintech ecosystem.
The SRO-FT will oversee compliance, promoting fair practices and ethical conduct among fintech firms.
The move aims to enhance regulatory oversight, ensuring fintech innovations align with consumer protection standards.
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RBI Revokes Registration of Margdarshak Financial Services Due to High Net NPAs and Repayment Defaults.
The Reserve Bank of India (RBI) has revoked the registration of Margdarshak Financial Services due to significant financial issues. The decision was made following a review that highlighted the company's high net non-performing assets (NPAs) and frequent repayment defaults. This action aims to protect consumer interests and uphold financial stability. The RBI emphasized that such measures are necessary to ensure that financial institutions operate in a sound and prudent manner. Margdarshak Financial Services must cease its operations and address these concerns as part of the regulatory action taken by the RBI.
RBI's action underscores its commitment to enforcing regulatory standards in the financial sector for consumer protection.
Margdarshak Financial Services is now prohibited from conducting any financial transactions or offering services.
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According to RBI study, Gujarat has surpassed Uttar Pradesh as the top investment destination in FY24.
According to the latest RBI study, Gujarat has overtaken Uttar Pradesh as the top investment destination in the fiscal year 2024. The study highlights Gujarat's growing appeal among investors due to its favorable business environment, robust infrastructure, and effective governance. The state's strategic initiatives and policies have significantly enhanced its attractiveness for both domestic and international investments. Uttar Pradesh, which previously held the top position, continues to be a key player but has been edged out by Gujarat's rapid development and investor-friendly reforms. This shift reflects a broader trend of evolving investment dynamics across India.
Gujarat's industrial growth and improved ease of doing business contribute significantly to its new investment-leading position.
The shift reflects Gujarat's strategic policy reforms and infrastructure enhancements, making it a preferred choice for investors.
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New Plant Species Cleistanthus deekshabhoomiana Discovered in Maharashtra"
A new plant species, Cleistanthus deekshabhoomiana, has been discovered in Maharashtra. This species, named after the Deekshabhoomi site where it was found, belongs to the Euphorbiaceae family. The discovery was made by a team of botanists during a field study in the region's diverse ecosystems. Cleistanthus deekshabhoomiana is notable for its unique floral characteristics and habitat preferences, which differ from other known species in the genus. This finding highlights the rich biodiversity of Maharashtra and underscores the importance of continued exploration and conservation efforts to protect these newly identified species.
Cleistanthus deekshabhoomiana was found in a previously unexplored region of Maharashtra, increasing our understanding of local flora.
The discovery emphasizes the need for ongoing research to identify and protect lesser-known plant species in India.
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RBI Governor Shaktikant Das Unveils ULI (Unified Lending Interface) Platform for seamless lending to ease credit for MSMEs & farmers.
The Reserve Bank of India (RBI) will launch the Unified Lending Interface (ULI) nationwide in due course, aiming to transform India’s lending sector, similar to how the Unified Payments Interface (UPI) revolutionised the payments ecosystem, Governor Shaktikanta Das said on Monday. The new platform will provide lenders consent-based digital access to customer’s financial and non-financial data — including land records — stored in various silos to help them extend frictionless credit, especially to farmers and micro, small, and medium enterprises (MSMEs).
“The ‘new trinity’ of JAM-UPI-ULI will be a revolutionary step forward in India’s digital infrastructure journey,” the RBI governor said.
ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers.
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India's Q1 FY25 GDP Growth Likely to Reach 7.1%, According to RBI.
India's GDP growth for the first quarter of FY25 is expected to reach 7.1%, according to the Reserve Bank of India (RBI). This aligns with the forecast provided by SBI Research. The robust growth projection reflects strong economic performance, driven by increased consumer spending and favorable market conditions. The RBI's optimistic outlook is supported by recent data indicating sustained growth across key sectors such as manufacturing, services, and agriculture. Analysts suggest that this growth momentum is crucial for achieving the overall annual GDP target, reinforcing India's position as one of the fastest-growing major economies in the world.
Consumer spending and favorable market conditions contribute significantly to the projected GDP growth rate.
India's continued economic strength highlights its resilience and potential in the global market.
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RBI Approves E-Mandate for Automatic Replenishment of FASTag and National Common Mobility Card (NCMC).
The Reserve Bank of India (RBI) has authorized the use of e-mandates for the automatic replenishment of FASTag and National Common Mobility Card (NCMC) accounts. This move aims to streamline the payment process for highway tolls and public transportation by ensuring that users' accounts are automatically topped up when funds fall below a specified threshold. The new system is expected to reduce transaction failures and improve the convenience of travel for users. By leveraging e-mandates, the RBI seeks to enhance the efficiency of toll and transit payments across the country.
The e-mandate system will ensure seamless travel by preventing interruptions due to insufficient FASTag or NCMC balances.
The RBI’s decision supports digital payment adoption, enhancing efficiency in transportation and reducing manual top-up processes.
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RBI Governor Shaktikanta Das Rated A+ in Global Finance Central Banker Report Cards 2024.
RBI Governor Shaktikanta Das has been rated A+ in the Global Finance Central Banker Report Cards 2024. This prestigious ranking highlights Das's exceptional leadership and the Reserve Bank of India's robust policies under his guidance. The report assesses central bankers worldwide on their effectiveness and impact, and Das's A+ rating reflects his successful navigation of economic challenges and contributions to financial stability. His performance has been recognized globally, underscoring the positive impact of his tenure on India’s economy.
Das’s leadership has been instrumental in implementing monetary policies that support economic growth and stability in India.
The A+ rating signifies international recognition of Das’s role in enhancing the RBI’s global reputation.
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According to RBI Data, NRI Deposits Surge USD 4 Billion in Q1 Amidst 24% Drop in Outward Remittances.
According to RBI data, NRI deposits surged by USD 4 billion in the first quarter of the fiscal year. This significant increase contrasts sharply with a 24% drop in outward remittances during the same period. The rise in NRI deposits indicates a growing confidence among non-resident Indians in India's financial stability and investment opportunities. Meanwhile, the decline in outward remittances suggests that fewer funds are being sent abroad, possibly due to changing economic conditions or shifting financial priorities among the NRI community.
Increase in NRI deposits suggests heightened investment in India's financial sector.
Drop in outward remittances could indicate shifts in global financial strategies among NRIs.
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RBI Unveils New Framework for Self-Regulatory Organizations in Financial Markets.
The Reserve Bank of India (RBI) has introduced a new framework for Self-Regulatory Organizations (SROs) operating in financial markets. This framework aims to enhance regulatory oversight and ensure that SROs adhere to higher standards of governance and compliance. Under the new guidelines, SROs will be responsible for establishing robust internal processes and procedures, ensuring transparency in their operations, and safeguarding investor interests. The RBI's move is expected to strengthen the regulatory environment, promote fair practices, and improve the overall efficiency and integrity of financial markets.
The new framework mandates regular audits and reporting by SROs to ensure accountability and compliance.
SROs will now need to implement strict conflict-of-interest policies to protect market integrity.
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RBI Approves IndusInd Bank to Launch Mutual Fund Asset Management Business.
The Reserve Bank of India (RBI) has granted approval to IndusInd Bank to establish a mutual fund asset management business. This move marks a significant expansion for the bank, allowing it to diversify its financial services and offer investment solutions to its clients. The new venture will enable IndusInd Bank to manage and operate mutual fund schemes, providing investors with a range of options for wealth accumulation and financial planning. The approval is expected to enhance the bank's market presence and contribute to its growth strategy in the competitive financial sector.
IndusInd Bank aims to strengthen its portfolio with the introduction of innovative mutual fund schemes.
The new asset management business is expected to attract a diverse range of investors.
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RBI Tightens Norms for NBFC-P2P Lending Platforms to Enhance Transparency and Compliance.
The Reserve Bank of India (RBI) has tightened regulations for Non-Banking Financial Company-Peer-to-Peer (NBFC-P2P) lending platforms to improve transparency and compliance. Under the new norms, these platforms must ensure stricter disclosure practices, enhance data security, and adhere to more rigorous operational standards. The RBI's move aims to bolster investor confidence and safeguard borrowers by mandating clear reporting and oversight mechanisms. This regulatory shift is expected to foster a more secure and transparent lending environment, promoting trust and stability within the financial technology sector.
Platforms must now conduct regular audits to ensure adherence to the new compliance standards set by the RBI.
The RBI will increase scrutiny of P2P lending operations to prevent potential financial misconduct and ensure regulatory adherence.
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Bayanat and Yahsat Launch UAE's First Low Earth Orbit Synthetic Aperture Radar (LEO SAR) Satellite for Earth Observation in Partnership with ICEYE.
Bayanat and Yahsat have successfully launched the UAE's first Low Earth Orbit Synthetic Aperture Radar (LEO SAR) satellite, marking a significant milestone in Earth observation. The satellite was developed in partnership with ICEYE and aims to provide high-resolution imaging capabilities for monitoring and analyzing the Earth's surface. This innovative technology will enhance the UAE’s ability to gather critical data for various applications, including environmental monitoring, disaster management, and infrastructure development. The launch represents a major advancement in the country's space capabilities and demonstrates its commitment to technological progress in satellite technology.
The satellite will improve UAE’s disaster response and environmental management through detailed Earth surface monitoring.
It supports UAE’s space ambitions, enhancing capabilities in remote sensing and geospatial data analysis.
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RBI Approves Tata Capital's Conversion from NBFC-CIC to NBFC-ICC.
The Reserve Bank of India (RBI) has approved Tata Capital’s transition from a Non-Banking Financial Company - Core Investment Company (NBFC-CIC) to a Non-Banking Financial Company - Investment and Credit Company (NBFC-ICC). This change allows Tata Capital to expand its financial operations and enhance its investment and credit services. The conversion signifies a strategic shift to cater to a broader spectrum of financial needs, aiming to improve its service offerings and market position. This move aligns with Tata Capital’s growth plans and reflects its commitment to evolving with the financial sector’s demands.
Tata Capital's shift enhances its ability to offer diverse financial products and services to a broader customer base.
The transition supports Tata Capital’s strategic focus on investment and credit solutions, aligning with industry standards.
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RBI Imposes Monetary Penalties on Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla Fincorp.
The Reserve Bank of India (RBI) has imposed monetary penalties on three financial entities: Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla Fincorp. The penalty on Bank of Maharashtra was due to non-compliance with certain regulatory norms, while Hinduja Leyland Finance faced fines for deficiencies in its internal processes. Poonawalla Fincorp was penalized for failing to adhere to customer service and operational guidelines. These actions underscore the RBI’s commitment to ensuring compliance with financial regulations and maintaining the integrity of the banking and finance sectors.
RBI's penalties reflect increased scrutiny and enforcement to ensure financial institutions adhere to regulatory standards.
Financial entities must improve internal controls to avoid penalties and maintain regulatory compliance.
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RBI Approves Sale of Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank Ltd.
The Reserve Bank of India (RBI) has approved the appointment of Sukumaran Nair as the Managing Director (MD) and Chief Executive Officer (CEO) of Tamilnad Mercantile Bank Ltd. Nair’s appointment comes after a thorough evaluation process. With extensive experience in the banking sector, he is expected to bring significant expertise to the role, focusing on driving growth and strengthening the bank’s operations. This decision marks a pivotal moment for Tamilnad Mercantile Bank as it seeks to enhance its strategic direction and operational efficiency under Nair's leadership.
Sukumaran Nair is expected to enhance the bank's technological advancements and digital banking initiatives.
His appointment aims to strengthen the bank's market position and customer service capabilities.
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"Reserve Bank of India Tightens HFC Norms to Align with NBFC Regulations.
The Reserve Bank of India (RBI) on Monday tightened norms related to public deposit acceptance by housing finance companies (HFCs), which were so far subject to relaxed prudential norms compared to non-banking financial companies (NBFCs). According to the revised guidelines, the RBI has reduced the ceiling on the quantum of public deposits that a deposit-taking HFC, which is in compliance with all prudential norms and minimum investment grade credit rating, can hold — from 3 times to 1.5 times its net owned fund (NoF).
The central bank said the norms were revised in order to harmonise the guidelines for NBFCs and HFCs.
There are 97 HFCs in the country, while deposit-taking NBFCs, including HFCs, are only 26. The regulator has not allowed any new NBFC to accept public deposits for close to two decades now.
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ISRO successfully launches EOS-08 Earth Observation Satellite in Sriharikota.
On August 16, the Indian Space Research Organisation (ISRO) successfully launched the EOS-08 Earth Observation Satellite aboard the Small Satellite Launch Vehicle (SSLV)-D3 from the Satish Dhawan Space Centre, Sriharikota. The SSLV-D3, completing its third and final developmental flight, lifted off at 9:17 am and placed the EOS-08 satellite into a 475 km circular orbit within 17 minutes. ISRO Chairman S. Somanath confirmed the launch was flawless with no deviations.
S. Somanath confirmed that the launch and satellite injection were executed precisely as planned with no deviations.
The successful placement of the satellite demonstrates SSLV's capability and readiness for operational missions.
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RBI penalized Bank of Maharashtra with Rs 1.27 crore for breaching directives like Know Your Customer(KYC).
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.27 crore on Bank of Maharashtra (BoM) for violating its directions, including on Know Your Customer. The Reserve Bank of India (RBI) has, by an order dated August 8, 2024, imposed a monetary penalty of Rs 1.27 crore on Bank of Maharashtra for non-compliance with certain directions issued by RBI on 'Loan System for Delivery of Bank Credit', 'Cyber Security Framework in Banks' and 'Know Your Customer', the central bank said in a statement.
The penalty is for breaching regulatory directives, including lapses in Know Your Customer (KYC) compliance.
This fine reflects the RBI's enforcement of compliance standards and the consequences for banks failing to meet regulatory requirements.
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RBI Forms 10-Member Expert Committee to Align Statistics with Global Standards.
