Page 90 - Latest Updates on Reserve Bank of India
Paytm expects up to $60 million hit from RBI action on its payments bank
Paytm will take steps immediately to comply with the RBI's directions, the fintech company said in a statement on Thursday. As a result, it expects a worst-case impact of Rs 300 crore ($36.12 million)
 "Paytm expects up to $60 million hit from RBI action on its payments bank")
RBI's digital payments index jumps to 418.77 in Sept from 395.57 in Mar
RBI's Digital Payments Index comprises five broad parameters that measure the penetration of digital payments in the country over different time periods
 "RBI's digital payments index jumps to 418.77 in Sept from 395.57 in Mar")
Account holders in suspended bank should be refunded fast: AIMIM MP Jaleel
Talking to reporters on Tuesday, Jaleel claimed funds of around Rs 1,000 crore of nearly 1 million account holders were stuck in 10 different financial institutions
IMF raises India's GDP growth projection for FY25 by 20 bps to 6.5%
But estimate falls below FinMin's 7% projection
 "IMF raises India's GDP growth projection for FY25 by 20 bps to 6.5%")
Amid widening deficit, RBI may pump in liquidity via open market operations
Market participants said that if the government refrains from spending, the central bank might resort to other measures to infuse liquidity apart from variable rate repo auctions
 "Amid widening deficit, RBI may pump in liquidity via open market operations")
FM to address RBI board on Feb 12, highlight key points of interim Budget
Sitharaman will present the sixth Budget on February 1, where she will outline the roadmap for 2024-25
 "FM to address RBI board on Feb 12, highlight key points of interim Budget")
AU SFB appoints former RBI deputy guv HR Khan as non-executive chairman
The lender added that Khan's tenure will begin from the date of taking charge, January 30, 2024, after approval from the Board of Directors and from the RBI and shareholders of the bank
 "AU SFB appoints former RBI deputy guv HR Khan as non-executive chairman")
New IMPS fund transfer rules coming soon: Here is all you need to know
New IMPS rules will be implemented from February 1, 2024. This will facilitate fund transfers using a mobile number and bank name
Shriram Group to enter wealth management in FY25, awaits RBI's nod
The group plans to launch its wealth management business through Shriram Credit, a subsidiary of Shriram Capital
 "Shriram Group to enter wealth management in FY25, awaits RBI's nod")
Margin pressure
Investment revival will boost credit growth
 "Margin pressure")
Fintech association launches awareness campaign about cyber fraud
Spotting fake lending apps and reporting online financial fraud will be part of Fintech Suraksha
 "Fintech association launches awareness campaign about cyber fraud")
Credit cards in force shy of the 100 million mark, shows RBI data
December saw highest addition of cards in 2023
 "Credit cards in force shy of the 100 million mark, shows RBI data")
Govt, RBI actively working on CBDC to enable cross border payment: FM
RBI has already rolled out a pilot in the retail version of CBDC or the e-rupee on December 1, 2022. The e-rupee is in the form of a digital token that represents legal tender
 "Govt, RBI actively working on CBDC to enable cross border payment: FM")
Tight liquidity spurs high demand at RBI's variable rate repo auction
Banks bid for Rs 3.08 trillion against notified amount of Rs 2.5 trillion
 "Tight liquidity spurs high demand at RBI's variable rate repo auction")
Reserve Bank of India allows LIC to increase stake in HDFC Bank to 9.99%
HDFC Bank further said LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year, i.e., by January 24, 2025
 "Reserve Bank of India allows LIC to increase stake in HDFC Bank to 9.99%")
French Prez Macron, PM Modi likely to use UPI at Hawa Mahal in Jaipur
At Hawa Mahal, both leaders will shop at local shops, and transactions are likely to be done through UPI
 "French Prez Macron, PM Modi likely to use UPI at Hawa Mahal in Jaipur")
Fiscal policy reset
Faster consolidation will require expenditure adjustments
 "Fiscal policy reset")
HDFC Bank first lender to issue 20 million credit cards, shows data
HDFC Bank is the largest issuer of card issuers in the country, which commands over a fourth of the overall cards market in terms of numbers
 "HDFC Bank first lender to issue 20 million credit cards, shows data")
RBI 'mute spectator', allowing banks to charge high interest rates: HC
The observation was made by a bench comprising Justices Mahesh Chandra Tripathi and Prashant Kumar while disposing of a petition filed by Manmeet Singh
Fintech associations exploring ways to incentivise SRO membership
The central bank in its draft framework had said that the industry needs to answer the question of how an SRO-FT would create incentives for membership since entities in the fintech sector
 "Fintech associations exploring ways to incentivise SRO membership")