Introduction The United States has introduced a legislative proposal titled “The One Big Beautiful Bill,” which includes a provision to impose a 5% tax on remittances sent abroad by non-citizens. This move is poised to significantly impact the Indian diaspora, particularly those on H-1B visas and green card holders, who regularly send money back to…
Introduction The Reserve Bank of India (RBI) has announced the imminent release of new ₹20 denomination banknotes under the Mahatma Gandhi (New) Series. These notes will bear the signature of the newly appointed RBI Governor, Sanjay Malhotra. This update signifies a routine procedure following the appointment of a new governor, ensuring the currency reflects current…
RBI Imposes Monetary Penalties on 5 Co-operative Banks In a recent development, the Reserve Bank of India (RBI) has imposed monetary penalties on five co-operative banks for various violations. This action comes as part of the central bank’s efforts to ensure compliance and maintain the stability of the banking sector. Penalties Imposed: Response from RBI:…
RBI Maintains SBI, HDFC Bank, and ICICI Bank as D-SIBs (Domestic Systemically Important Banks) Introduction On November 13, 2024, the Reserve Bank of India (RBI) announced that it has maintained the status of State Bank of India (SBI), HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). These banks, being crucial to the…
Introduction: RBI’s Regulatory Actions The Reserve Bank of India (RBI) has recently imposed monetary penalties on two prominent financial institutions—State Bank of India (SBI) and Jana Small Finance Bank Ltd—for non-compliance with specific regulatory norms. These actions underscore the RBI’s commitment to ensuring adherence to banking regulations and maintaining the integrity of the financial system….
India’s Foreign Exchange Reserves Reach Record High India’s foreign exchange reserves have recently hit a record high, showcasing the resilience and strength of the nation’s economy. The Reserve Bank of India (RBI) reported that the country’s forex reserves surged to a remarkable $642.453 billion in the week ending March 25, 2024. This achievement marks a…
RBI’s Strategic Move to Strengthen Foreign Exchange Reserves In a notable economic development, the Reserve Bank of India (RBI) has significantly increased its gold reserves by purchasing 57.5 tonnes during the fiscal year 2024–25. This move demonstrates India’s continued strategy to diversify its foreign exchange (forex) reserves amid global economic uncertainties and inflationary pressures. As…
RBI Introduces PCA Framework to Improve Financial Health of UCBS Introduction to PCA Framework The Reserve Bank of India (RBI) has recently introduced a Prompt Corrective Action (PCA) framework designed to bolster the financial stability of Urban Co-operative Banks (UCBS). This new regulatory measure aims to address the systemic risks and operational challenges faced by…
RBI’s 5th Cohort for Regulatory Sandbox – A Step Towards Financial Innovation Introduction to RBI’s Regulatory Sandbox The Reserve Bank of India (RBI) has launched its fifth cohort for the Regulatory Sandbox (RS) program, a significant initiative aimed at fostering innovation in the financial sector. This new cohort continues the RBI’s commitment to creating a…
RBI’s Progressive Step Towards Financial Inclusion In a landmark move, the Reserve Bank of India (RBI) has permitted minors aged 10 years and above to independently open and operate bank accounts. This decision aligns with RBI’s vision of increasing financial literacy and inclusion among the younger generation. The step is intended to instill a sense…
