Page 13 - Rbi

SBI raises MCLR by 10 bps; increases deposit rates in some buckets

Lender announces decision after central bank last week raised the repo rate to 6.50%

Foreign trade in rupee no great shakes despite surge in vostro accounts

Teething troubles in exchange rate mechanism, repatriation cited as roadblocks, even as Russia, African and Gulf nations and a few others evince interest in rupee-denominated trade

Over 50 entities get in-principle approval for PA license; 28 under review

32 of those granted interim nod were already operating as online payments aggregators, 19 are new to the business

CAMSPay receives RBI authorisation to operate as payment aggregator

Registrar and transfer agent of mutual funds Computer Age Management Services Ltd (CAMS) on Wednesday said its payment platform CAMSPay, has received in-principal authorisation from the Reserve Bank of India to operate as a payment aggregator, the company said on Wednesday. CAMSPAy, a payment platform specialising in solving banking and finance services sector's payment challenges has been supporting mutual fund investors, insurance policy holders and loan borrowers for over a decade in enabling them to move from paper-based mandate process to offering digital payment solutions. CAMSPay, has received in-principle authorisation from Reserve Bank of India to operate as a 'Payment Aggregator," a bank statement said here. "We are thrilled to receive the in-principle authorisation to operate as a payment aggregator to create a much more robust and inclusive digital payment stack for the chosen merchant segments that we operate in, delivering a variety of acceptance options," CAMSPay CEO

SBI loans to get costlier as bank hikes key lending rate; Details here

Following the RBI MPC's repo rate hike earlier this month, many banks like Bank of Baroda, Bank of India, and Punjab National Bank have also hiked their key lending rates

Inflation surprise

Latest reading has increased uncertainty

Invest bulk of debt portfolio in funds that have 2-5-year average maturity

Avoid exiting from the category as most of the pain caused by rate hikes is behind us

Loans on debit cards to be governed by digital lending guidelines: RBI

Payment aggregators that work as LSPs have to comply with digital lending guidelines

HDFC Bank begins offline payment pilot under RBI sandbox facility

The country's largest private sector lender HDFC Bank on Monday said it is attempting to execute digital payments in an offline mode under a regulatory facility to test innovations. Apart from executing transactions in no network areas, such a facility will be of help in urban pockets experiencing bad networks and also in aircraft, according to a statement. It can be noted that there is a facility which helps users with feature phones undertake Unified Payments Interface (UPI) transactions. HDFC Bank has begun the pilot in a partnership with Crunchfish, IDFC Bank and M2P Fintech under the RBI's regulatory sandbox programme after getting the nod in September 2022, it said. The lender will roll-out this service as part of a limited pilot for four months in more than 16 cities and towns across the country. The offline transaction amount would be limited to up to Rs 200 per transaction. Digital payment typically requires one either the customer or the merchant to be online to get ...

India's inflation higher than peers like Brazil and South Korea

The RBI last week raised its key interest rate by 25 bps to 6.50 per cent

Too early to gauge spillovers of central bank digital currency: Sitharaman

Finance Minister Nirmala Sitharaman told the Parliament that it is still too early to gauge the spillovers of the CBDC, while assailing concerns on whether it would impinge on an individual's autonomy

YES Bank moves SC against Bombay HC ruling on AT1 bond write-off

The HC had given the bank six weeks' time to challenge the order in the apex court

European banks operating in India seek 2-year breather for ESMA deadline

Resolution between ESMA, RBI before May 1, 2023 seen as unlikely

FM Sitharaman addresses central board of RBI, reviews economic situation

Finance Minister Nirmala Sitharaman on Saturday highlighted the key thrust areas outlined in the Union Budget and the expectations from the financial sector

New tax regime to benefit middle class; leave more money in their hands: FM

Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments. Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. However, no tax would be levied on annual income of up to Rs 7 lakh. Answering a question on the Adani Group crisis, the minister said, "Indian regulators are very, very experienced and they are experts in their domain. The regulators are seize

Indian regulators aware of concerns on Adani Group issue, says Sitharaman

Nirmala Sitharaman told reporters after meeting the central bank's directors in New Delhi, the capital

Forex reserves dip $1.5 bn to $575.27 bn on depletion in currency assets

Analysts say RBI sold dollars to protect rupee amid Adani crisis

Bank credit grows at 16.3% to Rs 133.41 trillion, shows RBI data

It had moderated to 14.9 per cent YoY in the fortnight ended December 30 due to base effect, but subsequently picked up as the base effect eased out

RBI circular allows travellers from G20 nations to use UPI in India

The Reserve Bank on Friday issued instructions permitting travellers from G20 nations to use the mobile-based Unified Payments Interface (UPI) to make payments while in India. UPI is a system that bunches multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments under a common platform. On Wednesday, the RBI had made an announcement regarding allowing access to UPI to foreign nationals and NRIs visiting India. To start with, it had said the facility will be extended to travellers from the G20 countries at select international airports for their merchant payments (P2M) while they are in the country. Later, it will be enabled across all entry points in the country. "Banks/ Non-banks permitted to issue PPIs can issue INR denominated full-KYC PPIs to foreign nationals / NRIs visiting India (to start with, this facility will be extended to travellers from the G-20 countries, arriving at select international ...

Consider switching home loan if you can get 35-45 bps lower rate

Avoid extending the tenure while transferring as this will nullify the gains