Page 140 - Rbi

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

ED launches preliminary probe into Fema breach in Paytm Bank case

There could be a multi-agency investigation of the company, sources have indicated

Digital future

New features will increase digital currency adoption

Need to grow at 7-8% to become developed nation by 2047: Ex-RBI Guv

India needs to grow at seven to eight per cent annually in order to become a developed nation with USD 13000 per capita income by 2047, former Reserve Bank Governor C Rangarajan said on Tuesday. Asserting that innovation cannot be a single solution to reduce inequalities or poverty, the former Chairman of the Prime Minister's Economic Advisory Council said besides faster growth rate, the country may need social safety nets such as subsidies in kind of cash and basic income. I would say that the real growth between 7 per cent and 8 per cent will take it closer to the developed economy, because the developed economy by definition shows per capita income of USD 13,000 or more. India's per capita income is now at USD 2700. That means per capita income will have to increase by five times, he told PTI. According to him, if the exchange rate is kept at a lower level or if the prices go up then nominal income will increase, then India can become a developed nation. Therefore, I am saying t

RBI conducts 2 VRR auctions to infuse liquidity into banking system

The liquidity deficit in the system widened to Rs 1.96 trillion on Sunday

Ant Financial's stake value declines to Rs 2,742 crore on Paytm woes

The Chinese company, however, had sold its stake worth Rs 8,293 crore in three tranches over the one year thus saving a major part of its portfolio from the meltdown

No review of action on Paytm Payments Bank: RBI governor Shaktikanta Das

Says the decision was made after a thorough evaluation of its operations

Can work with Paytm if RBI permits: Axis Bank CEO Amitabh Chaudhry

Paytm is an important player in the fintech industry, Amitabh Chaudhry, MD and CEO of Axis Bank, said

Govt nod for OCL investment in Paytm Payment Services awaited, says Paytm

Fintech firm One97 Communications Ltd (OCL) on Monday said it has not received government approval for a downstream investment in payment aggregator subsidiary Paytm Payment Services Ltd. In November 2020, PPSL applied for a licence with the Reserve Bank of India (RBI) to operate as a payment aggregator under the guidelines on Regulation of Payment Aggregators and Payment Gateways. However, in November 2022, RBI rejected PPSL's application and asked the company to resubmit it, so as to comply with Press Note 3 under FDI rules. "As part of the Application, PPSL had also applied to the Government of India for approval of downstream investment made by the Company in PPSL, which is currently awaited. We will update the stock exchanges as and when approval is received. Meanwhile, PPSL continues to serve its existing online merchant partners," Paytm said in a regulatory filing. The banking regulator asked the firm in November 2022 to re-submit applications within 120 days after it gets .

India bond yields fall as focus shifts to key inflation numbers: Report

Last week, the RBI kept policy rates and stance unchanged, while reiterating its commitment to meet the medium-term 4% inflation target

RBI Guv rules out possibility of review in action taken against Paytm PB

Reserve Bank of India Governor Shaktikanta Das on Monday said there was "hardly any room" to review the action taken against Paytm Payments Bank. In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. Talking to reporters in the national capital on Monday, Das said there was "hardly any room" to review the action taken against Paytm Payments Bank. He also said that RBI takes action against regulated entities only after a comprehensive assessment. While emphasising that RBI is supportive of the fintech sector, Das said it is also committed to protect the interest of customers as well as ensure financial stability. The central bank is expected to soon issue a set of FAQs (Frequently Asked Questions) on the Paytm matter.

FM Nirmala Sitharaman addresses Reserve Bank of India board of directors

The Board also reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility

RBI to issue FAQs on Paytm Payment Bank to address customers' concerns

To address various issues of customers of beleaguered Paytm Payments Bank Ltd (PPBL), the Reserve Bank will issue a set of FAQs (Frequently Asked Questions) this week. "Wait for FAQ that will have a set of clarifications related to customers of PPBL as our priority is customers should not be inconvenienced. Customer interest and depositors interest is uppermost for us," RBI Governor Shaktikanta Das said after the Finance Minister's customary address to the central bank's board. In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. Asked if the deadline of February 29 would be extended, Das said, Wait for the FAQ. "Don't expect review of RBI's decision in FAQ. FAQ will address issues related with depositors, customers, wallet users, FASTag holders. Whatever is in the customers' interest that we are dealing in FAQ," he said. Earlie

Downside risks to growth persist

The odds of soft-landing have increased with inflation moving closer to the target and growth holding up better than expected in major advanced and emerging market economies

Banks should be mindful of legal, cyber risks emanating from AI: RBI dy guv

The banking sector and players in the space should be mindful of legal and cyber risks, and skill gaps emanating from Artificial Intelligence (AI), RBI Deputy Governor T Rabi Sankar has said. "With the adoption of AI and GenAI, laws are to be redefined. Industry needs to note that Digital Personal Data Protection (DPDP) Act rules are going to come soon, and banks may be in violation of some of it so it's important to start preparing for it," he said. Addressing the 19th Annual Banking Technology Conference organised by the Indian Banks' Association (IBA) in Mumbai on Friday, he called upon banks to think of customer convenience and provide services accordingly. "When rules are made by us, we need to think of making it convenient for customers and keep improving continuously," he said. Every new technology has erased few jobs but created newer ones, he said, adding that skilling and reskilling of the work force is a must. NaBFID Chairman K V Kamath said what he had predicted 20 yea

'RBI plans tokenisation of assets, bonds under wholesale CBDC pilot'

"On the retail side, its technologies, how systems cope and how people behave are the focus areas. So we are not looking at volumes," Sankar said

Paytm Payments Bank fiasco: Independent directors raised concerns

Red flags were raised on regulatory issues but they may have been late

Reliance Home Finance surrenders certificate of registration to the NHB

There are other nine non-banking finance companies which surrendered the Certificate of Registration (CoR), the RBI said

RBI raises ceiling on remuneration of non-executive directors to Rs 30 lakh

The Reserve Bank on Friday raised the ceiling on remuneration of non-executive directors in private banks to Rs 30 lakh per annum from Rs 20 lakh. In April 2021, the central bank had fixed the ceiling of remuneration at Rs 20 lakh per annum for NEDs (non-executive directors). "Considering the crucial role of NEDs in efficient functioning of bank boards and its various committees and in order to further enable the banks to sufficiently attract qualified competent individuals on their boards, it has been decided to revise the aforementioned ceiling to Rs 30 lakh per annum," it said in a statement. RBI further said the banks are required to have suitable criteria for granting fixed remuneration to its NEDs, with the approval of their boards before any review of the extant remuneration. "The board of the bank may fix a lower amount within the ceiling limit of Rs 30 lakh per annum depending upon the size of the bank, experience of the NED and other relevant factors," it said. The ...

Paytm to form advisory committee on compliance, regulatory matters

The committee will be headed by Meleveetil Damodaran, former chairman of India's markets regulator, and "will work closely with the board," Paytm said in a press release