The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have signed and exchanged the Terms of Reference to integrate India’s Unified Payments Interface (UPI) with Nepal’s National Payments Interface (NPI). This collaboration will enable seamless, instant, and low-cost cross-border remittances between the two countries, allowing users of both systems to transfer funds efficiently.

The Reserve Bank of India has observed that a Card Network had introduced an arrangement allowing businesses to make card payments through certain intermediaries to entities that do not directly accept card payments. In this setup, the intermediary received card payments from corporates for commercial transactions and subsequently transferred the funds to non-card-accepting beneficiaries using IMPS, RTGS, or NEFT.

The Governor of the Reserve Bank of India (RBI) held discussions with the Managing Directors and Chief Executive Officers of Public Sector Banks and select Private Sector Banks on February 14, 2024, in Mumbai. These meetings form a part of RBI’s ongoing engagement with senior management of regulated and supervised entities. Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J., along with Executive Directors overseeing regulation and supervision, were also present. The last such interaction took place on July 11, 2023.

The Reserve Bank of India (RBI) has once again cautioned the public about rising incidents of fraud being carried out under the pretext of Know Your Customer (KYC) updation. RBI had earlier warned consumers through a press release on September 13, 2021, but recent reports show that many customers continue to fall victim to such scams.

The Reserve Bank of India (RBI) has taken regulatory action against Paytm Payments Bank Ltd (PPBL) under Section 35A of the Banking Regulation Act, 1949. This follows an earlier directive issued on March 11, 2022, instructing the bank to stop onboarding new customers.

A comprehensive system audit and subsequent compliance validation by external auditors revealed persistent non-compliances and continuing material supervisory concerns. Based on these findings, RBI has issued fresh directions to PPBL.