Reserve Bank of India in News 2024
Here, you’ll find all the latest updates about the Reserve Bank of India (RBI) in simple, easy-to-understand one-liners. This is perfect for anyone interested in Finance and Banking Current Affairs and preparing for upcoming competitive exams like SSC, UPSC, RRB NTPC, RAILWAY, BANK, CDS, and various State Level Exams. Let’s dive into the latest RBI news and boost your exam preparation!
September 2024
- The Reserve Bank of India (RBI) has introduced a new scheme for the trading and settlement of Sovereign Green Bonds (SGrBs) within India’s International Financial Services Centre (IFSC).
- Fintech Association for Consumer Empowerment (FACE) has been recognized as the first Self-Regulating Organisation in the FinTech sector (SRO-FT) by the Reserve Bank of India (RBI).
- According to recent data from the Reserve Bank of India (RBI), small savings schemes grew by 13.8% up to February 2024, reaching Rs 18.1 lakh crore.
August 2024
- RBI has selected 5 entities for the Test Phase under the 5th cohort of the Regulatory Sandbox (RS).
- RBI announced the continuation of the Modified Interest Subvention Scheme (MISS) for KCC loans up to ₹3 lakh for FY 2024-25.
- RBI set a new upper limit of ₹5 lakh for tax payments through the Unified Payments Interface (UPI).
- RBI to set up a public repository of digital lending applications (DLAs) to help consumers identify unauthorized lending apps.
- RBI announced a committee on benchmarking statistics under the chairmanship of Dr. Michael Debabrata Patra.
- RBI launched the “RBI90Quiz” for undergraduate students, with ₹10 lakh awarded for the national first prize.
- RBI circular exempts auto-replenishment transactions for FASTag and NCMC from the 24-hour pre-debit notification requirement.
- RBI plans to launch the Unified Lending Interface (ULI) digital platform for frictionless credit processing.
July 2024
- Department of Commerce has extended the Interest Equalisation Scheme for pre- and post-shipment rupee export credit for MSME exporters till August 31, 2024; implemented by the Reserve Bank of India (RBI).
- Reserve Bank of India (RBI) introduced a revised SAARC Currency Swap framework for 2024-27, including a separate Indian Rupee (INR) Swap window worth Rs 250 billion.
- Reserve Bank of India (RBI) collaborated with the Bank for International Settlements (BIS) and central banks of four ASEAN countries on Project Nexus to enable retail cross-border payments.
- Reserve Bank of India (RBI) launched an exclusive 2-hour window called Finquiry for fintechs to seek clarity and discuss fintech-related queries directly with RBI officials.
- Reserve Bank of India (RBI) appointed Charulatha S Kar as Executive Director.
- The Financial Inclusion Index (FI-Index) released by RBI increased to 64.2 in March 2024.
- Reserve Bank of India (RBI) released the India KLEMS Database; employment in the country increased to 64.33 crore in FY24.
- Reserve Bank of India (RBI) expanded the scope of remittances to IFSCs under Liberalised Remittance Scheme (LRS), allowing Indian residents to open foreign currency accounts in GIFT City.
- According to SBI’s Economic Research Department (ERD) based on RBI data, India generated 125.2 million jobs between FY14 and FY23.
- Reserve Bank of India (RBI) set up a committee headed by Sunil Mehta to review the fee structure for white-label ATMs (WLAs).
- As per the Digital Payments Index (DPI) released by RBI, digital payments across the country registered a 12.6% on-year rise as of March 31, 2024.
June 2024
- As per recent information, the Reserve Bank of India (RBI) has moved 100 Metric Tonnes (MT) of gold stored in the United Kingdom to domestic vaults in FY24.
- The Reserve Bank of India has constituted a committee to examine various aspects of setting up a digital public infrastructure for the Digital Payments Intelligence Platform, with Abhaya Prasad Hota appointed as chairman of this committee.
- The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept the Repo Rate at 6.50%.
