The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2 lakh on Pragati Mahila Nagrik Sahakari Bank Maryadit, Bhilai, Chhattisgarh, for non-compliance with directions issued to Urban Co-operative Banks regarding loans and advances to directors, directors as sureties/guarantors, and Know Your Customer (KYC) norms. The penalty has been imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has released its “Payments Vision 2025”, aimed at promoting safe, secure, fast, convenient, accessible, and affordable e-payment options for every user. The core theme of the initiative is “E-Payments for Everyone, Everywhere, Everytime” (4Es).

The Reserve Bank of India (RBI) has lifted the restrictions previously imposed on Mastercard Asia/Pacific Pte. Ltd. regarding the on-boarding of new domestic customers. This decision comes in view of the satisfactory compliance demonstrated by Mastercard with the RBI circular dated April 6, 2018 on the Storage of Payment System Data. The restrictions, originally imposed by RBI on July 14, 2021, are now lifted with immediate effect.

The Reserve Bank of India (RBI) has announced the results of its first global hackathon, “HARBINGER 2021 – Innovation for Transformation”, themed Smarter Digital Payments. The hackathon was launched on November 9, 2021, and received 363 proposals from teams across India and 22 other countries, including the USA, UK, Sweden, Singapore, Philippines, and Israel.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹36 lakh on Central Bank of India for non-compliance with directions on Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions. The penalty has been imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 51(1) of the Banking Regulation Act, 1949.