New Delhi: The Minister for Finance & Corporate Affairs, Nirmala Sitharaman on Tuesday announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23. Presenting the Union Budget 2022-23 in the Parliament, the finance minister said that the Central Bank Digital Currency (CBDC) will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system, the Minister stated. The Digital Currency will use block chain and other technologies.

New Delhi: The Finance Bill 2022 from Finance Minister Nirmala Seetharaman has proposed to introduce a slew of new provisions in the Income-Tax Act, 1961 to provide for a framework for taxation of income on sale and purchase of Virtual Digital Assets. 

The Reserve Bank of India (RBI) has directed all Credit Information Companies (CICs) holding a Certificate of Registration under the Credit Information Companies (Regulation) Act, 2005, to appoint an Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism by April 1, 2023. This directive was issued in exercise of powers under Section 11(1) of the Act and follows the RBI’s commitment to strengthen consumer protection as announced in the Monetary Policy statement dated August 5, 2022.

Mumbai : As per the press release from the Reserve Bank of India (RBI), it has imposed, by an order dated October 18, 2021, a monetary penalty of ₹1.95 crore (Rupees One Crore and Ninety-five Lakh only) on Standard Chartered Bank - India (the bank) for non-compliance with the directions issued by RBI on ‘Customer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking Transactions’, ‘Cyber Security Framework in Banks’, ‘Credit Card Operations of banks’ read with ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Crea

The Reserve Bank of India (RBI) has released draft directions on the due diligence of Aadhaar Enabled Payment System (AePS) Touchpoint Operators, aiming to strengthen the security and reliability of AePS transactions.