RBI Eases LRS Norms for Investment via Gift IFSC The Reserve Bank of India (RBI) has recently announced a significant relaxation in the Liberalised Remittance Scheme (LRS) norms, specifically targeting investments through the Gift City International Financial Services Centre (IFSC). This move is aimed at boosting foreign investments into India through the Gujarat-based financial hub….
RBI Ups Financial Accommodation for States, UTs by 28% to ₹60,118 Crore The Reserve Bank of India (RBI) has announced a significant increase in financial accommodation for states and union territories (UTs), raising the limit by 28% to ₹60,118 crore. This move aims to provide crucial financial support amidst ongoing economic challenges. The enhanced liquidity…
RBI Announces SAARC Currency Swap Framework for 2024-27 The Reserve Bank of India (RBI) has unveiled a new currency swap framework aimed at bolstering financial stability among South Asian Association for Regional Cooperation (SAARC) nations from 2024 to 2027. This initiative marks a significant step towards enhancing regional economic cooperation and resilience against financial shocks….
RBI Cancels Purvanchal Cooperative Bank’s Licence Financial Insufficiency and Regulatory Action The Reserve Bank of India (RBI) has revoked the licence of Purvanchal Co-operative Bank, situated in Ghazipur, Uttar Pradesh. The decision stems from the bank’s failure to maintain sufficient capital and sustainable earnings. This financial inadequacy led the RBI to take regulatory action to…
RBI Imposes Business Restrictions on Edelweiss Group Overview of RBI’s Action The Reserve Bank of India (RBI) has imposed significant business restrictions on Edelweiss Group’s lending and asset reconstruction entities. This move aims to address concerns related to loan manipulation and structured transactions that allegedly circumvented regulatory norms. Edelweiss Asset Reconstruction Company Ltd (EARCL) and…
RBI Launches PRAVAAH, Retail Direct Mobile App, and Fintech Repository Introduction to RBI’s Latest Initiatives The Reserve Bank of India (RBI) has recently launched three significant initiatives: PRAVAAH (Platform for Regulatory Application, Validation And Authorisation), the Retail Direct Mobile App, and a Fintech Repository. These initiatives aim to streamline regulatory processes, enhance accessibility for retail…
RBI Announces Revised Eligibility Norms for Urban Co-operative Banks (UCBs): Inclusion in Second Schedule The Reserve Bank of India (RBI) has recently declared revised eligibility norms for Urban Co-operative Banks (UCBs), paving the way for their inclusion in the Second Schedule. This significant move holds paramount importance for aspirants preparing for government exams, especially those…
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…
RBI Allows NRIs to Buy Sovereign Green Bonds The Reserve Bank of India (RBI) has recently made a significant announcement that brings positive news for Non-Resident Indians (NRIs). The central bank has decided to allow NRIs to invest in Sovereign Green Bonds, opening up new avenues for sustainable investments. This move aligns with the growing…
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…
