Page 69 - Rbi

Net claims of non-residents on India declined by $19.8 bn in Q2: RBI

Net claims of non-residents on India declined by USD 19.8 billion during the second quarter of the current financial year to USD 348.5 billion in September 2024, according to RBI data released on Monday. Higher rise in Indian residents' overseas financial assets (USD 66.5 billion) compared to that in the foreign-owned assets in India (USD 46.7 billion) led to a decline in net claims of non-residents during the quarter. Net claims of non-residents on India is the difference between the assets and liabilities held by non-residents in India. "Over 80 per cent of the increase in overseas financial assets during July-September 2024 was due to the surge of USD 53.8 billion in the reserve assets," said data on 'India's International Investment Position (IIP), September 2024'. RBI further said the rise in inward portfolio investment (USD 16.5 billion) and loans (USD 15.4 billion) together accounted for over two-thirds of the rise in foreign liabilities of Indian residents during the ...

Manmohan Singh welcomed criticism, took on board diverse views: Montek

Former Deputy Chairman of the erstwhile Planning Commission and eminent economist Montek Singh Ahluwalia on Monday recalled his long association with Manmohan Singh, saying he welcomed criticism and took on board different options on economic issues. Ahluwalia credited him with setting the course for India's economy by introducing economic reforms. Speaking with PTI Videos, Ahluwalia said, "I think one of the things that we can learn from Dr. Manmohan Singh is that the economic policy is a complicated issue and it's good to get all kinds of views on the table. It's not a simple matter of just deciding something and then if you can just implement it things will get done". Ahluwalia recalled that former RBI governor Raghuram Rajan, who was then associated with IMF had made critical remarks about Manmohan Singh's work, and Singh later appointed him as the Chief Economic Advisor. "So to bring in someone who has been so critical into the ministry is an indication that one should accept

Raise awareness about cyber frauds, identify mule accounts: RBI report

A Reserve Bank report on Monday stressed increasing awareness about cyber frauds and efforts to identify mule accounts amid rising digital transactions. With the rise in digital transactions, the incidents of cyber frauds using novel modus operandi have increased in recent times, the December edition of the Financial Stability Report (FSR) released by the RBI said. "Considering the fact that the financial losses and emotional distress caused by these frauds are substantial, it is imperative that Regulated Entities (REs) undertake wide-scale preventive awareness initiatives to caution the public about such frauds and intensify efforts to identify mule accounts," it said. According to the RBI's Report on Trend and Progress of Banking in India 2023-24, the number of bank frauds witnessed a significant year-on-year increase in the first half of the current fiscal to 18,461 cases and the amount involved jumped more than eight-fold to Rs 21,367 crore. The number of frauds during ...

Banks to provide beneficiary account name facility in NEFT, RTGS by Apr 1

The RBI has asked the National Payments Corporation of India to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds. All banks that are direct members or sub-members of Real Time Gross Settlement (RTGS) System and National Electronic Funds Transfer (NEFT) System are advised to offer this facility no later than April 1, 2025, the Reserve Bank said in a circular on Monday. Currently, the Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) systems enable a remitter to verify the name of the beneficiary before initiating a transfer. "It has been decided to put in place a similar facility that would enable a remitter to verify the beneficiary bank account name before initiating a transaction using RTGS or NEFT system," it said. RBI has advised the National Payments Corporation of Indi

Delhi HC asks RBI to expedite system to verify receiver name in RTGS, NEFT

In a significant ruling, the Delhi High Court has asked the Reserve Bank of India to expeditiously activate the process of verifying the receiver's name in RTGS and NEFT payment methods Justice Pratibha M Singh said such a system was crucial to prevent cyber frauds and a delay could likely impact thousands of innocent consumers who made payments without realising who the beneficiary was. The system shall be implemented by all banks, it said. The court was hearing a batch of pleas over the misuse of trademark of several entities by fraudulent websites to dupe innocent people. "Steps being taken by the RBI for implementation of the said Beneficiary's Name Lookup Facility for RTGS and NEFT transactions are extremely crucial to prevent cyber fraud like the kind of fraudulent activity that are being dealt with in this case. The RBI shall, without any delay, create the said facility referred to as, Beneficiary's Name Lookup Facility," said the court on December 21. The court said a dela

