Page 28 - Rbi Policy

Paytm Payments Bank row drew fintechs' focus to compliance of laws: MoS IT

The Reserve Bank's regulatory action on Paytm Payments Bank has drawn the attention of fintech firms to the importance of complying with laws, Union Minister Rajeev Chandrasekhar has said. The minister stressed that regulatory compliance cannot be "optional" for companies, rather it is an aspect every entrepreneur must pay full attention to. In an interview to PTI, Chandrasekhar - the minister of state for electronics and IT - said the issue of Paytm Payments Bank is a case where a hard-charging and aggressive entrepreneur has failed to realise the need for regulatory compliance, and that no company can get away if it is non-compliant with law. Any company, be it from India or abroad, big or small, has to abide by the law of the land, the Minister asserted amid the unfolding Paytm Payments Bank Ltd (PPBL) crisis. The Reserve Bank of India (RBI) has barred PPBL from accepting new deposits from March 15, and ruled out any review of its action against the company. Chandrasekhar said

Outward FDI rises 25.7% to $2.1 billion in January, shows RBI data

Outbound FDI, expressed as a financial commitment, comprises three components - equity, loans, and guarantees

Rupee appreciates 4 paise to 83.01 against US dollar in early trade

The rupee rose 4 paise to 83.01 against the US dollar in early trade on Friday, tracking positive cues from domestic equity markets. Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit. At the interbank foreign exchange, the domestic currency opened at 83.03 and inched up to 83.01 against the greenback in initial deals, registering a gain of 4 paise from its previous close. On Thursday, the rupee settled 3 paise lower at 83.05 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.12 per cent up at 104.32. Brent crude futures, the global oil benchmark, were trading 0.07 per cent lower at USD 82.80 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 302.55 points or 0.42 per cent higher at 72,352.93 points. The broader NSE Nifty advanced 95.90 points or 0.44 per cent to 22,006.65 points. Foreign Institutional Investors

Paytm Payments Bank curbs may have limited impact, shows data

90% of its UPI users have accounts linked with other banks

Green capital flows into emerging mkts must be bolstered: RBI governor

Vigilant in navigating final stretch of disinflation: Das

ED questions Paytm officials, gets documents following RBI's decision

The Enforcement Directorate has questioned senior Paytm executives and taken submission of documents from them following the recent RBI action of barring Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account, official sources said Thursday. The central agency, according to the sources, is conducting preliminary examination of documents before it decides to launch a formal investigation into the RBI-flagged alleged irregularities at the fintech company under the Foreign Exchange Management Act (FEMA). Some documents have been recently submitted by Paytm executives following which they were asked certain questions. Some more information has been sought, the sources said. As of now, no irregularities have been detected and a case under FEMA will only be registered once any contravention under the said law is found, they added. An investigation under the Prevention of Money Laundering Act (PMLA) involving Paytm is already going on for some time, they ...

Rupee appreciates 3 paise to 82.99 against US dollar in early trade

The rupee appreciated 3 paise to 82.99 against the US dollar in early trade on Thursday, amid a positive trend in domestic equities. Forex traders said rupee is trading in a narrow range as strong American currency and elevated crude oil prices weighed on the local unit and restricted the uptick in the domestic unit. At the interbank foreign exchange, the domestic currency opened at 83.00, then touched 82.99 against the greenback in initial deals, registering a rise of 3 paise from its previous close. On Wednesday, the rupee appreciated 6 paise to close at 83.02 against the US dollar. "In the ongoing tug-of-war between positive and negative factors influencing the market, there is a tilt towards the positive aspects favouring the rupee," CR Forex Advisors MD- Amit Pabari said. Momentum suggests the pair will likely consolidate within the narrow range of 82.80 to 83.10, with any upward movement above 83 seen as a selling opportunity, Pabari said. "Overall, market sentiment was buo

Rupee registers marginal decline to 83.01 against US dollar in early trade

The rupee declined marginally to 83.01 against the US dollar in early trade on Tuesday amid a muted trend in domestic equities. A stronger American currency and elevated crude oil prices also dented sentiments. At the interbank foreign exchange, the rupee opened at 83.00 against the dollar, and touched an early high of 82.98 and a low of 83.01 in initial trade. On Monday, the rupee appreciated 7 paise to close at 83.00 against the US dollar. Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said the rupee is expected to remain range bound with a narrow range of 82.95 to 83.05. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06 per cent higher at 104.23. Brent crude futures, the global oil benchmark, rose 0.09 per cent to USD 82.07 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 67.81 points or 0.10 per cent lower at 71,004.68 points. The broader NS

RBI status quo: What it means for bond market and what should investors do

Investors with 2-3 years short-term horizon can consider dynamic bond funds to potentially benefit from the falling bond yields.

India inflation likely cooled to 3-month low in January, shows survey

Inflation will average 5.4% this fiscal year and 4.7% in the next, a separate Reuters poll showed, close to the RBI's forecasts of 5.4% and 4.5%

Consumer confidence stays on the recovery path, says RBI survey

Manufacturers remain confident about demand conditions

RBI policy, selling in ITC drag Sensex 724 pts, Nifty near 21,700

Stock market highlights on February 8, 2024: The Nifty PSU bank index climbed 2 per cent, while the Nifty Private Bank index fell 2.5 per cent. Individually, Paytm, and ITC crashed up to 10 per cent

RBI to introduce offline digital rupee transactions soon: Governor Das

Digital rupee users will soon be able to execute transactions in areas with limited internet connectivity as the RBI on Thursday announced that offline capability will be introduced on the Central bank digital currency (CBDC) pilot project. Reserve Bank of India Governor Shaktikanta Das said that programmability-based additional use cases will be introduced as part of the pilot project. RBI launched a pilot of the retail CBDC in December 2022 and achieved the target of having 10 lakh transactions a day in December 2023. It can be noted that other payment platforms, especially the very popular Unified Payments Interface (UPI), already offer offline possibilities. "it is proposed to introduce an offline functionality in CBDC-R (Retail) for enabling transactions in areas with poor or limited internet connectivity," Das said while announcing the bi-monthly monetary policy review. He said multiple offline solutions, which include both proximity and non-proximity based ones, will be tes

HDFC Bank, Axis Bank: Why banks have taken a beating post the RBI policy?

A status quo on interest rate meant lenders may have to either hold or raise rates further in a bid to mobilise higher deposits

RBI holds policy rates, stance unchanged over inflation concerns

'Imperative for monetary policy to actively pursue disinflation to anchor inflation expectations,' says Shaktikanta Das

RBI keeps repo rate unchanged at 6.5%: What should borrowers do?

Home loan rates are already lower compared to 2023 levels where they had started touching 9 per cent. The lowest home loan rates today are in the 8.30 range

Rate sensitive shares trade mixed post RBI policy; SBI surges 6%

The Reserve Bank of India's Monetary Policy Committee (RBI MPC) on Thursday decided to keep the repo rate unchanged at 6.5 per cent for the sixth consecutive time.

Stocks to Watch today, Feb 8: Banks, Auto, Zomato, Adani Ports, LIC, TCP

Stocks to Watch on Thursday, February 8: Shares of banking and finance, auto, housing, and real estate will be in focus as the Reserve Bank of India is set to announce the decision of it's MPC meeting

Govt bond yields settle lower ahead of RBI's policy outcome

The overall market sentiment has remained positive after the government said it aims to reduce the fiscal deficit and lower its gross borrowing by a wide margin next financial year

Rupee to gain slightly this year amid continued RBI intervention: Report

The RBI is still widely expected to cut rates later this year, but at a much slower pace than the Fed, so relative rupee strength may linger