Page 91 - Reserve Bank Of India

RBI to set up Digital India Trust Agency to check illegal lending apps

As part of its efforts to curb growing cyber fraud, the Reserve Bank is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps. The proposed agency will enable verification of digital lending apps and maintain a public register of verified apps, sources said. Apps not carrying the 'verified' signature of DIGITA should be considered unauthorised for the purpose of law enforcement, sources said, adding that this will serve as a pivotal checkpoint in the fight against financial crimes in the digital realm. DIGITA, once in place, would be entrusted with the responsibility of vetting digital lending apps, they noted. According to sources, a thorough verification process would help instil greater transparency and accountability within the growing digital lending sector, which has witnessed a surge in fraudulent activities and unscrupulous practices in recent times. Meanwhile, the Reserve Bank of India has shared a list of 442 uniqu

RBI's journey of 90 years: The building of India's financial fortress

Prime Minister Narendra Modi will join the commemoration at the National Centre for Performing Arts in Mumbai

The RBI story: 90 and going strong

As the Reserve Bank celebrates its 90th birthday, here's a look at how different the pitch has been for different governors to bat on since economic liberalisation. Part 1 of a two-part series

RBI may hold rate yet again to focus on inflation management: Experts

The RBI may again keep the key interest rate unchanged in April as it is likely to focus more on bringing down inflation to the 4 per cent target after concerns over economic growth abated with GDP growth estimated at nearly 8 per cent, said experts. Also, the Reserve Bank's rate-setting panel - Monetary Policy Committee (MPC) - may take cues from the central banks of some major economies like the US and UK, which are apparently in wait-and-watch mode on interest rate cuts. Switzerland has become the first major economy to cut interest rates, while Japan, the world's third-largest economy, ended its eight-year period of negative interest rates regime. The meeting of the Reserve Bank Governor Shaktikanta Das headed MPC is scheduled for April 3-5. The decision will be announced on April 5 (Friday). It will be the first bi-monthly monetary policy of fiscal 2024-25. A total of six MPC meetings are scheduled for the fiscal beginning April 1, 2024. The Reserve Bank last hiked the repo r

RBI's rate decision, macro data to dictate market trends this week: Analyst

The Reserve Bank of India's interest rate decision, macroeconomic data and global trends will drive investors' sentiment this week, with markets hoping to continue the positive momentum after ending FY24 on a buoyant note, analysts said. In addition, the trading activity of foreign investors, the rupee-dollar trend and the movement of global oil benchmark Brent crude would also influence trading in equity markets. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in the 2023-24. The benchmark hit its all-time high of 74,245.17 on March 7. In 2023-24, the Nifty soared 4,967.15 points or 28.61 per cent. "The RBI's Monetary Policy Committee (MPC) is set to start its three-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5. Auto stocks will be in focus as companies will announce the monthly sales numbers for March starting from April 1, 2024. "Additionally, people will be watching how the rupee fares again

India's forex reserves rise by $140 mn to hit fresh peak of $642.63 bn

India's forex reserves increased by USD 140 million to touch its all-time high of USD 642.631 billion during the week ended March 22, the Reserve Bank said. This is the fifth consecutive week of a jump in the overall reserves. The kitty had increased by USD 6.396 billion to USD 642.492 billion in the previous reporting week. The previous peak level was recorded in September 2021 when the country's foreign exchange reserves reached USD 642.453 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended March 22, the foreign currency assets, a major component of the reserves, decreased by USD 123 million to USD 568.264 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves

SBI Card to raise up to Rs 2,000 crore in capital via Tier II bonds

CRISIL Ratings has assigned its "AAA/Stable" rating to the Rs 2,000 crore non-convertible debentures and Rs 2,000 crore lower Tier II bonds

Indian economy can grow at 8% till 2047, reforms are key: IMF's Subramanian

Indian economy can grow at 8 per cent till 2047, if the country can redouble the good policies that it has implemented over the last 10 years and accelerate reforms, India's executive director at International Monetary Fund (IMF) Krishnamurthy Venkata Subramanian said on Thursday. Subramanian further said that clearly 8 per cent growth target is ambitious, because India has not grown consistently at 8 per cent before, but it is achievable. "So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8 per cent from here on till 2047," he said at the Times Now Summit. India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years. The growth rate in October-December helped take the estimate for the current fiscal to 7.6 per

RBI fines Mandi cooperative bank in Rs 6 lakh for not complying with rules

The Mandi Urban Co-operative Bank faced the RBI penalty based on the select inspection of the bank conducted with reference to its financial position as on March 31, 2022

Rupee's decline to record low triggers biggest selloff in Indian bonds

The selloff came on the day when the rupee fell by the most in six months

NBBL to begin work on net banking interoperability from April: Report

The RBI had earlier approved an interoperable system saying it will standardise settlement cycles for merchants, improve customer grievance mechanism

Short-term rates decline amid strong variable rate repo auction demand

The liquidity deficit in the banking system widened to Rs 1.22 trillion on Monday, according to the latest data by the RBI

RBI clampdown may tighten loan growth in FY25, says S&P Global Ratings

The recent regulatory measures have upside in terms of curtailing lenders' over-exuberance, enhancing compliance culture, and safeguarding customers

RBI's regulatory scrutiny may raise lenders' capital costs: S&P Global

MUMBAI (Reuters) - The Reserve Bank of India's (RBI) heightened regulatory scrutiny of lenders will improve governance and curtail exuberant lending but may raise their cost of capital as well as slow loan growth, S&P Global Ratings said on Tuesday.

Rupee recovers from all-time lows; rises 29 paise to 83.32 per dollar

The rupee recovered from its all-time low level and appreciated 29 paise to 83.32 against the US dollar in early trade on Tuesday. At the interbank foreign exchange, the domestic currency opened at 83.33 and it gained ground and touched 83.32 against the greenback in initial deals, registering a gain of 29 paise from its previous close. On Friday, the rupee depreciated 48 paise to settle at an all-time low of 83.61 against the American currency. Forex, equity markets were closed on Monday on account of Holi. Market analysts said, for the domestic unit, record forex reserves provide a cushion, enabling the Reserve Bank to mitigate the rupee's downside. India's forex reserves increased by USD 6.396 billion to USD 642.492 billion for the week ended March 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 10.47 billion to USD 636.095 billion. "With RBI accumulating reserves they would endeavour to protect the rupee to some exte

RBI likely to hold rates steady until at least July on strong growth: Poll

All 56 economists in the March 15-22 Reuters poll expected the RBI to hold the repo rate at 6.50% at the conclusion of its April 3-5 meeting

Amazon Pay to ramp up Smart Stores service partnership to 150 brands

The company has launched 18,000 Smart Stores in India since its inception in 2019

Google Play billing system comes under RBI scanner over alleged violations

The complaint pertains to the operation of several of Google's aggregator platforms in India, which are registered in foreign countries, including Singapore and the US

Bank direct lending to NBFCs to moderate at Rs 1.7-1.9 trn in FY25: ICRA

That's because of the recent rise in risk weights by the Reserve Bank of India for NBFC exposures

Paytm UPI: Transactions decline to continue till new customers added

The Reserve Bank of India had mandated Paytm to shift existing users to a new handle after the Paytm Payments Bank was asked to stop transactions after 15 March