The Reserve Bank of India (RBI) has established a 10-member expert committee to benchmark its statistical practices with international standards. This initiative aims to enhance the accuracy and comparability of RBI's data with global norms. The committee will review current methodologies and recommend improvements to align with global best practices. This move is part of RBI's broader strategy to ensure transparency and credibility in its reporting. The committee is expected to provide its recommendations within a specified timeframe, which will be crucial for refining the RBI's statistical framework and ensuring consistency with international benchmarks.
The committee will assess data collection methods to ensure they meet international accuracy and reliability standards.
Recommendations will focus on enhancing transparency and consistency in statistical reporting for global comparability.
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RBI Approves FPI Investment in Sovereign Green Bonds at IFSC.
The Reserve Bank of India (RBI) has granted approval for Foreign Portfolio Investors (FPIs) to invest in Sovereign Green Bonds at the International Financial Services Centre (IFSC). This move aims to attract more international capital into India's green finance sector and support the country’s environmental goals. Sovereign Green Bonds are designed to fund projects with environmental benefits, aligning with global sustainability efforts. The RBI’s decision is expected to enhance India's position as a green finance hub and promote sustainable investment practices among global investors.
The initiative supports India’s commitment to green finance and sustainable development goals. It enhances global investor confidence in India’s environmental policies.
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RBI Ranks 12th Largest Central Bank by Assets in Sovereign Wealth Fund Institute(SWFI)"
In the latest SWFI 2024 rankings, the Reserve Bank of India (RBI) has been positioned as the 12th largest central bank globally by total assets. This significant placement highlights the growing stature of RBI on the international financial stage. With substantial assets, RBI's ranking reflects its influential role in global economics and finance. The ranking also underscores India's robust economic framework and the RBI's pivotal role in maintaining financial stability and growth. This recognition further enhances the credibility of India's financial sector in the global arena.
RBI’s elevated position reflects India's growing economic influence and financial stability on the global stage.
The ranking demonstrates RBI’s significant role in managing large-scale assets and its global financial impact.
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"RBI Extends Maturity Date Scheme for Kisan Credit Card (KCC) Agricultural Loans to FY25"
The Reserve Bank of India (RBI) has announced an extension of the Maturity Date Extension Scheme (MISS) for agricultural loans provided through the Kisan Credit Card (KCC) for the fiscal year 2025. This decision aims to provide additional support to farmers by allowing them more time to repay their loans. Under this scheme, the maturity dates of loans can be extended, helping farmers manage their financial commitments better, especially in challenging agricultural conditions. This move is expected to ease the financial burden on the farming community and improve their access to credit.
The extension aims to provide relief during unpredictable weather conditions affecting agricultural productivity.
Farmers can now access longer-term repayment plans under the KCC scheme for better financial stability.
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"RBI Extends Maturity Date Scheme for Kisan Credit Card (KCC) Agricultural Loans to FY25"
The Reserve Bank of India (RBI) has announced an extension of the Maturity Date Extension Scheme (MISS) for agricultural loans provided through the Kisan Credit Card (KCC) for the fiscal year 2025. This decision aims to provide additional support to farmers by allowing them more time to repay their loans. Under this scheme, the maturity dates of loans can be extended, helping farmers manage their financial commitments better, especially in challenging agricultural conditions. This move is expected to ease the financial burden on the farming community and improve their access to credit.
The extension aims to provide relief during unpredictable weather conditions affecting agricultural productivity.
Farmers can now access longer-term repayment plans under the KCC scheme for better financial stability.
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L&T Finance has received a certificate from the RBI for NBFC-ICC (Non-Banking Financial Company - Investment and Credit Company) status.
L&T Finance has been granted the NBFC-ICC (Non-Banking Financial Company - Investment and Credit Company) status by the Reserve Bank of India (RBI). This certification allows L&T Finance to operate as an Investment and Credit Company under the guidelines set by the RBI. The move is part of the company's broader strategy to expand its financial services portfolio and strengthen its market presence. With this certification, L&T Finance can now offer a wider range of financial products and services, enhancing its ability to serve customers across various segments.
L&T Finance's NBFC-ICC status boosts its regulatory compliance and credibility in the financial services sector.
The new certification enables L&T Finance to diversify its investment and lending operations across different customer segments.
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RBI issues Master Direction on treatment of Wilful Defaulters and Large Defaulters.
The Reserve Bank of India (RBI) has issued new Master Directions concerning the treatment of Wilful Defaulters and Large Defaulters. These guidelines aim to provide clear procedures for banks and financial institutions to identify and manage borrowers who deliberately avoid repaying their loans or fail to settle large debts. The directions emphasize the importance of maintaining financial stability and ensuring that appropriate actions are taken against such defaulters. This step is part of RBI's ongoing efforts to enhance the effectiveness of credit management and uphold integrity within the financial system.
Banks must enhance monitoring mechanisms for early detection of wilful and large defaulters.
The directions mandate stricter reporting and compliance measures to curb default rates.
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BHEL Revives First-Ever Methanol Firing Demonstration Order in Gas Turbine at Kayamkulam CCPP.
Bharat Heavy Electricals Limited (BHEL) has revived its pioneering order for a methanol firing demonstration in a gas turbine at the Kayamkulam Combined Cycle Power Plant (CCPP). This project marks the first time methanol will be used as a fuel in a gas turbine, showcasing BHEL's commitment to innovative and sustainable energy solutions. The demonstration aims to highlight the feasibility of methanol as an alternative fuel for gas turbines, potentially reducing carbon emissions and contributing to greener power generation. This initiative reflects BHEL's ongoing efforts to advance technology and support environmentally friendly energy practices.
The methanol demonstration aims to test fuel efficiency and performance in gas turbines under real operating conditions.
BHEL's initiative supports India's goal of reducing greenhouse gas emissions and advancing cleaner energy technologies.
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RBI Revises Instructions on BDDR for Cooperative Banks to Ensure Uniformity.
The Reserve Bank of India (RBI) has revised its instructions regarding the Balance Sheet Disclosures and Dividend Recommendations (BDDR) for cooperative banks to ensure uniformity across the sector. The new guidelines aim to standardize disclosure practices and dividend policies, addressing discrepancies and promoting consistency in financial reporting. By implementing these revisions, the RBI seeks to enhance transparency, improve comparability among cooperative banks, and strengthen overall financial stability. This move reflects the RBI's ongoing efforts to harmonize regulatory practices and support the cooperative banking sector's robustness and integrity.
Revised BDDR instructions aim to enhance financial transparency and uniformity in reporting across cooperative banks.
The update will address existing discrepancies and ensure consistent dividend recommendations and disclosures.
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RBI issues revised Master Directions on Fraud Risk Management for Regulated Entities.
The Reserve Bank of India (RBI) has released revised Master Directions on Fraud Risk Management for Regulated Entities. These updated guidelines aim to enhance the prevention, detection, and management of fraud within financial institutions. The new directions include updated policies and procedures designed to strengthen the protection of entities against fraudulent activities. This move reflects RBI's commitment to improving the robustness of the financial system and ensuring greater security and integrity in banking operations. Regulated entities are now required to adhere to these revised standards to better address and mitigate fraud risks.
Updated guidelines emphasize mandatory fraud risk assessments and regular audits for all regulated entities.
Institutions must implement advanced technology for real-time fraud detection and reporting under new RBI directions.
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Amazon Pay, Adyen, and Billdesk Secure PA-CB License from RBI.
Amazon Pay, Adyen, and Billdesk have recently secured the Payment Aggregator and Payment Gateway (PA-CB) license from the Reserve Bank of India (RBI). This license authorizes these companies to offer payment gateway services and facilitate digital transactions within India. The PA-CB license is a significant milestone for these firms as it enhances their credibility and allows them to expand their payment solutions in the Indian market. The RBI's stringent requirements for this license ensure a higher standard of security and compliance, which will benefit both merchants and consumers by providing a more secure and efficient payment infrastructure.
The PA-CB license strengthens regulatory oversight and promotes transparency in digital payment systems in India.
The new license facilitates smoother integration of digital payment solutions for businesses, enhancing overall market efficiency.
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RBI Approves Re-Appointment of Inderjit Camotra as Unity SFB Chief for Two Years.
The Reserve Bank of India (RBI) has approved the re-appointment of Inderjit Camotra as the Chief Executive Officer of Unity Small Finance Bank (Unity SFB) for an additional two years. This decision reinforces the confidence in Camotra's leadership, which has been instrumental in guiding the bank through various challenges and growth opportunities. Under his stewardship, Unity SFB is expected to continue its efforts in expanding its reach and improving financial inclusion. The re-appointment reflects the RBI's satisfaction with the bank’s performance and Camotra’s contribution to its success.
Inderjit Camotra's re-appointment signifies continuity in leadership and strategic direction for Unity SFB's growth.
The decision highlights RBI's confidence in Unity SFB's management and its future stability.
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RBI Grants Fit and Proper Certificates to Three Potential Suitors for IDBI Bank.
The Reserve Bank of India (RBI) has issued Fit and Proper Certificates to three potential suitors for IDBI Bank, paving the way for their involvement in the bank's privatization process. The certificates confirm that these suitors meet the regulatory requirements to acquire a stake in the bank. This development is a significant step toward the sale of a portion of the government's holding in IDBI Bank, which is part of a broader strategy to enhance the bank's efficiency and financial health. The process will now advance to the next stage as these suitors proceed with their bids.
The RBI's certification boosts confidence in IDBI Bank’s privatization, attracting more serious investors to the process.
Successful bidders will help streamline IDBI Bank’s operations and contribute to its long-term growth and stability.
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China Successfully Launches New High-Orbit Internet Services Satellite WHG-02.
China has successfully launched the WHG-02 satellite, designed to provide high-orbit internet services. The satellite was lifted off from the Xichang Satellite Launch Center, marking a significant advancement in China's space capabilities. The WHG-02 aims to enhance global internet connectivity by operating in a high orbit, which allows for broader coverage and improved signal strength. This launch underscores China's commitment to expanding its space infrastructure and technological capabilities. The successful deployment of the WHG-02 is expected to play a crucial role in bridging the digital divide and supporting global communication networks.
The WHG-02 satellite will support enhanced data transfer rates and lower latency for internet services globally.
This mission strengthens China's position as a leading player in the global space industry and satellite technology.
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RBI Releases Currency and Finance Report 2023-24.
The Reserve Bank of India (RBI) has released its Currency and Finance Report for 2023-24. The report provides an in-depth analysis of the country’s monetary and financial conditions over the past year. It highlights key trends in currency circulation, banking sector performance, and economic growth. The RBI’s findings emphasize the resilience of the financial system amid global uncertainties and domestic challenges. The report also outlines policy recommendations aimed at strengthening financial stability and fostering economic growth. This annual publication is crucial for policymakers, economists, and financial institutions to understand and navigate the current economic landscape.
The report details the impact of global economic conditions on India’s financial stability and growth prospects.
It underscores the RBI’s efforts to enhance monetary policy frameworks and ensure effective financial regulation.
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RBI's Digital Payments Index Rises 12.6% YoY in March 2024.
The Reserve Bank of India's (RBI) Digital Payments Index (DPI) saw a significant year-on-year increase of 12.6%, reaching 418.7 in March 2024, up from 371.5 in March 2023. The DPI, which tracks the extent of digitization of payments across the country, reflects robust growth in digital transactions. The increase highlights the ongoing shift towards cashless transactions in India, driven by increased smartphone usage, government initiatives, and the expansion of digital infrastructure. The RBI introduced the DPI in January 2021 to measure the penetration and effectiveness of digital payments in India.
Increased digital literacy and financial inclusion are driving the growth of digital payments in India.
RBI's DPI reflects significant growth in both urban and rural digital payment adoption across the country.
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Shriram Group Receives RBI Approval to Enter Asset Reconstruction Sector.
The Shriram Group has secured approval from the Reserve Bank of India (RBI) to enter the asset reconstruction sector. This move marks a significant expansion of the group's financial services portfolio. The asset reconstruction industry focuses on the management and resolution of distressed assets, and Shriram's entry into this sector is expected to enhance its offerings and contribute to its growth. The RBI's nod reflects confidence in Shriram's ability to handle and rehabilitate troubled assets effectively, aligning with the group's strategic goals of diversification and strengthening its financial services capabilities.
Shriram Group plans to leverage its expertise to enhance asset management and recovery processes.
The approval supports Shriram's strategy to diversify into financial services beyond traditional sectors.
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RBI selects 5 entities under its regulatory sandbox scheme.
The Reserve Bank of India (RBI) has selected five entities for its regulatory sandbox scheme. This initiative allows these organizations to test their innovative financial products and services in a controlled environment under the RBI’s supervision. The selected entities will have the opportunity to evaluate their solutions' viability and compliance with regulatory requirements before a full-scale launch. This move aims to foster innovation in the financial sector while ensuring consumer protection and financial stability. The RBI's regulatory sandbox is a significant step towards modernizing the financial landscape and encouraging technological advancements in banking and finance.
The sandbox provides a safe environment to test innovative financial solutions before broader market implementation.
It encourages startups and fintech firms by offering regulatory flexibility and support during the testing phase.
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RBI imposes a monetary penalty on three payment system operators.
The Reserve Bank of India (RBI) has imposed monetary penalties on three payment system operators. This action follows the operators' failure to comply with certain regulatory guidelines and operational standards set by the RBI. The penalties reflect the RBI's commitment to ensuring adherence to regulatory norms and maintaining the integrity of the financial system. The RBI's decision underscores its efforts to uphold accountability and enforce compliance within the payment systems sector. The affected operators will need to address the issues identified to avoid further penalties and ensure smoother operations in the future.
The Reserve Bank of India has imposed penalties on three payment system operators, namely Visa Worldwide,, Ola Financial Services, and Manappuram Finance, for the companies failure to adhere to regulatory compliance.
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RBI cancels licence of Mahabhairab Coop Urban Bank, Tezpur.
