Tag: RBI
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RBI Deputy Governor Appointment: Shirish Chandra Murmu Named Deputy Governor
RBI Deputy Governor Appointment: Shirish Chandra Murmu Named Deputy Governor In a move that underscores the government’s ongoing leadership transition at India’s central bank, the Union Cabinet’s Appointments Committee approved the nomination of Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India (RBI). Murmu is set to assume the post for a…
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Shirish Chandr Murmu Appointed RBI Deputy Governor
Shirish Chandr Murmu Appointed RBI Deputy Governor In a development that shapes India’s central banking landscape, the government announced the appointment of Shirish Chandr Murmu as the Deputy Governor of the Reserve Bank of India. The decision, taken after due process by the Appointments Committee of the Cabinet (ACC), grants Murmu a fixed term of…
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PhonePe Faces ₹21 Lakh Fine from RBI: Understanding the Reasons
Introduction In a significant move, the Reserve Bank of India (RBI) has imposed a fine of ₹21 lakh on PhonePe Limited, one of India’s leading digital payment firms. This action raises important questions about compliance and regulatory practices within the fast-evolving financial technology sector. What Led to the Fine? The monetary penalty was primarily imposed…
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PhonePe Fined ₹21 Lakhs by RBI: Here’s Why
Introduction The Indian Reserve Bank (RBI) has recently imposed a hefty fine of ₹21 lakhs on PhonePe, a prominent digital payment platform. This decision has raised eyebrows in the fintech industry and among users. Understanding the reasons behind this penalty is crucial for those invested in digital financial services. What Led to the Fine? PhonePe…
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RBI’s New Rule: Phone Locking for Defaulted EMI Borrowers
Introduction In a significant move, the Reserve Bank of India (RBI) has proposed a new rule that aims to address the rising issue of defaults in equated monthly installments (EMIs) for smartphone purchases. Borrowers who fail to repay their loans may find their devices locked, a measure aimed at ensuring accountability among borrowers and protecting…
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RBI’s New Rule on Mobile Phone Loans: What You Need to Know
Introduction The Reserve Bank of India (RBI) has introduced a new set of regulations that may significantly impact those who purchase mobile phones using loans. With the rise in demand for smartphones, many consumers opt for financing options. However, the RBI’s latest rule aims to address the concerns surrounding defaults on these loans. What is…
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RBI’s New Rule: Consequences for Phone Buyers Missing EMI Payments
Introduction to RBI’s New Rule The Reserve Bank of India (RBI) has introduced a significant change that affects consumers purchasing smartphones through loans. This new regulation focuses on buyers who default on their Equated Monthly Installments (EMIs). The RBI has proposed that financial institutions can lock mobile phones if customers fail to repay their loans,…