Page 151 - Rbi

Supporting regulatory framework needed to harness benefits of AI: RBI DG

Reserve Bank of India Deputy Governor M Rajeshwar Rao has made a case for a supportive regulatory framework to harness benefits of Artificial Intelligence (AI) while remaining mindful of its potential adverse impacts on the financial system. Speaking at the 106th Annual Conference of Indian Economic Association in Delhi on December 22, Rao said the emergence of Artificial Intelligence, or AI, is also being cited as being in the same league and proponents of AI sound convinced that it is going to transform the future. In the financial sector, he said, "We are seeing several banks and non-banks experimenting with AI. Global experience, so far, however, suggests that such deployment is mostly limited to back-office work and optimisation of business processes to deliver efficiency gains." Some of the banks have also deployed AI solution to manage compliance requirements, which are routine, for identification of patterns in transactions or payments to detect money laundering attempts or

Central theme of '24: Fight with inflation for growth

A rate cut will happen this year. When? It will depend on the growth-inflation dynamics as well as the US Fed action

2024 set to be eventful for North Block, RBI in pursuit of $5 trn goal

A bank licence for industrial houses looks unlikely; the IWG itself had referred to concerns over connected lending and exposure between banks and other financial and non-financial group entitie

RBI's draft framework advocates for independent members in SRO boards

The struggle to get top-flight IDs on their boards found indirect mention in the first-of-its-kind interaction between the RBI's brass and the boards of state-run banks and private banks

The big change at RBI

Bankers say Das' stint has been a refreshing change. "After a long time, we have a governor who is approachable. I can say that because the RBI's interactions with us are now much better,"

Govt raises Sukanya Samriddhi, 3-yr term deposit interest rates by 20 bps

The government on Friday raised the interest rates on Sukanya Samriddhi scheme by 20 basis points and three-year term deposit scheme by 10 basis points for the January-March quarter, while retaining the rates for all other small savings schemes. According to a finance ministry circular, the deposit under Sukanya Samriddhi scheme would attract an interest rate of 8.2 per cent from the existing 8 per cent, while the 3-year term deposit would become 7.1 per cent from the current 7 per cent. However, the interest rates for popular PPF and savings deposits have been retained at 7.1 per cent and 4 per cent, respectively. The rates were the same during the December quarter. The interest rate on the Kisan Vikas Patra is 7.5 per cent and the investments will mature in 115 months. The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for January 1 to March 31, 2024, period. There is no increase in interest rate for the Monthly Income Scheme, and thi

Forex reserves recover after a year of decline, RBI adds $58 bn this fiscal

The total reserves in the recent week increased due to the $4.6 billion rise in foreign currency assets

Banks bid Rs 3 trn against notified amount of Rs 1.25 trn in VRR auction

The deficit liquidity in the banking system widened to Rs 2.7 trillion on Thursday, according to data by the central bank

Bank credit to industry slows to 6.1%, services sector sees growth: RBI

The retail loans growth decelerated to 18.6 per cent in November 2023 from 19.9 per cent a year ago due to moderation in credit growth to housing

RBI extends payments infrastructure development fund scheme till 2025

As part of the announcement, beneficiaries of the PM Vishwakarma Scheme have been included as merchants under the PIDF scheme

Forex reserves rise by $4.47 bn to $620.44 bn in week ending Dec 22: RBI

In the previous reporting week, the kitty had swollen by $9.112 billion to $615.971 billion, making the quantum of increase one of the highest in a week

Bank credit growth to industry decelerates to 6.1% in Nov: RBI data

Growth of bank credit to industry decelerated to 6.1 per cent in November as against 13 per cent recorded in the same month last year, according to data released by the Reserve Bank of India (RBI) on Friday. Among major industries, year-on-year credit growth to basic metal & metal products, food processing and textiles accelerated in November 2023 as compared with the corresponding month of the previous year, while that to all engineering, chemicals & chemical products, and infrastructure decelerated. On the other hand, credit growth to agriculture and allied activities accelerated to 18.2 per cent in November from 14 per cent a year ago. According to the data on "Sectoral Deployment of Bank Credit -- November 2023", personal loan growth decelerated to 18.6 per cent (y-o-y) in November (19.9 per cent a year ago), due to moderation in credit growth to housing. Credit to the services sector grew 21.9 per cent in November as against 21.3 per cent a year ago. Credit growth to ...

Year ender 2023: 10 important regulatory changes that took place in India

2023 was a busy year for regulators like the Reserve Bank of India and the Securities and Exchange Board of India. Here are the 10 key changes on the regulatory front

RBI defers implementation of norms on penal charges levied by banks

Initially issued in August, these norms were set to be implemented from January 1, 2024

RBI extends Payments Infrastructure Development Fund scheme till 2025

Apart from physical and digital devices, Soundbox devices and Aadhaar-enabled biometric devices have been made eligible for subsidy under the PIDF scheme

Many Indian HNIs being asked by foreign banks to shut accounts: Report

Two British banks, one Swiss bank and a leading Emirates lender have closed the accounts of these Indians in the last two months

Primary risks to economy's outlook stem from global headwinds: RBI report

The report noted that rise in interest rates has benefited banks by improving their net interest margins, with a faster transmission to yield on assets compared to the cost of funds

Banks to remain well capitalised even under severe stress: RBI report

Bad loans from agri remain high at 7%

RBI to conduct 7-day VRR to inject up to Rs 1.25 trn into banking system

Banks submitted bids worth Rs 1.6 trillion, around 3.2 times against the notified amount of Rs. 50,000 crore, at the two-day VRR auction conducted by the RBI

Banks not spending IT budgets fully, says RBI Dy Guv Swaminathan J

Reversal of interest cycle to impact margins, profits