Airtel Payments Bank: RBI lifts ban on new signups

Airtel Payments Bank: RBI lifts ban on new signups

2018-07-12T14:46:08+00:00 On

Bharti Airtel said the Reserve Bank of India has lifted the restriction on signing up new customers imposed on its banking unit Airtel Payments Bank. The restriction was imposed in January after reports that the company was signing up its mobile customers…

Jan Dhan avg balance starts growing again after demonetization

Jan Dhan avg balance starts growing again after demonetization

2018-02-19T11:16:09+00:00 On

The total amount of money held under the accounts opened under the Jan-Dhan Yojana is once again nearing the all-time high seen during demonetization, and has increased by nearly 10% over a period 4 months, puzzling banking officials. Numbers from RBI also show…

State Bank of Mauritius gets banking license in India; Woori, PPF in queue

State Bank of Mauritius gets banking license in India; Woori, PPF in queue

2018-01-09T15:24:26+00:00 On

State Bank of Mauritius has become the first foreign entity to receive a license to start a bank in India. The bank, along with DBS of Singapore, had received preliminary approval several months ago. It has now received the final banking license…

RBI places Bank of India under ‘Prompt Corrective Action’ limits

RBI places Bank of India under ‘Prompt Corrective Action’ limits

2017-12-20T14:59:41+00:00 On

Bank of India said the Reserve Bank of India has placed it under the ‘Prompt Corrective Action’ framework, a set of restrictions aimed at preventing further deterioration in the health of a bank. It said the action followed an onsite inspection by…

RBI refuses to make exceptions for Tirupati temple, Rs 4 cr old notes junked

RBI refuses to make exceptions for Tirupati temple, Rs 4 cr old notes junked

2017-03-26T16:28:17+00:00 On

The Reserve Bank of India has told the management of Tirumala Tirupati temple in Andhra Pradesh that the money deposited in the temple’s hundis cannot be exchanged for new notes. The move was in response to a letter by the temple management asking…

Demonetization: RBI removes ‘explanation’ requirement for KYC accounts

Demonetization: RBI removes ‘explanation’ requirement for KYC accounts

2016-12-21T13:06:06+00:00 On

The Reserve Bank of India has responded to widespread criticism of its directive to collect ‘explanations’ from those depositing more than Rs 5000 by clarifying that this directive will not apply to bank accounts with proper documentation. “On a review of the…

DEMONETIZATION: How some earned lakhs standing in queues

DEMONETIZATION: How some earned lakhs standing in queues

2016-11-26T14:43:17+00:00 On

The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and others who…

Note Exchange: Norms enable households to withdraw over Rs 1 lakh in a day

Note Exchange: Norms enable households to withdraw over Rs 1 lakh in a day

2017-03-18T13:44:29+00:00 On

Many bank branches are seeing unprecedented queues of people waiting to exchange their currency notes on Day 1 of the program, despite clear instructions that they can do so at any time over the next 50 days. Many people are waiting outside…

RBI’s OFFICIAL GUIDE on how to exchange currency notes of 500, 1000

RBI’s OFFICIAL GUIDE on how to exchange currency notes of 500, 1000

2016-11-10T12:48:28+00:00 On

The Reserve Bank of India has released the following question and answers to alleviate citizens’ doubts about the new ban on 500 and 1000 rupee notes.We are reproducing the entire FAQ below for readers’ convenience. Why is this scheme? The incidence of…

Govt considers banning cash transactions of 3 lakh and above

Govt considers banning cash transactions of 3 lakh and above

2016-08-23T16:26:15+00:00 On

The government is considering the recommendation of Special Investigation Team (SIT) on black money to ban cash transactions above Rs 3 lakh, a top Finance Ministry official said at an ASSOCHAM event held in New Delhi today. “The SIT recommendations are under…

The RBI decision as expected, Rajan delivered what he promised: industry

The RBI decision as expected, Rajan delivered what he promised: industry

2016-08-09T15:24:55+00:00 On

The RBI’s decision to maintain the policy rates was in expected lines said Smt. Arundhati Bhattacharya, SBI chairman. Appreciating the move by RBI to go into Open Market Operation (OMO) she added that transmission of rates will happen gradually over the next…