The Reserve Bank of India (RBI) has announced its first-ever global hackathon titled “HARBINGER 2021 – Innovation for Transformation” under the theme ‘Smarter Digital Payments’. This initiative aims to promote innovation in the digital payments ecosystem by inviting participants from around the world to identify and develop solutions that make digital payments more accessible to the under-served, improve ease of use and user experience, and strengthen security and customer protection.

The Reserve Bank of India (RBI) has released the report of its Working Group (WG) on digital lending, including lending through online platforms and mobile apps. Constituted on January 13, 2021, under the chairmanship of Shri Jayant Kumar Dash, Executive Director of RBI, the WG was set up to address concerns related to business conduct and customer protection arising from the rapid growth of digital lending activities. The report emphasizes enhancing customer protection, creating a safe and sound digital lending ecosystem, and encouraging innovation in the sector.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.00 lakh on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh, by an order dated November 16, 2021, for non-compliance with directions issued to Urban Co-operative Banks regarding Exposure Norms, Statutory/Other Restrictions, and Know Your Customer (KYC) requirements. The penalty was levied under the powers vested in the RBI through Section 47 A (1)(c) read with Sections 46 (4)(i) and 56 of the Banking Regulation Act, 1949, in view of the bank’s failure to adhere to the prescribed regulatory guidelines.