All posts tagged: rbi

Centre approves RBI trial of Rs 10 and Rs 20 polymer banknotes

Centre approves RBI trial of Rs 10 and Rs 20 polymer banknotes

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The Central Government has approved the Reserve Bank of India’s (RBI) proposal to conduct field trials of Rs 10 and Rs 20 polymer banknotes, the Finance Ministry informed Parliament on Monday. The announcement was made by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha. The government clarified that the trial does not mean paper currency will be withdrawn. Instead, polymer notes will circulate alongside existing paper banknotes during the trial period. There is currently no proposal to replace paper currency completely with polymer notes. RBI to issue billions of trial notes As part of the field trials, the RBI plans to issue one billion Rs 10 notes and one billion Rs 20 notes made from polymer. The central bank said the trial is intended to assess how polymer banknotes perform under Indian conditions before any decision is taken on wider use, reported the IANS. According to the RBI, polymer banknotes are more durable than conventional paper notes and can remain in circulation for a longer period. The central …

Ministry pushing RBI to open licences for more urban cooperative banks: Secretary Ashish Kumar Bhutani | India News

Ministry pushing RBI to open licences for more urban cooperative banks: Secretary Ashish Kumar Bhutani | India News

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3 min readNew DelhiJul 28, 2026 03:02 AM IST The Ministry of Cooperation has urged the Reserve Bank of India (RBI) to open licences for more urban cooperative banks in the country, a top official said on Monday. Speaking at a book release function, Cooperation Ministry Secretary Ashish Kumar Bhutani said that India needs urban cooperative banks (UCBs) in every town of the country. Echoing the views, Satish K Marathe, director, Central Board of RBI, said there are hundreds of districts in the country that do not have UCBs. “Of the 1,450 UCBs in the country, almost 1,100 are in three states — Maharashtra, Gujarat, and Karnataka. The rest of the country has very few (urban cooperative) banks,” Marathe said, speaking after the release of the book ‘Cooperative Management: The Indian Perspective’, co-authored by KK Tripathy, Joint Secretary in the Economic Advisory Council to The Prime Minister. Harekrishna Misra and SK Wadkar co-wrote the book. Responding to the remarks made by Marathe, Bhutani said, “This is one of the biggest, I would say, focus areas …

Man orders ‘rare’ 1-rupee note online, never gets it, wins Rs 13,000 payout | Legal News

Man orders ‘rare’ 1-rupee note online, never gets it, wins Rs 13,000 payout | Legal News

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3 min readNew DelhiJul 22, 2026 02:15 PM IST A district consumer commission in Andhra Pradesh has directed Snapdeal to refund Rs 754 and pay Rs 13,000 to a customer after he allegedly did not receive the five “rare one-rupee notes” he had ordered through the e-commerce platform. President D Sreedevi and members Y Sundara Rao and Dr S A Sameera held Snapdeal liable for deficiency in service for failing to render the services to the complainant. “1st opposite party (Snapdeal) solely liable for the deficiency in rendering their service towards the complainant in an unfair manner, liable for appropriate reliefs to the complainant,” the order dated July 13 read. Delivery gone wrong The complainant stated that he is in the habit of collecting old and rare currency notes and preserves them in his house. He therefore ordered five rare one-rupee Gandhi notes signed by former Reserve Bank of India Governor I G Patel through the Snapdeal mobile application on October 30, 2024, for Rs 754. The parcel was delivered on November 9, 2024, however, the …

RBI plans easier rules for bank stake acquisition | Business News

RBI plans easier rules for bank stake acquisition | Business News

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2 min readMumbaiJul 15, 2026 01:20 AM IST The Reserve Bank of India (RBI) has proposed to grant a one-time approval for future acquisitions of major shareholding in a bank to eligible mutual funds, insurance companies and pension funds if their stakes fall below 5%. Once such approval is granted, these institutions will not need to seek RBI approval every time they re-acquire a stake of up to 10%, provided they continue to comply with all regulatory conditions and the approval has not been revoked, the RBI said in the draft Reserve Bank of India (Commercial Banks — Acquisition and Holding of Shares or Voting Rights) Amendment Directions, 2026. Under the existing 2025 Master Direction, if an institution’s holding falls below 5% and it later wishes to increase it again to a major shareholding, they must seek fresh RBI approval. This requirement ensured continuous monitoring, and also resulted in repeated regulatory approvals for large institutional investors. The objective of this revision is apparently to simplify the approval process for institutional investors while maintaining regulatory oversight …

KAU organises financial literacy programme for farmers in collaboration with RBI and lead bank

KAU organises financial literacy programme for farmers in collaboration with RBI and lead bank

