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New Delhi: The Reserve Bank of India has taken steps to combat fraud by introducing the MuleHunter.AI for banks. This technology is designed to identify and eliminate mule accounts—fake accounts often used in fraudulent activities. The RBI revealed that MuleHunter.AI has already shown promising results, successfully detecting and addressing such accounts in two public sector…
New Delhi: Leading industry chambers on Friday welcomed the RBI decisions especially around the repo and cash reserve ratio (CRR) rates, saying that these measures would ensure a better balance between growth and inflation management. They appreciated the calibrated steps undertaken by the central bank during its three-day Monetary Policy Committee (MPC) meeting, including cutting…
Mumbai: The Reserve Bank on Friday morning will announce the decision on interest rate after the conclusion of the three-day monetary policy panel meeting, amid high inflation and weak GDP growth numbers. Experts are of the view that the central bank is likely to opt for status quo on the short-term lending rate (repo), and…
New Delhi: The Reserve Bank of India (RBI) has raised the UPI Lite wallet limit from Rs 2,000 to Rs 5,000. This increase is part of new regulations aimed at making offline transactions more seamless. Along with the wallet limit hike the RBI has also doubled the upper transaction limit for UPI Lite under the…
New Delhi: The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting to determine the policy rate in the country commenced today in Mumbai. Chaired by RBI Governor Shaktikanta Das, the three-day meeting will run from December 4 to December 6, with the Governor announcing the policy decisions on Friday, December 6. This…
New Delhi: The Reserve Bank of India (RBI) on Monday has announced that 98.02 per cent of Rs 2000 banknotes have been returned to the banking system. Despite this, the few notes still in circulation remain valid as legal tender, ensuring they can still be used for transactions. The RBI announced the withdrawal of Rs…
New Delhi: As festive season saw robust growth in India across all parameters, credit card spending crossed Rs 2 lakh crore in October, a 14.5 per cent rise from September. According to latest data by the Reserve Bank of India (RBI), credit card spending in October reached Rs 2.02 lakh crore, up 13 per cent…
New Delhi: Reserve Bank of India Governor Shaktikanta Das has been admitted to the Apollo hospital in Chennai, media reports have said. He is now being monitored while there is no immediate official information from the hospital. According to the RBI, Das “experienced acidity” and was admitted to the Apollo Hospital in the state capital….
New Delhi: RBI Deputy Governor Swaminathan J has asked banks to follow KYC guidelines with both “precision and empathy”, failing which regulatory actions will be taken against them by the central bank. Addressing a Conference of Directors of Private Sector Banks here on Monday, the Deputy Governor also expressed concern that in many cases, customer…
New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the Indian economy is strong enough to handle any adverse fallout from global events. “Today, the growth of the Indian economy presents a picture of stability and strength,” Das said while addressing an event at the launch of the Kochi International Foundation…