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The MoUs were signed by RBI Governor Shaktikanta Das and the Governor of the Central Bank of UAE, Khaled Mohamed Balama
Commerce

India, UAE sign MoU to begin trade settlement in their currencies

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RBI, Central Bank of UAE sign MoUs on promoting local currencies, interlinking payment systems On Saturday, Prime Minister Narendra Modi held talks with UAE President...
The UPI LITE account can be loaded with up to Rs.2,000 twice a day and allows users to do instant UPI transactions up to Rs.200
Banking

Google Pay rolls out UPI LITE in India to enable faster...

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Google Pay launches UPI Lite to boost small-value transactions On Thursday, Google Pay rolled out UPI LITE on its platform to enable users to make...
Card issuers and card networks shall ensure that they would follow the existing agreements at the time of amendment or renewal
Banking

RBI issues draft circular on issuance of debit, credit cards and...

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RBI's draft norms allow customers to switch card networks The Reserve Bank of India (RBI) on Wednesday issued a draft circular on the issuance of...
Most of the Rs.2000 notes have returned through deposits, says RBI
Banking

76% of total Rs.2000 denomination notes in circulation returned to banks:...

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RBI says 76% of Rs.2000 notes, worth Rs.2.72 lakh cr, received by banks since May 19 The Reserve Bank of India (RBI) has said that...
Banks and non-bank financial intermediaries are posting strong earnings and robust credit growth with strengthening buffers
Economy

Indian economy presents picture of resilience, robust financial system boosting growth:...

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RBI’s financial stability report says India's economic prospects brighten; core inflation, global volatility may pose risks The Indian economy presents a picture of resilience, supported...
India's contribution to global GDP growth has risen six-fold since the turn of the millennium
Economy

India to be third largest contributor to global GDP: Chief Economic...

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India was the 10th largest economy in 2014, and we expect to become the third-largest economy in 2027: Chief Economic Advisor On Thursday Chief Economic...
In case of loss of property documents, the bank will be obligated to assist in obtaining certified registered copies of documents at their cost but also compensate the customer adequately
Banking

RBI may slap penalties on banks that lose property papers of...

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RBI panel suggests penalty for home loan providers on loss of borrowers' documents If the Reserve Bank of India (RBI) accepts the recommendations of a...
The payment of royalties was nothing more than a means of sending money out of India therefore it is
Fraud

Xiaomi India CFO, former MD, 3 foreign banks get ED notice...

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ED's action on Xiaomi India over FEMA violation The Enforcement Directorate (ED) has said that it has issued a show-cause notice to Xiaomi India, its...
RBI has marginally lowered the CPI inflation projection for FY24 to 5.1 percent, it has emphasized on the inflationary risks
Banking

RBI-MPC won’t cut repo rate anytime soon, not before US Federal...

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MPC opts for hawkish pause, focused on 4% inflation target Reacting to RBI's Monetary Policy Committee (MPC) to maintain the status quo as regards the...
According to the RBI's release, the central bank has invited feedback from the shareholders on the same
Banking

RBI issues draft directions on cyber resilience, digital payment security controls...

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RBI issues draft directions for safe and secure transactions On Friday the Reserve Bank of India (RBI) issued a draft master directions on cyber resilience...
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