AI-summarised rbi news and updates for India
The Reserve Bank of India's Monetary Policy Committee voted 5-1 to hold the repo rate at 6.5% for the sixth straight quarter. Governor indicated the decision balances inflation concerns with growth momentum. The next MPC review is scheduled for August 2026. Source: Economic Times.
The RBI has directed all card issuers to extend the full bill payment waiver window from 15 days to 20 days and simplify credit card billing statement disclosures. These revised guidelines under the Credit Card Billing Statements (CCBS) framework will take effect from July 1, 2026. Cardholders will receive clearer breakdowns of interest, fees, and rewards. Source: The Hindu BusinessLine.
The RBI expanded the Central Bank Digital Currency pilot to 20 banks from the initial 4, covering wholesale and retail segments. The digital rupee wholesale variant is now live for inter-bank settlements, with transactions settling in 2 seconds. The RBI plans a pan-India rollout by December 2026. Source: Reserve Bank of India.
The RBI issued a clarification under FEMA guidelines classifying crypto asset transfers as permissible current account transactions, removing ambiguity that had restricted institutional participation. Crypto exchanges can now facilitate cross-border transfers through authorized banks. This clarification is expected to bring an estimated ₹15,000 crore in institutional capital into the Indian crypto market. Source: The Hindu BusinessLine.
The RBI introduced simplified KYC guidelines for digital lending platforms, reducing the e-KYC authentication window from 5 minutes to 30 seconds and permitting video KYC as an alternative. These changes will enable instant loan approvals for pre-verified customers. Fintech companies have welcomed the move, estimating it could reduce loan processing costs by up to 40%. Source: MoneyControl.
