The Reserve Bank of India (RBI), in collaboration with the Global Financial Innovation Network (GFIN), has invited Indian firms to participate in the inaugural Greenwashing TechSprint, aimed at tackling sustainability-related risks in financial services.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,73,75,000 (Rupees one crore seventy-three lakh seventy-five thousand only) on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for contravention of Rule 20(1) of the Credit Information Companies Rules, 2006 (CIC Rules).

The Reserve Bank of India (RBI), in collaboration with the BIS Innovation Hub (BISIH) of the Bank for International Settlements (BIS), has launched the fourth edition of the G20 TechSprint, a global technology competition aimed at enhancing cross-border payment systems. The initiative is part of India’s ongoing G20 Presidency efforts to foster innovation and financial integration.

The competition is open to developers worldwide, with submissions accepted from May 4 to June 4, 2023. The TechSprint is scheduled to conclude around August/September 2023.

The Reserve Bank of India (RBI) has imposed monetary penalties on several co-operative banks across India for non-compliance with KYC guidelines, exposure norms, DEA fund requirements, and Credit Information Company (CIC) directions. These penalties have been imposed under Sections 47A, 46, 56 of the Banking Regulation Act, 1949 and relevant provisions of the Credit Information Companies (Regulation) Act, 2005. The actions are based on deficiencies in regulatory compliance and are not intended to affect the validity of any transactions undertaken by these banks.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹23.23 lakh on The Karnataka State Co-operative Apex Bank Ltd., Bengaluru for non-compliance with RBI (Know Your Customer (KYC)) Directions, 2016 and directions on Membership of Credit Information Companies (CICs). The penalty was imposed under Section 47A (1)(c) read with Sections 46 (4)(i) and 56 of the Banking Regulation Act, 1949, and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.