Under RTGS, there is the continuous and real-time settlement of fund-transfers individually on a transaction-by-transaction basis without netting. It is a safe and secure system for funds transfer without any upper or maximum ceiling and is available on all days on 24x7x365 basis.
SC last month ruled that no penal or compound interest would be charged on any loans, including those above Rs 2 crore, during the six-month moratorium announced by govt against Covid backdrop.
Equity benchmark indices gained nearly one per cent on Wednesday as the Reserve Bank of India kept repo rate unchanged at 4 per cent and maintained 10.5 per cent growth projection for FY22.
Equity benchmark indices gained marginally during early hours on Wednesday as the Reserve Bank of India kept key interest rates unchanged amid rising COVID-19 cases in the country.
Now, issuers of PPI, card networks, White label ATM operators and TReDS platforms can use NEFT, RTGS modes.
The IMF on Tuesday projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic.
Governor Das said prepaid payments instruments (PPIs) were given the option to become interoperable, wherein customers of one company can send funds to customers of other PPIs or banks.
After enactment of SARFAESI Act in 2002, regulatory guidelines for ARCs were issued in 2003 to enable development of this sector and to facilitate smooth functioning of companies.
Reserve Bank of India (RBI) on April 07 announced revised projection for CPI inflation of financial year 2021-22. "The projection for CPI inflation has been revised to 5% in Q4 of 2021, 5.2%, in Q1 of 2021-22, 5.2% also in Q2 of 2021-22, 4.4% in Q3, and 5.1% in Q4 with risks broadly balanced. On March 31, 2021, the government retained the inflation target at 4% with the lower and upper tolerance levels of 2% and 6%, respectively, for the next five years that is from April 2021 to March 2026. An inflation rate of 4% over the medium term has now been successfully entranced the economic landscape," said RBI Governor Shaktikanta Das.
The food inflation trajectory will critically depend on temporal and special progress of southwest monsoon in the 2021 season.
30-share BSE index was trading 199.01 points or 0.40 per cent higher at 49,400.40 and broader NSE Nifty advanced 68.90 points or 0.47 per cent to 14,752.40.
The Reserve Bank of India has maintained status quo fifth time in a row on policy rate. The bank has kept repo unchanged at 4 per cent.
RBI Governor Shaktikanta Das-headed rate-setting panel MPC started its three-day deliberation on the next monetary policy on Monday amid sudden surge in COVID-19 cases and the government's recent mandate asking the central bank to keep retail inflation around 4 per cent.
The Reserve Bank has asked troubled digital wallet firm Mobikwik, which is facing data breach allegations, to get a forensic audit done without any delay.
The Reserve Bank of India (RBI) on Wednesday extended the timeline for the processing of recurring online transactions till September 30, 2021.
Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said.
The RBI is slated to announce its first bi-monthly monetary policy of the 2021-22 fiscal on April 7, 2021 after a three-day meeting of the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das.
Speaking at the India Economic Conclave, Das said that now the world knows the dangers of the Covid-19 pandemic and it is not as in the case of 2020 when there was complete uncertainty.
The rising COVID-19 infections across the country are a matter of concern, but it may not impact the ongoing economic revival as one does not foresee lockdowns, Reserve Bank Governor Shaktikanta Das said on Thursday.
The RBI had issued guidelines for 'on tap' licensing of universal banks in the private sector in August 2016 and guidelines for 'on tap' licensing of small finance banks in the private sector in December 2019.
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