The Reserve Bank's action against Paytm Payments Bank Ltd (PPBL) follows a comprehensive system audit report and subsequent compliance validation report of the external auditors.
The RBI on Tuesday barred regulated entities (REs) such as banks and non-banking finance companies (NBFCs), from investing in any scheme of alternative investment funds (AIFs).
Investigation revealed they came to the RBI Regional office at the behest of some others, including reputed business houses.
In a major respite for the people, the Reserve Bank of India (RBI) on Saturday extended the deadline for deposit and exchange of Rs 2,000 banknotes. Earlier the banks were advised to provide deposit and / or exchange facility for Rs 2000 banknotes until September 30, 2023 and the deadline ended today.
Currently, banks remain open on two Saturdays in a month, the first and third. The UBFU has proposed that employees get weekly off of two days and the banks remain open for five days a week.
The Reserve Bank of India (RBI) on Monday said in a statement that most of these notes have returned through deposits.
Das said the MPC met on June 6th, 7th and 8th.
Both public sector and private sector banks do not work on Sundays and second and fourth Saturdays, as per the RBI guidelines.
"It is necessary that boards and managements do not allow such gaps to creep in," Das said at a conference of banks' directors organised by the RBI in Mumbai.
Though banks in Odisha did not see huge footfalls of customers for the exchange on the first day, it is believed that the number may increase in the coming days. The RBI has set September 30 as the deadline for exchange of the notes.
Jewellery shops, filling stations and other business establishments across Odisha witnessed a huge rush following the decision of the RBI with people resorting to panic buying.
Speaking to reporters for the first time since the surprise decision to withdraw the highest denomination currency note was announced, Das said the decision was part of currency management.
The rate hike has been paused after six consecutive rate increases aggregating to 250 basis points since May 2022.
Recent bank closures in America highlight the importance of depositing money in multiple banks, monitoring asset quality, and avoiding panic in case of a collapse.
Learn how to claim compensation for failed transactions as per RBI guidelines with this informative guide.
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