Banking and RBI
I4C and RBI Innovation Hub sign MoU to fight mule accounts and cyber financial fraud
12 May 2026 | Press Information Bureau (MHA)
PIB said on 12 May 2026 that the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs and the Reserve Bank Innovation Hub (RBIH) signed an MoU to combat cyber-enabled financial frauds and curb mule accounts across banking and digital payments. Home Minister Amit Shah posted about it on X.
Under the MoU, I4C and RBIH will share mule-account intelligence and suspect identifiers from I4C's Suspect Registry to strengthen AI-driven fraud detection systems such as MuleHunter.ai, implemented across banks. RBIH will use the datasets to train and improve AI fraud-risk models. The MoU was signed in the presence of RBI Deputy Governor Rohit Jain. RBIH is a wholly owned subsidiary of the RBI.
Key facts- Parties: I4C (MHA) and Reserve Bank Innovation Hub (RBIH)
- Aim: detect and curb mule accounts and cyber-enabled financial fraud
- Data: I4C Suspect Registry to strengthen MuleHunter.ai
- RBIH: wholly owned subsidiary of the RBI
Exam takeaway: A mule account is a bank account used to receive and move money from fraud.
Quick revision: I4C-RBIH MoU, 12 May 2026: Suspect Registry data to power MuleHunter.ai (PIB).
Press Information Bureau (MHA) original sourceBanking and RBI
RBI announces Rs 15,102 redemption price for SGB 2018-19 Series-III due on 13 May 2026
12 May 2026 | Reserve Bank of India press release 2026-2027/246
The RBI said on 12 May 2026 that the premature redemption price for Sovereign Gold Bond 2018-19 Series-III (issued 13 November 2018), due on 13 May 2026, is Rs 15,102 per unit. Premature redemption is allowed after the fifth year from the date of issue, on the date interest is payable.
The price is based on the simple average of the closing price of 999-purity gold of the previous three business days, 8, 11 and 12 May 2026, as published by the India Bullion and Jewellers Association Ltd (IBJA).
Key facts- Bond: Sovereign Gold Bond 2018-19 Series-III (issued 13 November 2018)
- Premature redemption date: 13 May 2026
- Redemption price: Rs 15,102 per unit
- Basis: simple average of IBJA closing price of 999 gold for three business days
Exam takeaway: Sovereign Gold Bonds can be redeemed early only after the fifth year, on an interest payment date.
Quick revision: SGB 2018-19 Series-III premature redemption on 13 May 2026 at Rs 15,102 per unit (RBI).
Reserve Bank of India press release 2026-2027/246 original sourceBanking and RBI
DFS launches Bharat Maritime Insurance Pool of USD 1.5 billion with sovereign guarantee of Rs 12,980 crore
12 May 2026 | Press Information Bureau (Department of Financial Services)
Carried forward from the Cabinet approval reported on 18 April 2026. PIB said on 12 May 2026 that the Department of Financial Services launched the Bharat Maritime Insurance Pool (BMIP) of USD 1.5 billion, with a sovereign guarantee of USD 1.4 billion (Rs 12,980 crore), to provide continuous maritime insurance cover amid Middle East tensions.
The pool covers hull and machinery, cargo, P&I and war risks for Indian-flagged or controlled vessels and vessels to or from India. GIC Re is the pool administrator. A Governing Body oversees the pool, including invocation of the sovereign guarantee, and an Underwriting Committee ensures prudent underwriting. Policies are issued by domestic insurers that are pool members. DFS Secretary M. Nagaraju handed over the first Marine Hull and Machinery War Policy, issued by New India Assurance.
Key facts- Pool: Bharat Maritime Insurance Pool (BMIP), USD 1.5 billion
- Sovereign guarantee: USD 1.4 billion (Rs 12,980 crore)
- Cover: hull and machinery, cargo, P&I, war risks
- Pool administrator: GIC Re
Exam takeaway: P&I insurance covers third-party liabilities such as oil pollution, wreck removal, cargo damage and crew injury.
Quick revision: BMIP launched 12 May 2026: USD 1.5 bn pool, Rs 12,980 crore sovereign guarantee; GIC Re administers (PIB).
Press Information Bureau (Department of Financial Services) original source