The RBI appears to have tweaked its norms for appointment of bank chiefs, opting to play safe given the state of the banking sector. The regulator yesterday approved the appointment of Sandeep Bakhshi as ICICI Bank's Managing Director and Chief Executive Officer for just three years against the five-year term sought by the lender.

Finance Minister Arun Jaitley Tuesday said India needs a strong and decisive leadership at the Centre to continue its high growth path and take swift decisions.

Prime Minister Narendra Modi today warned oil producers like Saudi Arabia that high crude prices are hurting the global economy and sought a review of payment terms to provide a temporary relief to the local currency.

RBI is unwilling to budge, but the pressure has been building up. Apart from the US companies already lobbying for a deadline extension, the co-chairs of the US Senate India Caucus wrote to Prime Minister Narendra Modi on Friday requesting a relaxation in the norms.

RBI's local data storage norms kick in today; foreign firms seek more timeThe RBI's deadline for global financial technology (fintech) companies to comply with its data localisation norms kicks in today. Senior officials said the deadline will not be deferred despite requests from foreign companies as they have already been given six months to prepare their systems for local storage of data. Mastercard, Visa, PayPal, Google, Amazon and Facebook are reported to have met Finance Minister Arun J...

The RBI had made it clear that global payment companies will have to store transaction data of Indian customers within India. The US government is backing its tech giants on the issue.

The central bank in April gave six months time to global payment companies to store transaction data of Indian customers within India. The RBI's data localisation norms will kick in from Monday.