Page 139 - Rbi

RBI extends deadline for Paytm Payments Bank restrictions to March 15

Merchants can accept payment if account linked to other banks

Paytm Payments Bank saga: FASTag makers gear up as demand from FIs rise

According to industry sources, Airtel Payments Bank has placed 5x to 7x more orders for FASTags than they would place in a normal order

Market regulator Sebi urges industry to step up voluntary compliance

Enforcement cannot be the only solution, says Sebi WTM; Varshney assures Sebi's KYC infrastructure strong

SBI seeking lower CRR on green deposits, says chairman Dinesh Khara

Begins assessment of borrowers on ESG norms

Bond inclusion unlikely to trigger volatility: Ashima Goyal of RBI MPC

Goyal expects around $30 billion inflows on the back of the inclusion

Paytm shifts nodal account to Axis Bank for seamless transactions

Paytm QR, soundbox, card machine will continue to work as always, said One97 Communications

RBI may absorb foreign inflows via bond index inclusion: JP Morgan's Chinoy

Chinoy also highlighted the dynamic relationship between the dollar and the rupee

Paytm shifts nodal account to Axis Bank from Paytm Payments Bank

Fintech firm One97 Communications -- owner of the brand Paytm -- has shifted its nodal account to Axis Bank from Paytm Payments Bank. The move will allow continuity of Paytm QR, Soundbox, card machine after the March 15 set by the Reserve Bank of India, as per a regulatory filing. The RBI has advised customers and merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions. "The company has also shifted its nodal account to Axis Bank (by opening an escrow account) to continue seamless merchant settlements as before. "This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank. Paytm Payment Services Ltd (PPSL), OCL's wholly owned subsidiary has already been using the Axis Bank services, since its inception," Paytm said in a filing. The nodal account of Paytm is like a master

RBI extends Paytm Payments Bank restriction deadline to March 15

The earlier deadline was Feb 29

Crypto currencies have no underlying value: RBI exec director Vasudevan

Crypto currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. The Reserve Bank of India (RBI) has been critical of new-age currencies like bitcoins, saying they pose systemic risk to the financial systems. "Crypto currencies cannot be called currencies as they don't have any underlying value," P Vasudevan, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here. Ultimately it is a call that the government has to take on how to tackle crypto currencies, the official said. Currently, bitcoins have no legal backing in India and investors have to pay a tax on the income earned by trading in them. In the backdrop of the action against Paytm Payments Bank and curbs imposed on some international card providers, Vasudevan said self-regulation can protect the fintech sector better. He also said that mechanisms could be looked at to highlight bad behaviour.

Foreign exchange reserves snaps two-week gaining streak, shows RBI data

The reserves fell by $5.27 billion in the reporting week, their steepest fall in a month, after having risen by a total of $6.36 billion in the prior two weeks

SBI seeks lower reserve requirement for green deposits, says chairman

"We have put across the asks. One, of course, is a reduction in CRR for green deposits and second, if at all as a policy it can be incorporated," Khara said

Reserve Bank of India restrains commercial card payments by a network

The RBI has clarified that business credit cards will continue to function as usual

Reserve Bank of India, Nepal Rastra Bank sign pact for UPI-NPI linkage

The integration of Indian and Nepalese fast payment systems is aimed at facilitating cross-border remittances between the two countries, RBI said

RBI orders Visa to stop unauthorised B2B card payment system: Report

Business-to-business payments via cards include payments by businesses to their vendors and in some cases tax payments by small units

Overnight money market rates near MSF despite slew of VRR auctions

The liquidity deficit in the banking system stood at Rs 2.23 trillion on Wednesday, according to data by the central bank

Central banks of India, Nepal sign agreement to link UPI-NPI, says RBI

State-owned Central banks of India and Nepal on Thursday signed terms of reference for the integration of the Unified Payments Interface (UPI) and National Payments Interface (NPI). The Reserve Bank of India and Nepal Rastra Bank signed the terms of reference. The formal launch of the linkage or commencement of operations will be done at a later date, the Reserve Bank said in a statement. "The integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers," it said. The RBI further said the collaboration between India and Nepal in linking their fast payment systems through the UPI-NPI linkage will further deepen financial connectivity and reinforce the enduring historical, cultural, and economic ties between the two countries. Based on the terms of reference exchanged between the RBI and NRB, the necessary systems will be put in place for the interlinking of UPI and Nepal's NPI.

Recurring food price shocks pose challenges in tackling inflation: Das

Reserve Bank Governor Shaktikanta Das on Thursday said recurring food price shocks and renewed flash points on the geo-political front pose challenges in tackling inflation. "We remain vigilant to navigate through the last mile of disinflation as it is often the most difficult part of the journey. We firmly recognise that stable and low inflation will provide the necessary bedrock for sustainable economic growth," the governor said. Das stressed that stable and low inflation will provide the necessary bedrock for sustainable economic growth. India has successfully navigated through multiple challenges and emerged as the fastest-growing large economy, he said in his keynote address at the 59th SEACEN Governors' Conference here. "Prudent monetary and fiscal policies have paved the path for India's success in sailing through these rough waters. The Reserve Bank projects the Indian economy to grow by 7.0 per cent during 2024-25, marking the fourth successive year of growth at or above

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 ...

Visa, Mastercard top executives meet RBI officials after BPSP biz hit

Banking regulator issue directions to card networks, fintechs to put on hold all commercial card-based transactions made by firms