The Reserve Bank of India (RBI) has canceled the license of Mahabhairab Cooperative Urban Bank, Tezpur. This decision has been taken due to the bank's inability to adhere to the regulatory norms and maintain adequate financial health. As a result, the bank will cease all its operations, and the RBI has directed that the bank's assets and liabilities be managed accordingly. Depositors are advised to approach the liquidator appointed by the RBI for any claims. This move aims to protect the interests of the depositors and ensure the stability of the banking system.
The affected depositors will be compensated as per the guidelines of the Deposit Insurance and Credit Guarantee Corporation (DICGC).
The RBI has appointed a liquidator to oversee the orderly liquidation of the bank’s assets and liabilities.
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International team including professor from IIT Kanpur discovered a giant exoplanet around a Sun-like star.
An international team of astronomers, including a professor from IIT Kanpur, has made a significant discovery in the field of exoplanets. They have identified a giant exoplanet orbiting a sun-like star located in a distant galaxy. This exoplanet, much larger than Jupiter, offers new insights into planetary systems similar to our own. The discovery, made using advanced telescopic technology, could help scientists understand the formation and evolution of planetary systems. The findings were published in a leading astronomical journal, marking a major achievement in space research and enhancing our knowledge of the universe.
The exoplanet's size and orbit offer clues about planetary system formation around sun-like stars.
The discovery enhances our understanding of exoplanet diversity and habitable zones in distant galaxies.
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RBI issues prompt corrective action framework for urban cooperative banks.
The Reserve Bank of India (RBI) has introduced a Prompt Corrective Action (PCA) framework for urban cooperative banks (UCBs). This new framework aims to enhance the financial health of these banks by setting strict guidelines and monitoring mechanisms. It focuses on addressing issues such as asset quality, capital adequacy, and profitability. Under the PCA framework, UCBs that fail to meet certain performance criteria will face corrective measures to ensure their stability and operational efficiency. This initiative is expected to strengthen the banking sector and protect depositors' interests.
PCA framework enforces strict performance benchmarks, requiring UCBs to improve financial stability and operational standards.
The RBI's initiative aims to prevent potential defaults and safeguard the interests of depositors in urban cooperative banks.
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RBI issues revised framework for domestic money transfer.
The Reserve Bank of India (RBI) has issued a revised framework for domestic money transfers to enhance the efficiency and security of financial transactions. The updated guidelines aim to streamline the process, reduce transaction costs, and improve customer protection. This move is expected to make money transfers more transparent and user-friendly, providing better service and quicker transactions. The RBI's new framework addresses current challenges and ensures that the domestic money transfer system remains robust and reliable for all users.
The new framework introduces advanced fraud detection measures to safeguard transactions from unauthorized activities.
Enhanced interoperability between different payment systems aims to provide a seamless user experience across platforms.
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Cashfree is the first entity to obtain an RBI cross-border payment aggregator license.
Cashfree has made history by becoming the first company to receive a cross-border payment aggregator license from the Reserve Bank of India (RBI). This landmark achievement allows Cashfree to facilitate international payments for businesses operating in India, enhancing their ability to handle transactions across borders efficiently. The license underscores Cashfree's commitment to providing cutting-edge financial solutions and positions it as a key player in the global payment landscape. This move is expected to boost India's position in the international payments sector and support the growth of digital commerce.
Cashfree’s license enables seamless cross-border transactions for Indian businesses, boosting global trade and commerce efficiency.
This regulatory approval enhances Cashfree’s competitive edge in the international payments market, driving innovation and growth.
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RBI cancels licence of Uravakonda Co-Operative Town Bank Ltd., Andhra Pradesh.
The Reserve Bank of India (RBI) has canceled the license of Uravakonda Co-Operative Town Bank Ltd., located in Andhra Pradesh. This decision has been taken due to the bank's failure to comply with regulatory requirements and maintain adequate capital. As a result, the bank will no longer be permitted to carry out banking operations, including accepting deposits and repaying existing ones. Customers of the bank are advised to contact the Deposit Insurance and Credit Guarantee Corporation (DICGC) for claims related to their deposits. The cancellation aims to protect the interests of the bank’s depositors.
The bank's financial position had deteriorated significantly, leading to the cancellation.
The RBI aims to ensure the stability of the financial sector through such actions.
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RBI Sells ₹34 Billion Bonds as Index Inclusion Drives Inflows.
The Reserve Bank of India (RBI) has sold ₹34 billion worth of Indian bonds. This move comes as the inclusion of Indian bonds in a major global bond index has significantly increased foreign inflows. The index inclusion has attracted global investors looking to capitalize on India's growing financial market, leading to a surge in bond purchases. The RBI's sale of these bonds aims to manage market liquidity and absorb the additional foreign capital. This strategic action highlights the growing attractiveness of Indian financial assets on the global stage and the RBI's role in stabilizing market conditions.
The bond sale reflects RBI's proactive approach to manage liquidity amid increased foreign investment.
Index inclusion boosts India's global financial reputation and market stability.
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RBI Forms Committee to Review White-Label ATM Fee Structure.
The Reserve Bank of India (RBI) has established a committee to review the fee structure for white-label ATMs. This committee will assess the current fee framework and propose necessary changes to ensure a fair and transparent system. White-label ATMs, operated by non-bank entities, provide banking services such as cash withdrawals and balance inquiries. The review aims to address concerns related to fee variations and service standards, ensuring that the fee structure remains equitable for both consumers and operators while promoting broader access to ATM services.
The committee will evaluate existing ATM fees to ensure fairness and transparency in white-label ATM operations.
The review seeks to address discrepancies in fees and enhance service quality for consumers and ATM operators.
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ESAF SFB Gets RBI Nod for K Paul Thomas's Re-appointment as MD & CEO.
ESAF Small Finance Bank (SFB) has received approval from the Reserve Bank of India (RBI) for the re-appointment of K Paul Thomas as its Managing Director and CEO. Thomas, who has been leading the bank since its inception, will continue to guide the institution through its ongoing growth and development. His re-appointment comes as a recognition of his effective leadership and the bank's progress under his stewardship. The RBI's nod ensures stability and continuity in the bank's management.
K Paul Thomas has been instrumental in ESAF SFB’s growth and operational success since its launch.
The RBI’s approval underscores confidence in Thomas’s leadership and ESAF SFB’s strategic direction.
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RBI Allows Banks to Use Brickwork Ratings with Conditions.
The Reserve Bank of India (RBI) has lifted restrictions on banks using ratings from Brickwork Ratings India Private Limited, two years after forbidding fresh ratings due to regulatory concerns. Banks can now utilize Brickwork Ratings' assessments for calculating risk weights for capital adequacy purposes, subject to certain conditions. These include limitations on new rating mandates for bank loans not exceeding Rs 250 crore, and surveillance requirements for existing ratings, especially for larger facilities.
The RBI's decision marks a reevaluation of Brickwork Ratings' status and its role in the banking sector's risk assessment framework.
RBI’s decision revisits Brickwork Ratings' credibility and integration into the banking risk assessment process.
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Europe ‘back in space’ despite Ariane 6 debut glitch.
Despite a glitch during the debut of Ariane 6, Europe is celebrating its return to space. The rocket successfully deployed three sets of micro-satellites for research purposes, showcasing initial triumphs. However, the mission encountered a setback as it failed to release its final batch of payloads into orbit. European space officials praised the milestone achieved despite the challenges, emphasizing the importance of perseverance in space exploration.
Despite the glitch, European space officials praised Ariane 6's successful completion of initial trials, marking a significant milestone in space exploration.
The mission's setback occurred when the rocket failed to release its final batch of payloads into orbit, highlighting challenges in aerospace technology.
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RBI expands Liberalised Remittance Scheme norms for investment via GIFT IFSC.
The Reserve Bank of India (RBI) has widened the scope of the Liberalised Remittance Scheme (LRS) to include investments through the Gujarat International Finance Tec-City (GIFT) International Financial Services Centre (IFSC). This move allows Indian residents to invest in permitted securities in IFSCs under the LRS, providing more avenues for international investments through this financial hub.
The RBI aims to facilitate greater international investment opportunities for Indian residents by leveraging the infrastructure and regulatory framework of the GIFT IFSC.
Indian investors can now diversify their portfolios with a wider range of financial products and services available within the IFSC ecosystem.
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India Creates 12.5 Crore Jobs in FY14-23, Surpasses 2.9 Crore Jobs in FY04-14.
India has created 12.5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14, per a State Bank of India (SBI) study based on RBI data.Even if we exclude Agriculture, the total number of jobs created in Manufacturing and Services is at 8.9 crores during FY14-FY23 and 6.6 crores during FY04-FY14,” per a report by SBI’s Economic , The total employment reported by Micro, Small and Medium Enterprises (MSMEs) registered with the MSME Ministry has crossed the 20-crore mark, according to data from the Udyam registration portal.
India's job creation surged in manufacturing and services, totaling 8.9 crore during FY14-23, versus 6.6 crore in FY04-14.
Micro, Small, and Medium Enterprises (MSMEs) have surpassed 20 crore jobs as per the Udyam registration portal data.
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RBI's financial inclusion index spurts in quarter ended March 2024.
There has been an impressive spurt in financial inclusion levels in the country, according to a latest update from the Reserve Bank of India (RBI). In consultation with the concerned stakeholders including the Government, the Reserve Bank of India had constructed a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country, which was first published in August 2021 for the FY ending March 2021. The FI-Index for the year ending March 2024 has since been prepared.
The FI-Index by RBI assesses national financial inclusion levels, highlighting significant improvements over recent years.
The FI-Index is a collaborative effort involving RBI and various stakeholders to enhance financial accessibility and inclusion.
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Aselsan Successfully Launches Turkey's First Homegrown Türksat-6A Communication Satellite.
Turkish defense company, has achieved a significant milestone by successfully launching Türksat-6A, Turkey's first domestically produced communication satellite. The satellite, aimed at enhancing Turkey's communication capabilities, was launched into orbit from the Guiana Space Centre in French Guiana. Türksat-6A is expected to bolster Turkey's telecommunications infrastructure and support various communication services across the country and the surrounding region.
Türksat-6A is designed to operate for more than 15 years, providing stable communication services across Turkey.
The Türksat-6A satellite aims to support a wide range of communication applications including television broadcasting and broadband internet.
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Russia plans to create core of new space station by 2030.
Russia aims to establish the core of its new orbital space station by 2030, according to its space agency, Roscosmos. The agency's head, Yuri Borisov, approved the timeline, which includes launching an initial scientific and energy module in 2027 and adding three more modules by 2030, with two additional modules planned between 2031 and 2033. Previously collaborating on the International Space Station (ISS), Russia plans to exit the ISS by 2028 and focus on its own station to address scientific, technological, and national security needs.
Roscosmos plans to launch the initial module in 2027 and complete the core by 2030.
Russia to leave ISS by 2028, focusing on its own station for scientific and security needs.
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India employment provisionally grew at 6% in FY24 vs 3.2% in FY23.
ndia provisionally created 46.7 million jobs in the financial year ended March 2024, taking the country's total employment to 643.3 million, a Reserve Bank of India report showed on Monday.The country's employment growth rate stood at 6 per cent in that fiscal year, versus 3.2 per cent in the previous fiscal year, the RBI's report on measuring industry level productivity and employment showed.
India's urban job creation rose significantly, contributing to the overall employment growth in FY24.
The service sector remained a key driver of job creation, reflecting diverse employment opportunities.
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India to provide USD 2.5 mn LoC for slolar power plant in Guyana.
Exim Bank has inked an agreement with the Guyana government to extend an India-supported line of credit (LoC) of USD 2.50 million for the installation of a solar photo voltaic power plant at Cheddi Jagan International Airport in Guyana.The export of eligible goods and services from India would be allowed, subject to their eligibility under the Foreign Trade Policy of the Indian government and whose purchase may be agreed to be financed by the Export-Import Bank of India under the agreement, the RBI said.
The agreement supports the installation of a solar PV power plant at Cheddi Jagan International Airport.
Export of eligible Indian goods and services to Guyana is facilitated under the agreement's terms.
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RBI Approves Govind Singh's Reappointment as MD and CEO of Utkarsh Small Finance Bank.
The Reserve Bank of India (RBI) has approved the reappointment of Govind Singh as the Managing Director (MD) and Chief Executive Officer (CEO) of Utkarsh Small Finance Bank. Singh, who has been instrumental in the bank's growth and strategic initiatives, will continue to lead Utkarsh Small Finance Bank in its mission to expand financial inclusion and services across India. His leadership has been pivotal in navigating challenges and achieving significant milestones, reinforcing the bank's commitment to serving its customers effectively.
Under Govind Singh's leadership, Utkarsh Small Finance Bank aims to bolster rural financial inclusion initiatives. His reappointment signals continuity in strategic direction and commitment to customer-centric growth.
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Reformist Pezeshkian Wins Iran Presidential Election.
United Arab Emirates (AP) — Reformist candidate Masoud Pezeshkian won Iran’s runoff presidential election Saturday, besting hard-liner Saeed Jalili by promising to reach out to the West and ease enforcement on the country’s mandatory headscarf law after years of sanctions and protests squeezing the Islamic Republic.Pezeshkian promised no radical changes to Iran’s Shiite theocracy in his campaign and long has held Supreme Leader Ayatollah Ali Khamenei as the final arbiter of all matters of state in the country.
Pezeshkian prioritizes outreach to the West and easing enforcement of Iran's mandatory headscarf law . He respects Iran's Shiite theocracy with Ayatollah Khamenei as the final authority on state matters.
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RBI fines five banks including PNB for regulatory non-compliance.
The Reserve Bank of India (RBI) has imposed penalties on five banks, including Punjab National Bank (PNB), for non-compliance with regulatory requirements. The penalties were levied as part of RBI's ongoing efforts to ensure adherence to banking regulations and maintain financial stability. This action underscores the importance of banks adhering to regulatory guidelines to safeguard the interests of depositors and maintain the integrity of the banking system.
