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The Reserve Bank of India has cautioned lenders against charging interest from the date of loan sanction instead of the actual disbursement date. This practice can lead to additional interest costs for borrowers and violates fair lending practices.

The bank holidays list for May has been released by the Reserve Bank of India (RBI) . The list states that banks in India will be closed for 14 days next month. These bank holidays include religious holidays, Lok Sabha Election 2024 holidays, all Sundays and the second and fourth Saturdays.

ICICI Bank, one of India's leading financial institutions, has taken swift action after the credit card data of at least 17,000 new customers was exposed and accessed by unauthorised individuals. In response to this breach, the bank has announced the immediate blocking of these compromised cards and is issuing new ones to affected customers.

Axis Bank's shares rose by 4% due to better-than-expected Q4 results, while Kotak's shares dropped by 10% following an RBI ban on digital customer sourcing and new credit card issuance.
 

At Rs 1,04,081 crore, online credit card spends crossed the Rs 1-lakh-crore mark for the first time in March. Online card spends rose 20% from about Rs 86,390 crore in March 2023, and 10% from Rs 94,774 crore in Feb 2024.

RBI directs Kotak Mahindra Bank to halt new customer onboarding and credit card issuance due to IT concerns found in the 2022-2023 examinations. The bank's failure to address issues led to service outages, prompting RBI intervention to ensure customer protection and system reliability.

In an interview, former RBI governor Raghuram Rajan said, "I want to know what will we do after becoming superpower. What is our plan? There is no issue in becoming one. Will we promote global peace or will we show our strength on others."

Ram Navami 2024: The Reserve Bank of India publishes list of bank holidays on its official website. According to the official bank holiday calendar of the RBI, both public and private sector banks will remain closed on Wednesday, April 17, in observance of Ram Navami. 

Leading Hair Transplant Surgeon Dr. Hari Kiran Chekuri nearly saved himself from being cheated by fake FedEx agents and fraud people identifying themselves as top-ranking officials from the RBI and police department. 

The Policy Repo Rate remains unchanged at 6.5%. RBI Governor Shaktikanta Das announced this decision following the two-day review meeting of the MPC, which commenced on April 3 and concluded on April 5. The decision was made with a 5:1 majority vote by the MPC

These rules aim to curb the practice of banks and finance companies imposing additional fees on borrowers for late payments or breaches of loan terms. Under the new directives, banks are prohibited from charging penal interest on late Equated Monthly Installment (EMI) payments and from adding extra charges to the interest rate.

Emblazoned with the iconic RBI emblem at its center, the coin bears the inscription "RBI@90" below, symbolizing the institution's enduring contribution to India's financial resilience.

DIGITA would verify and maintain a public register of authorized digital lending apps, aiding law enforcement efforts. Additionally, Google has removed over 2,200 digital lending apps from its PlayStore, aligning with RBI's policy changes to combat fraudulent practices.

The RBI last year announced that the Rs 2,000 bank notes were to be discontinued from circulation, and urged the public to deposit them in banks or exchange them.  As of February 29, the RBI said that approximately 97.62% of the Rs 2,000 currency notes have been returned to the banking system. 

Banks nationwide will remain open on Sunday, March 31, as per RBI's directive for fiscal year closure. NEFT and RTGS transactions will run until midnight. Government transactions including pensions, savings schemes, and Relief Bonds will be processed. Commercial banks act as agents for RBI, aiding in government banking needs. Central Accounts Division in Nagpur manages government accounts efficiently.