Page 137 - Reserve Bank Of India

Reserve Bank announces second global hackathon, winner to get Rs 40 lakh

The Reserve Bank on Tuesday announced its second global hackathon -- 'HARBINGER 2023 - Innovation for Transformation' with the theme 'Inclusive Digital Services'. Fintechs have been invited to develop solutions that have the potential to make digital financial services accessible to the differently-abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains. "Being part of HARBINGER 2023 gives an opportunity to the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury and win exciting prizes in each category," the RBI said. Registration for the hackathon starts from February 22, 2023. The RBI has invited innovative ideas in four segments. 'Innovative, easy-to-use, digital banking services for differently-abled (Divyaang); RegTech solutions to facilitate more efficient compliance by Regulated Entities (REs)'; Exploring use cases/solutions for CBDC-Reta

Inflation-linked road toll rate hike to be modest at 2-5% in FY24: Icra

Credit rating agency Icra on Monday said the inflation-linked toll hike should be relatively modest at 2-5 per cent in FY24 as compared to 8.7-14.6 per cent last fiscal

RBI rejects RTI seeking information on its correspondence with govt

The report mentioned the debate on disclosure of the RBI's failure to meet the flexible retail inflation target of 2-6% for three straight quarters between January and September

Sebi solved 3,180 complaints in January through its SCORES platform

A total of 3,180 complaints received through SCORES against companies or market intermediaries have been disposed of in January, as per data released by markets regulator Sebi on Friday. SCORES is a redressal grievance system that was launched by the Securities and Exchange Board of India (Sebi) in June 2011. At the beginning of January, as many as 2,915 complaints were pending and 2,877 fresh complaints were received during the month. These complaints were related to refunds, allotment, redemption and interest, among others. The regulator also noted that there were 11 complaints as of January 2023, which were pending for more than three months. These complaints were related to research analyst, investment adviser, non-demat, remat and transfer/dividend/rights/redemption. The average resolution time for a complaint is 31 days, it added. In a separate public notice, Sebi mentioned eight entities against whom complaints have been pending for more than three months on SCORES as of .

FIIs turn net buyers; invest $840 million in Indian bonds in 2023 so far

Foreign institutional investors have purchased $840 million worth of Indian bonds so far in 2023. This is a change in the trend as they were net sellers of bonds in the years 2022 and 2021

RBI resumes repo ops after 5 months as LTRO maturities lined up

LTROs/TLTROs worth Rs 75,000 cr to mature by April-end

Reserve Bank widening bond lending may shield bears from short squeezes

Some entities like insurance companies are not permitted to borrow money but have a large stock of securities and the move will enable them to lend bonds

25 bps hike: No change in stance, par for the course

One cannot completely rule out the possibility that the pause button would be pressed at the next MPC meet. Future actions, both for policy rate and stance, will depend on evolving data

Markets gain on dovish comments by US Fed chairman; Sensex rise 378 points

Bank Nifty underperforms after RBI raises hikes rate by 25bps

RBI to frame guidelines on penal charges for default in loan servicing

The central bank also said that the penal charges would be recovered from the borrower separately and not added to the outstanding principal amount

Reserve Bank announces guidelines on climate risk, sustainable finance

The guidelines consist of a broad framework for acceptance of green deposits, disclosure frameworks on climate-related financial risks and guidance on climate scenario analysis and stress testing

Bond yields harden as Reserve Bank shows no sign of policy turn

Traders expect the excess cash with banks to dry up significantly over the next three to four months

Analysts expect RBI to hike repo rate 25 bps again in April policy

Analysts are of the view that after delivering the seventh hawkish policy on Wednesday the central bank may pause after delivering a likely 25 basis points increase in the April review. For Abheek Barua, the chief economist at HDFC Bank, the 25 bps repo hike and keeping its withdrawal of accommodation stance unchanged are on expected lines, the policy tone was hawkish as the RBI-MPC has recognised that they are still away from achieving their objective of durable disinflation, which still looks distant as the core inflation continues to remain sticky. Even as headline inflation is likely to moderate over the coming months, core inflation could remain sticky, and if the RBI chooses to continue seeing signs of durable moderation in core inflation as a yardstick for policy tightening, another 25 bps rate hike in April is likely. But we see a change in stance to neutral is unlikely until the RBI pauses its rate hike cycle, Barua said. He said that the more-than-expected hawkish stance w

