Page 96 - Latest Updates on Reserve Bank of India
Depositors can claim their unclaimed amount refund from DEA Fund
However, if the deposit amount is above the insurance coverage of DICGC, then the liquidator can claim the amount only on a reimbursement basis
 "Depositors can claim their unclaimed amount refund from DEA Fund")
India, Indonesia bright spots for investment opportunities: BlackRock
US investment firm BlackRock sees India and Indonesia as two Asia-Pacific countries offering a lot of investment opportunities, its head of research for the region said on Tuesday
 "India, Indonesia bright spots for investment opportunities: BlackRock")
Infibeam Avenues gets RBI's authorisation for payment aggregator licence
The company said that after receiving the in-principle approval from the RBI to operate as a payment aggregator in October 2022, the company received the final authorisation on March 4
 "Infibeam Avenues gets RBI's authorisation for payment aggregator licence")
RBI prohibits IIFL Finance from sanctioning, disbursing gold loans
The Reserve Bank on Monday barred IIFL Finance with immediate effect from sanctioning or disbursing gold loans after certain material supervisory concerns were observed in its gold loan portfolio.
 "RBI prohibits IIFL Finance from sanctioning, disbursing gold loans")
RBI may launch interoperable payment system for internet banking in 2024
"We expect the launch of this interoperable payment system for internet banking during the current calendar year.", Guv said.
 "RBI may launch interoperable payment system for internet banking in 2024")
Devolution for development
Developed India needs local government-led human development to truly become an Inclusive India
 "Devolution for development")
Rising interest rates prompting more people to go in for term deposits
Their share in total deposits increased to 20.6 per cent in December 2023 from 20.2 per cent in September 2023
 "Rising interest rates prompting more people to go in for term deposits")
RBI may undertake comprehensive review of architecture of payment banks
Governance standards, viability of biz among priorities
 "RBI may undertake comprehensive review of architecture of payment banks")
RBI clears appointment of S Ravindran as part-time chairman of TMB
The approval is subject to Ravindran, stepping down from his directorships in Shriram Finance and Bandhan AMC, prior to assuming charge
 "RBI clears appointment of S Ravindran as part-time chairman of TMB")
RBI's new rule on exchange-traded rupee derivatives confuses brokers
Reserve Bank of India (RBI) in a Jan. 5 circular said that stock exchanges may offer forex derivative contracts involving the rupee to users "for the purpose of hedging contracted exposure"
 "RBI's new rule on exchange-traded rupee derivatives confuses brokers")
Growth in bank credit to industry decelerates to 7.8% in Jan, says RBI
Further, bank advances to the services sector grew by 20.7 per cent in January 2024 against 21.4 per cent a year ago
 "Growth in bank credit to industry decelerates to 7.8% in Jan, says RBI")
GDP growth rate accelerated to 8.4% in Q3FY24; FY24 growth estimate at 7.6%
In the previous quarter, it was 7.6 per cent and 7.8 per cent in the July quarter
 "GDP growth rate accelerated to 8.4% in Q3FY24; FY24 growth estimate at 7.6%")
SoftBank Group sells another 2% stake in crisis-hit Paytm to under 3%
The Japanese conglomerate held a 17.5% stake in Paytm in September 2022. Since then, it has trimmed its ownership through multiple open market deals
 "SoftBank Group sells another 2% stake in crisis-hit Paytm to under 3%")
Sales of listed private non-financial firms rose 5.5% in Q3: RBI data
Among the major industries, sales of chemical companies declined 13.5 per cent, excluding which sales growth of manufacturing companies stood at 6.4 per cent
 "Sales of listed private non-financial firms rose 5.5% in Q3: RBI data")
RBI revises timeline for completion of Regulatory Sandbox process
The updated framework for an RS also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023
 "RBI revises timeline for completion of Regulatory Sandbox process")
RBI proposes road map for REs to address climate-linked financial risks
RBI said in the draft disclosure framework said REs are already required to disclose information on material risks as a part of their Pillar 3 disclosures
Companies line up Rs 16,620 crore corporate bonds as yields soften
Market participants expect that states' borrowing for both the current quarter and the entire financial year will be significantly lower than the calendar projections
 "Companies line up Rs 16,620 crore corporate bonds as yields soften")
Extra caution to ensure fintechs don't function beyond rule: Peak XV MD
Meanwhile, he explained that India needs to have a culture of research and development (R&D) with more number of deeptech innovators and founders at startups
 "Extra caution to ensure fintechs don't function beyond rule: Peak XV MD")
Growth in unsecured loan remains strong despite hike in risk weighting
Recently, the RBI reiterated its concern on the elevated unsecured lending portfolio of banks in its Bulletin
 "Growth in unsecured loan remains strong despite hike in risk weighting")
Keeping interest rates too high could stifle growth: RBI's Jayanth Varma
Jayanth Varma, an external member on the six-person monetary policy committee, voted for a quarter-point cut at the Feb. 8 policy meeting