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The government has granted RBI Deputy Governor T Rabi Sankar a second one-year extension, prolonging his term until May 2026. The Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, approved the reappointment effective May 3, 2025. Sankar, initially appointed in May 2021, previously oversaw key departments and has a background as an IMF Consultant.

India and Pakistan, once sharing economic fates, now exhibit a stark contrast in foreign exchange reserves. India's reserves soared to over $688 billion due to liberalization, a booming service sector, and consistent policies. Pakistan's reserves struggle at $15 billion, hampered by political instability, reliance on external aid, and limited export diversification.

Patanjali Group's technology arm, Bharuwa Solutions, is entering the Indian banking sector with an AI-powered, bilingual banking ERP system. This platform aims to revolutionize digital banking for regional, cooperative, and small financial institutions by addressing language barriers and enhancing security. Founder Acharya Balkrishna emphasizes the commitment to technological inclusion, ensuring accessibility for all citizens.

Starting May 1, 2025, the RBI's revised ATM transaction framework will introduce changes to free limits and charges. Customers get three free ATM transactions in metro areas and five elsewhere. Beyond these, a Rs 23 fee applies, prompting banks like HDFC and PNB to notify customers of the updated charges, aiming to streamline usage and promote digital banking.

Starting May 1, 2025, ATM users in India will face revised transaction charges as per the RBI's updated fee framework. Customers in metro cities get three free transactions, while non-metro areas get five. Beyond these limits, banks can charge up to Rs 23 per transaction, excluding taxes, impacting both financial and non-financial transactions at ATMs and CRMs.

Sonu Pal, a private bank employee, has been arrested for his involvement in a 'digital arrest' scam where a woman was defrauded of Rs 84 lakh. Pal provided bank accounts to the fraudsters, receiving a commission for his role.

India's foreign exchange reserves increased for the eighth consecutive week, reaching $688.129 billion. The rise was primarily driven by an increase in foreign currency assets, although gold reserves saw a slight decline. Year-on-year, the reserves have grown significantly, reflecting the strength and adequacy of India's external buffer.

The Reserve Bank of India (RBI) has levied penalties on ICICI Bank, Bank of Baroda, IDBI Bank, and Bank of Maharashtra for regulatory compliance deficiencies. ICICI Bank faces a Rs 97.80 lakh penalty for KYC, cybersecurity, and credit card-related non-compliance. Bank of Baroda is penalized Rs 61.40 lakh for shortcomings in financial and customer services.