The Reserve Bank of India (RBI) has, by an order dated July 03, 2024, imposed a monetary penalty of ₹1,31,80,000 on Punjab National Bank (the bank) for non-compliance with certain directions issued by RBI.
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RBI Cancels Licence Of Varanasi Co-Op Bank.
The Reserve Bank of India (RBI) has cancelled the licence of Banaras Merchantile Co-operative Bank, Varanasi, due to its worsening financial position. This decision affects the bank's operations, requiring depositors to find alternative measures for the safety of their funds. The move follows an assessment by agencies of the bank's financial condition.
All bank transactions are suspended with immediate effect. Depositors will receive insurance protection for their deposited amounts.
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RBI Cancels Licence Of Varanasi Co-Op Bank.
The Reserve Bank of India (RBI) has cancelled the licence of Banaras Merchantile Co-operative Bank, Varanasi, due to its worsening financial position. This decision affects the bank's operations, requiring depositors to find alternative measures for the safety of their funds. The move follows an assessment by agencies of the bank's financial condition.
All bank transactions are suspended with immediate effect. Depositors will receive insurance protection for their deposited amounts.
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Indians Can Now Travel To Space With SERA, Blue Origin.
US-based Space Exploration and Research Agency (SERA), in collaboration with Jeff Bezos’ space tech firm Blue Origin, Monday announced India as a partner nation in their human spaceflight programme for citizens from countries which have sent few or no astronauts to space. SERA will offer citizens from across the world six seats on a future mission of New Shepard, Blue Origin’s reusable suborbital rocket.
Program targets nations with limited history of sending astronauts to space. Initiative aims to expand global access to suborbital space travel opportunities.
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India's Solar Observatory Aditya-L1 Completes Halo Orbit.
Aditya-L1 spacecraft, known as India's solar observatory, has completed its first halo orbit around the Sun-Earth Lagrange Point 1 (L1), announced mission officials at the Indian Space Research Organisation (ISRO).
Aditya-L1 spacecraft completes first halo orbit mission.
Aditya-L1 spacecraft successfully enters Sun-Earth Lagrange Point 1 orbit.
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"RBI joins 'Project Nexus' to make it easier and faster for people to pay for things across borders."
RBI joins “Project Nexus” conceptualised by the Innovation Hub of the BIS, aims to connect the FPSs of four ASEAN countries for efficiency by 2026. RBI has joined 'Project Nexus' to streamline cross-border retail payments, aiming for faster transactions globally. This collaboration is set to enhance international payment efficiency and convenience for consumers.
Nexus, led by BIS Innovation Hub, connects FPSs of ASEAN nations and India for instant cross-border retail payments.
BIS and Central Banks of founding countries (BNM, BOT, BSP, MAS, RBI) signed agreement on June 30, 2024 in Basel, Switzerland.
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"Mobile Number Portability Regulations 2024 Enforced from July 1.
These amendment regulations are aimed at curbing the porting of mobile numbers by way of fraudulent SIM swap/replacement by unscrupulous elements. Through these amendment regulations, an additional criterion for the rejection of the request for allocation of a Unique Porting Code (UPC) has been introduced. Specifically, a UPC shall Not be allocated if the request for the UPC has been made before the expiry of seven days from the date of SIM swap/replacement.
Telecom Regulatory Authority of India (TRAI), on 14th March, 2024, issued the Telecommunication Mobile Number Portability (Ninth amendment) Regulations, 2024, which will come into force on 1st July 2024.
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International Asteroid Day celebrated on 30 June 2024.
International Asteroid Day 2024: The universe is full of surprises, and asteroids are one of them. They are neither planets nor comets. Asteroids are objects, either metallic, or icy bodies, or rocks that spin the orbit within an inner solar system. Asteroids do not have an atmosphere of their own and they vary in shape and sizes as well.
Asteroids can potentially impact Earth, posing risks that require constant monitoring.
Asteroids provide valuable insights into the early solar system's formation and evolution.
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Bandhan Bank Customers Can Now Pay Direct Taxes Online.
The Bank is now live for collection of Direct Taxes through TIN 2.0 platform of Income Tax. As an Agency Bank appointed by the RBI, BandhaUnder this licence, Bandhan Bank customers can now pay their Direct Taxes in a fast, seamless and convenient manner through the Bank’s Retail Internet Banking, Corporate Internet Banking and Payment Gateway (Debit Card, Credit Card and Internet Banking).
Bandhan Bank enables seamless Direct Tax payments via multiple banking channels.Bandhan Bank's initiative facilitates convenient tax payments across diverse banking platforms.
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RBI Revises Framework for Currency Swap With SAARC Countries.
The total corpus for this support amounts to USD 3 billion. The Reserve Bank of India (RBI) has released a revised framework for currency swap arrangement with South Asian Association of Regional Cooperation (SAARC) countries, effective from 2024 to 2027.
The new window under this framework offers concessions to support swap in Indian rupees.
The total corpus for this support amounts to USD 3 billion.
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RBI’s foreign gold reserves hit 6-year low, domestic reserves touch 53%.
The Reserve Bank of India’s (RBI) domestic gold holdings increased to 53% in March 2024, in contrast to 39% in September 2021 while the yellow metals overseas holdings dropped to a six-year low of 47%. This comes on top of RBI transferring 100 tonnes of gold back to India from the Bank of England (BoE) last month.
RBI data shows an increase in domestic gold holdings since March 2022, concurrent with the beginning of the Russia-Ukraine war.
This decision is in line with central banks’ globally reacting with caution after the US froze Russia’s foreign currency assets in February 2022.
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Sebi forms 15-member working group to review derivative trading norms.
The Securities and Exchange Board of India (Sebi) has formed a working group to review derivatives trading norms with an aim of enhancing investor protection and risk management, said people aware of the development. The 15-member panel will be headed by G Padmanabhan, former executive director of Reserve Bank of India (RBI). It will be tasked with market development and regulation to enhance risk architecture of exchange-traded derivatives and investor protection.
The working group has representatives from the market ecosystem, such as the exchanges, brokers, and academicians.
The market regulator will also be taking up another proposal in its upcoming board meeting this week on eligibility criteria for single stocks for entry into the derivatives segment.
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India's FY24 CAD narrows to 0.7% of GDP from 2% in FY23, records surplus of 0.6% in Q4.
India’s current account registered a surplus in the final quarter of the previous fiscal boosted by higher services. Its current account deficit (CAD) decreased in FY24 due to lower merchandise trade deficit, the Reserve Bank of India (RBI) said on June 24.
The country’s Current Account Deficit (CAD) decreased to 0.7 percent of GDP, or $23.2 billion in FY24, down from 2 percent of GDP, or $67 billion, in FY23.
Foreign portfolio investment experienced a net inflow of $44.1 billion in FY24 compared to a net outflow of $5.2 billion in FY23.
Meanwhile, net FDI inflow dropped to $9.8 billion in FY24 compared to $28 billion in FY23.
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APIX and RBI Join Forces to Drive Financial Innovation Through HaRBInger 2024 Hackathon.
APIX, the leading global collaborative innovation platform for financial institutions and fintechs across over 90 countries, today announced its partnership with the Reserve Bank of India (RBI) to host the prestigious HaRBInger 2024 hackathon. This landmark collaboration aims to bring together the brightest minds from around the world to develop cutting-edge solutions that enhance the security and inclusivity of the financial ecosystem.
As a trusted platform utilised by major banks and regulators worldwide, APIX is uniquely positioned to empower innovators and accelerate their journey toward bringing innovative ideas to life.
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RBI Cancels City Co-operative Bank's Licence Over Inadequate Capital.
The Reserve Bank on Wednesday cancelled the licence of The City Co-operative Bank, Maharashtra for lacking adequate capital and earning prospects. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been asked to issue an order for winding up the bank and appoint a liquidator, RBI said. According to RBI, the cooperative bank ceases to carry on banking operations with effect from the close of business hours on June 19, 2024. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh only from Deposit Insurance and Credit Guarantee Corporation (DICGC).
Giving details, RBI said the Mumbai-based cooperative bank does not have adequate capital and earning prospects.
Consequent to the cancellation of its licence, The City Co-operative Bank has been prohibited from conducting the business of 'banking' which includes, among other things, acceptance of deposits and repayment of deposits.
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SabPaisa Gets RBI Nod To Operate As A Payment Aggregator.
Payments solutions startup SabPaisa has received ‘in-principle’ approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. The licence will enable SabPaisa to fill the ‘innovation gap’ and scale its offerings to onboard more merchants onto its fold. The authorisation will also enable the startup to bring ‘unification, inclusivity, experience and performance’ in the platform’s product suite.
The New Delhi-headquartered bootstrapped startup claims to have grown its revenue 2X in the past two fiscal years
SabPaisa joins a small group of fintech startups including Infibeam Avenues, Razorpay, Mswipe and Pine Labs that have received the licence
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RBI Wins ' Risk Manager of the Year' award in 2024.
The Reserve Bank of India (RBI) has won the "Risk Manager of the Year Award 2024" by Central Banking, a leading publication based in London, UK. This accolade recognizes RBI's exemplary strides in enhancing its risk culture and awareness, affirming its pivotal role in safeguarding the stability of the Indian financial system. "The Reserve Bank of India has been awarded the Risk Manager of the Year Award 2024 by Central Banking, London, UK. RBI was awarded the best risk manager for improving its risk culture and awareness. Executive Director Shri Manoranjan Mishra received the award on behalf of the RBI.
As part of its digital mission, the RBI also encouraged the use of AI and ML in key areas like infrastructure, payments, risk management, audit and analytics.
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Ajith Kumar KK Named as MD and CEO of Dhanlaxmi Bank for 3 Years Tenure.
Private sector Dhanlaxmi Bank on Tuesday said it has appointed Ajith Kumar KK as Managing Director (MD) of the bank. He will take charge on June 20, Kerala-based Dhanlaxmi Bank said in a regulatory filing. The board at its meeting held on Tuesday approved the appointment of Ajith Kumar KK as Managing Director & CEO of the bank for a period of three years with effect from June 20, 2024, and on such remuneration as approved by RBI vide letter dated April 18, it said.
The bank will seek approval of the shareholders for the said appointment within the prescribed time period in accordance with the applicable provisions of the Companies Act, 2013 and SEBI regulations, it said.
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RBI Cancels Purvanchal Cooperative Bank’s Licence.
The Reserve Bank of India cancelled the license of Mumbai based City Cooperative Bank on Wednesday, dashing the hopes of depositors about getting its merger with Cosmos Bank. Last week, the RBI had cancelled the banking license for Purvanchal Co-operative Bank Ltd., located in Ghazipur, Uttar Pradesh.
The RBI has cancelled Purvanchal Co-operative Bank's licence due to insufficient capital and unsustainable financial prospects.
In case of City Cooperative Bank, it bears recalling that one of the largest urban cooperative banks of India-Cosmos Cooperative Bank had submitted revised amalgamation cum merger proposal to RBI on 5th October 2023 but to no avail.
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Alpana Killawala Authored a Memoir titled 'A Fly on the RBI Wall'.
Harshad Mehta scam, liberalisation of the Indian economy — Alpana Killawala’s tenure with the communications department of the Reserve Bank of India coincided with a very vibrant phase of the central bank. ‘A Fly on the RBI Wall’ is a no-holds-barred account of her journey, a peek into the minds of the governors, all eminent scholars, under whom she worked over the course of a career spanning more than two decades.
A Fly on the RBI Wall is a repository of anecdotes from Alpana’s time at the RBI—a no-holds-barred account of her journey at the nation’s central bank.
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RBI Imposes Rs 1.45 Cr Penalty on Central Bank of India.
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE 2022) of the Central Bank of India with reference to its financial position as of March 31, 2022. A notice was issued to the bank, advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the directions, the RBI said.
The bank sanctioned a working capital demand loan to a Corporation against amounts receivable from the government by way of subsidies.
After considering the bank's response, the RBI found that charges against the bank were sustained.
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Global Wind Day is celebrated on June 15th.
Global Wind Day or World Wind Day is a worldwide event that is held on June 15. It is organised by WindEurope and GWEC (Global Wind Energy Council). It is a day when wind energy is celebrated, information is exchanged and adults and children find out about wind energy, its power and the possibilities it holds to change the world. In association with EWEA and GWEC, national wind energy associations and companies involved in wind energy production organise events in many countries around the world. In 2011, there were events organised in 30 countries, on 4 continents. Events included visits to onshore and offshore wind farms, information campaigns, demonstration turbines being set up in cities, wind workshops and a wind parade. Many events happened on Global Wind Day (15 June) itself, but there were also events on the days and weeks before and afterwards.
In 2012 there were 250 events around the globe and a popular photo competition.
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Reliance JPL JV Orbit Connect India Received Approval from IN-SPACe to Launch Satellite Internet in India.
A joint venture between Reliance Industries’ Jio Platforms and Luxembourg-based SES has received the approval from Indian space regulator, Indian National Space Promotion and Authorisation Centre (IN-SPACe), to operate satellites in the country. The approvals were issued to Orbit Connect India that will provide satellite-based high-speed internet access.
This development comes amid attempts by Elon Musk’s Starlink and Amazon to receive similar approvals for satellite communication services.
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SpaceX accomplishes first soft splashdown of Starship, Super Heavy Booster on Flight 4 mission.
For a fourth time in a little more than a year, SpaceX launched a test mission of its massive Starship rocket from its development facility in southern Texas called Starbase. The launch, dubbed Flight 4, push the launch vehicle towards its goal of being a mostly reusable rocket. Similarly to the previous three launches, Flight 4 did not include a payload and flew a suborbital trajectory. Unlike the preceding missions, Flight 4 saw a soft splashdown of the Super Heavy Booster (Booster 11) and of the Starship upper stage (Ship 29). Liftoff took place at 7:50 a.m. CDT (8:50 a.m. EDT, 1250 UTC), near the opening of a 120-minute window.
