Page-3 of Banking Current Affairs

Future of Money Report

September 14, 2023

A report titled “Future of Money” by venture capital firm Blume Ventures suggests that Central Bank Digital Currencies (CBDCs) have the potential to replace physical cash in the coming decade. The report predicts a significant acceleration in CBDC adoption and ..

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RBI Encourages Fintech Self-Regulatory Organizations (SROs) for Ethical Practices

September 9, 2023

Reserve Bank of India (RBI) Governor Shaktikanta Das has called upon fintech entities to establish Self-Regulatory Organizations (SROs). He emphasizes the need for SROs in the fintech sector to address issues related to market integrity, data privacy, cybersecurity, and risk ..

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RBI to Phase Out Incremental Cash Reserve Ratio (I-CRR)

September 9, 2023

The Reserve Bank of India (RBI) has announced the phased discontinuation of the Incremental Cash Reserve Ratio (I-CRR), introduced on August 10, 2023. Following a review, the RBI aims to release I-CRR funds gradually to avoid shocks to system liquidity ..

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NPCI Introduces Innovative Digital Payment Products for Inclusive Ecosystem

September 7, 2023

The National Payments Corporation of India (NPCI) has introduced a suite of groundbreaking digital payment products, unveiling them during the Global Fintech Fest 2023 in Mumbai. This initiative, attended by distinguished figures including RBI Governor Shaktikanta Das, Nandan Nilekani, and ..

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UPI QR Code-Central Bank Digital Currency interoperability

September 6, 2023

The Reserve Bank of India (RBI) is spearheading an innovative move towards interoperability between Unified Payments Interface (UPI) Quick Response (QR) codes and Central Bank Digital Currency (CBDC). This integration allows users of the retail digital rupee (e₹) to make ..

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One-Hour Trade Settlement

September 6, 2023

The Securities and Exchange Board of India (SEBI) has announced plans to introduce one-hour trade settlement by March 2024, a significant development in the country’s financial market infrastructure. Currently operating on a T+1 settlement cycle, where trade-related settlements occur within ..

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Committee of Experts to ‘Onshoring the Indian Innovation to GIFT IFSC

August 26, 2023

The International Financial Services Centres Authority (IFSCA) received a report from the “Committee of Experts to Onshoring the Indian Innovation to GIFT IFSC.” The committee, chaired by Shri G. Padmanabhan, Former Executive Director of RBI, aimed to understand why Indian ..

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‘Mera Bill Mera Adhikaar’ Initiative

August 25, 2023

The government has announced the launch of the ‘Mera Bill Mera Adhikaar’ initiative, aimed at fostering a culture of customers requesting invoices for all purchases. Starting on a pilot basis for 12 months from September 1, the initiative will be ..

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RBI Sets Guidelines for Penal Charges on Loan Defaults

August 19, 2023

The Reserve Bank of India (RBI) has issued guidelines to lenders, directing them to categorize penalties for borrower defaults as ‘penal charges’ rather than ‘penal interest.’ The RBI’s guidelines emphasize that these charges must be “reasonable” and proportional to the ..

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RBI Mandates Flexible Options for Personal Loan Borrowers

August 19, 2023

The Reserve Bank of India (RBI) has directed regulated entities, including banks and NBFCs, to provide personal loan borrowers the flexibility to switch from floating to fixed rate interest regimes at the time of interest rate resets. In a circular, ..

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