The Reserve Bank of India (RBI) has announced the launch of its second global hackathon, “HARBINGER 2023 – Innovation for Transformation,” with a central focus on promoting inclusive digital services. The initiative is designed to encourage innovators and fintech developers to create solutions that make digital financial services more accessible, efficient and future-ready.

The Reserve Bank of India has issued an updated Alert List identifying entities, platforms, and websites that appear to be promoting or facilitating unauthorised forex trading. This follows earlier cautionary press releases issued in February and September 2022, where the RBI warned the public about platforms operating without regulatory approval under the Foreign Exchange Management Act, 1999 (FEMA).

The Reserve Bank of India has released a detailed Discussion Paper outlining a proposed shift from the current incurred loss model of loan loss provisioning to an expected loss–based approach for banks. This move, first announced in the Statement on Developmental and Regulatory Policies on September 30, 2022, aims to strengthen the credit risk management framework and align Indian banking practices with global standards such as IFRS 9 and Basel guidelines.

The Reserve Bank of India has imposed a monetary penalty of ₹30 lakh on Bahadur Chand Investments Private Limited, New Delhi, for violations of key regulatory requirements under the Core Investment Companies Directions, 2016, and the IT Framework for the NBFC sector. The order, issued on January 6, 2023, invokes the powers granted to the RBI under the Reserve Bank of India Act, 1934. The central bank clarified that the penalty is strictly a regulatory action and does not question the validity of any transactions or agreements entered into by the company with its customers.

The Reserve Bank of India has continued to refine its Know Your Customer (KYC) framework to make compliance easier for individuals while maintaining the integrity required under the Prevention of Money Laundering Act, 2002. A major step in this direction was taken in May 2021, when the process for periodic updation of KYC, commonly known as re-KYC, was simplified to reduce customer inconvenience and promote digital alternatives.