Page 8 - Latest Updates on Reserve Bank of India
Digital currency to further bolster digital economy, says RBI's Ajay Kumar
Digital currency will further bolster the digital economy, make payment system more efficient, reduce cost involved in physical cash management, RBI Executive Director Ajay Kumar Choudhary said
 "Digital currency to further bolster digital economy, says RBI's Ajay Kumar")
SBM Bank says engaging with RBI to address 'supervisory concerns'
The RBI, on Monday, ordered SBM Bank to stop all transactions under the liberalised remittance scheme (LRS) until further notice, citing "material supervisory concerns" but no further detail
 "SBM Bank says engaging with RBI to address 'supervisory concerns'")
Govt, RBI must tie up to uproot illegal digital lending apps: DLAI
DLAI has also sought clear licensing pathways and operating rules for the ecosystem
 "Govt, RBI must tie up to uproot illegal digital lending apps: DLAI")
RBI asks SBM Bank to put brakes on remittance transactions immediately
The banking regulator in a statement said the action was based on certain material supervisory concerns observed in the bank. It, however, did not elaborate on the nature of concerns
 "RBI asks SBM Bank to put brakes on remittance transactions immediately")
Microfinance attracts renewed attention after RBI's interest rate cap move
Within months of the RBI lifting the interest rate cap on such loans, the industry is seeing a steady rise in borrowing, especially among women in some of India's poorest districts
 "Microfinance attracts renewed attention after RBI's interest rate cap move")
Banks get time till Dec 31 to execute revised agreement with locker holders
The RBI further said there is a need for revision in the Model Agreement drafted by the Indian Banks' Association (IBA) to fully comply with the revised instructions
 "Banks get time till Dec 31 to execute revised agreement with locker holders")
NRIs' deposits touch $134 billion in November 2022: RBI bulletin
Old data for October 2022 had shown that outstanding amounts in NRI deposits had broken the streak of continuous fall for the first time in the fiscal year
 "NRIs' deposits touch $134 billion in November 2022: RBI bulletin")
RBI bought net $4.36 billion in spot forex market in November, shows data
The RBI said it purchased $22.28 billion and sold $17.92 billion in the spot market
 "RBI bought net $4.36 billion in spot forex market in November, shows data")
RBI's ECL move may hit capital position of smaller private banks
Over the past 5-10 years, the probability of default would have been very high for the banking sector and that's why eventual ECL provisions could be higher
 "RBI's ECL move may hit capital position of smaller private banks")
RBI prior approval now a must for picking up over 5% stake in banks
RBI has defined "major shareholding" as "aggregate holding" of five per cent or more of the paid-up share capital or voting rights in a banking company by a person
 "RBI prior approval now a must for picking up over 5% stake in banks")
Paytm bank gets RBI nod to operate as Bharat Bill Payment Operating Unit
So far, Paytm Payments Bank Ltd (PPBL) has been undertaking this activity under in-principle authorisation from RBI
 "Paytm bank gets RBI nod to operate as Bharat Bill Payment Operating Unit")
Rupee outlook positive, central bank eyed; bond yields likely to rise
Government bond yields are expected to tick up as investors shift focus to the upcoming budget
 "Rupee outlook positive, central bank eyed; bond yields likely to rise")
Govt extends tenure of Bank of Baroda MD Sanjiv Chadha by 5 months
The order dated January 14, 2023 comes ahead of his three-year tenure that ends on January 19
 "Govt extends tenure of Bank of Baroda MD Sanjiv Chadha by 5 months")
Focus must stay on core inflation, says RBI governor Shaktikanta Das
Banks developed culture of prudence; corporate loan demand to pick up
 "Focus must stay on core inflation, says RBI governor Shaktikanta Das")
Forex reserves drop by $1.268 billion to $561.583 billion, says RBI
India's forex reserves declined by USD 1.268 billion to USD 561.583 billion for the week ended January 6, the Reserve Bank said
 "Forex reserves drop by $1.268 billion to $561.583 billion, says RBI")
Banks want CRR, SLR, priority sector exemption for sovereign green bonds
Suggest green masala bond to attract foreign investors
 "Banks want CRR, SLR, priority sector exemption for sovereign green bonds")
IIP growth rebounds to 7.1% in Nov; retail inflation eases to 5.7% in Dec
RBI Governor Shaktikanta Das in his latest monetary policy statement had expressed concern over "sticky and elevated" core inflation, holding that the battle against inflation was not over yet
 "IIP growth rebounds to 7.1% in Nov; retail inflation eases to 5.7% in Dec")
RBI grants in-principle approval for payment aggregator licence to EnKash
Fintech startup EnKash has got in-principle approval from RBI for payment aggregator's licence, the company said on Wednesday
 "RBI grants in-principle approval for payment aggregator licence to EnKash")
10 NBFCs, 1 asset reconstruction firm defer registration certificates: RBI
The Reserve Bank of India on Wednesday said 10 NBFCs and one asset reconstruction company have surrendered their registration certificates
Govt extends RBI Deputy Governor Michael Patra's tenure by one year
Patra's three-year tenure was coming to an end on January 14
 "Govt extends RBI Deputy Governor Michael Patra's tenure by one year")
