Page 31 - Latest Updates on Reserve Bank of India
Need more competition
Small finance banks have a clear path
 "Need more competition")
RBI lays out norms for voluntary conversion of SFBs into universal banks
AU SFB, a few others seen as contenders for conversion
 "RBI lays out norms for voluntary conversion of SFBs into universal banks")
RBI proposes 'digital-view' of loans to ensure transparency to borrowers
A digital view will provide a host of details to ensure that customers have prior information about potential lenders to make an informed decision on a loan product
 "RBI proposes 'digital-view' of loans to ensure transparency to borrowers")
Exporting services
India should sustain the momentum
 "Exporting services")
RBI directs Talkcharge to stop PPI, wallet issuance; refund balances
The fintech firm offers services such as cashbacks, coupons, and wallets to customers
 "RBI directs Talkcharge to stop PPI, wallet issuance; refund balances")
RBI plans curbs on suspect bank accounts to fight cyber fraud: Report
The suspensions would target accounts frequently misused to transfer funds gained from cyber crime, both government sources said
 "RBI plans curbs on suspect bank accounts to fight cyber fraud: Report")
As India develops, high food inflation will get less severe: Ashima Goyal
Replying to a question on India's current macroeconomic situation, Goyal said conditions have been created for sustainable and inclusive growth
 "As India develops, high food inflation will get less severe: Ashima Goyal")
RBI action on Kotak Bank: Stock plunges 12% as analysts turn bearish
RBI action on Kotak Mahindra Bank: With unsecured lending, especially credit cards, becoming key focus areas of most banks, Kotak Mahindra Bank will lose the opportunity to add the high-yield products
 "RBI action on Kotak Bank: Stock plunges 12% as analysts turn bearish")
Government approves one-year extension to RBI Deputy Governor Rabi Sankar
The Appointments Committee of the Cabinet has approved the re-appointment of T Rabi Sankar, Deputy Governor Reserve Bank of India, for a period of one year with effect from May 3, 2024, they said
 "Government approves one-year extension to RBI Deputy Governor Rabi Sankar")
Credit card spends rise 27% to Rs 18.26 trillion in FY24: RBI data
As of March, the outstanding number of credit cards in the system was 101 million, inching up from 100.60 million at the end of February 2024
 "Credit card spends rise 27% to Rs 18.26 trillion in FY24: RBI data")
Curbs on Kotak Mahindra Bank: How RBI has pulled up other firms in 5 years
HDFC Bank, Bank of Baroda and Paytm Payments Bank have faced action for alleged regulatory violations
REITs, InvITs mobilise Rs 1.3 trillion in past four years: RBI data
Experts and stakeholders are of the view that with India growing at a fast pace, REITs and InvITs are emerging as alternative investment instruments, especially for high net-worth individuals
 "REITs, InvITs mobilise Rs 1.3 trillion in past four years: RBI data")
RBI's compiled master direction on ARCs to be effective from April 24
'Non-complying ARC shall be subject to supervisory action,' says regulator
 "RBI's compiled master direction on ARCs to be effective from April 24")
Raising capital may be priority for incoming Dhanlaxmi Bank's CEO
Ajith Kumar K.K. will be fifth chief executive of Dhanlaxmi Bank in 9 years
 "Raising capital may be priority for incoming Dhanlaxmi Bank's CEO")
India needs rate cuts to reach potential growth: MPC members Varma, Goyal
Earlier this month, the MPC kept the lending rate steady at 6.5 per cent for the seventh meeting in a row after having raised it by a total of 250 basis points between May 2022 and February 2023
Payments banks bat for new model, pin hopes on lending licence amid stress
Payments banks can receive deposits of up to Rs 2 lakh per customer, but cannot lend
 "Payments banks bat for new model, pin hopes on lending licence amid stress")
Tough times for urban cooperative banks as bad loans build, ranking dips
Lenders that hold more than Rs 5 trillion in deposits are weaker after the pandemic
 "Tough times for urban cooperative banks as bad loans build, ranking dips")
Central banks globally struggle to keep up with US Fed's rate cut timeline
IMF officials urged Asian central banks to stick to their own knitting and avoid the temptation to lash their policy decisions too closely to anticipated moves by the Fed
 "Central banks globally struggle to keep up with US Fed's rate cut timeline")
RBI imposes Rs 60.3 lakh penalty on 5 co-operative banks for flouting norms
In each case, the RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction of agreement entered into by the bank
 "RBI imposes Rs 60.3 lakh penalty on 5 co-operative banks for flouting norms")
RBI mandates offline payment aggregators to verify KYC for merchants
Payment aggregators will need to conduct Contact Point Verification and verify the bank account where funds of small merchants are settled
 "RBI mandates offline payment aggregators to verify KYC for merchants")
