Amendment of Nidhi company's Nithi rule 2014.

The corporate affairs ministry has amended Nithi rules 2014. 

A Nithi company is a company Under 204 of companies act, 2013. It comes under Indian non banking financial sector which will borrow and lent money to its members. Also known as permanent Fund, benefit fund, Mutual benefit fund and mutual benefit company. Company will deal with shareholders Member only. 

A Nithi company must contain 200 members with net owned funds of Rs. 20 Lakh with in 120 days of incorporation and paid up capital of Rs. 10 Lakh. No RBI permission required. 

UPI Payments in a Day 100 Million

Rahul Chari, CTO and Co-Founder led Digital payments platform PhonePe has announced that it has processed more than 100 Million transaction in a single day (13/04/2022). 

RBI Bimonthly Monetary Policy April 2022

RBI Bimonthly Monetary Policy April 2022 with no change in Key rates. 

Repo Rate : 4.00%

Reverse Repo : 3.35%

MSF : 4.25%

CRR : 4.00%

SDF : 3.75%

Inflation projection for FY 2022-23 is 5.70%

GDP projection for FY 2022-23 is 7.20%

RBI has introduced a non-collaterlised Standing Deposit Facility (SDF) to absorb surplus liquidity from Banking system at a higher interest rate. 

SDF rate replaced Fixed rate reverse repo for Liquidity Adjustment Facility (LAF). 

Digital Banking Units

RBI has permitted Scheduled Commercial Banks to open Digital Banking Unit's (DBUs) in Tier I to Tier VI centers. 

Union Budget announcement for FY 2022-23 for the setting up of 75 DBUs in 75 Districts to mark 75 years of India's Independence. 

A DBU is a special fixed point Business Units / hub / Business Outlets with minimum digital infrastructure for delivering digital banking products and services to improve digital banking strategy of Banks. 

Products offered by DBU should cover assest and liability side in Balance sheet. 

Liability side coverage by account opening, Digital Banking kits for customers and merchants. 

Assest side to enable making applications for onboarding new retail, MSME and Government sponsored schemes covered under national portal. 

Services to allow cash withdrawal and cash deposit thru ATMs and cash deposit machine. Passbook printing, statement generation, internet banking kiosk, transfer of funds and updation of KYC/V-CHIP (Video KYC) etc...