The Reserve Bank of India (RBI) is preparing to disrupt the cloud services market by introducing an affordable, localized cloud storage solution for financial institutions in 2025. This initiative, led by the RBI’s Indian Financial Technology and Allied Services (IFTAS), targets smaller banks and financial firms struggling with the high costs of existing cloud services Read More…
India has witnessed a remarkable shift towards cashless transactions, with digital payments more than doubling between 2021 and 2024, according to the latest report from the Reserve Bank of India (RBI). The surge is attributed primarily to the widespread adoption of the Unified Payments Interface (UPI), which has become particularly popular for small-value transactions due Read More…
By our Commercial Correspondent Mumbai: The Reserve Bank of India (RBI) has ordered on Oct 17 four non-banking financial corporations (NBFCs) to cease and desist from sanction and disbursal of loans, charging them with usurious pricing and other regulatory deviations. The NBFCs rapped by the central bank are : Asirvad Micro Finance Ltd, the MFI Read More…
Mumbai: In a significant move, the Reserve Bank of India (RBI) has maintained the policy rate at 6.5% for the 10th consecutive time during its latest Monetary Policy Committee (MPC) meeting. The central bank’s decision reflects a continued cautious approach to managing inflation and supporting economic growth. RBI Governor Shaktikanta Das announced a strategic shift Read More…