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The Department of Banking & Finance Management, College of Co-operation, Banking & Finance Management, Kerala Agricultural University, has organised “Dhanapadham,” a financial literacy programme for farmers. The programme was held at the Green Army Training Centre, Athani, Thrissur, in collaboration with the Reserve Bank of India (RBI), Thiruvananthapuram, and the Lead Bank Office, Canara Bank, Thrissur district. The programme was conducted as part of the Experiential Learning Programme of the final-year B.Sc. (Hons.) Co-operation & Banking students with the objective of disseminating financial literacy among farmers, particularly in the areas of digital banking, farmer-centred credit schemes, and safe financial practices. As part of the Experiential Learning Programme, the students actively engaged with the farmers using Participatory Rural Appraisal (PRA) techniques to understand their financial awareness, banking practices, and credit requirements. The interactions enabled the students to gain practical insights into the financial needs and challenges faced by the farming community while facilitating knowledge exchange between the participants and experts. A financial literacy skit presented by the Experiential Learning students was one of the highlights of …

RBI revamps digital fraud compensation rules; expands customer safeguards | Business News

RBI revamps digital fraud compensation rules; expands customer safeguards | Business News

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3 min readMumbaiJun 24, 2026 10:47 PM IST The Reserve Bank of India (RBI) on Wednesday unveiled a revised compensation mechanism for victims of digital payment frauds and widened its framework for limiting customer liability. According to the central bank, a bona fide victim who has lodged a complaint involving gross loss of up to Rs 50,000 on account of fraudulent electronic banking transaction (EBT) will be compensated 85% of the net loss amount or Rs 25,000, whichever is less, once during the lifetime. The victim should report the fraudulent EBT on the National Cyber Crime Reporting Portal or National Cyber Crime Helpline (1930) and to the bank within five calendar days from its occurrence, it said in the RBI (Commercial Banks – Responsible Business Conduct) Third Amendment Directions, 2026. The new directions will apply in cases of electronic banking transactions undertaken by customers of a bank on or after January 1, 2027. For a complaint related to fraudulent EBT involving a loss amount of less than Rs 29,412, where a compensation of 85% is …

May inflation stays below RBI target

May inflation stays below RBI target

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Retail inflation increased for the seventh consecutive month to 3.9% in May and reached its highest level since January 2025, but stayed below RBI’s target of 4%. The numbers however could have been higher, except for a statistical quirk in the methodology for collecting petrol-diesel-LPG price data which treats the 15th of the corresponding month as the benchmark. May inflation stays below RBI target Consumer Price Index (CPI) grew at 3.93% in May 2026, marginally lower than a Bloomberg economist poll prediction of 4.02%. Core inflation, which measures the non-food non-fuel part of the CPI basket and is considered more immune to seasonal fluctuations, expanded 3.7% in May, up from its 3.4% print in April. Food and beverages part of the CPI basket grew at 4.6% in May compared to 4% in April. Part of the higher growth in food inflation is on account of an adverse base effect. While the new CPI series does not give disaggregated readings before January 2026, food inflation in the old series was 1% in May 2025 and slipped …

Govt re-appoints Swaminathan Janakiraman as RBI Deputy Governor for two years | Business News

Govt re-appoints Swaminathan Janakiraman as RBI Deputy Governor for two years | Business News

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1 min readMumbaiJun 6, 2026 05:12 AM IST The Centre has re-appointed Swaminathan Janakiraman as Deputy Governor of the Reserve Bank of India for a period of two years, the central bank said on Friday. His term will begin from June 26. Swaminathan was first named as Deputy Governor in June 2023, prior to which he was a managing director at the country’s largest bank, State Bank of India. As Deputy Governor, Swaminathan is in charge of several key areas, including the Department of Supervision and Inspection Department, among others. The RBI has four deputies to Governor Sanjay Malhotra: Swaminathan, Poonam Gupta, Shirish Chandra Murmu, and Rohit Jain. Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

Will India get plastic currency notes? RBI reviewing proposal, says Governor

Will India get plastic currency notes? RBI reviewing proposal, says Governor

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The Reserve Bank of India (RBI) Governor Sanjay Malhotra has said that the proposal to introduce polymer currency notes in India is currently under consideration and remains at a preliminary stage, reported the PTI. Speaking on the issue, Malhotra said the central bank is examining the proposal, but no final decision has been taken so far. The RBI Governor stated that discussions regarding polymer banknotes are still in the early stages. He said the proposal is being evaluated and remains under consideration by the central bank. His remarks come amid growing interest in the possibility of introducing polymer-based currency notes as an alternative to traditional paper notes. What are polymer currency notes? Polymer notes are banknotes made from a special plastic material rather than cotton-based paper. Several countries, including Australia, Canada, the United Kingdom and New Zealand, have adopted polymer currency due to its durability and security features. These notes are generally more resistant to wear and tear, water damage and counterfeiting. Potential benefits It is believed that polymer notes can last significantly longer than …

RBI retains repo rate at 5.25%, maintains ‘neutral’ stance | Business News

RBI retains repo rate at 5.25%, maintains ‘neutral’ stance | Business News

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1 min readNew DelhiUpdated: Jun 5, 2026 10:07 AM IST The Monetary Policy Committee of the Reserve Bank of India has decided to keep the repo rate at 5.25%, with a ‘neutral’ stance. RBI Governor Sanjay Malhotra said the central bank remains confident in absorbing shocks from the war in West Asia. In February 2026, the repo rate remained unchanged at 5.25%, with a ‘neutral’ stance. (This is a developing story) Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link