The Indian rupee hit an all-time low of 84.13 against the US dollar on Tuesday as foreign portfolio investors selling pressure on domestic stocks continued unabated. Although it briefly bounced back to 84.10 by the closing bell due to apparent intervention by the Reserve Bank of India the tremendous sell-off by foreign investors rages on. ...

India’s retail inflation edged up to 3.65% in August, compared to 3.54% in July, driven primarily by rising food costs. Despite the increase, inflation remained within the Reserve Bank of India’s (RBI) target range of 2-6%, reflecting the central bank’s sustained efforts to keep inflation in check. Food inflation, a persistent concern, surged to 5.66% ...

The Reserve Bank of India has expand the scope of remittance options to International Financial Services Centres under the Liberalised Remittance Scheme enabling Indian residents to establish foreign currency accounts in GIFT City. In a recent decision of RBI has empowered authorized entities to facilitate remittances for accessing financial services or products under the International ...

Paytm, a popular digital payment platform in India, has been facing significant challenges recently. The Reserve Bank of India (RBI) has banned Paytm Payments Bank from opening new customer accounts due to regulatory violations.  Paytm Payments Bank is a subsidiary of Paytm. This has caused a loss of approximately Rs 26,000 crore in the company’s ...

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting is holding today on December 8, 2023. This meeting gives us an insight into the RBI’s plans for managing our economy, especially regarding inflation and growth. The MPC, led by RBI Governor Shaktikanta Das, decided to keep the repo rate unchanged at 6.5%. This ...

Instamojo, a fintech startup supported by Mastercard, recently had to shut down its core payments business. This happened because the Reserve Bank of India (RBI) did not approve their application to work as a licensed payments aggregator.  The decision of the Reserve Bank of India was made towards the end of September 2023, and it ...

Kotak Mahindra Bank was hoping to get a green light from the Reserve Bank of India (RBI) for buying Sonata Finance by the end of this financial year, FY24. Good news, they got it sooner!  On October 19, the RBI said yes, and they made it public on October 20. Kotak bought Sonata Finance for ...

For the first time, RBI has instructed banks to pay ₹5,000 per day as a penalty to borrowers for delays in returning property documents after loan repayment. The RBI, which is India’s central bank, has issued a directive to banks and Non-Banking Financial Companies (NBFCs), in support of loan borrowers. This directive essentially tells them ...

The Reserve Bank of India (RBI) has launched a new web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) to help people find their unclaimed deposits in multiple banks. The portal will allow users to search for their unclaimed deposits and accounts and either claim the deposit amount or make their accounts active ...

The Reserve Bank of India (RBI) has announced its third bi-monthly monetary policy for FY24, keeping the repo rate unchanged at 6.5%. The central bank has raised the repo rate by 250 basis points since May 2022. The RBI is maintaining a pause on policy rates, with a focus on external resilience and core inflation. ...