RBI Asks Paytm Payments Bank Customers to Shift Accounts to Other Banks by March 15
Customers of PPBL are encouraged to transfer their account balances, including savings, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, to alternative banks before March 15. The RBI emphasizes that withdrawals and utilization of balances from PPBL accounts will continue to be permitted without restrictions beyond this date.
Reserve Bank Directs Visa and Mastercard to Halt Commercial Card Transactions
Visa has confirmed receipt of the communication from the regulator on February 8, while awaiting a response from Mastercard on the matter. This development closely follows the RBI's initiation of regulatory measures against Paytm Payments Bank.
Reserve Bank to Release FAQs Addressing Paytm Payments Bank Measures
RBI Governor Shaktikanta Das emphasized the importance of addressing customer issues promptly, stating, “Wait for FAQ that will have a set of clarifications related to customers of PPBL as our priority is customers should not be inconvenienced. Customer interest and depositors interest is uppermost for us.”
Sovereign Gold Bond Price Set at Rs 6,263/gm as Issue Opens Monday
Investors applying online and making payments through digital modes will receive a discount of Rs 50 per gram, resulting in an issue price of Rs 6,213 per gram.
Market Decline Follows RBI Monetary Policy Decision; Bank Stocks Lead the Drag
The decision by the Reserve Bank of India to maintain the key policy rate unchanged at 6.5 per cent for the sixth consecutive time underscored its cautious approach toward inflation. RBI Governor Shaktikanta Das announced the decision following the bi-monthly monetary policy review.
RBI to Roll Out Offline e-Rupee Transactions Soon, Announces Das
The retail CBDC pilot was initiated in December 2022, with the target of achieving 10 lakh transactions per day by December 2023. The introduction of offline functionality aims to cater to regions with poor or limited internet connectivity, such as hilly areas, rural, and urban locations.
RBI Forecasts FY'25 Inflation at 4.5%, Lower Than Current Fiscal's 5.4%
Governor Shaktikanta Das, announcing the decision of the Monetary Policy Committee (MPC), highlighted that domestic economic activity is holding up well, supported by momentum in investment demand, optimistic business sentiments, and rising consumer confidence.
RBI Maintains Interest Rate at 6.5% for Sixth Consecutive Time
The last time RBI raised the repo rate was in February 2023 to 6.5 per cent, after six consecutive rate hikes totaling 250 basis points since May 2022.