In a major stride toward combating financial fraud, the Reserve Bank of India (RBI) has introduced MuleHunter.AI, an advanced AI-driven tool developed by its Innovation Hub (RBIH). Designed to identify mule bank accounts used in illicit financial activities, this innovative technology aims to fortify India’s banking system against growing cybercrime threats. What Are Mule Accounts? … Read more
The Reserve Bank of India (RBI) has unveiled the Secured Overnight Rupee Rate (SORR) as a new benchmark for the interest rate derivatives market. This significant move aligns with global best practices, promising greater transparency and reliability in India’s financial markets. What is SORR? The Secured Overnight Rupee Rate (SORR) is a benchmark rate based … Read more
The Central Bank of Sri Lanka (CBSL) has taken a landmark step in monetary policy by introducing the Overnight Policy Rate (OPR) as its primary policy instrument. This move, effective 27 November 2024, aims to enhance the efficiency of monetary transmission, stimulate economic activity, and guide inflation towards a 5% target over the medium term. … Read more
The Indian insurance sector, a critical pillar of the nation’s financial ecosystem, is poised for a significant transformation with the upcoming launch of BimaSugam, a digital platform conceptualized by the Insurance Regulatory and Development Authority of India (IRDAI). Drawing parallels to the transformative impact of the Unified Payments Interface (UPI) on digital banking, BimaSugam is … Read more
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, has officially launched the National MSME Cluster Outreach Programme in Bengaluru. The event, organized in collaboration with the Department of Financial Services (DFS), Ministry of Finance, and the Small Industries Development Bank of India (SIDBI), also featured the virtual presence of Union Minister for MSMEs, … Read more
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