Central Government passes ordinance to bring cooperative banks under RBI control 

Central Government passes ordinance to bring cooperative banks under RBI control 

 New Delhi: – Government banks, Urban Cooperative Banks and Multi-State Cooperative Banks have been brought under complete control of the Reserve Bank of India (RBI). The Union Cabinet of Ministers has approved an ordinance regarding this. Last year major scams had been reported from cooperative banks. In Maharashtra, funds of thousands of customers were stuck […]

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RBI reduces repo rate

RBI reduces repo rate

Mumbai: – Shashikant Das, the Governor of the Reserve Bank of India (RBI), announced a reduction in the repo rate to 4%, saying that the Gross Domestic Product (GDP) has been severely hit because of reduced domestic demand and the drastic fall in exports. He also announced moratorium for the next three months, bringing major […]

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Coronavirus Pandemic: Indians withdraw a whooping ₹53,000 crore from banks

Coronavirus Pandemic: Indians withdraw a whooping ₹53,000 crore from banks

New Delhi: The Indian population has withdrawn a significant amount of money from the banks given the current threat of the Novel Coronavirus. The Reserve Bank of India (RBI) has informed that the citizens have withdrawn a whooping ₹53,000 crore from the banks as of 13th of March. The number of Coronavirus cases in the […]

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RBI sets up a special ‘Cryptocurrency’ and ‘Blockchain’ technology research unit

RBI sets up a special ‘Cryptocurrency’ and ‘Blockchain’ technology research unit

New Delhi: The Reserve Bank of India has established an independent unit for research on Cryptocurrency, Blockchain and Artificial Intelligence. This particular unit is reportedly responsible not only for keeping an eye on the new emerging technologies of Cryptocurrency and Blockchain but also for drafting rules and regulations regarding the same. RBI has issued a […]

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The final verdict on crypto-currency scheduled on 11 September by Supreme Court

The final verdict on crypto-currency scheduled on 11 September by Supreme Court

New Delhi/ Mumbai: The Reserve Bank of India (RBI) had declared a complete ban on the virtual Currency, Cryptocurrency transactions in India. Until then, the Supreme Court has postponed the next hearing on the petition is scheduled on 11th September. Accordingly, the court will announce its final verdict on this petition. The RBI had banned […]

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RBI identifies 12 mega bank defaulters usurping over Rs.2 tn of Tax Payers money; to act under Insolvency & Bankruptcy Code

RBI identifies 12 mega bank defaulters usurping over Rs.2 tn of Tax Payers money; to act under Insolvency & Bankruptcy Code

Mumbai : ‘RBI’ has prepared a list of 500 highest ‘defaulters’, to resolve the issue of ‘Non-Performing Asset’ (NPA). It has been observed that as per this list, 12 ‘defaulters’ owe banks around Rs 2 lakh crore and action will be taken against them as per ‘Insolvency and Bankruptcy Code’. Two days back, the Union Finance […]

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