Page 89 - Rbi

Cashfree Payments gains regulatory approval to operate as a PPI provider

Cashfree Payments joins a growing list of PPI providers. At present, the banking regulator has issued these licences to 46 entities

RBI's domestically-held gold reserves jump 510.46 MT by end-September

As of end-September, the Reserve Bank of India (RBI) held 854.73 metric tonnes of gold, compared to 822.10 metric tonnes at the end of March

Rural demand rises but urban areas 'slow down'; will it impact GDP growth?

While rural demand has shown an uptick, rising food inflation and a slowdown in credit growth pose challenges, potentially dampening the country's growth in the second quarter of 2024-25

Urban demand stress under watch, festivals may boost consumption: FinMin

The inflation rate stood at 4.6 per cent in the first half of FY25, down from 5.5 per cent during the same period last year

India in cyclical slowdown, RBI's 7.2% estimate 'overly optimistic': Nomura

Japanese brokerage Nomura on Monday said the Indian economy has entered a phase of "cyclical growth slowdown" and the Reserve Bank's estimate of 7.2 per cent GDP expansion is "overly optimistic". The brokerage said it sees "rising downside risks" to its GDP growth estimates of 6.7 per cent in the ongoing FY25 and 6.8 per cent in FY26. "We believe India's economy has entered a cyclical growth slowdown. Coincident and leading growth indicators point to a further moderation in GDP growth and the RBI's forecast of 7.2 per cent for FY25 is overly optimistic," the brokerage said in a note. The RBI maintained its FY25 growth estimate at 7.2 per cent earlier this month, even as some watchers have been coming out with lower numbers. Nomura said urban consumption indicators have been softening lately, and pointed to the slump in passenger vehicle sales, moderation in airline passenger traffic and FMCG companies flagging weak urban demand. "We believe this weakness in urban demand is likely

RBI sets Rs 300 cr networth criteria for central counterparty authorisation

The Reserve Bank on Monday said an entity seeking authorisation or recognition as a Central Counterparty (CCP) should have a minimum networth of Rs 300 crore at the time of submitting its application. CCP means a system provider by way of novation interposes between system participants in the transactions admitted for settlement. CCP becomes the buyer to every seller and the seller to every buyer for the purpose of effecting settlement of their transactions. The central bank on Monday updated its June 2019 norms for Central Counterparties. According to the revised directions, every authorised CCP has to submit an audited networth certificate as at close of financial year from the statutory auditor within six months of the closure of the financial year. Further, the authorised CCP should be a public company limited by shares. "The shares of an authorised CCP shall be held by persons who are users of the authorised CCP. If a person ceases to be a user, the CCP shall ensure that the

Fintech major BharatPe rolls out investment platform 'Invest BharatPe'

The Delhi-based fintech launched digital gold in partnership with Safegold, enabling customers to purchase and sell gold digitally

RBL Bank, Mahindra Finance get RBI nod to launch co-branded credit cards

Non-bank lender Mahindra Finance on Monday announced that it will be launching a co-branded credit card with RBL Bank. Mahindra Finance said it has received the RBI nod for launching the offering. Managing Director and chief executive Raul Rebello said the offering will be designed to help meet its customers' aspirational needs. The announcement comes amid heightened concerns about the credit card portfolios, and also regulatory attempts to disincentivise growth in such riskier assets. A Mahindra group entity has 3.53 per cent "strategic" stake in RBL Bank which was bought for Rs 417 crore, while RBL Bank is attempting to decrease its reliance on Bajaj Finance to distribute credit cards. Rebello said this will be a maiden co-branded credit card offering for Mahindra Finance and that there are significant synergies between the company and the bank. "Our aim is to provide a one-stop solution that offers unmatched benefits across a wide range of categories," RBL Bank's executive dire

Economic growth questions: Some high-frequency indicators remain puzzling

Growth in GDP in the first quarter this financial year declined to a five-quarter low of 6.7 per cent

RBI Governor Shaktikanta Das gets top central banker award by US magazine

Reserve Bank of India Governor Shaktikanta Das has been ranked the top central banker by the US-based Global Finance magazine. This is the second consecutive year that he has been ranked as the top central banker globally. "Governor @DasShaktikanta received the award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year. Presented by Global Finance at an event held today in Washington DC, USA," RBI said in a post on X. Das has been placed at the top of the list of three central bank governors, who have been rated A+. Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management, according to a statement by Global Finance magazine. An 'A' represents excellent performance, while an 'F' for outright failure. Denmark's Christian Kettel Thomsen, and Switzerland's Thomas Jordan have also been ranked under the 'A+' category of central bankers.

RBI’s crackdown on 4 NBFCs, bank boards, HDFC’s loan growth & LIC to enter FRA market

This week, regulators took action against 4 NBFCs, stopping them from issuing new loans as they charged high interest rates on microfinance loans.

CRISIL puts long-term ratings of Navi Finserv, Asirvad on rating watch

Earlier this month, the RBI barred four NBFCs, including two MFIs, from sanctioning and disbursing loans due to charging exorbitant interest rates to borrowers

Project stalling rate eases to 12-year low; sharper decline for pvt sector

Private-sector capex may face headwinds from a growth slowdown, suggested independent market expert Ambareesh Baliga

RBI turned down request to appoint ex-CBI official on board: Religare

In a notice to the stock exchanges, the company said Religare is currently an acquisition target, and an open offer was made by the Burman family (of Dabur group) on September 25 last year

RBI approves Pranav Chawda's appointment as JP Morgan Chase Bank India CEO

J P Morgan Chase Bank India on Wednesday said it will elevate Pranav Chawda as its chief executive officer. The unit of American banking major J P Morgan said it has received the Reserve Bank's approval for Chawda's appointment as the CEO of the banking entity in India. Chawda joined J P Morgan in 2019, and has been heading the commercial banking vertical. His responsibilities will now get expanded, under which he will also head the corporate banking entity, as per an official statement. In order to improve client experience, the entity is integrating its commercial and corporate banking in India, which is also in line with the firm-wide announcement early this year. "As CEO of our banking entity, Pranav's experience and deep understanding of the local market will enable him to play a pivotal role in driving corporate banking business forward," J P Morgan's senior country officer and vice-chairman for Asia Pacific Kaustubh Kulkarni said. He added that the entity is looking to ...

Can't risk another bout of inflation, need cautious approach: RBI minutes

The MPC, which consists of three Reserve Bank of India (RBI) and three external members, had kept the repo rate unchanged at 6.50 per cent for a tenth straight policy meeting

RBI expands alert list, names 13 unauthorised forex trading platforms

Ranger Capital, TDFX, Inefex among entities barred from trading after violating regulations

Digital payments double in 3 years, cash transactions fall: RBI report

The study highlights that the share of digital payments more than doubled between 2021 and 2024, with UPI playing a key role in this transformation, particularly for small-value purchases

RBI's lending ban cannot be the answer to India's credit excesses

Excesses spike in post-pandemic inflation and an uneven recovery that bypassed working-class families has aggravated the challenge

RBI to meet private bank boards on November 18 to discuss governance

This will be 2nd meeting of its kind