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Finance Ministry constitutes committee to consolidate regulation of pension products

The Union Finance Ministry has constituted a high-level committee to consolidate the regulation of pension products that is currently being done by three different watchdogs including insurance and stock market regulators. The committee would have representatives from all financial sector regulators SEBI, IRDA, RBI and PFRDA. Its mandate will be to look into the issue… Read More »

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Payment Banks need RBI’s Prior product approval

The Reserve Bank of India (RBI) has notified entities that have been granted a payments bank (PB) licence will need to take specific approval for products they would be offering to customers. In this regard, RBI has issued separate operating guidelines for payments banks in view to focus on financial inclusion. Key Facts Employee of… Read More »

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RBI cuts repo rate by 25 bps in 4th Bi-monthly Monetary Policy Statement

The Reserve Bank of India (RBI) in its fourth bi-monthly monetary policy review for year 2016-17 has cut the repo rate by 25 basis points to 6.25%. This monetary policy decision was taken by the newly constituted Monetary Policy Committee (MPC).  This was also Urjit Patel’s maiden monetary policy announcement as RBI Governor. All the… Read More »

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Union Government notifies constitution of Monetary Policy Committee

The Union Government has notified the constitution of the six members Monetary Policy Committee (MPC). In this regard, the Union Finance Minister has used powers designated under the section 45ZB of the Reserve Bank of India (RBI) Act, 1934 to constitute MPC. Composition of MPC Urjit Patel: RBI Governor (Chairperson). R Gandhi: Deputy Governor RBI… Read More »

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