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RuPay credit cards could help SBI Cards gain share on UPI spends

One gamechanger could be increasing penetration of RuPay cards, which run on the UPI platform

Bank locker agreement renewal deadline on Dec 31: What you need to do

The Reserve Bank of India (RBI) has asked banks to sign an updated agreement with bank locker holders citing developments in banking and technology, consumer grievances, and feedback

Total income of Indian banks' overseas branches more than doubles in FY23

The total income of branches more than doubled to Rs 60,596 crore in FY23 from Rs 22,947 crore in FY22. The expenses grew to Rs 51,479 crore in FY23 from Rs 19,709 crore

Presence of Indian banks via subsidiaries increased to 417 in FY23: RBI

Indian banks increased their overseas presence through the subsidiaries route to 417 during 2022-23, from 399 at the end of the preceeding fiscal, as per Reserve Bank data released on Wednesday. Their employee strength, too, rose 0.5 per cent and 6.2 per cent for foreign branches and subsidiaries, respectively, during 2022-23, the Reserve Bank of India (RBI) survey on International Trade in Banking Services 2022-23 showed. The survey covers 14 Indian banks having overseas branches or subsidiaries and 44 foreign banks having branches or subsidiaries in India. On the other hand, the number of branches and employees of foreign banks in India contracted during 2022-23 to 774 from 858 in 2021-22. "Overseas business of Indian banks expanded as both mobilisation of deposits as well as lending activities increased during the year," the RBI said. Shifting of retail business of a major foreign bank in India to a domestic private sector bank led to decline in aggregate deposits and credit of

OPS to restrict states' capacity to undertake development activities: RBI

Sounding a note of caution, a Reserve Bank report has said that reverting to the DA-linked Old Pension Scheme (OPS) will exert huge pressure on state finances and restrict their capacity to undertake developmental expenditure. The Reserve Bank's report on 'State Finances: A Study of Budgets of 2023-24' also said the provision of non-merit goods and services, subsidies, transfers and guarantees will render their fiscal situation precarious. The governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have informed the central government and Pension Fund Regulatory and Development Authority (PFRDA) about their decision to revert to OPS for their state government employees. These state governments have requested for withdrawal/ refund of contribution, along with return thereon, the finance ministry has recently informed Parliament. The central bank's report said the return to the Old Pension Scheme by a few states, and reports of some other states moving in the

RBI authorises Bandhan Bank to disburse pension to retired railway workers

City-based private lender Bandhan Bank on Wednesday said it has been authorised by the Reserve Bank of India (RBI) to disburse pension to retired railways employees. In a statement, the bank said the lender will shortly integrate its system with the railways ministry to operationalise the pension disbursement process. The mandate will give the bank access to around 50,000 retirees each year across 17 zonal offices and eight production units of the railways across the country. Debraj Saha, head (government business), Bandhan Bank, said, "Indian Railways is one of the largest employers in the country. This will help pensioners to get access to competitive rates offered by the bank and other products of the lender.

IIP surges 11.7% in October; retail Inflation jumps to 5.55% in November

IIP surges 11.7% in Oct; uptick in food prices lifts retail inflation to 5.55% in Nov

RBI cautions states with over 4% fiscal deficit, urges tax reforms

Says returning to OPS would put substantial burden on finances

States' gross fiscal deficit below Budget Estimate for a 2nd yr: RBI report

The implementation of goods and services tax (GST) has led to increased tax buoyancy for the states," the report said

RBI Assistant Prelims Result 2023: When, where, and how to check result

RBI is to announce assistant prelims result 2023 soon on its official website at opportunities.rbi.org.in. The exam was held on November 18, 19, 2023. Check when, where and how to check

India's GDP growth may slow down to 6.5% in FY25: Axis Bank report

Mishra also said that the Reserve Bank is unlikely to cut its repo rate through the calendar year 2024 due to volatile food inflation

RBI allows REs to use HDFC Bank-Crunchfish AB's offline payments product

HDFC Bank had stated that it would roll out this service as part of a limited pilot for four months in over 16 cities and towns across India

India's potential economic growth rate likely now at 7%, estimates Axis

An economy that's growing faster than its potential would generally result in bottlenecks in supply, causing inflation to accelerate and putting pressure on the central bank to hike interest rates

RBI cautions against misleading advertisements on loan waiver offers

The Reserve Bank on Monday cautioned public not to fall prey to misleading advertisements related to loan waiver offers in print media as well as on social media platforms. In a statement, the RBI said it has noticed certain misleading advertisements enticing borrowers by offering loan waivers. These entities, it said, seem to be actively promoting many such campaigns across the print media as well as social media platforms. There are also reports of such entities charging a service/legal fee for issuing 'debt waiver certificates' without any authority. The central bank further said that in certain locations, campaigns related to debt waiver offers are being run by a few persons, which undermine the efforts of banks in enforcing their rights. "Such entities are misrepresenting that dues to financial institutions including banks need not be repaid. Such activities undermine the stability of financial institutions and, above all, the interest of the depositors," the RBI said. RBI .

RBI keeps all options open to manage liquidity

Inflation and central bank policy rates seem to have peaked for most countries, while the pace of economic activities remains varied across economies

RBI to unveil regulatory framework for web aggregators of loan products

Move aimed at increasing transparency and improving lending practices

RBI to come up with unified regulatory framework on connected lending

The central bank believes that the decision to set up a regulatory body will strengthen the pricing and risk management of credit by these entities

No plans to loosen rates, no complacency on inflation fight: RBI governor

Governor Shaktikanta Das on Friday ruled out loosening interest rates, saying inflation remains top priority as a few months of good data should not lead to complacency, even as the Reserve Bank kept key policy rates unchanged for the fifth consecutive time. The six-member monetary policy committee of the Reserve Bank of India voted to leave the repurchase rate at 6.50 per cent and decided to keep on sucking out liquidity from the system. Addressing reporters after the bi-monthly policy announcement at the central bank headquarters here, Das clarified that the inclusion of over-tightening in his policy statement should not be construed as anything else. A "loosening" of the rates is not on the table at all," the governor said. Sounding more hawkish, Das said, "The primary objective of the monetary policy, as prescribed in the law, is ensuring price stability that's by maintaining inflation at 4 per cent target for a durable time. ...in May 2022 when we had shifted our focus from .

Upward revision in RBI's GDP growth forecast very well placed: Ajay Seth

The upward revision in GDP growth forecast by the RBI is "very well placed" with high frequency indicators in October and November showing good momentum, Economic Affairs Secretary Ajay Seth said on Friday. "It is quite obvious that growth that India has achieved in the first half and then in two months (October, November), where the high frequency indicators are showing a good momentum... this upward revision is very well placed," he told reporters. The RBI in its bi-monthly policy review revised upwards growth projection for current fiscal to 7 per cent, from 6.5 per cent earlier. The Indian economy grew 7.8 per cent and 7.6 per cent in the June and September quarters of this financial year, taking the first half growth to 7.7 per cent.

RBI MPC meet highlights: Inflation is our top priority, says Guv Das

RBI monetary policy: The RBI also decided to maintain its policy stance at "withdrawal of accommodation"