In a customer-friendly shift, the RBI has also allowed the use of Video-based Customer Identification Process (V-CIP) for such updates.
The extension comes as the Mumbai-based bank has launched the search for a new CEO and is engaging with global recruitment firms.
They also emphasised the need for the central bank to strengthen its supervisory mechanisms to detect such frauds early and effectively.
Public sector banks became the first to act on the RBI’s policy signal by promptly cutting their Repo Linked Lending Rates (RLLR).
The rate cut is part of the RBI’s strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses.
The RBI-DPI comprises 5 broad parameters that enable the measurement of penetration of digital payments in the country over different time periods.
The Reserve Bank of India (RBI) on Thursday issued a draft circular on the Basel III framework on liquidity standards, which will require banks to set aside more funds to cover their risks.
Union Budget 2024-25 got a thumbs up from most brokerages. However, there remained some apprehensions on the sweeping changes in the capital gains tax regime.
RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.
Given the country’s innate strengths, it is possible to imagine India striking out into the next decade to become the second largest economy in the world not by 2048, but by 2031, and the largest economy of the world by 2060, RBI Deputy Governor Michael Debabrata Patra has said.
