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RBI’s New Guidelines Ensure Quick Refunds for Wrong UPI Transactions

Ut World August 20, 2024 0

With the growing popularity of the Unified Payments Interface (UPI), digital transactions have become a convenient and efficient way to transfer money. However, mistakes like transferring funds to the wrong UPI address or declined transactions can lead to financial losses. In response, the Continue Reading

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RBI Announces Record ₹2.1 Lakh Crore Dividend to Government

Ut World May 22, 2024 0

In a significant financial boost for the government, the Reserve Bank of India (RBI) will transfer a record ₹2.1 lakh crore as a dividend for the fiscal year ended March 31, 2024. This amount, approved at the 608th meeting of the Central Board of Directors chaired by Governor Shaktikanta Das, is more than double the […]Continue Reading

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RBI Imposes Restrictions on Kotak Mahindra Bank Due to IT Deficiencies

Ut World April 24, 2024 0

The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to halt the onboarding of new customers through its online and mobile banking platforms and issued a suspension on the issuance of fresh credit cards. This stringent action comes as a result of significant IT deficiencies identified during the RBI’s IT Examination of the […]Continue Reading

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RBI Holds Interest Rates Steady Amid Inflation Targets and Growth Projections

Ut World April 5, 2024 0

In a move that maintains the status quo, the Reserve Bank of India (RBI) has once again held its key lending rate, the repo rate, at 6.5%. This decision, announced during the bi-monthly Monetary Policy Committee (MPC) meeting, marks the seventh consecutive time the rate has remained unchanged. RBI Governor Shaktikanta Das noted that the […]Continue Reading

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Fairfax India to Provide $200 Million Liquidity Support to IIFL Finance Following RBI’s Gold Loan Sanction

Ut World March 6, 2024 0

In a significant development, IIFL Finance announced that Fairfax India, its shareholder, has committed to providing up to $200 million in liquidity support. This decision comes in the wake of the Reserve Bank of India (RBI) imposing a ban on IIFL Finance, preventing the company from sanctioning and disbursing gold loans due to supervisory concerns. […]Continue Reading

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Paytm Forms Strategic Partnership with Axis Bank to Ensure Merchant Transaction Continuity

Ut World February 17, 2024 0

In response to the Reserve Bank of India’s (RBI) directive, Paytm, a leading fintech player, has announced a strategic partnership with Axis Bank to guarantee uninterrupted merchant transaction services. The collaboration emerges amidst the operational curtailments imposed on Paytm Payments Bank by RBI, necessitating a transition of accounts to alternative banking Continue Reading

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RBI Intensifies Scrutiny on Banks Post-Paytm Payments Bank Lapses

Ut World February 16, 2024 0

In the wake of the Reserve Bank of India’s (RBI) recent crackdown on Paytm Payments Bank for regulatory failures, the Financial Intelligence Unit (FIU) has identified approximately 50,000 bank accounts across various banks lacking proper Know Your Customer (KYC) documentation, raising alarms over potential money laundering activities. According to a report by The Continue Reading

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Paytm Nears Acquisition of E-commerce Startup Bitsila Amid Payments Bank Crisis

Ut World February 9, 2024 0

In a strategic move to expand its e-commerce footprint, digital payments giant Paytm is reportedly in the advanced stages of acquiring Bengaluru-based startup Bitsila. The deal, as per a Moneycontrol report, is expected to close within the next week. Bitsila, established in 2020 by Dasharatham Bitla and Sooryah Pokkali, operates as a seller-side platform on […]Continue Reading

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RBI Proposes To Launch Code-Based Coin Vending Machine In 12 Cities

Ut World February 8, 2023 0

Shaktikanta Das, the governor of the Reserve Bank of India, announced on Wednesday that the institution would begin a pilot programme for QR code-based coin vending machines (QCVM) in 12 cities across the nation. Instead of physically presenting banknotes, these vending machines will issue coins in exchange for a debit to the customer’s account utilising […]Continue Reading

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RBI To Launch Retail Digital Rupee On December 1 On Pilot Basis

Ut World November 29, 2022 0

The retail digital rupee will be introduced on December 1, 2022, as the Reserve Bank of India (RBI) said today. Eight banks have been chosen by the central bank to take part in this trial in stages. A digital token that stands in for legal cash will be used to represent the retail digital rupee. […]Continue Reading