However, non-deposit taking NBFCs with asset size below Rs 1,000 crore have the option to continue with their extant procedure.
Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020
The RBI's decision to increase the balance limit is an endorsement of the role Payments Banks have in furthering financial and digital inclusion in India.
Reserve Bank of India (RBI) has kept the key repo rate unchanged at 4 per cent to support growth in the current situation.
Reserve Bank of India on Wednesday expectedly left interest rates unchanged and maintained an accommodative stance as the economy faces a renewed threat.
The finance minister said the capacity of the RBI's regulatory and supervisory staff is being strengthened with specially tailored courses.
The monetary policy committee headed by the RBI Governor is set to revise the policy framework and inflation targets by March 31
The country adopted the FIT framework in 2016, and the next review of the inflation target is due before March 31, 2021
He said the heavy fall in markets, followed by quick gains on the equity benchmarks since the onset of the pandemic is the sharpest V-shaped recovery in the last 30 years.
The agency had earlier forecast a 7.4 per cent contraction in 2020-21 GDP numbers.
"The details are being worked out. I have made the announcement but we are working together with the RBI," she said, when asked about the proposal.
Cyberabad CP Sajjanar and officers of Hyderabad, Cyberabad and Rachakonda police commissionerates dealing with the instant loan app frauds held a coordination meeting with the RBI-appointed officials on Friday.