RBI Collaborates with GFIN to Prevent Greenwashing The Reserve Bank of India (RBI) has joined forces with the Global Financial Innovation Network (GFIN) to combat the growing issue of greenwashing in the financial sector. Greenwashing refers to the practice of presenting misleading information about a product or service’s environmental benefits. The collaboration aims to create…
NeoBank Jupiter Secures NBFC Licence Neobank Jupiter has received a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI). The Mumbai-based company is one of the few Indian fintechs to have acquired an NBFC license. Jupiter was launched in 2019 by Jitendra Gupta, who had previously co-founded Citrus Pay and served as…
RBI Allows AU Small Finance Bank to Deal with Foreign Exchange The Reserve Bank of India (RBI) has recently allowed AU Small Finance Bank to deal in foreign exchange (FX) services. The bank can now offer services such as outward remittances in foreign currency and issuance of foreign currency travel cards, among others. AU Small…
RBI to Launch Centralised Portal PRAVAH for Licencing Approval Applications The Reserve Bank of India (RBI) is set to launch a centralised portal called PRAVAH for all licencing and approval-related applications. The new portal is expected to simplify and streamline the entire process of applying for licences and approvals from the RBI. This move is…
RBI Keeps Repo Rate Unchanged at 6.5%: Here’s What It Means for Govt Exam Aspirants The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5%. This was announced by RBI Governor Shaktikanta Das on April 6, 2023. The repo rate is the rate at which the central bank lends…
RBI Appoints Neeraj Nigam as Executive Director The Reserve Bank of India (RBI) has appointed Neeraj Nigam as its new Executive Director. Nigam has been appointed for a period of three years, and his appointment will be effective from April 03, 2023. He will be in charge of the RBI’s Department of Banking Supervision, among…
RBI’s Data Centre and Cybersecurity Training Institute to Come Up in Bhubaneswar The Reserve Bank of India (RBI) has announced plans to establish a new data centre and cybersecurity training institute in Bhubaneswar, Odisha. The proposed centre is expected to enhance the RBI’s ability to store and manage data, as well as bolster its cybersecurity…
India’s Forex Reserves Fall $2.40 Billion to 3-Month Low of $560 Billion India’s foreign exchange reserves fell by $2.4 billion to a three-month low of $560.02 billion in the week ended April 9, as per the Reserve Bank of India’s (RBI) weekly statistical supplement released on Friday. India’s forex reserves had touched a lifetime high…
The Reserve Bank of India (RBI) has given approval for the reappointment of Sumant Kathpalia as the Managing Director and CEO of IndusInd Bank. This approval has come after Kathpalia’s three-year term ended on March 23, 2023. The reappointment of Kathpalia has been approved for three years starting from March 24, 2023, until March 23,…
PMLA 2002 Amended to Include Cryptocurrency Trade The Indian government has recently amended the Prevention of Money Laundering Act (PMLA) 2002 to include transactions related to cryptocurrencies such as Bitcoin, Ethereum, and other digital currencies. This move comes after the Reserve Bank of India (RBI) had banned banks from dealing with cryptocurrency exchanges in 2018,…