For a fourth time in program history, SpaceX launches its Starship rocket from its Starbase facility in southern Texas.
During Flight 3, the upper stage began to roll uncontrollably, preventing the vehicle from performing a relight of one of its six Raptor engines.
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Boeing launches NASA astronauts for the first time after delays, Indian-origin astronaut Sunita Williams on board.
Boeing launched astronauts for the first time Wednesday, belatedly joining SpaceX as a second taxi service for NASA. Indian-origin NASA pilot Sunita ‘Suni’ Williams and fellow astronaut Butch Wilmore took off from Cape Canaveral on board the Starliner capsule. They will arrive at the International Space Station on Thursday and spend just over a week at the orbiting lab.
Boeing's Starliner capsule, atop an Atlas V rocket lifts off from launch pad at Space Launch Complex 41 .
Boeing launches astronauts to the International Space Station with Starliner capsule, marking a milestone for the company. The crew, including NASA test pilots Wilmore and Williams, embarked on a 25-hour journey to the orbiting lab.
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RBI approves Zurich Insurance's 70% acquisition of Kotak General for ₹5,560 crore.
The Reserve Bank of India (RBI) has given its nod to Zurich Insurance Company for the proposed acquisition of 70% shareholding in Kotak Mahindra General Insurance. The acquisition is valued at ₹5,560 crore. In another development, Kotak Mahindra Bank has announced a new revision of charges for several services associated with its salary and savings accounts.
The development came after Kotak Mahindra Bank in February said that Zurich Insurance would acquire a majority stake in Kotak General in a single tranche.
These changes include updates to the average balance requirements, free transaction limits, ATM transaction limits, standing instruction failure fees, and chequebook limits.
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SEBI sets up Ad - Hoc committee to review ownership, economic structure of clearing corporations.
Capital markets regulator Sebi on Tuesday said it has set up a committee to review the ownership and economic structure of clearing corporations and suggest measures to ensure that clearing corporations function as resilient, independent, and neutral risk managers. The ad-hoc committee would be chaired by Usha Thorat, former Deputy Governor of the Reserve Bank of India (RBI).
The decision has been taken in the wake of the substantial growth of Indian securities markets in recent years and the importance of clearing corporations as central risk management institutions.
In a statement, Sebi said that the committee has been entrusted with the task of reviewing ownership structure as well as finances of clearing corporations.
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The Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds for the first time , as traders refused to pay greenium.
In a first, the Reserve Bank of India (RBI) on Friday cancelled the auction of 10-year green bonds as traders refused to pay greenium. Greenium signifies the premium investors are willing to pay for green bonds because of their sustainability impact.Diverging from the pattern of issuing green bonds in the latter half, the government plans to issue green bonds worth Rs 12,000 crore in the first half of the current financial year. The green bonds were planned to be issued in two tranches of Rs 6,000 crore each for a period of 10 years.
At the time of the auction, the benchmark bond yield was trading at 6.99 per cent.
The yield on the benchmark 10-year government bond settled at 6.98 per cent on Friday, against 7 per cent on Thursday.
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AIBEA to launch ‘Bank Clinic’ to help retail customers with grievance redress.
Bank Clinic, a new complaint redressal platform, has been launched by bank employees to help retail customers better understand their rights and available remedies. This initiative is led by the All India Bank Employees’ Association (AIBEA). Its objective is to help customers adjust to rapid technological advancements and the ever-evolving Reserve Bank of India (RBI) guidelines on retail banking.
With the Bank Clinic, AIBERA hopes to earn goodwill of customers’ and give feedback to Banks on the areas where there is deficiency in service.
The All India Bank Employees’ Association (AIBEA) plans to set up an online ‘Bank Clinic’ to assist bank customers with grievance redress.
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RBI projects real GDP growth at 7% in FY25.
The Reserve Bank of India (RBI), in its annual report, projected Indian economy to grow at 7 percent in the current financial year. “Real GDP growth for 2024-25 is projected at 7 per cent with risks evenly balanced,” RBI said in its annual report released on May 30. Further, the report said Indian economy expanded at a robust pace in 2023-24, with real GDP growth accelerating to 7.6 per cent from 7 per cent in the previous year – the third successive year of 7 per cent or above growth.
In its April monetary policy, the RBI said that the real GDP growth for 2024-25 is projected at 7 percent with Q1 at 7.1 percent; Q2 at 6.9 percent; Q3 at 7 percent; and Q4 at 7 percent.
Real GDP growth is robust on the back of solid investment demand, which is supported by healthy balance sheets of banks and corporates.
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RBI Transfers 100 Tonnes of Gold to India from UK for the 1st time since 1991.
Recently, the Reserve Bank of India (RBI) has transferred 100 tonnes of gold from its vaults in the UK to its domestic vaults in India. This is the first time since early 1991 when such a large amount of precious metal was added to India’s stock Till the end of March 2024, the RBI’s gold price reserve holds around 822.1 tonnes of gold, which is marked as more than in previous years. Among this 822.1 tonnes of gold, 413.8 tonnes were held overseas, particularly with the Bank of England and the Bank for International Settlements (BIS). This recent transfer is part of a broader initiative to repatriate and secure these assets domestically.
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According to the report, In the upcoming months, another similar amount of gold can be added to the country.
More than 308 metric tonnes of gold are kept in India as collateral for notes that are issued, and an additional 100.28 tonnes are kept domestically as departmental assets for the banking sector.
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The RBI has placed restrictions the Edelweiss group — ECL Finance and Edelweiss Asset Reconstruction Company (EARCL) — over ‘evergreening’ stressed loans.
The RBI has placed restrictions on two companies of the Edelweiss group — ECL Finance and Edelweiss Asset Reconstruction Company (EARCL) — over ‘evergreening’ stressed loans. Evergreening of loans is the practice where lenders extend additional credit to borrowers who cannot repay their existing loans. ECL Finance offers corporate finance, loans against property and securities, MSME lending among others.
EARCL is among the largest companies dealing with the purchase and recovery of bad loans from lenders.
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Chennai startup Agnikul Cosmos launches world’s first 3D-printed rocket engine.
The Agnibaan rocket is capable of carrying up to 300 kg payload to a 700 km high orbit. The complexity in Agnikul's rocket launch arises from the fact that the launch vehicle 'Agnibaan SOrTeD' is using India's first semi-cryogenic engine, which uses a mix of liquid and gas for propellant. Srinath Ravichandran, co-founder and CEO, Agnikul Cosmos, said, “This is the culmination of 1000s of hours of reviews and hard work by the team. We are blessed to have had the opportunity and the full support of IN-SPACe and ISRO to design and build original space worthy hardware in India.”
SOrTeD (SubOrbital Technological Demonstrator) is a single-stage rocket fueled by a semi-cryogenic engine. Developed in India, the vehicle was assembled at Agnikul's facilities at IIT Madras, informed MoS - IT and Technology, Rajeev Chandrasekhar.
Spacetech startup Agnikul Cosmos on May 30 successfully launched the Agnibaan SOrTeD rocket from Sriharikota, putting behind four previous attempts that were called off. (PTI)
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RBI Unveils PRAVAAH Portal, Retail Direct App, And Fintech Repository For Enhanced Public Access.
The Reserve Bank of India has launched three major initiatives – the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository – aimed at enhancing public access to the central bank and facilitating regulatory approvals and transactions. The PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) portal is a secure and centralized web-based platform for individuals and entities to apply online for various regulatory approvals from the RBI. The portal streamlines the process of seeking authorizations, licenses, or regulatory approvals by providing a single point of contact for applicants. It is expected to improve the efficiency of the RBI’s regulatory approval and clearance processes.
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The Reserve Bank of India (RBI) on monday penalised ICICI Bank and YES Bank for violating various regulatory norms
RBI’s supervisory inspection found violations by both banks relating to their financial position as on March 31, 2022. The RBI issued notices to both banks, requesting explanation as to why penalties should not be imposed. After reviewing their responses, the RBI concluded that the banks' lapses warranted the penalties.
RBI says supervisory inspection found violations by both banks about their financial position.
ICICI Bank was fined Rs 1 crore, while YES Bank was penalised Rs 91 lakh.
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NASA Launches Small Climate Satellite to Study Earth’s Poles.
The first of a pair of climate satellites designed to study heat emissions at Earth’s poles for NASA is in orbit after lifting off atop Rocket Lab’s Electron rocket from the company’s Launch Complex 1 in Māhia, New Zealand at 7:41 p.m. NZST (3:41 a.m. EDT) on Saturday. The agency’s PREFIRE (Polar Radiant Energy in the Far-InfraRed Experiment) mission consists of two shoebox-size cube satellites, or CubeSats, that will measure the amount of heat Earth radiates into space from two of the coldest, most remote regions on the planet. Data from the PREFIRE mission will help researchers better predict how Earth’s ice, seas, and weather will change in a warming world.
Rocket Lab’s Electron rocket lifted off from Launch Complex 1 at Māhia, New Zealand at 7:41 p.m. NZST May 25, 2024 (3:41 a.m. EDT) carrying a small satellite for NASA’s PREFIRE (Polar Radiant Energy in the Far-InfraRed Experiment) mission.
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SpaceX Launches First Satellites For New US Spy Constellation.
SpaceX on Wednesday launched an inaugural batch of operational spy satellites it built as part of a new U.S. intelligence network designed to significantly upgrade the country’s space-based surveillance powers, the first deployment of several more planned this year. The spy network was revealed in a pair of Reuters reports earlier this year showing SpaceX is building hundreds of satellites for the U.S. National Reconnaissance Office, an intelligence agency, for a vast system in orbit capable of rapidly spotting ground targets almost anywhere in the world.
Northrop Grumman NOC.N, a longtime space and defense contractor, is also involved in the project.
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Azad Engineering bags contract for advanced turbo gas generator engine from DRDO lab GTRE .
Azad Engineering has bagged a DRDO laboratory Gas Turbine Research Establishment (GTRE) contract for end-to-end manufacturing, assembly and integration of completely-assembled advanced turbo gas generator engine. We have now expanded our manufacturing capabilities to provide end-to-end production for a fully assembled advanced turbo engine, creating a massive opportunity to build a complete solution for propulsion system for the country and global defence requirements, says Chairman and CEO Rakesh Chopdar.
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RBI Approves Dividend Of Rs 2.11 Lakh Crore To Government For FY24.
The Reserve Bank of India (RBI) board approved the transfer of Rs 2,10,874 crore as surplus to the Central Government for the accounting year 2023-24. The decision was taken at Apex Bank’s 608th meeting of the Central Board of Directors. Presided over by RBI Governor Shaktikanta Das, the board reviewed the global and domestic economic scenario, including risks to the outlook. The workings of Apex Bank during the year April 2023 – March 2024 were also discussed during the meeting.
With the revival in economic growth in FY 2022-23, the CRB was increased to 6.00 per cent. As the economy remains robust and resilient, the board has decided to increase the CRB to 6.50 per cent for FY 2023-24,” the apex bank said.
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Astronomers Uncover a Baffling “Cosmic Mystery” – A Giant Planet As Fluffy as Cotton Candy.
This exoplanet is larger but seven times less massive than Jupiter and is the second least dense planet discovered to date. An international team led by researchers from the EXOTIC Laboratory of the University of Liège, in collaboration with MIT and the Astrophysics Institute in Andalusia, has just discovered WASP-193b, an extraordinarily low-density giant planet orbiting a distant Sun-like star.WASP-193b, a new exoplanet, is 50% larger than Jupiter but seven times less massive, with an extremely low density similar to cotton candy. Discovered by WASP and confirmed with observatories in Chile, its formation challenges current planetary theories and demands further study. Credit: SciTechDaily.com
WASP, an international collaboration of academic institutions, initially spotted the new planet using two robotic observatories equipped with wide-angle cameras.
Observations from the WASP-South observatory between 2006-2008 and 2011-2012 detected periodic transits, enabling astronomers to estimate the planet's size by measuring the amount of light blocked during each transit.
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R. Lakshmi Kanth Rao Appointed as Executive Director of RBI.
The Reserve Bank of India (RBI) has appointed R. Lakshmi Kanth Rao as Executive Director, effective from May 10, 2024. Rao was previously serving as the Chief General Manager-in-Charge in the Department of Regulation.With over three decades of experience within the RBI, overseeing areas such as Regulation of Banks and NBFCs, Supervision of Banks, and Consumer Protection. His extensive background also includes roles such as Banking Ombudsman at RBI Chennai and Regional Director of Uttar Pradesh at Lucknow
Rao will oversee Deposit Insurance, RTI, and Communication departments as Executive Director.
He holds a commerce degree, an MBA in Finance, and a Diploma in TIRM.
Rao is a Certified Associate of the Indian Institute of Banking & Finance (IIBF).
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TATA AIG unveils India’s first Satellite-based In-Orbit Third-Party Liability Insurance.
TATA AIG, India’s leading general insurance provider, announced the launch of India’s first Satellite In-Orbit Third-Party Liability Insurance policy, which will provide critical financial protection to meet the growing needs of satellite manufacturers and operators in the Indian space sector. TATA AIG‘s Satellite In-Orbit Third-Party Liability Insurance provides complete coverage for third-party bodily injury and property damage in the event of an incident involving a satellite in orbit, in accordance with international standards and best practices. The Indian space sector is rapidly expanding, with a projected market value in the tens of billions. With the privatisation of space launches, India aims to grow its worldwide launch market share fivefold to $47.3 billion by 2032. The increase in satellite launches needs strong risk management solutions.
India's First Satellite In-Orbit Third-Party Liability Insurance: TATA AIG introduces the country's inaugural Satellite In-Orbit Third-Party Liability Insurance policy, addressing the emerging needs of satellite manufacturers and operators in India's burgeoning space sector.
Comprehensive Coverage: The policy offers comprehensive coverage for third-party bodily injury and property damage arising from incidents involving satellites in orbit, aligning with international standards and best practices in space insurance.
