RBI - The Purbottar

11 Mar

RBI Stops Paytm Payments Bank From Onboarding New Customers

editor0 CommentsBusinesspaytm, RBI

The Reserve Bank of India (RBI) on Friday directed Paytm Payments Bank Ltd to give up onboarding of new customers with instantaneous effect. The bank has also been directed to appoint an IT audit firm to behavior a complete System Audit of its IT system. The RBI took the choice in exercise of its powers beneath part 35A of the Banking Regulation Act, 1949. "Onboarding of new customers through Paytm Payments Bank Ltd will be challenge to specific permission to be granted via RBI after reviewing document of the IT auditors. This motion is based on positive fabric supervisory worries…

02 Nov

Bandhan Bank appointed as RBI’s Agency Bank

editor0 CommentsIndiabandhan bank, RBI

The Reserve Bank of India (RBI) has authorised Bandhan Bank as an Agency Bank of the RBI for undertaking Government business. The appointment would allow Bandhan Bank, to undertake Government business on behalf of the RBI. With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as Agency Banks of the RBI. As an Agency Bank of the RBI, authorised to undertake government business, Bandhan Bank will be able to handle transactions related to collection of state taxes and revenue receipts such as GST and VAT; collection of stamp duty and pension payments…

07 Aug

PNB MD & CEO CH SS Mallikarjuna Rao’s view on RBI’s Monetary Policy

editor0 CommentsBusiness, IndiaPPNB, RBI

The RBI has rightly prioritized growth over inflation to rejuvenate economic growth on a durable basis and mitigate the extraordinary impact of Covid 19. The decision of keeping the repo rate unchanged along with maintenance of accommodative stance is on expected lines as low interest rates are critical to economic revival. Additional liquidity measures through extension of deadline of On tap TLTRO scheme till December 31, 2020 will have positive implications for stressed sectors like retail, MSME and real estate. Amendment of guidelines related to export credit in foreign currency and restructuring of Derivative contracts is a much needed move…

22 May

RBI to transfer payout of Rs 99,122 crore to the government

editor0 CommentsBusinessCentre Government, RBI

The Reserve Bank of India has announced that it will transfer Rs 99,122 crore as surplus to the Centre for the nine months ended March 31, 2021. The central bank, which has followed a July-June accounting year, is transitioning to an April-March accounting year from this fiscal. The surplus is 73.5 per cent higher than the Rs 57,128 crore payout last year. But it works out to an increase of 131.34 per cent over a proportionate payout of Rs 42,846 crore in the nine-month period of the previous year. The amount being transferred is the highest since 2018-19 when the…

25 Jan

RBI to Stop Printing Old Currency Notes

editor0 CommentsBusinessCurrency Note, RBI, Reserve Bank of India

Assistant General Manager of the Reserve Bank of India, B. Mahesh said that RBI is planning to withdraw the old series of currency notes including Rs 100, Rs 10, and Rs 5 by March or April. Mahesh said that the old currency notes of Rs 100, Rs 10 and Rs 5 will eventually go out of circulation as RBI plans to withdraw them by March-April. In 2019, RBI had issued new Rs 100 notes in lavender colour having motif of ‘Rani ki vav’ – a stepwell located on the banks of Saraswati river in Gujarat’s Patan. He added that even…