The Reserve Bank of India has announced the recruitment of Grade B Officers for General, DEPR, and DSIM departments. The application process is open from July 25 to August 16, 2024. There are a total of 94 posts available. Candidates can find detailed eligibility criteria on the official website.
RBI Governor Shaktikanta Das stressed the need for banks and financial institutions to strengthen their IT systems against cyber-attacks. He highlighted the importance of improving IT governance, mitigating third-party risks, and continuously investing in technology. Das flagged rising digital frauds and mule bank accounts as serious concerns, urging enhanced transaction monitoring and coordination with law enforcement agencies.
Governor Shaktikanta Das highlighted the smooth relations between the RBI and the government during his term, crediting this for the swift economic revival post-pandemic. Speaking at a Financial Express event, he emphasized RBI's focus on inflation control and warned banks about credit-deposit growth lags. Das also addressed concerns over Mule account frauds and unsecured lending practices.
RBI Deputy Governor Michael Debabrata Patra envisions India becoming the world's second-largest economy by 2031 and the largest by 2060. He attributes this potential to India's robust domestic savings, stable investment rates, macroeconomic and financial stability, and demographic advantages. Patra also highlights India's digital revolution and prudent fiscal policies as pivotal growth accelerators.
As India aims to become the world's third-largest economy, its banking sector shows decade-high performance. RBI Deputy Governor Swaminathan J highlights improvements in auditing processes and financial governance to ensure stability. The Financial Inclusion Index also saw significant growth.
The Indian economy saw the creation of 46.6 million new jobs in 2023-24, increasing total employment to 643.3 million. The Reserve Bank of India's latest data highlights a significant rise in employment across various sectors, with the services sector absorbing most workers moving from agriculture.
The Reserve Bank of India (RBI) imposed a Rs 1.32 crore penalty on Punjab National Bank for non-compliance with loan and advance regulations and KYC norms. RBI's inspection revealed PNB sanctioned loans to state corporations against government receivables and failed to retain customer identification records.
The Reserve Bank of India announced its participation in Project Nexus with four ASEAN nations to establish a platform for instantaneous cross-border retail payments. This initiative, spearheaded by BIS, aims to connect India's UPI with the fast payment systems of Malaysia, Philippines, Singapore, and Thailand. The agreement was signed on June 30, 2024.
The Indian economy remains robust with macroeconomic and financial stability. The RBI's Financial Stability Report highlights improved bank balance sheets, reduced non-performing assets, and sustained credit expansion supporting economic growth.
The Reserve Bank of India announced the integration of UPI Lite into the e-mandate framework to enhance small-value digital payments.
The Reserve Bank of India (RBI) maintained the repo rate at 6.5% during their latest monetary policy review, balancing economic growth with inflation control. Despite global challenges, India is poised for sustained growth due to favorable demographics and government policies.
Fintech leaders praised RBI's new initiatives: the PRAVAAH portal, Retail Direct Mobile App, and a Fintech Repository aimed at increasing transparency and efficiency. These tools are set to enhance security, foster collaboration, and drive financial sector innovation in India.
The RBI on Friday tweaked rules to reduce the risk faced by banks in their exposure to capital market in the case of issue of Irrevocable Payment Commitments (IPCs).
In May 2024, RBI designates 13 holidays including public, regional, and weekends. State-specific closures apply. Here's the list for May 2024.
In the previous three years, the INR exhibited the lowest volatility in 2023-24. The relative stability of the INR reflects India’s sound macroeconomic fundamentals, financial stability and improvements in the external position, he added.
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