Addressing Growing Space Sector Needs: With the Indian space sector projected to reach significant market value and aiming for substantial growth through privatisation of space launches, robust risk management solutions like Satellite In-Orbit Third-Party Liability Insurance become essential.
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India, Iran to sign 10-year agreement for operations at Chabahar port.
The long-term agreement was being negotiated by the two sides over the past three years or so and had been primarily held up by differences on a clause related to arbitration.Ports and shipping minister Sarbananda Sonowal left for Iran on Monday for the signing of a crucial long-term agreement for India’s operations at the strategic Chabahar port, people familiar with the matter said.It will replace an initial pact inked in 2016 that covered India’s operations at Shahid Beheshti terminal of Chabahar port and has been renewed on an annual basis. Sonowal flew from New Delhi to Tehran on a special Indian Air Force (IAF) flight and people familiar with the matter on both sides said his visit was linked to the signing of the 10-year agreement for operations by state-run India Global Ports Limited (IGPL) Shahid Beheshti terminal.
Renewal: Initial pact signed in 2016 renewed annually, now replaced by a 10-year agreement.
Strategic: Agreement for India's operations at Chabahar port, crucial for regional connectivity.
Resolution: Overcame differences, particularly on arbitration clause, after three years of negotiation.
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SBI becomes the first bank to be a trading-cum-clearing member of India International Bullion Exchange at the GIFT City in Gujarat.
The State Bank of India (SBI) on Tuesday announced that it has secured the distinction of being the first bank to become a trading-cum-clearing (TCM) Member of India International Bullion Exchange at the GIFT City in Gujarat. This milestone enables SBI IBU Gift City to conduct trades on the IIBX platform and settle them on behalf of its clients, per an official release.RBI guidelines permitted branches of an Indian Bank in GIFT IFSC to act as a trading member (TM)/trading and clearing member (TCM) of IIBX. The central bank also allowed special category clients (SCC) which are nominated banks in India to import gold through IIBX.The entry of India’s largest bank into the field as a TCM is poised to boost trading volumes at IIBX, the release added.
SBI becomes the first bank to join India International Bullion Exchange at GIFT City.
SBI's IBU Gift City branch can now conduct trades on IIBX and settle them for clients.
RBI permits Indian bank branches in GIFT IFSC to act as trading-cum-clearing members of IIBX.
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IRDAI approves Hinduja’s acquisition of Reliance Capital's insurance businesses.
Insurance regulator IRDAI has approved the Hinduja Group's acquisition of Reliance Capital's life, general, and health insurance businesses on the condition that it does not pledge shares in the companies.The Hinduja Group has still to get approval from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI) for the transaction to be completed, according to the persons. The IRDAI issued its clearance on Friday evening, adding that "the insurer's shares shall not be pledged or encumbered" without the regulator's approval, according to one of the people mentioned.The Hinduja Group verified that it had received the regulator's approval.IIHL is dedicated to promptly securing the necessary approvals and intends to finalize the transaction by the deadline set by the NCLT, which is May 27th. The NCLT has granted approval to a resolution plan worth ₹9,661 Crore proposed by the Hinduja Group's IndusInd International Holdings Ltd.The court ordered IIHL to make the money by May 27, subject to all requisite approvals. Furthermore, the Hinduja Group business would be compelled to pay an additional ₹211 Crore to lenders, which will be deducted from the capital infused by them in Reliance General Insurance to maintain its solvency buffer.
IRDAI approves Hinduja Group's acquisition of Reliance Capital's insurance businesses.
Acquisition conditional on shares not being pledged without regulator's approval.
Hinduja Group aims to finalize transaction by May 27, pending RBI and CCI approvals.
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The Reserve Bank of India (RBI) lifted the restriction on Bank of Baroda (BoB)'s mobile banking application ‘BoB World’ with immediate effect.
The Reserve Bank of India (RBI) lifted the restriction on Bank of Baroda (BoB)'s mobile banking application ‘BoB World’ with immediate effect. The ban on bob World was imposed after the RBI said it found lapses in the process followed by the lender in onboarding customers through the mobile app. In October 2023, the RBI directed the government-owned Bank of Baroda to suspend any further onboarding of their customers onto the ‘bob World’ mobile application. The banking sector regulator said that any further onboarding of customers of the bank on the application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank. The lender was also directed to ensure that the already onboarded ‘bob World’ customers do not face any disruption on account of suspension.
The RBI action on Bank of Baroda came after it found certain material supervisory concerns observed in the manner of onboarding of their customers through bob World.
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The board of directors of Piramal Enterprises, a diversified non-bank finance company (NBFC), has given approval for its merger with its wholly owned subsidiary, Piramal Capital & Housing Finance (PCHFL), which will be renamed Piramal Finance following the merger.
The board of directors of Piramal Enterprises, a diversified non-bank finance company (NBFC), has given approval for its merger with its wholly owned subsidiary, Piramal Capital & Housing Finance (PCHFL), which will be renamed Piramal Finance following the merger. Under the terms of the merger, shareholders of Piramal Enterprises will receive one equity share of Piramal Finance (PFL) for each share they hold in Piramal Enterprises, along with one NCRPS (non-convertible non-cumulative non-participating redeemable preference share) of Rs 67 of PFL, subject to approval from the RBI. The company anticipates that the merger process as a whole will be finalised within 9-12 months.
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NASA's James Webb Space Telescope (JWST) has detected atmospheric gases surrounding 55 Cancri e, a hot rocky exoplanet 41 light-years from Earth.
NASA's James Webb Space Telescope (JWST) has detected atmospheric gases surrounding 55 Cancri e, a hot rocky exoplanet 41 light-years from Earth. This discovery marks the first time an atmosphere has been identified surrounding a terrestrial planet outside our Solar System. “55 Cancri e” is a hot rocky planet orbiting a star 41 light-years from Earth. Its orbit is just 2.25 million km from its host star – so close that the planet’s surface is likely molten. The planet is twice as big as Earth, making it a “super-Earth.” Despite not being able to capture a direct image of 55 Cancri e , JWST’s NIRCam and MIRI instruments are able to detect subtle changes in the light as the planet orbits the star.
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World Asthma Day 2024 was observed on 7th May 2024.
World Asthma Day (WAD) is every year observed on the first Tuesday of May. It is organised by the Global Initiative for Asthma (GINA) and strives to engage individuals experiencing asthma with the appropriate education so they can deal with their condition successfully. The day aims to raise awareness of healthcare professionals about the ongoing preventable morbidity and mortality from asthma. World Asthma Day 2024 was observed on 7th May 2024. "Asthma Education Empowers" is the 2024 World Asthma Day theme. This theme has been chosen by the Global Initiative for Asthma. The Global Initiative for Asthma (GINA) was founded in 1993. The first World Asthma Day was observed in the year 1998. World Asthma Day is celebrated annually by GINA with the goal of raising awareness about the challenges faced by asthmatics.
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India Ratings and Research (Ind-Ra) revised upward the country's GDP growth estimate for FY25 to 7.1 percent from 6.5 percent earlier.
India Ratings and Research (Ind-Ra) revised upward the country's GDP growth estimate for FY25 to 7.1 percent from 6.5 percent earlier. The new projection slightly exceeds the Reserve Bank of India's (RBI) forecast of 7.0 percent. The agency's forecast indicates higher growth than RBI's for the first and fourth quarters of FY25 but lower for the second and third quarters. Ind-Ra expects private final consumption expenditure (PFCE) to grow by 7.0 percent year-on-year in FY25, marking a three-year high. Government capital expenditure continues to drive investment demand, with Gross Fixed Capital Formation (GFCF) expected to grow by 8.5 percent year-on-year in FY25. Ind-Ra forecasts goods and services exports to grow by 6.6 percent year-on-year and imports by 8.8 percent year-on-year in FY25, compared to 1.5 percent and 10.9 percent, respectively, in FY24.
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REC Ltd has received the RBI's approval to set up a subsidiary in IFSC, GIFT City, Gujarat.
REC Ltd has received the RBI's approval to set up a subsidiary in IFSC, GIFT City, Gujarat. The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services. REC Ltd, under the Ministry of Power and a leading NBFC, has received a ‘No Objection Certificate’ (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar. The GIFT City platform offers a conducive environment for international lending activities coupled with world-class infrastructure.
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The Reserve Bank of India allowed standalone primary dealers (SPDs) to borrow in foreign currency from their parent companies and other authorised entities.
The Reserve Bank of India allowed standalone primary dealers (SPDs) to borrow in foreign currency from their parent companies and other authorised entities. Standalone primary dealers will also be allowed to access overdraft facilities in nostro accounts solely for operational use. Nostro is a bank account held in another country by a domestic bank, but in the currency of the foreign country. The RBI issued a circular in this regard. The RBI’s move will help companies in managing funding for their foreign exchange business. As per the central bank’s direction, excess withdrawals not adjusted within five days must be reported to the RBI. Such reporting should occur within 15 days from the end of the month in which the limits are exceeded. Reporting is not required if arrangements are in place for value dating.
A master direction on the functioning of the standalone primary dealers was issued by the RBI in 2016.
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The Reserve Bank of India (RBI) revised the guidelines for custodian banks to issue Irrevocable Payment Commitments (IPCs) in light of the T+1 settlement regime for stocks.
The Reserve Bank of India (RBI) revised the guidelines for custodian banks to issue Irrevocable Payment Commitments (IPCs) in light of the T+1 settlement regime for stocks. Capital Market Exposure (CME) Limit: The maximum intraday risk to the custodian banks issuing IPCs would be considered as CME at 30 percent of the settlement amount. Basis for the 30% Risk Limit: It is based on the assumption of a 20 percent downward price movement of the equities on T+1, with an additional margin of 10 percent for further downward movement of price. Earlier, the risk mitigation measures were prescribed based on T+2 rolling settlement for equities (T being the trade day). Only custodian banks, who have an agreement with clients giving them an inalienable right over the securities for receiving a payout in the settlement, are permitted to issue IPCs.
T+1 Trade Settlement means trade-related settlements happen within a day, or within 24 hours of the actual transaction.
T+2 Trade Settlement: In this, Indian stock exchanges are settled in two working days after the transaction is done (T+2).
T+0 Trade Settlement: This would mean settlements on the same day (within an hour) and instant settlement would ensure trades are settled immediately.
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Reserve Bank of India (RBI) has approved the reappointment of Atanu Chakraborty as the part-time chairman of HDFC Bank for a period of three years effective from 5 May 2024 to 4 May 2027.
Reserve Bank of India (RBI) has approved the reappointment of Atanu Chakraborty as the part-time chairman of HDFC Bank for a period of three years effective from 5 May 2024 to 4 May 2027. Pursuant to the approval by the RBI and based on the recommendation of the Nomination and Remuneration Committee, the board of directors of the bank has approved the reappointment of Atanu Chakraborty as part-time chairman and independent director of the bank. Chakraborty is not related to any other directors or key managerial personnel of the bank. He is not debarred from holding the office of a director by virtue of any Securities and Exchange Board of India (SEBI) order or any other such authority. Atanu Chakraborty is currently a part-time chairman and independent director of HDFC Bank Limited. He served the Government of India for 35 years as a member of the Indian Administrative Service (IAS) in the Gujarat cadre. He has mainly worked in areas of finance and economic policy, infrastructure, petroleum, and natural gas.
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RBI has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the Ujjivan Small Finance Bank for the period of 3 years with effect from 1 July 2024.
RBI has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the Ujjivan Small Finance Bank for the period of 3 years with effect from 1 July 2024. He will join the Bank much prior to his taking charge as the MD&CEO and be designated as the President in the interim. Sanjeev Nautiyal is also a Certified Associate of the Indian Institute of Bankers. He is a banker with over three decades of extensive strategic domain expertise in retail, SME, financial inclusion, operations, HR, international banking, and treasury. He earlier held significant roles as deputy managing director, financial inclusion & micro markets, SBI and MD & CEO, SBI Life Insurance. He currently is the independent director of Life Insurance Corporation and acts as an advisory in various organizations.
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German company HyImpulse successfully launched a candle wax-powered rocket "SR75" capable of carrying commercial satellites on a test suborbital flight into space for the first time.
German company HyImpulse successfully launched a candle wax-powered rocket "SR75" capable of carrying commercial satellites on a test suborbital flight into space for the first time. The 12-metre, 2.5-tonne test rocket dubbed "SR75" lifted off shortly after 0500 GMT from a launch site in Koonibba, South Australia. It is capable of carrying small satellites weighing up to 250 kg (551 pounds) to an altitude of up to 250 km (155 miles) while being fuelled by paraffin, or candle wax, and liquid oxygen. Paraffin can be used as a cheaper and safer alternative fuel for rockets, reducing satellite transportation costs by as much as 50%, according to HyImpulse.
Hyimpulse aims to expand as demand for commercial satellites grows, and to achieve annual sales worth 700 million euros by 2032.
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According to the latest data released by the Reserve Bank of India (RBI), Credit card spends surged 27 percent year-on-year to Rs18.26 trillion in financial year 2023-24.
According to the latest data released by the Reserve Bank of India (RBI), Credit card spends surged 27 percent year-on-year (Y-o-Y) to Rs18.26 trillion in financial year 2023-24 (FY24) from nearly Rs14 trillion in the year-ago period. In March 2024, credit card spends rose nearly 10.07 percent to Rs 1.64 trillion from Rs 1.49 trillion in February. Of the total Rs 1.64 trillion credit card transactions, point of sale (PoS) in the country rose to Rs 60,378 crore in March from Rs 54,431.48 crore in February. Meanwhile, e-commerce payments inched up to Rs 1.05 trillion from Rs 95,000 crore.
Among the top card players, use of HDFC Bank’s credit card was at Rs 43,471.29 crore in March, 8.57 percent higher than Rs 40,288.51 crore in February 2024.