RBI rate hike on expected lines; policy focuses inflation: Bankers

The Reserve Bank's decision to hike repo rate by 25 basis points was on expected lines but the policy focuses more on inflation despite the recent moderation in the number, bankers said on Wednesday. "Repo hike of 25 basis points is on the expected lines. Evidently, the policy is focused more on managing inflation, even though the recent retail inflation readings are showing signs of moderation," industry lobby Indian Banks Association's Chairman A K Goel, who also heads state-owned Punjab National Bank, said in a statement. It can be noted that the last two readings of the headline inflation have come within the upper tolerance band of the central bank and some analysts, including in-house economists at the country's largest lender SBI were expecting a pause on rate hike. With the latest hike, the repo rate is at 6.50 per cent. SBI Chairman Dinesh Khara said the continuing strength in US job data has made monetary policy making into a delicate balancing act for emerging economies

Moderation of pace of rate hikes gives RBI room to assess impact: Das

Central bank management speaks to the media about inflation, economy and government borrowing

Digital currency has 50,000 users, 5,000 merchants: RBI Deputy Governor

The recently launched retail central bank digital currency (CBDC) pilot has 50,000 users and 5,000 merchants, the RBI said on Wednesday. "We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly," Deputy Governor T Rabi Sankar said at the post-policy press conference here. "We have our targets in terms of users, in terms of merchants. We will go slowly," he added. The RBI does not want to end up in a situation where it does something without actually understanding the likely impact or would always be desiring to be in a position where it can manage the fallout, Sankar said. He said 50,000 users and 5,000 merchants are transacting through eight banks at present, and another five lenders are set to join soon. The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities, he said. There are plans to add nine more cities to the list, Sankar

No proposal to increase overseas investment limits for MFs: RBI Governor

There is no proposal to increase the overseas investment limits for domestic mutual funds at the moment, Reserve Bank Governor Shaktikanta Das said on Wednesday. Speaking to reporters at the customary post-policy review press conference, Das acknowledged that there have been requests from mutual funds and other market players for relaxations of the limits. "We have examined that. But we have not taken a positive decision on it yet. There is no proposal to increase the limits at the moment," Das said. Deputy Governor T Rabi Sankar said the same issue had come up a year ago as well and it was decided to maintain the status quo then. It can be noted that there is an overall industry-level limit of USD 7 billion for mutual funds. The RBI regulates the fund inflows and outflows into the country. Capital markets regulator Sebi had in June last year permitted mutual funds to again invest in foreign stocks within the aggregate mandated limit of USD 7 billion after a correction in stocks.

Rupee appreciates 19 paise to end at 82.51 against US dollar

The rupee appreciated 19 paise to close at 82.51 (provisional) against the US dollar on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points. A rally in the domestic equity markets and weakness in the greenback against major crosses overseas also supported the rupee, forex traders said. However, surging crude prices in the international market and persistent foreign fund outflows restricted the appreciation bias in the local unit, they added. At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. It finally settled at 82.51, up 19 paise over its previous close of 82.70. The Reserve Bank of India slowed the pace of interest rate increases for the second straight time when it on Wednesday expectedly increased borrowing cost by 25 basis points but hinted more to come as core inflation remained high. The central bank projected India's economic gr

Ahead of ban order, RBI gave a list of apps working with NBFCs to govt

The Reserve Bank of India gave a list of apps, which were working with non-bank lenders registered with the central bank, to the government ahead of the ban imposed on some apps earlier this week, officials said on Wednesday. "We have given a list of apps which work with NBFCs (non-banking finance companies) to the government. On that basis, the government has taken this step," Governor Shaktikanta Das told reporters here. Earlier this week, the Ministry of Electronics and Information Technology banned 94 loan apps, which included entities not connected to China as well. It included some apps involved in what reports described as predatory lending with unfair terms, which led to a debt trap for the borrowers. The list of banned apps include 'Buy Now Pay Later' (BNPL) apps such as LazyPay and Kissht. Das said the RBI sought a list of apps the NBFCs registered with it work with, adding that this was done because "there are many illegal and illegitimate apps" which promise to lend by

RBI to launch pilot project for QR-based coin vending machines in 12 cities

These vending machines will dispense coins against a debit to the customer's account. The process will use Unified Payments Interface (UPI) instead of physical tendering of notes