RBI extends curbs on UP-based People’s Co- operative Bank for 3 months

The Reserve Bank of India (RBI) has extended restrictions on People’s Co-operative Bank Limited, Kanpur, for a further period of three months from September 11 to December 10. The bank has been under restrictions since June 10, 2020, through the directives issued under Section 35A of the Banking Regulation Act, 1949 (AACS). “The validity of […]

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RBI imposes Rs 2 lakh penalty on THIS bank

The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 2 lakh on Dhrangadhra People’s Co-operative Bank, Surendranagar, Gujarat, for non-compliance with certain norms. The RBI said the penalty has been imposed for non-compliance with RBI directions on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Depositor […]

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Old Rs 100 notes to go out of circulation by March? Here’s what RBI has to say

On Friday, Assistant General Manager of the Reserve Bank of India (RBI) B Mahesh said that the Central bank is planning to withdraw the old series of currency notes including Rs 100, Rs 10, and Rs 5 by March or April. He was speaking at the District Level Security Committee (DLSC) and District Level Currency […]

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RBI Launches ‘MANI’ App for Visually Challenged to Identify Currency Notes

With an eye to aid the differently-abled, the Reserve Bank of India (RBI) on Wednesday launched a mobile app to identify currency notes. The visually challenged can identify the denomination of a note by using the application, which can also work offline once it is installed, the central bank said. Users can download the app, called ‘MANI’, […]

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RBI Launches New Prepaid Payment Instrument for Digital Transactions up to Rs 10,000

The Reserve Bank of India (RBI) on Tuesday introduced a new type of semi-closed prepaid payment instrument (PPI), which can be used only for purchase of goods and services up to a limit of Rs 10,000. Money will be loaded or reloaded in the new PPI only from a bank account for making digital payments […]

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RBI May Cut Lending Rates as Govt Banks on Consumers to Loosen Purse Strings to Boost Wobbly Economy

There is near unanimity among analysts and market watchers that the Reserve Bank of India (RBI) will announce a cut in lending rates in its scheduled monetary policy announcement this Friday. Of course, this does not automatically mean that your EMI burden for housing or car loan will immediately feel lighter, since transmission of the […]

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Failed ATM Services: RBI Tightens Norms for Banks, Up Penalties

The Reserve Bank of India prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and also notified compensations payable for various types of customer complaints. The financial compensation should be done suo motu by the bank, without waiting for a complaint or a claim by a customer, the RBI said. The […]

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