RBI Unveils Forex Correspondent Scheme to Enhance Foreign Exchange Services The Reserve Bank of India (RBI) recently introduced the Forex Correspondent Scheme, aimed at bolstering foreign exchange services in the country. This initiative emerges as a pivotal step towards augmenting the accessibility and efficiency of forex services, catering to diverse stakeholders. With a keen focus…
Surge in Deposits and Advances for Scheduled Banks to Over ₹2 Lakh Cr Each in December 1 Fortnight The recent surge in deposits and advances for scheduled banks to over ₹2 lakh crore each during the December 1 fortnight has unveiled a significant upturn in the banking sector. This notable increment in both deposits and…
RBI Monetary Policy Committee Meeting Highlights – December 2023 The recent Reserve Bank of India (RBI) Monetary Policy Committee (MPC) meeting for December 2023 has garnered significant attention among aspirants preparing for various government exams, especially those targeting positions in the financial sector, such as banking, and other civil services. The meeting, conducted bi-monthly, serves…
RBI Monetary Policy Review December 2023: Why RBI Has Kept Repo Rate Unchanged While Growth Forecast Revised Upwards The Reserve Bank of India (RBI) recently concluded its December 2023 Monetary Policy Review, wherein it decided to maintain the repo rate unchanged, despite revising the growth forecast upwards. This move has significant implications not only for…
RBI Adds 19 More Entities to its Unauthorized Forex Trading Platforms The Reserve Bank of India (RBI) recently expanded its scope of unauthorized forex trading platforms by adding 19 more entities to the list. This move comes as part of RBI’s ongoing efforts to curb unauthorized forex trading activities in the country. The entities added…
HDFC Bank Appoints Former NABARD Chairman Harsh Kumar Bhanwala as Director In a significant move, HDFC Bank, one of India’s leading private sector banks, has appointed Harsh Kumar Bhanwala, the former Chairman of NABARD (National Bank for Agriculture and Rural Development), as its Director. This strategic decision by HDFC Bank’s board of directors marks a…
RBI Extends Payments Infrastructure Scheme by 2 Years till Dec 2025; Expands Scope The Reserve Bank of India (RBI) has recently announced a significant extension and broadening of the Payments Infrastructure Development Fund (PIDF) scheme until December 2025. The PIDF, initially introduced in January 2019, aimed to encourage deployment of payment infrastructure in underserved areas….
RBI Takes Action Against Abhyudaya Cooperative Bank’s Governance Issues The Reserve Bank of India (RBI) has recently taken stringent actions against the Abhyudaya Cooperative Bank due to governance issues that have raised concerns among stakeholders. This move by the RBI comes as a response to lapses in the bank’s governance and management, which have prompted…
Former RBI Governor S. Venkitaramanan Passes Away at 92 S. Venkitaramanan, the 19th Governor of the Reserve Bank of India (RBI), breathed his last at the age of 92. His demise marks the end of an era in the banking sector, leaving a profound impact on India’s monetary policies and economic landscape. Born in 1929,…
RBI Imposes Monetary Penalty on Four Co-operative Banks & 1 HFC The Reserve Bank of India (RBI) recently imposed monetary penalties on four cooperative banks and one housing finance company. This development has significant implications for various government exams, including those aspiring for positions in teaching, police, banking, railways, defense, and civil services, such as…
