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New Delhi: The Reserve Bank of India (RBI) on Thursday said that the UPI limit for tax payment matters has been increased from Rs 1 lakh to Rs 5 lakh per transaction. This will ease the process of tax payers with higher tax liabilities to pay their dues quickly and without any hassle. RBI Governor…
New Delhi: The Reserve Bank of India (RBI) on Thursday proposed measures to speed up clearance of cheques from cycle of up to two working days to just a few hours. RBI Governor Shaktikanta Das, announcing the outcome of the three-day Monetary Policy Committee (MPC) meeting proposed to transition Continuous Clearing of Cheques under Cheque…
New Delhi: The government has approved the continuation of Modified Interest Subvention Scheme (MISS) for the financial year 2024-25. Accordingly, the Reserve Bank of India (RBI) has notified, “(i) In order to provide short term crop loans and short term loans for allied activities including animal husbandry, dairy, fisheries, bee keeping etc. upto an overall…
The Indian rupee depreciated versus the US dollar on Monday to touch its all-time low, tracking global heavy selling in stock markets, over risks that the US may potentially slip into recession. At 12.18 pm, at the time of filing this report, the Rupee traded at 83.85 versus Friday’s closing of 83.75. It opened at…
Mumbai: The Reserve Bank of India (RBI) is likely to keep the key interest unchanged at 6.5 per cent on Thursday, and wait for more macroeconomic data before taking a call on a rate cut in line with expectations, experts said. The US Federal Reserve has decided to maintain a status quo on its interest…
The Phase I and Phase II examinations for the RBI Grade B recruitment will take place in September and October 2024. (Representative Image) RBI Grade B Recruitment 2024: Registrations for the recruitment drive, which aims to fill 94 positions within the organisation, began on July 25, and will continue until August 16 The Reserve Bank…
New Delhi: The Reserve Bank of India (RBI) has imposed monetary penalties on three Payment System Operators (PSOs) for failing to comply with KYC (Know Your Customer) requirements. These Payment System Operators include Manappuram Finance, Ola Financial Services, and Visa Worldwide. The central bank has fined Rs 41.50 lakh for Manappuram Finance, Ola Financial Services…
RBI says the penalties are based on deficiencies in regulatory compliance. A penalty of Rs 2.4 crore has been imposed on Visa Worldwide Pte Limited and Rs 41.5 lakh on Manappuram Finance Limited; while a fine of Rs 87.55 lakh has been slapped on Ola Financial Services in two cases. The RBI has imposed a…
New Delhi: Digital payments in India have registered a 12.6 per cent increase year-on-year with the RBI’s Digital Payments Index (RBI-DPI) rising to 445.5 at the end of March 2024 compared to 418.77 in September 2023 and 395.57 in March 2023. “The RBI-DPI index has increased across all parameters driven by significant growth in payment…
New Delhi: The Reserve Bank of India (RBI) has tightened the framework for domestic money transfers in order to keep track of both cash pay-in and pay-out services. In a circular issued on Wednesday, the RBI stated that in the case of cash pay-out service, the remitting bank shall obtain and keep a record of…