Page 34 - Latest Updates on Reserve Bank of India
CEA says India poised to grow at 7% this year and for rest of decade
Economic Survey had pegged FY23 GDP growth higher at 8-8.5%
 "CEA says India poised to grow at 7% this year and for rest of decade")
Govt may retain or cut bond borrowings for current fiscal on robust revenue
India may keep its market borrowing plan for the financial year intact, with a recent uptick in revenues likely to lead to a discussion on whether the target can be reduced
 "Govt may retain or cut bond borrowings for current fiscal on robust revenue")
Govt's intervention to protect rupee takes large bite from record reserves
While economists and the Reserve Bank of India aren't ringing any alarm bells just yet, investors are watching closely given the rupee's slump to an all-time low last month
 "Govt's intervention to protect rupee takes large bite from record reserves")
RBI asks urban cooperative banks to appoint compliance chiefs by April 2023
RBI said this directive should be placed in the immediate next meeting of the Board of Directors for information
 "RBI asks urban cooperative banks to appoint compliance chiefs by April 2023")
Currency internationalisation: India pushes for rupee trade with Cuba
In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India
 "Currency internationalisation: India pushes for rupee trade with Cuba")
Surplus liquidity slumps to Rs 3K cr on tax outflows, shows RBI data
The RBI's average daily absorption of excess liquidity was at Rs 3.8 trillion during June-July against Rs 5.5 trillion in May and Rs 7.4 trillion a month ago
 "Surplus liquidity slumps to Rs 3K cr on tax outflows, shows RBI data")
RBI introduces compliance function for UCBs in Tier-3 and 4 categories
The compliance function would ensure strict observance of all statutory and regulatory requirements. UCBs with deposits of more than Rs 1,000 crore fall under Tier-3 & 4 categories
 "RBI introduces compliance function for UCBs in Tier-3 and 4 categories")
Payment aggregator licence may open avenues beyond rail-ticketing for IRCTC
Recently secured shareholder approval to approval RBI; has database of 100 mn users
 "Payment aggregator licence may open avenues beyond rail-ticketing for IRCTC")
Govt working on GST on crypto transactions, defining legal framework
The government is working on a comprehensive indirect tax regime for crypto assets which will check revenue loss to the exchequer
 "Govt working on GST on crypto transactions, defining legal framework")
IRCTC set to enter payments sector, eyes aggregator license from RBI
At present, IRCTC already has I-PAY, its in-house payment gateway
 "IRCTC set to enter payments sector, eyes aggregator license from RBI")
Latest news LIVE: Chandigarh University closed till Saturday amid protests
From Covid to all other developments, catch all the live news updates here
 "Latest news LIVE: Chandigarh University closed till Saturday amid protests")
Top Headlines: 35-50 bps rate hike by MPC; advance tax mop-up rises 17%
The RBI's Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, according to a Business Standard poll
RBI mulls allowing P2P firms to diversify risks by entering secured lending
There has been exponential growth in P2P lending in recent years
RBI policy: MPC may raise repo rate 35-50 bps, shows Business Standard poll
Many expect the RBI to lower the GDP growth estimate to 7%
 "RBI policy: MPC may raise repo rate 35-50 bps, shows Business Standard poll")
Former RBI Governor Rangarajan bats for maintaining hawkish stance on rates
Ex-RBI Governor C Rangarajan advocated maintaining the ongoing hawkish stance by Reserve Bank of India to tame inflation and expected that the rupee will strengthen with resumption of capital inflow
 "Former RBI Governor Rangarajan bats for maintaining hawkish stance on rates")
Card-on-file tokenisation kicks in from Oct 1: Here's all you need to know
A tokenised card transaction is considered safer as the actual details of the card will not be shared with the merchant during transaction processing
 "Card-on-file tokenisation kicks in from Oct 1: Here's all you need to know")
RBI net-sold $19.05 billion in forex market in July to protect rupee
RBI's forward purchases fell $9 bln in July as interventions spread across spot, forwards
 "RBI net-sold $19.05 billion in forex market in July to protect rupee")
Growth on strong footing, further tightening needed: RBI report
On the exchange rate, the report said the rupee was holding its poise, with adequate supplies of dollars
 "Growth on strong footing, further tightening needed: RBI report")
Fast-tracking of status on cryptocurrency assets may be in works
India, like many other countries, is currently not FATF-compliant on crypto assets
 "Fast-tracking of status on cryptocurrency assets may be in works")
Foreign fund flows remain weak for banks despite RBI's liberal steps
The measures have brought in $1.5-2 billion so far; response to relaxed FX norms tepid as US rates higher, RBI not acting as counterparty
 "Foreign fund flows remain weak for banks despite RBI's liberal steps")
