Page 13 - Reserve Bank

RBI Guv Das launches advanced supervisory monitoring system DAKSH

Reserve Bank Governor Shaktikanta Das on Thursday launched a new 'SupTech' initiative DAKSH - the bank's Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust. In a statement, the Reserve Bank of India (RBI) said it has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes. "DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc," it said. The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS reports, among others, through a platform which enables ...

System ready for tokenisation as 35 crore cards tokenised, says RBI

About 35 crore cards have been tokenised and the system is ready for the new norms which set in from October 1, the Reserve Bank said on Friday. There are a few laggards in the system who have not complied with the mandate because of their unwillingness, Deputy Governor T Rabi Sankar said, expecting them to comply soon. The RBI is making tokenisation of cards mandatory from October 1 onwards in order to improve customer safety. Tokenisation entails replacing credit and debit card details with an alternate code called the token to improve security. The RBI has been repeatedly extending the deadline for its adoption. "...the system is ready. Roughly 35 crore tokens have already been created," Sankar said, when asked if there will be another extension of the deadline. He said about 40 per cent of the overall transactions in September were on tokens and the value transacted was Rs 63 crore. As per official data, the total number of debit and credit cards in the system stands at over 1

US urges India to join Western crude price cap coalition against Russia

US dy secretary of treasury Wally Adeyemo meet FM Sitharaman during the final lap of his three-day trip to India, after visiting RBI governor Shaktikanta Das on Thursday

What is the 'Letter of Comfort' banned by the Reserve Bank of India?

The ban imposed by the RBI may impact loans worth Rs 35,000 crore, impacting power, healthcare, engineering & construction, and road sectors the most

BBPS inward payments to deepen cross-border payment ecosystem in India

Bharat Bill Payment System (BBPS), under the aegis of the RBI, allows recurring utility bill payments through an integrated platform

RBI measures should help rupee outperform peers in emerging mkts: Experts

The slew of measures announced by Reserve Bank of India (RBI) on Wednesday to enhance foreign exchange inflows should help rupee to outperform its peers in emerging market economies, experts said. RBI said it has been closely and continuously monitoring the liquidity conditions in the forex market and has stepped in as needed in all its segments to alleviate dollar tightness with the objective of ensuring orderly market functioning. It announced five measures to enhance foreign exchange inflows. The Indian rupee, RBI said has depreciated by 4.1 per cent against the US dollar during the current financial year so far (up to July 5), which is modest relative to other EMEs and even major Advanced Economies (AEs). Abhishek Goenka, CEO of IFA Global, said that in a nutshell, RBI has tried to boost short-term dollar inflows with the latest measures. Vivek Kumar, Economist at QuantEco Research, said persistent pressure on rupee has prompted the central bank to diversify its defence strate

Share of Casa in total bank deposits rose to 44.8% in March 2022: RBI data

Seven states accounted for 63.3% of overall deposits; share of female holdings in incremental deposits more than doubled

Focus on sustainable business model, governance: RBI tells SFBs in meeting

SFBs were advised to continue to evolve in tune with the differentiated banking licence given to them with proportionate growth in their capital base.

CAD will be sustainable, can be financed by normal capital inflows: RBI Guv

The number of unicorns, or new businesses valued at over $1 billion, is rising rapidly

RBI says 75% of rise in inflation projection for FY23 due to food

RBI Governor Shaktikanta Das, while estimating India's overall retail inflation for FY23 at 6.7%, said that the 75% of the increase in inflation projections can be attributed to the food group.

RBI cancels registration of five NBFCs due to irregular lending practices

The firms have been accused of charging excessive interest rates and harassing customers for loan recovery, among other things

Credit growth vaults in metros to 9.7% in FY22 despite second wave

The growth was 1.7% in FY21 and 4.8% cent in FY20, a pre-pandemic year

RBI issues norms for gold import by qualified jewellers through IIBX

The RBI on Wednesday came up with norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers

Low inflation, higher infra investment key for spurring growth: RBI article

Improving infra, ensuring low and stable inflation, and maintaining macroeconomic stability are critical for reviving animal spirits and spurring growth, says an article published in RBI bulletin

Microfinance lenders cannot charge usurious interest rate: RBI

Microfinance lenders cannot charge usurious rate of interest from borrowers, the Reserve Bank said on Monday

RBI cancels authorisation certificates of two payment system operators

Both the Payment System Operators (PSOs) had authorisation for issuance and operation of prepaid payment instruments

RBI expresses doubts over govt meeting fiscal deficit targets

The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP

Looking back: 10 developments that shaped the financial sector in 2021

From crypto concerns to policy normalisation, deposit insurance, Shaktikanta Das' reappointment as RBI governor and Citi's India exit, here are the key developments in for the financial sector in 2021

RBI announces proposal to push UPI payments through feature phones

USSD 2.0, which facilitates UPI for feature phones, accounts for only 0.003 per cent of total UPI volumes and value transactions

RBI retains three-member Advisory Committee of Reliance Capital

A day after NCLT admitted RBI's petition for insolvency resolution of Reliance Capital, the central bank on Tuesday said it has retained the three-member Advisory Committee to assist the newly appointed administrator of the crisis-ridden NBFC. The Mumbai bench of the National Company Law Tribunal (NCLT) on Monday admitted the Reserve Bank's plea to initiate insolvency resolution proceedings against Reliance Capital. Last month, the RBI had superseded Reliance Capital's board, citing defaults and governance issues. Upon admission of the petition, the RBI said it has decided that "the three-member Committee shall continue as the Advisory Committee" under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The Advisory Committee shall advise administrator Nageswara Rao Y in the operations of Reliance Capital Ltd during the corporate insolvency resolution process. The members of t