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Data story: How digital payments in India have evolved over the years

Widespread adoption of digital payments has facilitated rapid, low-cost transactions and easy withdrawals through banking and mobile apps

RBI might ask banks dealing with UAE to push direct rupee-dirham settlement

The move is part of India's attempt to increase trade settlement in the rupee and reduce reliance on the dollar, an ambition that has evaded most nations

Widespread adoption of digital payments raises operational risks: RBI DG

The 24/7 availability of online and mobile banking can heighten vulnerabilities, potentially accelerating bank runs and liquidity crises during periods of stress, he said

India bond yields marginally lower as traders await US inflation data

India's retail inflation eased in July due to vegetable inflation falling and high base effect as annual retail inflation was 3.54 per cent in July, lowest since Aug 2019, down from 5 per cent in June

RBI clears Tata Capital's conversion into NBFC investment credit company

The appointed date for the scheme is effective April 1 this year and is expected to take 9-12 months to consummate

Affordable housing finance companies to gain from RBI norms tweak

The RBI tweaked the risk weights for undisbursed loans by capping them at par with those of disbursed loans to address a potential anomaly in the computation of risk-weighted assets of these loans

RBI deputy Guv cautions against use of CBDC as 'safe havens' during crisis

During crises, CBDCs could be perceived as a safe haven, rendering uninsured bank deposits more prone to withdrawal and increasing risk of bank runs, says Patra

Put frameworks to manage failure of deposit-taking institutions: Patra

RBI Deputy Governor Michael Patra on Tuesday asked deposit insurers and other financial safety net participants to put in place frameworks to manage the failure of deposit taking institutions and prevent potential contagion effects. With the rapid digitisation of financial transactions, the crisis can propagate quickly requiring emergency liquidity assistance and pre-emptive interventions in troubled institutions, said Patra while delivering a keynote address at a conference on 'Navigating Emerging Challenges for Deposit Insurers and Fortifying Crisis Preparedness' in Jaipur. To deal with the emerging challenges, he said, "The DICGC is prioritising risk management, including contingency planning and crisis management frameworks." Patra said that it is "imperative for deposit insurers and other financial safety net participants to put in place frameworks for crisis preparedness and management that enhance their ability to manage the failure of deposit-taking institutions while ...

India's biggest shadow bank Bajaj Finance aims to borrow $500 million loan

The funds will be raised under the Reserve Bank of India's external commercial borrowing route, which caps the interest rate at 500 basis points over the benchmark rate

Reserve Bank of India tightens HFC norms to bring them on a par with NBFCs

The RBI stated that the norms have been revised to harmonise the guidelines for NBFCs and housing finance companies

PSBs trim branch network but private sector spreads its net, shows data

Das asked banks to use their branches effectively to mobilise deposits, highlighting the importance of brick-and-mortar structures

Reserve Bank of India tweaks risk weights for housing finance companies

At the same time, the regulator segregated risk weights for standard and stressed commercial real estate - residential buildings

RBI penalises CSB Bank, Union Bank of India, others for norms violation

The Reserve Bank of India on Monday imposed penalties on five entities, including CSB Bank, Union Bank of India and Muthoot Housing Finance for contravention of various regulatory norms. A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with certain directions issued by the RBI on 'Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks' and 'Master Circular on Branch Authorisation'. In another statement, the RBI said a penalty of Rs 1.06 crore has been imposed on Union Bank of India for non-compliance with certain norms on 'Creation of a Central Repository of Large Common Exposures-Across Banks' and 'Know Your Customer (KYC)'. A fine of 5 lakh has been imposed on Muthoot Housing Finance Company for non-compliance with certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021', the central bank said in another release. The RBI has also imposed a penalty of Rs 5 l

RBI forms expert panel to benchmark its statistics with global standards

The expert committee, chaired by the RBI Deputy Governor Michael Debabrata Patra, will consist of 10 members. The panel will submit its report by the end of November 2024

NCLT urges RBI, DIPP to speed up approvals for RCap resolution plan

The National Company Law Tribunal on Monday directed the Reserve Bank and Department of Industrial Policy and Promotion to expedite the approval process to implement Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings. The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same. The National Company Law Tribunal (NCLT) -- comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar -- directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan. The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan. After IIHL breached the third deadline on May 27, the NCLT on July 23 exten

RBI sets up 10-member expert committee on benchmarking of its statistics

The RBI on Monday announced setting up a committee under deputy governor Michael Debabrata Patra on benchmarking the statistics regularly disseminated by it against global standards. The 10-member 'Expert Committee on Benchmarking of its Statistics' has been asked to submit report by the end of November 2024. The panel, chaired by Patra, will also study the quality of other regular data, where such benchmarks do not exist (like sectors of national priority) and provide guidance on the scope for any further data refinement. The other members of the committee are R B Barman (former chairman, National Statistical Commission), Sonalde Desai (National Council of Applied Economic Research, New Delhi and University of Maryland, USA), Partha Ray (Director, National Institute of Bank Management, Pune), and Bimal Roy (former chairman, National Statistical Commission; and former director, Indian Statistical Institute, Kolkata). Paul Schreyer (former chief statistician, OECD), Bruno Tissot (he

SC junks plea challenging order to consider NDTV's application under FEMA

The Supreme Court on Monday dismissed a plea by the ED challenging a Bombay High Court order, which directed the RBI to consider the compounding applications filed by NDTV in a case of alleged FEMA violation. A bench of Justice Abhay S Oka and Justice Augustine George Masih said no case for interference was made out. The high court, in its 2018 order, set aside objections raised to the compounding proceedings by the Enforcement Directorate (ED), which had earlier flagged the alleged Foreign Exchange Management Act (FEMA) violations and issued showcause notices to NDTV. In November 2015, the ED issued showcause notices to the news organisation for allegedly flouting foreign exchange regulations while availing of overseas and foreign direct investment facilities to the tune of more than Rs 2,000 crore. In March 2016, NDTV filed an application with the Reserve Bank of India (RBI) for compounding of the contraventions alleged in the showcause notices. However, a year later, the RBI to

RBI mops up Rs 11.6K crore via OMOs in July amid liquidity surplus

Along with OMO sales, the RBI has also been conducting VRRR auctions in order to drain excess liquidity

Fed's September rate cut unlikely to alter RBI stance: Rajeev Radhakrishnan

Radhakrishnan notes that global central banks' potential policy easing could further bolster demand

Idea behind SROs is not to make them more regulatory: Anish Mashruwala

The idea of SRO is not to make it more regulatory but it's more decentralisation from the regulator to allow a larger sense of how a particular product in the industry should develop, he says