The Reserve Bank of India (RBI) is expected to maintain the current repo rate of 6.5% during its final monetary policy committee (MPC) meeting of the year next week, according to HDFC Bank. The country's largest private sector bank, in a report, projected that the RBI would hold the repo rate steady, marking the 11th consecutive time since the last hike in February 2023.
Read More »Retail Inflation Jumps to 5.49% in September, Up from 3.65% in August: Government Data
Retail inflation surged to 5.49% in September 2024 from 3.65% in August, according to data released by the government on Monday. The sharp rise was attributed to a significant increase in food prices, pushing inflation well above the Reserve Bank of India's (RBI) comfort zone.
Read More »RBI Appoints Director to Bandhan Bank Board Amid Profit Decline
The Reserve Bank of India (RBI) has taken a significant step by appointing an additional director to the board of Bandhan Bank in response to the private lender's recent performance struggles, leading to a notable drop in profits. This decision, made under the purview of the Banking Regulation Act, reflects the regulatory authority's proactive approach to overseeing bank operations and ensuring stability within the financial sector.
Read More »RBI Imposes Heavy Fines on Central Bank of India and Sonali Bank
The Reserve Bank of India (RBI) has levied significant fines on two banks for non-compliance with regulatory norms. The Central Bank of India has been fined ₹1.45 crore, while Sonali Bank PLC's Indian wing has incurred a penalty of ₹96.4 lakh. These fines were imposed due to violations related to customer protection and Know Your Customer (KYC) norms, according to a report by PTI.
Read More »Paytm to Cut 5,000-6,300 Jobs Due to Financial Struggles : Report
Paytm's parent company, One97 Communications, is reportedly planning significant job cuts amid financial challenges. The company may reduce its workforce by 15-20%, which translates to around 5,000-6,300 employees, in an effort to reduce employee costs by ₹400-500 crore this fiscal year, according to a report by the Financial Express.
Read More »“Drop in Retail Inflation After 11 Months, Yet Food Prices Rise”
India's consumer inflation has hit an 11-month low, registering at 4.83% in April compared to the previous year, as per data released by the Ministry of Statistics and Programme Implementation. However, despite this overall moderation, food prices have surged, reaching a four-month high.
Read More »“RBI Warns Public About Unlawful Prepaid Payment Instruments”
The Reserve Bank of India (RBI) has issued a red alert against unauthorized Prepaid Payment Instruments (PPIs) issued by certain entities, cautioning the public to exercise vigilance when dealing with such platforms. The alert specifically mentions TalkCharge Technologies Pvt. Ltd., located in Gurgaon, Haryana, for issuing PPIs without the necessary authorization from RBI.
Read More »“RBI Approves PayU Payments as Payment Aggregator, Competing with PhonePe and Razorpay”
PayU Payments, a prominent player in the fintech sector, has achieved a significant milestone with the Reserve Bank of India (RBI) granting it approval to operate as a payment aggregator. This development marks a pivotal moment for PayU, coming after 15 months of discussions and initial challenges.
Read More »“India Sees Retail Inflation Dip to 10-Month Low of 4.85% in March”
India's retail inflation has hit a 10-month low, standing at 4.85% for the month of March 2024, compared to 5.09% in the previous month. This decline, below earlier predictions, marks a significant easing in inflationary pressures.
Read More »“RBI Imposes Penalties on IDFC First Bank and LIC Housing Finance for Regulatory Violations: Report”
The Reserve Bank of India (RBI) has taken strict regulatory action against IDFC First Bank and LIC Housing Finance, imposing penalties for non-compliance with certain norms. Additionally, the RBI has canceled the certificate of registration of four Non-Banking Financial Companies (NBFCs) and received voluntary surrenders from five other NBFCs.
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