rbi

Google, Amazon, And Walmart Seek To Join RBI’s Digital Currency Pilot

05 Aug 2024

Google Pay, Amazon Pay, and Walmart-backed PhonePe are among the five payment firms seeking to join the Reserve Bank of India's (RBI) digital currency pilot. This initiative aims to enhance transactions using the e-rupee, according to sources directly involved in the discussions. Companies Joining the E-Rupee Pilot Alongside Google Pay,...

New RBI Rules on ‘Wilful Defaults’

31 Jul 2024

Under the new RBI guidelines, a "wilful defaulter" is defined as a borrower or guarantor who has committed a wilful default with an outstanding amount of Rs 25 lakh or more. The Reserve Bank of India has issued a Master Direction on the treatment of wilful defaulters and large defaulters....

RBI Confirms Limited Impact Of Microsoft Outage On Indian Banking Sector

19 Jul 2024

The Reserve Bank of India (RBI) has conducted a comprehensive evaluation following a significant global outage affecting Microsoft systems. According to the central bank, approximately ten banks and non-banking financial companies (NBFCs) in India faced minor disruptions due to the outage. These issues have either been resolved or are currently...

What Are RBI’s New Rules for Credit Card Bill Payments Post July 1 Through Bharat Bill Payment System? – Know Here

11 Jul 2024

Starting July 1, the Reserve Bank of India (RBI) has mandated that all banks process credit card bill payments through the Bharat Bill Payment System (BBPS). This move is intended to tighten regulations and centralize the bill payment process across India, ensuring a more streamlined and secure system. According to...

Indian Banks Seek Extension From RBI For New Credit Card Payment Rules

05 Jul 2024

In the world of banking, staying updated with regulatory changes is crucial. Recently, six prominent Indian banks, including HDFC Bank, Axis Bank, and Yes Bank, have sought extra time from the Reserve Bank of India (RBI) to comply with new payment processing rules. These changes involve the Bharat Bill Payment...

RBI Deadline Over, Credit Card Payments Via Cred, PhonePe Still Possible

01 Jul 2024

Despite the RBI's June 30 deadline for the Bharat Bill Payment System (BBPS), certain users retain the ability to pay their credit card bills via third-party platforms such as Cred and PhonePe. These fintech providers are enabling credit card bill settlements for banks that have not yet complied with BBPS...

97.87 Percent Of Rs.2000 Notes Returned To Bank, Only ₹ 7,581 Crore Is With Public: RBI

01 Jul 2024

The Central Bank of India, RBI has recently announced, that around 97.87 percent of ₹ 2000 notes have come back to banking system, while with public, only ₹ 7,581 Crore of the above-mentioned notes remains with public. Earlier on May 19, 2023, the total value of ₹ 2000 notes stood...

Credit Card Payments Through PhonePe, Cred & Bill Desk To Be Halted After This Date–Check When

21 Jun 2024

India's central bank, the Reserve Bank of India has recently issued an order, which now mandates that all credit card payments will now go through Bharat Bill Payment System (BBPS) after June 30. Thus, affecting major companies like PhonePe, Cred, BillDesk and Infibeam Avenues, as these fintech companies, will not be...

Are Banks Facing A Major ATM Shortage In India? Complaints Filed With RBI And Government

19 Jun 2024

Indian banks have reported a significant shortage in the supply of automated teller machines (ATM) to the government and the Reserve Bank of India (RBI), according to sources cited by the Economic Times. This shortage is causing concern among bankers who are also seeking clearer procurement guidelines via the government...

RBI Wins ‘Risk Manager Of The Year Award 2024’ By Central Banking Publication

17 Jun 2024

The Reserve Bank of India (RBI) has been bestowed with the prestigious "Risk Manager of the Year Award 2024" by Central Banking, a leading London-based publication. This accolade underscores the RBI's significant strides in fostering a robust risk culture and heightened awareness, reinforcing its pivotal role in maintaining the stability...

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