Page 78 - Rbi

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

Year in Review: How inflation pinched pockets of Indian households in 2024

Indian households grappled with soaring prices in 2024 as inflation strained budgets and reduced purchasing power. High inflation rate cut into savings and curbed discretionary spending of consumers

PPI wallets register 20% drop to 1.14 bn in November, says RBI data

But prepaid payment instrument cards grow on a smaller base

Banks' average daily reserves fall after FIT framework: RBI report

RBI introduced ASISO facility in August 2020 to offer greater flexibility in managing day-end cash reserve ratio balances

Low pvt consumption, reduced govt spending a worry but GDP to grow 6.5%: EY

India's GDP is forecasted to grow at 6.5% in FY25 and FY26, but weak private consumption, rising household debt, and sluggish government spending pose challenges

Net FDI into India slows to $2.2 billion during April-October: RBI data

The slowdown in net FDI into India is consistent with trends observed in other emerging market economies, including Mexico, Vietnam, Indonesia, the Philippines, and Thailand, among others

Outward remittances under LRS rise 10.6% in October, shows RBI data

In the August-October quarter of financial year 2024, Indians remitted $8.37 billion overseas, compared to $9.05 billion during the same period last year

NRI deposits see $12 bn inflows in April-October FY25, shows RBI data

The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits

RBI net sells $9.2 bn in October, highest monthly sale since September 2022

The rupee had breached the 84 per dollar mark on October 11 of the current year

State finances improve, but reforms needed to address lingering issues

The latest RBI study showed that the adoption of fiscal-responsibility rules had helped states

RBI report sees economic recovery in Q3; FPI flows turns positive in Dec

The report further said India's growth trajectory is poised to lift in the second half of 2024-25, driven mainly by resilient domestic private consumption demand

Rupee defence strategy: Why RBI should embrace currency flexibility

India now holds about $650 billion in reserves, enough to finance nearly a year of imports. The problem is that global financial markets have even more firepower

Sold net $9.28 bn in spot forex market in October, says RBI Bulletin

The RBI's net outstanding forward sale stood at $49.18 billion as of October end, compared with a net sale of $14.58 billion at the end of the previous month, the data showed

Rupee hits all-time low pressured by weak Yuan, strong dollar bids

The RBI's frequent interventions have supported the rupee in the face of multiple headwinds, including a hawkish shift in the Federal Reserve's outlook for policy rates over 2025, concerns about India

Banks lobby RBI to approve new benchmark for overnight indexed swaps

The move is intended to improve price discovery in the interest-rate swap market