Page 122 - Reserve Bank Of India

RBI, Central Bank of UAE sign two MoUs for trade in local currencies

With messaging system MoU, no need to depend on SWIFT, says Governor Das

HDFC Bank offers interoperability of UPI and CBDC QR code payments

Private lender had more than 100,000 customers and 170,000 merchants under pilot programme

Higher inflation, oil price to keep RBI on hold; cap market gains: Analysts

Another worry for the RBI and the markets are the monsoons back home (intensity and spatial distribution)

Reserve Bank of India looking at banks' retail loan book more granularly

Sharp rise in unsecured loans in one year

HDFC Bank gets six months to move HDFC clients to external benchmark

It is mandatory for banks to link retail loans and loans to micro, medium and small enterprises to an external benchmark

RBI eyes 1 mn digital currency transactions daily by year-end: DG

The RBI has devised the e-rupee as a digital alternative to physical cash - using blockchain distributed-ledger technology

RBI governor Shaktikanta Das asks bank CEOs to focus on governance

Discusses large exposures, recoveries from written-off accounts

RBI governor asks banks to remain extra careful, focus on governance

The governor held meetings with the MD and CEOs of public sector banks and select private sector banks

Banks remain wary of RBI's VRRR auctions, park under 25% of target amount

RBI has held six VRRR auctions so far this month to remove excess liquidity from the system; total notified amount in the last five auctions was Rs 6 trn, in which banks have parked only Rs 364,232 cr

Should states cough up higher interest rates for their fiscal profligacy?

Debate over how states manage their finances likely to pick up as the constitution of the 16th Finance Commission is round the corner

SC rejects plea against RBI permitting Rs 2,000 exchange without ID proof

The Supreme Court on Monday refused to entertain an appeal challenging the Delhi High Court verdict dismissing a PIL against the RBI notification permitting exchange of Rs 2,000 currency notes without any requisition slip and ID proof, saying it is an executive policy decision. A bench of Chief Justice D Y Chandrachud and Justice P S Narasimha dismissed the appeal filed by lawyer Ashwini Updhyay in his personal capacity. This is the matter of executive policy decision, the bench said while dismissing the appeal. On May 29, the Delhi High Court dismissed the PIL challenging the notifications enabling the exchange of Rs 2,000 denomination currency notes without any requisition slip and ID proof. The high court had said the decision was taken to avoid inconvenience to citizens, and that it cannot sit as an appellate authority on a policy decision. The high court had maintained it cannot be said that the government's decision is perverse or arbitrary or it encourages black money, mone

India should move towards complete convertibility of rupee

The IDG believes that CAC is not a pre-condition for internationalisation of INR, or vice-versa, and makes several recommendations over the short-term and medium-term horizons

Bank of India plans share sale to meet Sebi's minimum public holding norms

State-owned Bank of India is exploring the possibility of share sale to investors over the next one year to meet the minimum public holding requirement of 25 per cent. Currently, Government of India holds 81.41 per cent stake in the Mumbai-based bank. "We are exploring options to meet Sebi's minimum public holding requirement. However, the decision to sell shares would depend on market conditions," Bank of India Managing Director Rajneesh Karnatak told PTI. Public sector banks have time till August 2024 for meeting the Securities and Exchange Board of India (Sebi) requirement, he said. Post share-sale, depending on the quantum, the holding of Government of India would come down below 75 per cent. With regard to the bank's growth, he said, credit growth is expected to be 11-12 per cent during current financial year helped by retail, MSME and agriculture loans. As far as the deposit is concerned, he said, "we hope to grow the liability side by 10 per cent during current financial

RBI looking at coming out with fintech regulations: DG Rabi Sankar

The Reserve Bank is looking at coming out with a regulation for fintech players, Deputy Governor T Rabi Sankar said on Friday. "RBI is closely watching the evolving space of fintech...there are no fintech regulations right now. We are talking to the industry and understanding whether there is a need to regulate them," Sankar said, speaking at the Moneycontrol startup conclave. Sankar added that the regulations on fintech will come only after consultations with the industry, and declined to share timelines on the same, as per a statement issued by the event organisers. The RBI will time its regulations in such a way that the industry is allowed to grow, Sankar said, adding that the young innovators' focus is on innovations and not so much on regulations at present. Sankar also said that trading in cryptocurrencies carried out by people is not a concern for the RBI, but private cryptocurrencies themselves are a problem area. He also highlighted that "stable coins" pegged to other ..

Decoded: What is internationalisation of rupee? How will it benefit India?

What does the internationalisation of the Indian rupee mean and how will it make India a competitor of the US dollar? Decoded here

RBI looking to enhance fintech regulations, says Dy Guv T Rabi Sankar

The central bank has been monitoring the fintech space lately to ensure financial stability and mitigate risks related to cybersecurity and prevent fraud

India's campaign to internationalise rupee gets off to a slow start

The Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with 18 countries since last year and is encouraging big oil exporters to accept the Indian currency

RBI governor Shaktikanta Das asks states to improve expenditure quality

At a disaggregated level, a few large states have debt-to GSDP ratios exceeding 35 per cent, the report added

Reserve Bank of India appoints P Vasudevan as new executive director

The Reserve Bank of India (RBI) on Thursday said it has appointed P Vasudevan as Executive Director (ED) and he will look after three departments, including that of currency management. The appointment is with effect from July 3, RBI said in a statement. Prior to being promoted as ED, Vasudevan was the Chief General Manager-in-charge of the Department of Payment and Settlement Systems. He has, over a span of nearly three decades in the Reserve Bank, served in supervision of banks and non-banking financial companies, payment and settlement systems and other areas, including a stint as Member of Faculty in Bankers' Training College. He has worked in the central office as well as at Bengaluru, Mumbai and New Delhi regional offices of the Reserve Bank. Vasudevan holds a Master's degree in finance and Certifications in Information Systems Audit (CISA), Information Security Management (CISM) and Fintech (National University of Singapore). He is a Certified Associate of the Indian Instit

Indian lenders want RBI to conduct more overnight reverse repo auctions

The Indian central bank has been conducting shorter duration two-day VRRRs through the week, before being prompted by lenders to resort to an overnight auction