The domestic companies had invested $2.23 billion in their overseas joint ventures and fully-owned subsidiaries during December 2020 in the previous financial year.
This fintech department will not only promote innovation in the sector but also identify the challenges and opportunities associated with it and address them in a timely manner.
As per a recent notice issued by the RBI, Indian fintech companies can access credit bureaus' data if they have CISA certification.
As executive director, Kumar will look after the Foreign Exchange Department, Department of Communication and Deposit Insurance and Credit Guarantee Corporation. Choudhary will look after the Fintech Department, Risk Monitoring Department and Inspection Department.
Under the offline mode, payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets, and mobile devices.
The money remitted by family members abroad can now be directly withdrawn at the nearest micro-ATM or Aadhaar-enabled payment services (AEPS)-enabled Fino Bank's neighbourhood merchant point.
FSR report of RBI says private cryptocurrencies impose risks against anti-money laundering (AML) and become a challenge in combating the financing of terrorism (CFT).
Tokenization can ensure better security for both customers and digital payment platforms for transactions, believe fintech owners.
In H1 2021-22, banks saw 1,802 reported cases of frauds amounting to Rs 35,060 crore which were related to advances. There were 1,532 reported cases of fraud linked to card/internet.
RBI, through a circular on December 23, extended the deadline for the implementation of the new tokenisation mechanism to July 1, 2022 from the earlier date of January 1, 2022.
The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 30 of the PSS Act, the central bank said in a statement.
Customers will now have to pay Rs 21 per transaction on exceeding their monthly limit for ATM withdrawals from January 1, 2022.
The application was filed in a pending petition by advocate Rohit Dandriyal seeking directions to the authorities to withdraw the new currency notes of Rs 50 as the visually-impaired people were finding it difficult to use them due to their size and the tactile marks.
RBI, in its order, stated that the fine on Punjab National Bank was imposed for being in contravention of sub-section (2) of sector 19 of the Banking Regulation Act, 1949.
RBI has retained its repo and reverse repo rates. But rate hikes are expected to take place within the next year, so debt fund investors should look at funds with 5-10 years' maturities.
RBI has bought 71 tonnes of gold in just 10 months this calendar year. Falling global prices of gold, economic uncertainty, decline in major currencies such as US dollar prompt the buying spree.
The RBI Governor-headed Monetary Policy Committee is scheduled to meet during December 6-8, 2021. The decision of the rate-setting panel would be announced on Wednesday.
Subscription for Sovereign Gold Bond Scheme 2021-22 will be open for the next five days and investors can buy bonds at Rs 4,791 per gram of gold. The bonds can be redeemed in cash on maturity.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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The pandemic has made it clear that virtual learning is here to stay. In the West, the big question is whether it will dilute the quality of the college experience and education. In India, which grapples with digital divide, the question remains whether this will reach most people at all.
Even after two years of the Covid-19 pandemic, many 'informed' individuals in India continue to deny the virus with unscientific claims and unfounded data. The latest? Omicron will end the pandemic.
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