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Central bank's stand on the issue remains unchanged despite wider acceptance in other countries, Shaktikanta Das says
Shibila's modus operandi, according to the police, is to deceive money from people by offering a bank loan.
Payments Banks can apply for conversion into SFB after five years of operations.
ED had withdrawn its summons on December 14 after Isaac approached the High Court alleging political conspiracy.
The revised instructions, to come into effect from April 1, are expected to complement the ongoing efforts and initiatives taken by banks and the Reserve Bank, to reduce the quantum of unclaimed deposits.
New Delhi: The Reserve Bank of India (RBI) on Friday granted three more months up to April 1, 2024, to banks and NBFCs to implement the modified norms for levying penal charges in loan accounts, as part of fair lending practice.
"The ED has unconditionally withdrawn its summons against me and they have fled without leaving a trace", Isaac posted a triumphant note on his Facebook page.
UPI has emerged a preferred mode of payment for a large section of the population with over 11.23 billion transactions recorded in November.
He was speaking at an event in Kanhangad where his book 'The Crooked Timber of New India: Essays on a Republic in Crisis' was released in Malayalam.
In a world beset by economic volatility, India has managed to stay the course of high growth and succeeded in moderating inflation.