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In February this year, RBI had brought in the concept of RBI Retail Direct, which has become a reality now. The resident individuals who had a savings bank account, Permanent Account Number, KYC documents, a valid email address and a mobile number as well could open a RDG account.
It may be noted that that RBI had put restrictions on the amount that depositors of the PMC bank could withdraw from their accounts after a scam of Rs 4,335 crore was unearthed.
The Indian banking sector is facing long-term challenges like frauds alongside an ailing shadow banking sector.
The penalties have been imposed under the provisions of section 47 A (1) (c), 46 (4) (i) and 51 (1), of the Banking Regulation Act, 1949.
Reserve Bank of India (RBI) has imposed the restrictions on American Express Banking Corp and Diners Club International by an order dated April 23, 2021.
The RBI announcement to extend the NEFT and RTGS facilities to digital payments intermediaries is a positive move.
Payments banks are similar to normal banks but do not offer full-fledged services of a normal bank.
Reserve Bank of India Governor Shaktikanta Das has announced the bi-monthly monetary policy statement on Wednesday.
Reserve Bank of India’s Governor Shaktikanta Das will announce the bi-monthly monetary policy on tomorrow at 10 am.
A system outage appears when the bank is supposed to make a detailed report to the regulator on how they have fixed the glitches.
Urjit Patel served as the Governor of the Reserve Bank of India (RBI) from September 2016 to December 2018.
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