RBI’s Surplus Transfer

The Reserve Bank of India has transferred a surplus of Rs. 1.76 lakh crores to the Indian Government. This payment, which is equal to 1.25% of the Indian GDP (in nominal rates for 2018-19) aims to provide some breathing space ..

Housing Finance Companies to be treated as NBFCs

The Reserve Bank of India (RBI) has issued a notification stating that housing finance companies (HFCs) will be treated as one of the categories of Non-Banking Financial Companies (NBFCs) for regulatory purposes and it will come under its direct oversight. ..

RBI liberalises norms for the Gold Monetisation Scheme

The Reserve Bank of India (RBI) has liberalised the norms for Gold Monetisation Scheme and has directed all lenders to promote and publicise the Gold Monetisation Scheme (GMS) from their branches. This underscores the intent of the RBI to make ..

Ministry of Jal Shakti launches Swaccha Survakshan Grameen

In New Delhi, the Union Jal Shakti Minister Gajendra Singh Shekhawat launched the India’s largest sanitation survey – Swachh Survekshan Grameen-2019. The aim of this 45-day long survey is to engage rural communities in improvement of the sanitation status of ..

NEFT to be available 24X7

The Reserve Bank of India has announced that the National Electronic Funds Transfer (NEFT) facility will be available round-the-clock basis from December 2019. At present NEFT payment system operated by the Reserve Bank as a retail payment system is available ..

India Post Payments Bank to be converted into Small Finance Bank

Indian Posts has made a decision to convert India Post Payments Bank into Small Finance Bank. This will enable the Bank to offer small loans to customers. Payment Banks Payments banks were introduced by the Reserve Bank of India (RBI) ..