Rajat Verma appointed as DBS Bank India CEO, to succeed Surojit Shome

In a statement, DBS said Verma, current head of institutional banking group at DBS Bank India, had been appointed, effective from March 1, in line with RBI approval

Banks' gross bad loan ratio seen worsening by March 2026: RBI report

This key measure could rise to 3 per cent by the end of March 2026 from a 12-year low of 2.6 per cent in September 2024 for 46 banks under the so-called baseline scenario

Indian economy prospects expected to improve, says RBI Guv Sanjay Malhotra

He noted that RBI's focus remains steadfast on maintaining the stability of financial institutions and, more broadly, systemic stability while preserving financial stability to support higher growth

Now, you can use any UPI app for your digital wallet payments-here is how

By allowing interoperability among these wallets and Unified Payments Interface (UPI) apps, users can now make transactions using any UPI-enabled application.

Rate cut, regulatory move to be in focus under Guv Malhotra-led RBI

There are at least four important regulations awaiting the commercial banks that could impact their growth and profitability

ATMs to loans: Union Budget, Mint Road, and evolving financial landscape

A South Block and Mint Road tango is in the offing in 2025, foregrounded by deeper consultations with various stakeholders

2025 outlook: RBI's regulatory focus on innovation, stability, and fairness

RBI's focus on customer, compliance and collaboration will continue in 2025. It will have new initiatives balancing innovation and prudence

Credit and deposit grow at 11.5% in fortnight ending Dec 13: RBI data

Credit growth in the economy, which had previously been driven primarily by retail credit, has tapered off from its peak

Current account deficit narrows to at $11.2 bn in July-September: RBI

The current account deficit stood at $11.2 bn, or 1.2 per cent of GDP in the reporting quarter, compared with a revised deficit of $11.3 bn or 1.3 per cent of GDP in the same quarter a year ago

Forex reserves drop to over seven-month low of $644.39 bn as of Dec 20

The reserves declined by $8.5 billion in the reporting week, logging their biggest weekly fall in over a month. They had declined by a total of $5.2 billion in the prior two weeks

RBI allows PPI holders to make UPI payment using third-party apps

The Reserve Bank on Friday allowed prepaid payment instruments holders to make and receive UPI payments through third-party mobile applications. It has been decided to enable Unified Payments Interface (UPI) payments from/to full-KYC prepaid payment instruments (PPIs) through third-party UPI applications, the central bank said in circular. "A PPI issuer shall enable holders of only its full-KYC PPIs to make UPI payments by linking its customer PPIs to its UPI handle. UPI transactions from PPI on the issuer's application shall be authenticated using the customer's existing PPI credentials," it said. Such a transaction will, thus, be pre-approved before it reaches the UPI system. A PPI issuer, in its capacity as a payment system providers, should not on-board customers of any bank or any other PPI issuer, the RBI said. The RBI's decision is aimed at providing more flexibility to holders of PPIs such as gift cards, metro rail cards, and digital wallets, among others. Currently, UPI

Rupee hits record low of 85.395 on strong NDF dollar bids; RBI may step in

Rupee declined to 85.3950 to the dollar, eclipsing its previous all-time low of 85.2825 hit on Thursday

RBI sets up 8-member panel to develop framework for ethical use of AI

The Reserve Bank on Thursday announced the setting up of an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector. Headed by IIT Bombay professor Pushpak Bhattacharyya (Department of Computer Science and Engineering), the panel will assess the current level of adoption of AI in financial services, globally as well as in India. It will also review regulatory and supervisory approaches on AI with focus on the financial sector globally. The panel will also identify potential risks associated with AI, if any, and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc. The committee will recommend a framework including governance aspects for responsible, ethical adoption of AI models / applications in the Indian financial sector, the RBI said. The other members of the panel are: .

Bank frauds jump to Rs 21,367 crore in first half of FY25, shows RBI data

In April - September period of FY24, while there were 14,480 incidences of frauds, the amount involved was only Rs 2,623 crore

Banks' balance sheets stay robust, bad loans decline more: RBI report

The report said that net bad loans of banks fell to 0.57 per cent of total loans at September-end, from 0.62 per cent at end-March, driven by stronger loan-loss buffers