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RBI further stated that it had observed that the entity was non-compliant with the directions issued on KYC requirements.

In this short explainer, we discuss the RBI's new mechanism to enable international trade settlements in the Indian Rupee.

The Reserve Bank of India (RBI) on Tuesday said it has imposed a monetary penalty of Rs 1.68 crore on Ola Financial Services Private Limited for non-compliance with certain provisions of payment instruments and know your customers (KYC).

The Reserve Bank of India (RBI) has imposed a penalty of Rs1,67,80,000 on Ola Financial Services Private Limited for non-compliance with KYC norms.

Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro account of the correspondent bank.

Indian exporters shall be paid the export proceeds in rupees from the balances in the designated Special Vostro account of the correspondent bank of the partner country, RBI stated.

In order to ensure effective management of risks in outsourcing of IT activities by banks, non-banking financial companies, and other regulated entities, the Re

Regulated entities have been extensively leveraging IT and IT-enabled services to support their business models and services offered to customers

The Reserve Bank of India (RBI) has warned of risks from cross-border outsourcing of information technology (IT) services and recommended that regulated entities closely monitor such operations.

Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Thursday proposed norms for the outsourcing of IT services to ring-fence banks and other regulated entities from financial, operational and reputational risks. Latest News | RBI Proposes Norms for Outsourcing of IT Services by Banks, NBFCs.