The Reserve Bank of India (RBI) has released the Report on Currency and Finance (RCF) for the year 2023-24, themed “India’s Digital Revolution”. The Report reflects the views of contributors and not necessarily the Reserve Bank.

The Reserve Bank of India (RBI) has announced the selection of five entities for the Test Phase of the Fifth Cohort (Theme Neutral) under its Regulatory Sandbox, following the announcement made in October 2023. The selected entities will commence testing of their solutions from August 2024.

The selected entities and their solutions are:

The Reserve Bank of India (RBI) convened a conference for the Statutory Auditors and Chief Financial Officers (CFOs) of Commercial Banks and All India Financial Institutions in Mumbai, as part of its ongoing supervisory engagement with key stakeholders. Themed ‘Shared Vision, Shared Responsibility: Advancing Assurance in Banking Supervision’, the event saw participation from over 300 delegates.

The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (CoR) of Polytex India Ltd, a Non-Banking Financial Company (NBFC) based in Mumbai, under the powers conferred by Section 45-IA(6) of the RBI Act, 1934. The company had been operating through the ‘Z2P’ mobile application, owned and operated by Zaitech Technologies Private Limited.

Following the cancellation, Polytex India Ltd is prohibited from conducting any business as a Non-Banking Financial Institution (NBFI) under the RBI Act, 1934.

The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (CoR) of Star Finserv India Limited, a Non-Banking Financial Company (NBFC) based in Hyderabad, under the powers conferred by Section 45-IA(6) of the RBI Act, 1934. The NBFC had been operating through the digital lending platform Progcap, owned and operated by Desiderata Impact Ventures Private Limited.

Following the cancellation, Star Finserv India Limited is prohibited from transacting any business as a Non-Banking Financial Institution (NBFI) under the RBI Act, 1934.