RBI Fines Top Banks For Failing KYC Norms
If you haven’t complied with KYC requirements attached to your bank account, your bank may have just suffered the consequences. In a serious move, the Reserve Bank of India (RBI) has cracked the whip on some of the top banks…
RBI bans banks from providing loans for gold
On November 19, 2012, the Reserve Bank of India (RBI) has notified all banks that there is a total ban from advancing any loans to their customers in regards the purchase of gold in any form. This will include gold…
RBI to introduce rupee symbol in Rs. 1,000 rupee note
The Reserve Bank of India on August 28, 2012 said that it will soon be launching Rs. 1,000 denomination bank notes with the rupee symbol. Till now the Rs. 1,000 rupee note did not have the rupee symbol which was…
Card usage and penetration of ATMs low in India
The Reserve Bank of India (RBI) on August 3, 2012 said that the penetration of ATMs (automated teller machines) is still very low compared to the other emerging markets. The RBI added that the penetration is low despite the fact…
Reserve Bank Of India slaps fine on Karad Urban Cooperative Bank Ltd
A penalty of Rs. 5 lakh has been imposed by the Reserve Bank Of India (RBI) on Maharashtra based Karad Urban Co-operative Bank for violating guidelines. The penalty has been imposed for shifting of branch without the regulator’s prior approval….
RBI takes steps to save consumers from exploitative investment schemes
The first step has been taken by the Reserve Bank of India (RBI) to protect the consumes from the exploitative investment schemes. The RBI has released a National Strategy for Financial on July 16, 2012. Comments have been invited by…
RBI asks banks to develop cost effective village banking
The banks have been asked by the Reserve Bank Of India (RBI) to develop cost effective village branch model. The RBI has asked to create a village model so as to promote the financial inclusion. D Subbarao, the RBI governor…
RBI cuts transaction fee for online purchases through debit cards
In some good news for the regular online purchasers, the Reserve Bank Of India (RBI) has reduced the transaction charges made online through the debit and credit cards to a maximum of 1%. The reduction was announced while addressing the…
RBI says 9% of banks in India don’t want to lend to poor
There are many banks in India which show reluctance to lend money to the poor. This is in turn is effecting the implementation of Prime Minister Manmohan Singh government’s financial inclusion scheme. The Reserve Bank Of India (RBI) has found…