MUMBAI, Maharashtra — The Reserve Bank of India’s central board on Friday reviewed developments in the domestic and global economy, along with a range of policy and regulatory matters, during its 620th meeting chaired by Governor Sanjay Malhotra.
According to an official RBI statement, the meeting was held in Hyderabad and focused on prevailing economic conditions and associated challenges facing both India and the global economy. The board also approved the introduction of a risk-based deposit insurance framework for banks.
“The 620th meeting of the Central Board of Directors of the Reserve Bank of India was held today in Hyderabad under the chairmanship of Governor Sanjay Malhotra,” the central bank said.
In addition to macroeconomic deliberations, the board examined the draft report on Trend and Progress of Banking in India, 2024–25, and reviewed the functioning of select central office departments.
“It approved the risk-based deposit insurance framework for banks. The board also reviewed the activities of select Central Office Departments and the draft report on Trend and Progress of Banking in India, 2024–25,” the statement said.
The meeting was attended by Deputy Governors T. Rabi Sankar, Swaminathan J., Poonam Gupta and Shirish Chandra Murmu. Other members present included Department of Financial Services Secretary Nagaraju Maddirala, along with central board directors Satish K. Marathe, Revathy Iyer, Pankaj Ramanbhai Patel and Ravindra H. Dholakia.
Separately, the RBI has issued a compounding order under Section 15 of the Foreign Exchange Management Act (FEMA), 1999, in the case of Nearbuy India Private Limited, resulting in the closure of proceedings against the company for alleged violations of the Act, the Enforcement Directorate said earlier.
The order was passed by the RBI on October 17 after the issuance of a “No Objection” by the Enforcement Directorate, according to the agency. The case stemmed from an investigation launched by the ED based on what it described as credible information.
Following the investigation, the agency had filed a complaint under FEMA before the Adjudicating Authority on December 3, 2024, citing alleged contraventions including delayed reporting of foreign inward remittances amounting to Rs 35.82 crore and late filing of Form FCGPR related to share issuance covering Rs 73.01 crore.
The RBI has since compounded these contraventions, bringing the matter to a close, the statement said. (Source: IANS)
