RBI constitutes high-level committee to review ATM charges

The Reserve Bank of India (RBI) has constituted a high-level committee under the chairmanship of VG Kannan, Chief Executive of Indian Banks’ Association (IBA) to review the entire gamut of ATM charges and fees. Key Highlights Background: There are around 2 ..

Month: Current Affairs - June, 2019

RBI Sets up Committee to Review ATM Charges

The Reserve Bank of India (RBI) has set up a committee under VG Kannan, Chief Executive Officer of the Indian Banks’ Association for giving a fillip to ATM deployment in unbanked areas. Terms of Reference for the Committee Reviewing the ..

RBI eases norms for Basic Savings Bank Deposit Accounts

The Reserve Bank of India (RBI) has eased the norms for the Basic Savings Bank Deposit Accounts. New Facilities Issuance of Cheque Book which may/may not be priced. Allowing deposit of cash at bank branch as well as ATMs/CDMs without ..

RBI Proposes New Norms for Debt Resolution

The Reserve Bank of India (RBI) has proposed new norms under Prudential framework for resolution of stressed assets for debt resolution after the earlier one was struck down by the Supreme Court. New Norms New norms are applicable for loan ..

On Tap Licence for Small Finance Banks

The Reserve Bank of India (RBI) is considering to issue “on tap” licensing for small finance banks. The on-tap licensing will allow entities to approach the RBI for obtaining licences for small finance banks on meeting laid-down criteria. RBI wants ..

RBI scraps charges on NEFT and RTGS Transfers

The Reserve Bank of India (RBI) s scrapped the charges on fund transfers through RTGS and NEFT. The RBI has taken the decision to boost digital transactions and asked banks to pass on the benefits to customers. NEFT and RTGS ..

RBI Monetary Policy Review

The Reserve Bank of India (RBI) has announced the second bi-monthly monetary policy statement for 2019-20. The key decisions reflected in the Monetary Policy statement are: Repo rate reduced to 5.75 per cent from the current 6per cent. Similarly, the ..

Benchmarking India s Payment Systems

The Reserve Bank of India (RBI) report “Benchmarking India s Payment Systems” provides a comparison of the payment ecosystem in India with the payment systems and usage trends in other major countries. Findings of the Report Even though there was ..

Recommendations of the Nilekani Panel for strengthening Digital Payments

The panel headed by Nandan Nilekani has submitted the recommendations to the Reserve Bank of India (RBI) for strengthening digital payments ecosystem. Recommendations of the Nilekani Panel The committee has listed a comprehensive set of regulatory interventions that will be ..

Trends in Food Inflation and Monetary Policy

The reduced growth rate and higher rates of unemployment have led to an expectation that the Reserve Bank of India (RBI) would cut the interest rates in the upcoming monetary policy review. Under the Section 45ZA of the RBI Act ..