- The Reserve Bank of India (RBI) has initiated its third global hackathon, HaRBInger 2024 – Innovation for Transformation. Winners of this hackathon will receive prize money of Rs 40 Lakh across each problem statement.
- The Reserve Bank of India (RBI) has been awarded the “Risk Manager of the Year Award 2024” by Central Banking.
- APIX has partnered with the Reserve Bank of India (RBI) for ‘HaRBInger 2024’ to bring together the brightest minds from around the world to develop cutting-edge solutions that enhance the security and inclusivity of the financial ecosystem.
✅ Also Read: Loans and Grants Current Affairs 2024: Month-wise List
May 2024
- As per the recently issued ‘Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024’, ARCs have to reach a minimum Net Owned Fund (NOF) of Rs 300 crore by March 31, 2026.
- REC Limited has received a ‘No Objection Certificate’ from the Reserve Bank of India for setting up a wholly owned subsidiary in the International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (“GIFT”), Gandhinagar.
- The Reserve Bank of India has appointed R Lakshmi Kanth Rao as executive director.
- The Reserve Bank of India’s (RBI) Central Board of Directors has approved the transfer of Rs 2,10,874 crore as a surplus to the Union government for the financial year 2023-24.
- As per recent data shared by the Reserve Bank of India (RBI), unclaimed deposits in public and private sector banks have reached Rs 42,270 crore as of March 2023.
- The Reserve Bank of India (RBI) has launched the PRAVAAH Portal for individuals and entities to apply online for various regulatory approvals from RBI. PRAVAAH stands for Platform for Regulatory Application, Validation, and Authorisation.
- As per recent data shared by the Reserve Bank of India (RBI), outward remittances under India’s Liberalized Remittance Scheme (LRS) have hit a record high of USD 31.73 billion in FY24.
✅ Also Read: Currencies in News: Latest Current Affairs
April 2024
- Recently, the Reserve Bank of India (RBI) celebrated its foundation day. RBI commenced its operations in 1935.
- The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept the Repo Rate unchanged at 6.50%.
- The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar KK as Managing Director & CEO of Dhanlaxmi Bank.
- The Reserve Bank of India has released guidelines for the voluntary conversion of small finance banks (SFBs) into universal banks. As per the guidelines, those intending to convert must have a minimum net worth of Rs 1,000 crore.
- The National Bank for Agriculture and Rural Development (NABARD) has partnered with the Reserve Bank Innovation Hub (RBIH) to develop a system that will help speed up the process of agricultural loans.
- IndusInd Bank has become the first bank to execute the Reserve Bank of India’s (RBI) programmable Central Bank Digital Currency (CBDC) pilot, to compensate farmers for carbon credits.
- T. Rabi Sankar has been appointed as Deputy Governor of the Reserve Bank of India (RBI).
January to March 2024
- Recently, the Reserve Bank of India (RBI) has proposed a 50% dividend pay-out ratio for healthy banks whose net NPA is zero.
- The Reserve Bank of India (RBI) has raised the minimum capital requirement for small finance banks (SFBs) to Rs. 200 crore.
- According to the recently released “Finances of Panchayati Raj Institutions” by the Reserve Bank of India (RBI), the own revenues of the Panchayats were 1.1% of their total revenue from 2020-21 to 2022-23.
- The Reserve Bank of India’s (RBI) Digital Payments Index has increased to 418.77 in September 2023 from 395.57 in March 2023. The base period of the RBI-DPI is March 2018.
- The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept the Repo Rate unchanged at 6.50%.
- The Reserve Bank of India (RBI) has signed an agreement with Nepal Rastra Bank to integrate the Unified Payments Interface (UPI) and the National Payments Interface (NPI).
- The Reserve Bank of India (RBI) has signed an MoU with Bank Indonesia to promote the use of local currencies for bilateral transactions.
- The Union Ministry of Finance has announced to issue of a commemorative coin of ₹90 on occasion to mark the 90 Years Celebration of the Reserve Bank of India (RBI). The weight of the coin will be 40 grams.
- The Reserve Bank of India (RBI) is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps.
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