The Governor of the Reserve Bank of India (RBI) today held a meeting with the Chairmen, Managing Directors, and CEOs of select Urban Cooperative Banks (UCBs) from across the country. Representatives from industry bodies, including the National Urban Cooperative Finance and Development Corporation (NUCFDC) and the National Federation of Urban Co-operative Banks & Credit Societies (NAFCUB), also participated.

The Reserve Bank of India (RBI) has announced revisions to the Foreign Exchange Management Act (FEMA), 1999 regulations to encourage greater use of the Indian Rupee (INR) and local/national currencies for cross-border trade and investment transactions.

The Reserve Bank of India (RBI) today inaugurated the 5th Digital Payments Awareness Week (DPAW), highlighting the importance of cybersecurity, cyber law compliance, and protection of digital payment users. The initiative runs from March 10 to 16, 2025 under the mission “Har Payment Digital” with the theme “India Pays Digitally”, reflecting the country’s push toward a safe and secure digital payments ecosystem.

The Reserve Bank of India (RBI) has released draft directions on Additional Factor of Authentication (AFA) for cross-border Card Not Present (CNP) transactions, inviting public comments. The move was announced in the Statement on Developmental and Regulatory Policies issued today.

Under the draft directions, card issuers will be required to validate AFA for non-recurring cross-border CNP transactions whenever such authentication is requested by the overseas merchant or acquirer. The measure aims to enhance security and reduce fraud in international digital card transactions.

The Reserve Bank of India (RBI) has announced the results of the third edition of its global hackathon, HaRBInger – Innovation for Transformation 2024, which focused on the themes ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’. The initiative sought innovative solutions to enhance security in digital finance and improve accessibility for persons with disabilities.