In order to establish guidelines for the ethical and responsible application of AI in the banking and financial industries, the Reserve Bank of India (RBI) has established a committee. In addition to outlining a plan for the long-term integration of AI, the group is responsible for tackling pressing issues including
The Reserve Bank of India (RBI) raised the UPI Lite wallet limit from INR 2,000 to INR 5,000 in an effort to further boost the nation's adoption of digital payments. On December 4, the central bank also declared that the offline transaction limit for the UPI
As of September 2024, 6.32 lakh cases of UPI payment scams totalling INR 485 crore had been registered nationwide, according to RBI data. In FY24, there were 13.42 lakh UPI fraud instances, involving around INR 1,087 crore, a significant increase from FY23's INR 573 crore.
Swaminathan J, the deputy governor of the RBI, has urged banks to adhere to KYC regulations with "precision and empathy," failing which the central bank will take regulatory action against them. Speaking on 18 November to a Conference of Directors of Private Sector Banks, the Deputy Governor also
As per the recent media reports, the Reserve Bank of India (RBI) is developing an AI-enabled system that will alert people in real time about financial scams. An AI-based warning system would identify suspicious transactions as they are going to be made, and individual banks will access a central bank
The Reserve Bank of India (RBI) has granted Cashfree Payments, a prominent player in the payments and API banking industry in India, a Prepaid Payment Instrument (PPI) licence. The RBI has granted Cashfree Payments the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB), and Prepaid Payment Instrument (PPI) licenses, making it
Navi Finserv, owned by Sachin Bansal, announced on 29 October 2024 that the Reserve Bank has permitted the company to make scheduled home loan disbursals that were approved before October 20. Navi Finserv had previously been prohibited from offering new loans. Due to significant supervisory concerns, including unlawful pricing, the
According to Governor Shaktikanta Das, the Reserve Bank of India (RBI) anticipates that the number of daily Unified Payments Interface (UPI) transactions will surpass one billion in the coming months from the current 500 million transactions per day. Das stated during a panel discussion at the Group of Thirty'
With all necessary shareholder and regulatory permissions, the fintech firm Slice, based in Bengaluru, has successfully merged with North East Small Finance Bank (NESFB) as of October 27. Slice stated in a letter released on 28th October 2024 that the merger will combine the two companies' activities, assets, and
On 21 October 2024, PB Fintech announced that its wholly-owned subsidiary, PB Financial Account Aggregators Private Ltd, had received a "Certificate of Registration" (CoR) from the Reserve Bank of India (RBI) to begin operating as an "Account Aggregator." Subject to the RBI-mandated restrictions outlined in the
On September 9, 2024, the Reserve Bank of India amended the Unified Payment Interface (UPI) limitations, which were previously set at INR 2,000 and now stand at INR 5,000. The Reserve Bank of India's governor, Shaktikanta Das, announced that the Monetary Policy Committee (MPC) had decided
On 26 August 2024, Shaktikanta Das, governor of the Reserve Bank of India (RBI), stated that the bank is considering a nationwide launch of a technological platform dubbed the Unified Lending Interface (ULI) to expedite the distribution of loans, particularly to smaller borrowers and those residing in rural areas. At