The Reserve Bank of India (RBI) has increased the collateral-free agricultural loan limit to ₹2 lakh, offering crucial financial relief to millions of Indian farmers struggling with rising input costs. This move, effective January 1st, 2025, is expected to significantly impact the agricultural sector and stimulate rural economic growth.
This week saw a whirlwind of events in India, from the appointment of a new RBI governor to bomb threats across multiple cities, the passing of a former Karnataka CM, a young chess champion’s victory, and a tragic stampede resulting in an actor’s arrest. This comprehensive news wrap covers it all.
A flurry of significant events unfold today, December 10th, impacting India and beyond. From the end of RBI Governor Shaktikanta Das’s term to the launch of the Moto G35, and the implementation of TRAI’s traceability rules, this news roundup covers key developments across finance, technology, and politics.
The Reserve Bank of India (RBI) has launched MuleHunter.AI, an AI-powered system designed to combat the rising threat of online financial fraud by identifying and eliminating mule accounts – bank accounts used by criminals to launder stolen money. This innovative technology is already showing promising results in public sector banks, offering a significant advancement in the fight against cybercrime.
A busy day in India with the RBI announcing its monetary policy, Finance Minister Sitharaman beginning pre-budget consultations, a holiday declared for Mahaparinirvan Diwas, and farmer protests underway. Get the latest updates here.
State Bank of India (SBI) is urging the Reserve Bank of India (RBI) to revise regulations on inactive accounts, proposing that non-financial transactions, such as balance checks, should also be considered as maintaining account activity. This move aims to prevent millions of accounts, particularly those used for government benefit transfers, from being incorrectly classified as dormant.
The Reserve Bank of India (RBI) is set to launch a pioneering pilot program in 2025, offering affordable, locally-hosted cloud data storage solutions to Indian financial institutions. This initiative aims to boost the domestic IT sector and enhance data security, challenging established global cloud giants.
The Reserve Bank of India (RBI) has introduced a new rule allowing Foreign Portfolio Investors (FPIs) to reclassify their holdings exceeding the 10% limit in an Indian company as Foreign Direct Investment (FDI). This move offers FPIs flexibility in managing their investments and allows them to potentially gain greater control over their Indian investments.
The Reserve Bank of India (RBI) has significantly boosted the transaction limit for UPI 123Pay, a service designed for feature phone users in India. This move, coupled with new language options and an expanded suite of payment methods, makes digital transactions more accessible and convenient for millions of Indians who rely on non-smartphone devices.
Chhath Puja, a significant Hindu festival, will impact banking services in several Indian states. Banks in Bihar, Jharkhand, Delhi, and West Bengal will remain closed on November 8, coinciding with the festival’s peak celebrations. This closure, following the previous day’s holiday, extends the disruption of in-person banking services. While physical bank branches will be closed, digital banking and ATMs will remain operational for customers to manage their finances.
