New Delhi, July 16 (IANS) The Reserve Bank of India (RBI) has issued a compounding order in the case of Apothecon Pharmaceuticals Private Limited’s violations of the provisions of the Foreign Exchange Management Act (FEMA), which resulted in the closure of the ED investigation against the company with a one-time payment of Rs 40.52 lakh, according to a statement issued by the Directorate of Enforcement (ED) on Thursday.The RBI’s order compounding the violations under Section 15 of FEMA has b…
Latest Reserve Bank of India News & Updates
Kathmandu, July 16 (IANS) The Asian Development Bank (ADB) has identified the Nepal-India digital payment corridor as a major untapped opportunity that could significantly improve trade, tourism, and remittance flows between the two neighbouring countries. In its report ‘Advancing Digital Payments in Nepal: Infrastructure Upgrades and Policy Development for Enhanced Trade Facilitation’ released earlier this week, the Manila-based lender said billions of dollars move annually between Nepal and In…
Washington, July 16 (IANS) Federal Reserve Chairman Kevin Warsh has enlisted former Reserve Bank of India Governor Raghuram Rajan to help review the US central bank’s balance sheet, as part of a sweeping reform programme aimed at reshaping monetary policymaking after years of elevated inflation. The appointment drew praise from Senate Banking Committee Chairman Tim Scott during Warsh’s first semiannual monetary policy hearing before Congress on Wednesday (local time), where the Republican lawmak…
Hyderabad, July 15 (IANS) The Central Bureau of Investigation on Wednesday conducted coordinated search operations in connection with a bank fraud case against M/s Jupiter Bio Sciences Ltd, its MD, directors and unknown public servants and unknown private persons, based on the complaint of UCO Bank, Hyderabad, for causing wrongful loss of Rs 47.37 crore to the bank. The Central agency said in a release that a case was registered on June 29, 2026, at the directions of the High Court of Telangana….
New Delhi, July 15 (IANS) HDFC Bank on Wednesday announced that it has received approval from the Reserve Bank of India (RBI) to appoint former Finance Secretary and ex-Chief Election Commissioner Rajiv Kumar as its part-time chairman for a period of three years, effective July 15, 2026.The private sector lender said in a regulatory filing that the appointment has been approved by the RBI under Section 10B(1A)(i) of the Banking Regulation Act, 1949. The approval follows the bank’s application to…
New Delhi, July 15 (IANS) Customers whose complaints against banks or other financial institutions remain unresolved can now approach the Reserve Bank of India (RBI) under its new Integrated Ombudsman Scheme, which allows compensation of up to Rs 33 lakh in cases involving proven financial loss and service deficiencies.The Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2026 — that came into effect from July — provides a free and independent mechanism for customers to escalate complaint…
Jabalpur/Bhopal, July 15 (IANS) The Madhya Pradesh High Court has directed the Directors General of Police of Assam, West Bengal and Jharkhand to appear in person on July 21 while hearing a petition related to a Rs 6.24 lakh cyber fraud, saying prompt coordination is essential for effective investigation of such offences. A bench of Justice Himanshu Joshi on Tuesday also ordered that the Union Ministry of Home Affairs (MHA), the Reserve Bank of India (RBI) and the Department of Telecommunication…
Mumbai, July 14 (IANS) The Reserve Bank of India (RBI) on Tuesday held its half-yearly meetings with the Managing Directors and Chief Executive Officers of Public Sector Banks and select Private Sector Banks in Mumbai, with Governor Sanjay Malhotra calling on lenders to harness artificial intelligence (AI), strengthen cybersecurity and maintain a strong customer-centric approach.The meetings were chaired by the RBI Governor and attended by Deputy Governors Swaminathan J., Dr. Poonam Gupta, S. C….
Mumbai, July 14 (IANS) The Reserve Bank of India (RBI) on Tuesday said that Indian firms’ proposals to raise money under the external commercial borrowings (ECB) route saw a surge of 25.8 per cent (month-on-month) in May at over $4.73 billion.The central bank released the data on External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB), and Rupee Denominated Bonds (RDB), both through the automatic and the approval routes, for the month of May, and it shows that the ECB f…
New Delhi, July 14 (IANS) India’s current account deficit for the second quarter of CY26 is tracking around 1.5 per cent of gross domestic product by June-end, a report said on Tuesday.The capital account and the overall balance of payments are likely to remain in deficit for the quarter, the report from HSBC Global Investment Research said.The report forecasted inflation to average nearly 5 per cent in FY27.The debt inflows picked up in June and the external position should improve as non‑r…