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He worked at ICICI Bank from 1993 to 2005 before founding FINO Pay-tech (later FINO Payments Bank) in 2006. [1] [failed verification] [2] He invested in YTS Solutions, [3] a banking company focused on individuals without active bank accounts in India. In 2014, he applied to the Reserve Bank of India (RBI) for a small finance bank license. [4]
The Reserve Bank of India (RBI) tended to this issue by creating the post of a banking correspondent (BC). [26] The role of a BC is to act as an interface between the bank and its customers in places where traditional banking is not feasible. Banks can appoint a trusted third party as a BC in a village.
Khan joined Reserve Bank of India in 1978. Between 2007 and 2008, Khan was the Director of Bank of Maharashtra and Punjab and Sind Bank.He has also been an Executive Director of RBI and Director of NABARD and later became the Principal of RBI's College of Agricultural Banking (CAB) at Pune, before getting appointed as the Regional Director of RBI, New Delhi. . [2]
The Banking Regulation Act, 1949 is a legislation in India that regulates all banking companies in India. [1] Passed as the Banking Companies Act 1949, it came into force on 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in Jammu and Kashmir from 1956.
The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years. [3] However, on 28 September 2021, the member banks passed resolutions approving BCBSI dissolution. Accordingly it has stopped its operations and is under dissolution. [4]
In 1998, RBI Governor Bimal Jalan informed the banks that the RBI had a three to four-year perspective on the implementation of the committee's recommendations. [27] Based on the other recommendations of the committee, the concept of a universal bank was discussed by the RBI and finally ICICI bank became the first universal bank of India.
Reserve Bank of India Act, 1934: This is the primary legislation governing the functions and powers of the Reserve Bank of India (RBI), which is the central bank of India. The act provides for the regulation of banking and credit in India and gives the RBI the authority to issue licenses to banks and regulate their activities.
A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks.