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Rare 1918 Indian Banknotes Recovered from Shipwreck to Be Auctioned in London

Ut World May 25, 2024 0

A pair of rare 10-rupee banknotes, salvaged as they drifted from a shipwreck during their journey from Bombay to London in 1918, are set to be auctioned next Wednesday. Noonans Mayfair, a renowned auction house in London, will feature these notes in their World Banknotes sale, with an estimated 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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RBI Permits Banks To Issue RuPay Prepaid Forex Cards

Ut World June 12, 2023 0

The Reserve Bank of India (RBI) has decided to broaden payment choices for Indian travelers abroad by permitting Indian banks to issue RuPay Prepaid Forex cards. These cards can be used at overseas ATMs, point of sale (PoS) machines, and online merchants. Additionally, the RBI will enable the issuance of RuPay Debit, Credit, and Prepaid […]Continue Reading

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India’s Forex Reserves Fall Below $600 Billion, Lowest In a Year

Ut World May 6, 2022 0

For the first time in a year, India’s foreign exchange reserves fell below $600 billion, weighed down by persistent capital outflows and rupee weakness fueled by the dollar’s recent broad surge. The Reserve Bank of India’s (RBI) latest data for the week ending April 29 showed the country’s foreign exchange reserves fell by $2.695 billion […]Continue Reading

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Need for flexibility in regulations

Ut World November 13, 2014 0

In March 2012, the Reserve Bank of India (RBI) introduced new regulations rules to contain the rapid growth of the gold loan companies which was perceived as posing a risk to the stability of the financial system in India. The major change brought about was that gold loan NBFCs were required to observe a cap […]Continue Reading