Page 99 - Reserve Bank Of India

RBI's digital payments index jumps to 418.77 in Sept from 395.57 in Mar

RBI's Digital Payments Index comprises five broad parameters that measure the penetration of digital payments in the country over different time periods

Account holders in suspended bank should be refunded fast: AIMIM MP Jaleel

AIMIM Lok Sabha member Imtiaz Jaleel has said the government should speed up the process of returning the money of account holders of the Adarsh Mahila Nagari Sahakari Bank, whose license has been cancelled by the Reserve Bank of India. Talking to reporters on Tuesday, Jaleel claimed funds of around Rs 1,000 crore of nearly 10 lakh account holders were stuck in 10 different financial institutions. "The Adarsh Bank's properties have been seized but not yet sold. The government should take the ownership of these assets and give with pending amounts of the account holders. This process should be expedited," the MP from Chhatrapati Samabhjinagar said and handed over a memorandum of his demand to the divisional commissioner. The RBI last year imposed several restrictions on five cooperative banks, including the Adarsh Mahila Nagari Bank in Maharashtra's Chhatrapati Sambhajinagar, in view of the deteriorating financial condition of the lenders.

IMF raises India's GDP growth projection for FY25 by 20 bps to 6.5%

But estimate falls below FinMin's 7% projection

Amid widening deficit, RBI may pump in liquidity via open market operations

Market participants said that if the government refrains from spending, the central bank might resort to other measures to infuse liquidity apart from variable rate repo auctions

FM to address RBI board on Feb 12, highlight key points of interim Budget

Finance Minister Nirmala Sitharaman is scheduled to address the Reserve Bank of India's central board on February 12 and highlight key points of the interim Union Budget. Sitharaman will present the sixth Budget on February 1, where she will outline the roadmap for 2024-25. In the post-budget meeting, the finance minister will address the board members and talk about announcements made in the interim Budget 2024-25. The meeting is being held shortly after the Budget session, as well as the last session of the 17th Lok Sabha, which comes to an end on February 9. It is customary for the finance minister to address the Reserve Bank of India board after the Budget. Before the finance minister's address, the RBI will unveil its last bi-monthly monetary policy review on February 8. She will equal the record of former Prime Minister Morarji Desai when she presents her sixth straight Budget on February 1. Sitharaman, the first full-time women finance minister of the country, has present

AU SFB appoints former RBI deputy guv HR Khan as non-executive chairman

The lender added that Khan's tenure will begin from the date of taking charge, January 30, 2024, after approval from the Board of Directors and from the RBI and shareholders of the bank

New IMPS fund transfer rules coming soon: Here is all you need to know

New IMPS rules will be implemented from February 1, 2024. This will facilitate fund transfers using a mobile number and bank name

Shriram Group to enter wealth management in FY25, awaits RBI's nod

The group plans to launch its wealth management business through Shriram Credit, a subsidiary of Shriram Capital

Margin pressure

Investment revival will boost credit growth

Fintech association launches awareness campaign about cyber fraud

Spotting fake lending apps and reporting online financial fraud will be part of Fintech Suraksha

Credit cards in force shy of the 100 million mark, shows RBI data

December saw highest addition of cards in 2023

Govt, RBI actively working on CBDC to enable cross border payment: FM

RBI has already rolled out a pilot in the retail version of CBDC or the e-rupee on December 1, 2022. The e-rupee is in the form of a digital token that represents legal tender

Tight liquidity spurs high demand at RBI's variable rate repo auction

Banks bid for Rs 3.08 trillion against notified amount of Rs 2.5 trillion

Reserve Bank of India allows LIC to increase stake in HDFC Bank to 9.99%

HDFC Bank further said LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year, i.e., by January 24, 2025

French Prez Macron, PM Modi likely to use UPI at Hawa Mahal in Jaipur

At Hawa Mahal, both leaders will shop at local shops, and transactions are likely to be done through UPI

Fiscal policy reset

Faster consolidation will require expenditure adjustments

HDFC Bank first lender to issue 20 million credit cards, shows data

HDFC Bank is the largest issuer of card issuers in the country, which commands over a fourth of the overall cards market in terms of numbers

RBI 'mute spectator', allowing banks to charge high interest rates: HC

The Allahabad High Court has observed that the Reserve Bank of India has been a "mute spectator" while banks are imposing arbitrarily high interest rates on customers despite guidelines issued by the banking regulator. The observation was made by a bench comprising Justices Mahesh Chandra Tripathi and Prashant Kumar while disposing of a petition filed by Manmeet Singh who had availed of a loan of Rs 9 lakh from a private bank. "Surprisingly, RBI had been issuing guidelines but has done nothing for the implementation of the same. They have just been a mute spectator allowing the banks to charge arbitrarily a very high rate of interest," the court observed. On the RBI's responsibility as the banking regulator in the country, the court said, "Even if the benefit of doubt is given to the banks that they are free to charge the interest rate but it is duty of the RBI to see that the customers are not inconvenienced by huge rate of interest charged by the banks." The petitioner had obtain

Fintech associations exploring ways to incentivise SRO membership

The central bank in its draft framework had said that the industry needs to answer the question of how an SRO-FT would create incentives for membership since entities in the fintech sector

Ahead of index inclusion, top Indian fund managers look to boost inflow

The cohort are betting on inclusion in global bond indexes to drive returns after the central bank doused speculation of an interest-rate cut