RBI imposes Rs 25 lakh fine on Axis Bank for rule violations

The regulator cited contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016.

On Wednesday, the Reserve Bank of India announced that India’s holdings of IMF Special Drawing Rights (SDR) have increased to SDR 13.66 billion, or USD 19.41 billion at current exchange rates.

The International Monetary Fund (IMF) distributes SDRs to its members proportionally to their current quotas in the multilateral lending organization.

SDR holdings are crucial since they are one of the components of a country’s foreign exchange reserve.

According to the RBI, the IMF allocated SDR 12.57 billion (about USD 17.86 billion at the current currency rate) to India on August 23.

“As of August 23, 2021, India’s total SDR holdings stand at SDR 13.66 billion (equal to about USD 19.41 billion at the current exchange rate),” it added.