Similarly, Axis Bank posted 8.05 percent growth in transactions to Rs 18,941.31 crore in March from Rs 17,528.97 crore in February 2024.
Meanwhile, spend on ICICI Bank's credit card rose 14.49 percent to Rs 30,733.11 crore in March from Rs 26,843.03 crore in February 2024.
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RBI launched two surveys 'Inflation Expectations Survey of Households (IESH)' and 'Consumer Confidence Survey (CCS)' which will provide key inputs for the bi-monthly monetary policy.
RBI launched two surveys 'Inflation Expectations Survey of Households (IESH)' and 'Consumer Confidence Survey (CCS)' which will provide key inputs for the bi-monthly monetary policy. The next bi-monthly monetary policy is scheduled during June 5-7, 2024. The 'Inflation Expectations Survey of Households' aims at capturing subjective assessments on price movements and inflation, based on their individual consumption baskets, across 19 cities, including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram. The 'Consumer Confidence Survey' seeks qualitative responses from households, regarding their sentiments on general economic situation, employment scenario, price level, households' income and spending. It is also conducted in 19 cities, including Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, and Delhi.
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Groww Pay, the UPI platform of brokerage firm Groww, has secured an online payment aggregator (PA) licence from RBI.
Groww Pay, the UPI platform of brokerage firm Groww, has secured an online payment aggregator (PA) licence from RBI. This licence allows Groww Pay to facilitate online transactions through its platform using its UPI app, Groww Pay. This move marks Groww's expansion into financial services beyond its usual investment and broking offerings. Since last year, Groww has been offering UPI payment services through its Groww Pay Private Limited feature, in partnership with YES Bank. The platform has been focusing on bill payments like electricity and water bills, DTH recharges, as well as loan and credit card repayments.
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The Former Governor of RBI, Dr Duvvuri Subbarao unveiled his latest book, 'Just A Mercenary?: Notes from My Life and Career'.
The Former Governor of RBI, Dr Duvvuri Subbarao unveiled his latest book, 'Just A Mercenary?: Notes from My Life and Career'. The book is touted to be the remarkable journey of a small-town boy from a modest background to the top echelons of India’s civil services and then on to the helm of the country’s central bank. Subbarao served as governor of RBI for five years . Prior to that, he was finance secretary and secretary to the prime minister's Economic Advisory Council. The book was published by Penguin Random House India.
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RBI announced an 8 percent interest on Government of India Floating Rate Bond 2034 (GOI FRB 2034) for the half year 30 April 2024 to 29 October 2024.
On 29 April 2024, The Reserve Bank of India (RBI) announced an 8 percent interest on Government of India Floating Rate Bond 2034 (GOI FRB 2034) for the half year 30 April 2024 to 29 October 2024. FRB 2034 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of last three auctions (from the rate fixing day i.e, April 30, 2024) of 182 Day T-Bills, plus a fixed spread (0.98 percent). It is linked to the interest rate of the National Savings Certificate (NSC), a small savings scheme backed by the Union government. The interest rate of RBI Floating Rate Savings Bonds is 0.35% higher than what NSC offers. Now, NSC offers an interest rate of 7.7% for the April-June quarter. Going by the set formula, RBI Floating Rate Savings Bond 2020 (Taxable) will continue to fetch a high interest rate of 8.05% from July 1, 2024, for the next six months.
The Government of India is issuing a special type of bond called a Floating Rate Bond (FRB) that matures in 2034.
FRBs have a maturity period of seven years.
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Satellite Technology Day is annually observed on 19 April.
Satellite Technology Day is annually observed on 19 April. U R Rao Satellite Centre in Bengaluru recently celebrated Satellite Technology Day (STD) 2024, marking the significant milestone of the 50th anniversary of India's first satellite launch, Aryabhata, on 19th April 1975. The Aryabhata spacecraft, named after the 5th Century CE mathematician and astronomer, was India's first satellite. It was completely designed and fabricated in India and launched from Kapustin Yar, Russia on 19th April 1975. On that day, India became only the world’s 11th nation to send a satellite into orbit.
U R Rao Satellite Centre named after the former ISRO Chairman Dr. Udupi Ramachandra Rao.
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The Reserve Bank of India (RBI) kept the investment limit by Foreign Portfolio Investors (FPI) in government securities unchanged at 6 percent of the outstanding securities stocks for 2024-25.
The Reserve Bank of India (RBI) kept the investment limit by Foreign Portfolio Investors (FPI) in government securities unchanged at 6 percent of the outstanding securities stocks for 2024-25. Moreover, the central bank, in a statement, announced that it would maintain the FPI limits for investment in state government securities and corporate bonds at 2 percent and 15 percent, respectively, of the outstanding securities stocks for FY25. The allocation of incremental changes in the g-sec limit (in absolute terms) over the two sub-categories – ‘General’ and ‘Long-term’ – shall be retained at 50:50 for 2024-25. Further, the aggregate limit of the notional amount of Credit Default Swaps sold by FPIs shall be 5 percent of the outstanding stock of corporate bonds. Accordingly, an additional limit of Rs 2,54,500 crore has been set out for FY25.
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The Reserve Bank of India (RBI) directed Gurugram-based company TalkCharge to refund the prepaid funds held in the wallets of its customers.
The Reserve Bank of India (RBI) directed Gurugram-based company TalkCharge to refund the prepaid funds held in the wallets of its customers. This directive comes as TalkCharge has been issuing Prepaid Payment Instruments (Wallets) without proper authorisation from the central bank. TalkCharge offers services such as cashbacks, coupons, and wallets to customers. The central bank had issued directions on April 2, 2024, to the entity to stop the issuance and operation of its Prepaid Payment Instruments or Wallets and refund the balances held in the wallets within 15 days. Later, it was extended by 45 days (May 17, 2024) at the entity's request.
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National Institute of Public Finance and Policy (NIPFP) projects the Indian economy growth rate of 7.1-7.4 percent in the current financial year (FY25).
National Institute of Public Finance and Policy (NIPFP) projects the Indian economy growth rate of 7.1-7.4 percent in the current financial year (FY25). This is above the Reserve Bank of India's (RBI) forecast of 7 percent. In 2023-24, states' capex growth is robust due to significant capex transfers from the Centre. While the Asian Development Bank (ADB) and Fitch Ratings have estimated India's growth at 7 percent, the International Monetary Fund (IMF), S&P Global Ratings and Morgan Stanley projected a 6.8 percent growth rate for FY25.
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The Reserve Bank of India (RBI) lay out with guidelines for the voluntary conversion of small finance banks (SFBs) into universal banks.
The Reserve Bank of India (RBI) lay out with guidelines for the voluntary conversion of small finance banks (SFBs) into universal banks. To be eligible for conversion into a universal bank, the RBI stipulates that only listed SFBs will qualify. Those intending to convert must have a minimum net worth of Rs1,000 crore. Also, the SFBs must have a scheduled status and a satisfactory track record of at least five years with a gross non-performing asset (NPA) of 3 percent or less and a net NPA of 1 percent or less in the past two financial years. Furthermore, interested SFBs must have reported a net profit in the past two financial years and met the prescribed capital adequacy norms. The RBI requires SFBs to provide a detailed rationale for their desire to convert into universal bank. Those with a diversified loan portfolio will be preferred. Further, upon transition, the bank will be subjected to all the norms including NOFHC structure (as applicable) as per the said guidelines.
The RBI granted licenses to the first set of SFBs, totalling 10, in 2015, and most of them began operations in 2016-17.
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China launches 3-member Shenzhou-18 crew to its Tiangong space station in low earth orbit.
China launches 3-member Shenzhou-18 crew to its Tiangong space station in low earth orbit. This marks the most recent mission in Beijing's space programme, which is working towards sending astronauts to the Moon by 2030. The Shenzhou-18 spacecraft, also known as the "Divine vessel," along with its three passengers, launched atop a Long March-2F rocket from the Jiuquan Satellite Launch Centre in northwest China. The spacecraft carries mission commander Ye Guangfu (43), who previously served on the 2021 Shenzhou-13 mission, along with crewmates Li Cong (34) and Li Guangsu (36).
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NABARD partners with Reserve Bank Innovation Hub (RBIH) Hub to fast-track digital agri lending.
The National Bank for Agriculture and Rural Development (NABARD) has partnered with Reserve Bank's arm RBIH to put in place a system which will enable faster processing of agricultural loans. NABARD will integrate its e-KCC loan origination system portal with the Public Tech Platform for Frictionless Credit (PTPFC) of Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. NABARD has developed the loan origination system portal to facilitate digital Kisan Credit Card (KCC) loan processing for cooperative banks and Regional Rural Banks (RRBs). The digitisation of agricultural lending will ensure instant doorstep delivery of credit to farmers while improving the efficiency of banks, advancing NABARD's mission of fostering rural prosperity. Through the integration with PTPFC, about 351 district and state cooperative banks and 43 RRBs will gain access to a range of services including digital state land records, satellite data, KYC, credit history and transliteration for more effective credit underwriting.
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Satluj Jal Vidyut Nigam (SJVN) Chairman and Managing Director Geeta Kapur inaugurated India's first multi-purpose green hydrogen pilot project at the 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Jhakri, Himachal Pradesh.
Satluj Jal Vidyut Nigam (SJVN) Chairman and Managing Director Geeta Kapur inaugurated India's first multi-purpose green hydrogen pilot project at the 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Jhakri, Himachal Pradesh. The project is a first-of-its-kind green hydrogen generation plant that can produce clean energy and meet the combustion fuel needs of the NJHPS. It will utilise renewable energy from SJVN's 1.31 MW solar power plant to produce green hydrogen by splitting water. The pilot project is designed to produce 14 kilograms of green hydrogen daily and will be used for turbine maintenance and electricity generation.
She also inaugurated the centralized operation of NJHPS and Rampur Hydro Power Station (RHPS), allowing remote operation of RHPS Unit-2 from the NJHPS control room.
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Effective from 24 April 2024, the RBI has raised the minimum capital requirement for ARCs from ₹100 crore to ₹300 crore.
Effective from 24 April 2024, the RBI has raised the minimum capital requirement for asset reconstruction companies (ARCs) from ₹100 crore to ₹300 crore. Under the new directives, ARCs, as of 11 October 2022, have been granted a transition period to achieve the revised minimum Net Owned Fund (NOF) requirement. They are expected to maintain a NOF of ₹200 crore by March 31, 2024, and reach the ₹300 crore mark by March 31, 2026. Furthermore, ARCs with a minimum NOF of ₹1,000 crore will be eligible to act as resolution applicants. However, these investments are subject to a cap of 10% of the ARC's NOF on maximum investment in such short-term instruments.
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The Reserve Bank of India (RBI) barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels, and from issuing fresh credit cards.
The Reserve Bank of India (RBI) barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels, and from issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers. These actions were necessitated based on significant concerns arising out of the RBI’s IT examination of the bank in 2022 and 2023 and the bank’s continued failure to address these concerns in a comprehensive and timely manner. For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines.
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PayU Payments Pvt Ltd has received the Reserve Bank of India's in-principle approval to operate as a payment aggregator and onboard new merchants onto its platform.
PayU Payments Pvt Ltd has received the Reserve Bank of India's in-principle approval to operate as a payment aggregator and onboard new merchants onto its platform. The firm, backed by Prosus, can now on-board new merchants and provide them digital payment services. PayU is a payment gateway that also offers services including buy-now-pay-later, and competes with the likes of Tiger Global-backed Razorpay and Walmart-owned PhonePe. Last year 2023, the RBI returned the fintech firm’s application to operate as a payment aggregator due to its complex corporate structure and directed it to reapply. Following this, PayU had to pause on-boarding new merchants for its online payment aggregation business. Similar bans were imposed on Paytm, Razorpay and Cashfree.
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The Srei Infrastructure Finance Limited (SIFL), managed by the National Asset Reconstruction Company Limited (NARCL), has appointed Hardayal Prasad as its new Managing Director and CEO.
The Srei Infrastructure Finance Limited (SIFL), managed by the National Asset Reconstruction Company Limited (NARCL), has appointed Hardayal Prasad as its new Managing Director and CEO. Prasad, with 36 years of experience, is a former Managing Director & CEO of SBI Cards & Payment Services Ltd and PNB Housing Finance Ltd. In October 2021, the RBI had superseded the board of Srei while initiating the process of insolvency for the two companies — Srei Infrastructure Finance and Srei Equipment Finance.
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IndusInd Bank has become the first bank to successfully execute RBI’s programmable CBDC pilot in an exchange filing.
IndusInd Bank has become the first bank to successfully execute RBI’s programmable CBDC pilot in an exchange filing. The pilot project is being carried out in partnership with Circularity Innovation Hub India Private Limited (CIH) as a substitute for CBDC, allowing the Bank to plan how money would be used in the end and provide it to farmers instead of producing carbon credits. IndusInd Bank launched the programmable CBDC payout to 50 farmers in the Ratnagiri area of Maharashtra as part of this trial, and it will eventually cover about 1000 farmers. This is a major step forward in the adoption of creative financial solutions for the agriculture industry. As part of this project, IndusInd Bank is creating digital wallets and overseeing CBDC transfers.
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Australia’s Macquarie Group launched its electric vehicle (EV) financing and end-to-end solutions platform 'Vertelo' in India, which will invest $1.5 billion in electrifying fleets of buses and cars.
Australia’s Macquarie Group launched its electric vehicle (EV) financing and end-to-end solutions platform 'Vertelo' in India, which will invest $1.5 billion in electrifying fleets of buses and cars. The platform will offer financing, fleet management, and charging infrastructure solutions. Around 5 percent of this investment would go towards creating charging infrastructure and other requirements. Most of the investment will be for acquiring the vehicles. They planned to apply to the Reserve Bank of India (RBI) for a non-banking financial company (NBFC) licence. The NBFC would engage in lending for EV financing. The new platform has received anchor investment from the Green Climate Fund which has committed to invest up to $200 million. Overall, Vertelo plans to invest $1.5 billion over 10 years with the aim of achieving a potential greenhouse gas emissions reduction of 9.5 metric tonnes of carbon dioxide-equivalent (MtCO2e).
