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,…
RBI digital payment mission : RBI Launches Mission to Make Every Citizen a User of Digital Payment The Reserve Bank of India (RBI) has launched a mission to make every citizen a user of digital payment. The mission aims to achieve the goal of a less-cash society and promote digital payments as the preferred mode…
RBI cancels license of Garha Co-operative Bank : RBI scraps license of MP-based Garha Co-operative Bank The Reserve Bank of India (RBI) has cancelled the license of Garha Co-operative Bank, which was located in Jabalpur, Madhya Pradesh. The move was made due to the bank’s weak financial position and unsatisfactory performance. This decision was taken…
RBI’s Digital Payments Index Jumps to 377.46 in Sept from 349.30 in March The Reserve Bank of India (RBI) has released its latest data on digital payments in the country, revealing a significant increase in digital payments. According to the RBI’s Digital Payments Index (DPI), the index has increased from 349.30 in March 2021 to…
RBI New Rules for ‘Loan Loss Provision’ by Banks The Reserve Bank of India (RBI) has issued new rules for banks’ loan loss provisioning, aimed at aligning them with the expected credit loss (ECL) approach. The new norms will be applicable to all banks, including small finance banks and foreign banks operating in India. The…
