More Stories

Informist, Wednesday, Aug. 5, 2026

 

--CORRECTS: RBI Swaminathan, not Murmu: Will fine tune mule-account norms

--RBI Jain: Making good progress on e-rupee, making new use-cases

--RBI Jain: Making good progress on unified lending interface  

 

MUMBAI – The Reserve Bank of India has submitted a draft standard operating procedure for dealing with mule accounts, or accounts linked to cyber-enabled fraud, to the Supreme Court,` said at the post-policy press conference Wednesday. The central bank will fine-tune the norms during the four-week timeframe given to it by the court, he said.

 

The RBI deputy governor's remarks came a day after a Supreme Court bench led by Chief Justice of India Surya Kant directed the RBI to formulate a standard operating procedure. 

 

The standard operating procedure should include a grievance redressal module and a money restoration module, the court told the central bank. "A draft SOP has already been prepared and submitted to the Supreme Court. So now we will fine-tune that in terms of the four weeks of time that has been given to the RBI," Swaminathan said. He also said significant efforts are being made to prevent fraud and consumer awareness is also being stepped up by the regulator and regulated entities. 

 

The deputy governor also assured the regulated entities will make the "best possible" effort to restore the money of victims as much as feasible. 

 

Digital Currency

Talking about the progress on the Central Bank Digital Currency, RBI Deputy Governor Rohit Jain said the project is no longer a pilot project for the RBI. The adoption of the Central Bank Digital Currency has increased over time, and it is being used for actual transactions, Jain said. 

  

"... They (e-rupee) are not pilots. They are actually on the ground being used, and we are following up with banks for increasing the use cases," Jain said. "... CBDC is actually being used for actual transactions... it is only for namesake that it is a pilot," he said. 

 

On the unified lending interface, the deputy governor said the RBI is engaging with various state governments to increase its adoption. "... We expect a lot more usage and popularity of both CBDC and ULI," he said.   

 

In April, former RBI deputy governor T. Rabi Sankar had said that the central bank was in no rush to launch the Central Bank Digital Currency. The right time to launch the Central Bank Digital Currency depends on other countries being "ready" for it, as the biggest advantage of this currency is in cross-border transactions, he had said.  End

 

Reported by Diksha Tripathy

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.