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Revolut India has received an in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including prepaid cards and wallets.
Revolut India has received an in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including prepaid cards and wallets. This licence builds upon Revolut India’s existing licences from the RBI, allowing it to operate as a Category-II Authorised Money Exchange Dealer (AD II) for issuing multi-currency forex cards as well as for cross-border remittance services. Revolut, the largest neobank in Europe, entered the Indian market in 2021 with expectations to challenge existing players in the domestic payments sector. PPIs are instruments or payment tools that utilise stored monetary value, such as digital wallets, smart cards, or vouchers, for transactions.
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World no. 1 Serbian tennis player Novak Djokovic was named Laureus World Sportsman of the Year 2024.
World no. 1 Serbian tennis player Novak Djokovic was named Laureus World Sportsman of the Year 2024 at a ceremony held in Madrid to tie another all-time record, with his fifth Laureus Award (he won in 2012, 2015, 2016 and 2019). Djokovic had a remarkable 2023, winning three of the four major titles -- Australian Open, Roland Garros and the US Open -- in men’s tennis and only missed out on a Calendar Slam after a classic Wimbledon final against eventual winner Carlos Alcaraz. Spain's World Cup winning midfielder Aitana Bonmati was named the Sportswoman of the Year. Bonmati, who has cemented her place at the top of women's football by winning FIFA's The Best, Ballon d'Or and World Cup MVP among other accomplishments.
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Spain’s former world number 1 and Wimbledon and French Open champion Garbine Muguruza announced her retirement from professional tennis at age 30.
Spain’s former world number 1 and Wimbledon and French Open champion Garbine Muguruza announced her retirement from professional tennis at age 30. Venezuelan-born Muguruza won the French Open in 2016 and Wimbledon in 2017, and she reached the final of the Australian Open in 2020. Muguruza, was ranked number one in 2017 and was ranked as high as third by the end of 2021 when she won three WTA titles.
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Fintech firm CRED has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregation (PA) business.
Fintech firm CRED has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregation (PA) business. Once it gets the final approval, the Peak XV-backed Bengaluru-based startup, which primarily runs a credit card bill payment platform for creditworthy customers, can double down on the merchant payments business too, joining the ranks of Razorpay and Cashfree. As an online payment aggregator CRED can offer merchant payments to any online seller.
It usually takes about six months after the in-principle nod for a company to get the final approval from the RBI.
CCAvenue, Innoviti Payments and MSwipe are also among the payment companies which received their final PA licence recently.
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The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar K.K. as the managing director (MD) and chief executive officer (CEO) of Dhanlaxmi Bank for a period of 3 years.
The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar K.K. as the managing director (MD) and chief executive officer (CEO) of Dhanlaxmi Bank for a period of 3 years. The name of Ajith Kumar K.K was proposed by the Dhanlaxmi Bank to the RBI. The Department of Banking Operations and Development of RBI approved the name of Ajith Kumar K.K as MD and CEO of the Dhanlaxmi Bank. After the formal approval from the Banking Operations and Development of RBI, Ajith Kumar K..K 's name needs to be approved by the Dhanlaxmi Bank’s board of directors and shareholders. Ajith Kumar K.K will replace the current MD & CEO of the Dhanlaxmi bank, Shivan J.K. Ajith Kumar K.K has more than 36 years of banking experience. He is presently the chief human resource officer in the private sector Federal bank.
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Amazon Pay to introduce credit services on the Unified Payments Interface (UPI) platform in collaboration with the National Payments Corporation of India (NPCI).
Amazon Pay to introduce credit services on the Unified Payments Interface (UPI) platform in collaboration with the National Payments Corporation of India (NPCI). This initiative aims to enhance customer experience and value propositions. This news follows Amazon Pay's recent partnerships with RBL Bank for UPI payments, ICICI Bank for FASTag recharge, and the introduction of the Amazon Pay ICICI co-branded credit card. The platform obtained a payment aggregator license from the Reserve Bank of India (RBI) in February 2024, expanding its financial services portfolio. Earlier, it had received the central bank's approval for a prepaid payment instrument licence.
Amazon Pay boasts partnerships with approximately 8.5 million brick-and-mortar sellers across 350 urban and rural areas, along with over 10,000 online sellers.
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Defence Research and Development Organisation (DRDO) conducted a successful flight-test of Indigenous Technology Cruise Missile (ITCM) from the Integrated Test Range (ITR), Chandipur off the coast of Odisha.
Defence Research and Development Organisation (DRDO) conducted a successful flight-test of Indigenous Technology Cruise Missile (ITCM) from the Integrated Test Range (ITR), Chandipur off the coast of Odisha. During the test, all subsystems performed as per expectation. The missile performance was monitored by several Range Sensors like Radar, Electro Optical Tracking System (EOTS) and Telemetry deployed by ITR at different locations to ensure complete coverage of the flight path. The flight of the missile was also monitored from the Su-30-Mk-I aircraft of the Indian Air Force. The missile followed the desired path using way point navigation and demonstrated very low altitude sea-skimming flight. This successful flight test has also established the reliable performance of the indigenous propulsion system developed by Gas Turbine Research Establishment (GTRE), Bengaluru.
The missile is developed by Bengaluru-based DRDO laboratory Aeronautical Development Establishment (ADE) along with contribution from other laboratories and Indian industries.
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RBI has directed all banks and regulated entities that it all lenders will have to provide key facts statement (KFS) about the loan agreement terms, including all-inclusive interest cost to borrowers for retail and MSME loans, with effect from 1st October 2024.
RBI has directed all banks and regulated entities that it all lenders will have to provide key facts statement (KFS) about the loan agreement terms, including all-inclusive interest cost to borrowers for retail and MSME loans, with effect from 1st October 2024. This is being done in order to enhance transparency and reduce information asymmetry on financial products being offered by different regulated entities (REs), thereby empowering borrowers to make an informed financial decision. Currently, KFS is specifically mandated with respect to loans by commercial banks to individual borrowers, digital lending by RBI- (REs) and microfinance loans. The harmonised instructions shall be applicable in cases of all retail and MSME term loan products extended by all regulated entities.
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Gopi Thotakura is set to become the first Indian to venture into space as a tourist on Amazon founder Jeff Bezos's Blue Origin’s NS-25 mission.
Gopi Thotakura, an entrepreneur and a pilot, is set to become the first Indian to venture into space as a tourist on Amazon founder Jeff Bezos's Blue Origin’s NS-25 mission. Thotakura was selected as one of the six crew members for the mission, making him the first Indian space tourist and the second Indian to venture into space after the Indian Army's Wing Commander Rakesh Sharma in 1984. The flight date is yet to be announced. This mission will be the seventh human flight for the New Shepard programme and the 25th in its history. New Shepard is a fully reusable sub-orbital launch vehicle developed for space tourism by Blue Origin.
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ISRO has developed lightweight Carbon-Carbon (C-C) nozzle for rocket engines.
ISRO has developed lightweight Carbon-Carbon (C-C) nozzle for rocket engines. This innovationaccomplished by Vikram Sarabhai Space Centre (VSSC) promises to enhance the vital parameters of rocket engines, including thrust levels, specific impulse, and thrust-to-weight ratios, thereby boosting the payload capacity of launch vehicles. VSSC, continuingits pioneering work in space research, has leveraged advanced materials like Carbon-Carbon (C-C) Composites to create a nozzle divergent that offers exceptional properties. A key feature of the C-C nozzle is its special anti-oxidation coating of Silicon Carbide, which extends its operational limits in oxidizing environments. This substitution is projected to increase the payload capability of the PSLV by 15 kg, a notable enhancement for space missions.
The PS4, the fourth stage of the PSLV, currently employs twin engines with nozzles made from Columbium alloy.
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Moody's Analytics has projected a 6.1% expansion for India's economy in 2024, a slight decrease from the 7.7% growth recorded in 2023.
Moody's Analytics has projected a 6.1% expansion for India's economy in 2024, a slight decrease from the 7.7% growth recorded in 2023. Moody's Analytics report titled 'APAC Outlook: Listening Through the Noise'. The report forecasts 3.8 percent growth for the APAC economy in 2024, in contrast to the global economy's 2.5 percent growth. The RBI maintained its retail inflation projection for the current fiscal year 2024-25 at 4.5 percent. The central bank forecasted inflation rates of 4.9 percent for the June quarter, 3.8 percent for the September quarter, and 4.6 percent and 4.7 percent for the December and March quarters, respectively.
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Computer Age Management Services Ltd (CAMS) has received a certificate of authorisation from Reserve Bank of India (RBI) to operate as an online payment aggregator.
Computer Age Management Services Ltd (CAMS) has received a certificate of authorisation from Reserve Bank of India (RBI) to operate as an online payment aggregator. The certificate of authorisation bearing No 183/2024 has been received by the company. The company received an in-principle authorisation from RBI in February 2023. The company made an application to RBI for the issue of a certificate of authorisation after the business became regulated consequent to the issue of ‘Guidelines on Regulation of Payment Aggregators and Payment Gateways’ (Guidelines) in March 2020.
Computer Age Management Services (CAMS) is a Mutual Fund Transfer Agency to the Indian Asset Management Companies.
It serves a diverse portfolio of clients which include mutual funds, insurance companies, banks and non-banking finance companies.
The company was incorporated in 1988 and is headquartered in Chennai.
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Russia test-launched its Angara-A5 space rocket for the first time from the Vostochny Cosmodrome in the Far East.
Russia test-launched its Angara-A5 space rocket for the first time from the Vostochny Cosmodrome in the Far East, successfully putting a test load in low orbit as part of an effort to develop a new post-Soviet launch vehicle. The launch was intended to showcase Russia’s post-Soviet space ambitions and the growing role played by Vostochny. The Angara-A5 is a heavy-lift version of the new Angara family of rockets that has been developed to replace the Soviet-designed Proton rockets.
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The Asian Development Bank (ADB) increased its GDP growth projection for India for FY25 to 7%, up from its previous estimate of 6.7%.
The Asian Development Bank (ADB) increased its GDP growth projection for India for FY25 to 7%, up from its previous estimate of 6.7%. The 2024-25 growth estimate is, however, lower than 7.6 percent projected for the 2022-23 fiscal. The ADB had in December 2023 projected the Indian economy to expand 6.7 percent in the 2024-25 fiscal. Growth will be robust despite moderating in FY2024 and FY2025. For the 2025-26 fiscal, the ADB has projected India's growth at 7.2 percent. On balance, growth is forecast to slow to seven per cent in FY2024 but improve to 7.2 percent in FY2025. The ADB's growth forecast for FY25 is in line with the projections made by the Reserve Bank of India (RBI).
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The Reserve Bank of India (RBI) has retained its FY25 real GDP growth and retail inflation projections at 7 percent and 4.5 percent.
The Reserve Bank of India (RBI) has retained its FY25 real GDP growth and retail inflation projections at 7 percent and 4.5 percent.
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The Reserve Bank of India (RBI) has cancelled the certification of registration of 4 non-banking finance companies (NBFC) two from Telangana and one each from Kerala and Uttar Pradesh.
The Reserve Bank of India (RBI) has cancelled the certification of registration of 4 non-banking finance companies (NBFC) two from Telangana and one each from Kerala and Uttar Pradesh. And the entities will not transact the business of a shadow bank, as defined under RBI Act, 1934. Separately, four NBFCs surrendered their registration certificates following a decision to exit from the non-banking finance business. Three NBFCs ceased operations following corporate actions such as amalgamation, dissolution, merger or voluntary strike-off. Those NBFCs whose registration has been cancelled by the Reserve Bank include Kerala- based Nanma Chits and Financiers Ltd, Uttar Pradesh based Kailash Auto Finance Ltd and Chidrupi Financial Services Ltd and Goldline Financial Services Ltd from Telangana.
Three NBFCs surrendered their registration certificates to RBI as they cease to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc.
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The Reserve Bank of India (RBI) has deferred the implementation of currency derivative regulations by a month to 3 May 2024.
The Reserve Bank of India (RBI) has deferred the implementation of currency derivative regulations by a month to 3 May 2024. RBI had tightened rules on currency derivatives to curb speculative trading. National Stock Exchange (NSE) and BSE have directed their member brokers to take note of RBI notification dated January 5, 2024, stating that trade in currency derivatives can only be undertaken for hedging purposes after April 5, 2024. This means that traders are expected to use these instruments to mitigate forex risk rather than for speculative trading. The breakdown of market participants includes proprietary traders, hedgers, and retail investors. These changes indicate a tightening of regulations aimed at aligning currency derivatives trading with their intended purpose of hedging forex risk.
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The Prime Minister Narendra Modi addressed the opening ceremony of RBI@90, a program marking 90 years of the Reserve Bank of India in Mumbai.
The Prime Minister Narendra Modi addressed the opening ceremony of RBI@90, a program marking 90 years of the Reserve Bank of India in Mumbai. He also released a commemorative coin to mark 90 years of RBI. The Reserve Bank of India (RBI) commenced its operations on the 1st of April in 1935 and enters its 90th year. Established in 1935, RBI functions as the nation's central bank, following the recommendations of the Hilton Young Commission and governed by Reserve Bank of India Act, 1934. In 1937, the Central Office of the Reserve Bank was also shifted from Kolkata to Mumbai.
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The owner of Formula 1, Liberty Media, has acquisition of MotoGP in a $4.2 billion deal.
The owner of Formula 1, Liberty Media, has acquisition of MotoGP in a $4.2 billion deal. Liberty, who has owned F1 since 2017, will take an 86 percent stake of the motorbike racing series’ parent company, Dorna Sports, with the current management retaining 14 percent. The transaction reflects an enterprise value of 4.2 billion euros for Dorna/MotoGP and an equity value of 3.5 billion euros.
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