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New Delhi: The Reserve Bank of India has made it mandatory that all credit outstanding repayments must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI). The revised norms to streamline the process of bill payments is applicable from 1 July 2024. Bharat Bill Payment System…
New Delhi: Banks in India are closed on the second and fourth Saturdays of each month as well as on Sundays, national and regional holidays following Reserve Bank of India rules. Customers should plan their banking activities accordingly to avoid any disruptions on these bank holidays. The RBI has classified bank holidays into three categories:…
Mumbai: The number of persons employed in 27 sectors, including agriculture, trade and financial services, increased by 3.31 per cent year-on-year to 59.66 crore in 2022-23, according to data published by the RBI on Monday. During 2021-22, the employment in these 27 sectors stood at 57.75 crore. The Reserve Bank of India (RBI) has placed…
This is 24.4 per cent higher than the previous year’s figure. Travel has emerged as the major source of remittances from India, accounting for 53.6 per cent of total remittances in FY24. Indians are spending significantly on overseas travels as the expenses on foreign trips have increased more than three fold in the past five…
New Delhi: The Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), in the first week of July for non-compliance with various RBI directions. PNB became the fifth bank to be penalized, with a penalty of Rs 1.31 crore. This penalty was imposed for non-compliance with RBI directions regarding ‘Loans…