Page 26 - Rbi

Fintech lenders align business model with RBI's digital lending norms

The RBI came out with the guidelines on digital lending in September and gave time until November 30 for players to comply with the 'existing loan' category

Rupee gains sharply against US dollar as MSCI rejig spurs flows

The rupee closed at 81.43 per US dollar on Wednesday as against 81.72 per dollar on Tuesday

Economic uptick boosts credit offtake beyond 20% in retail, services

The rise in credit was largely driven by housing and vehicle loans segments

Cross-border rupee trade: FinMin, bank heads to meet on December 5

The Finance Ministry has called a meeting of CEOs of banks, including top six private sector lenders, on December 5 to discuss ways to promote cross-border trade in the rupee instead of the US dollar. Besides, sources said the meeting to be attended by other stakeholders, including senior officials of external affairs and commerce ministries, will review the progress made on this front so far. Financial Services Secretary Vivek Joshi will be chairing the meeting and is also likely to see attendance from representatives of the Reserve Bank of India and Indian Banks' Association (IBA), sources said. Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval

Retail CBDC pilot starts Dec 1, to be tested in 4 banks, 4 cities initially

RBI says digital rupee for retail segment will be in the form of a digital token that represents legal tender, to be issued in same denominations as paper currency and coins

Forex reserves likely to show revaluation gains now, say analysts

RBI said to have been actively buying dollars for the past couple of weeks, say currency traders

Union Bank raises Rs 2,200 cr in tier II capital for business growth

Public sector lender plans tier I bond of Rs 700 crore before financial year closes

Bank credit grows at 17.2% from 7% in September quarter, says RBI data

Bank credit growth improved to 17.2 per cent in the September quarter 2022 from 7 per cent in the year-ago period, reflecting pick-up in economic activities. "Credit growth remained broad-based: all population groups and bank groups recorded double digit annual growth," the Reserve Bank said while releasing 'Quarterly Statistics on Deposits and Credit of SCBs: September 2022'. Bank credit growth improved further to 17.2 per cent (year-on-year) in September 2022 from 14.2 per cent a quarter ago and 7 per cent a year ago, it said. Aggregate deposits growth (y-o-y), which remained in the close range of 9.5-10.2 per cent since June 2021, stood at 9.8 per cent in September 2022. Since December 2020, bank branches in metropolitan centres have been recording higher annual growth than those in rural, semi-urban and urban areas. Private sector bank group has been outpacing public sector banks, foreign banks and regional rural banks in deposit mobilisation, the RBI said. As per the data, ..

ESMA to derecognise CCIL: Banks, RBI discuss alternative clearing methods

Fresh clearing options came up in discussions with RBI, banks in touch with offshore regulators

Festivals boost credit card spends to record high of Rs 1.29 trillion

On a year-on-year (YoY) basis, spends were up over 25 per cent, despite a high base

Economists see 35 bps rate hike, then a pause: BS monetary policy poll

Some expect a slight reduction in GDP growth forecast

Moderate the pace of its monetary tightening: India Inc to RBI

With rising global risk aversion adversely impacting foreign capital inflows, the industry body stated that it poses challenges for financing India's current account deficit

RBI pauses onboarding of online merchants by Paytm Payments Services

Banking regulator RBI has put a pause on onboarding of online merchants by Paytm Payments Services, even as the company said it will have no material impact on its business, according to a regulatory filing. One97 Communications (OCL), which owns the Paytm brand, had proposed to transfer the payment aggregator services business undertaken by it to Paytm Payments Services (PPSL) in December 2020 to comply with payment aggregator (PA) guidelines of the Reserve Bank of India (RBI) but the banking regulator had rejected its application. The company had re-submitted the required documents in September 2021. Paytm said PPSL has now received a letter from RBI in response to an application for the authorisation to provide PA services for online merchants. As per the letter, PPSL is required to "Seek necessary approval for past downward investment from the company into PPSL, to comply with FDI Guidelines" and "not onboard new online merchants". Paytm, in the regulatory filing, said it can

Paytm Payments to reapply for authorisation of payment aggregator service

Ahead of that, the company will seek necessary approval for past downward investment from One97 Communications Ltd (OCL) into PPSL, to comply with FDI guidelines

Hike interest rates by 25-35 basis points in Dec: Economists to RBI

The meeting was held ahead of the RBI's next monetary policy review, which is scheduled December 5-7

RBI's Housing Price index up 4.5% in Q2, Kochi tops chart with 11.5% rise

Four of the 10 cities in the index recorded sequential contraction, the others posted expansion

Demonetisation: Can't put the clock back, govt tells Supreme Court

Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg". The remarks by Attorney General R Venkataramani came after the apex court asked the Union government to explain whether it consulted the the Central Board of Reserve Bank of India (RBI) before undertaking demonetisation of Rs 500 and Rs 1000 denomination notes in 2016. A five-judge Constitution bench headed by Justice S A Nazeer is hearing a batch of 58 petitions challenging the demonetisation exercise. "The only submission you have made is that these are all economic issues done by experts (so) don't touch it. What is your opposition to the plea of the other side? Tell us what is your submission to counter their submissions. They said it is not in conformity with section 26 (2) of the RBI Act. "You are arguing that the objective

RBI permits banks to open 12 special vostro accounts for trade in rupees

So far, not a single overseas trade transaction directly involving the rupee has taken place

Monetary policy faces severe information constraints: RBI DG Patra

The moment inflation is released by NSO, it gets hit by unanticipated shocks, says RBI Deputy Governor Michael Patra

Lagged data, frequent reviews make monetary policy's task tough: RBI Dy Guv

Reserve Bank Deputy Governor Michael Patra on Thursday said formulating monetary policy is a challenging task in a volatile environment like the current one, given lagged data inputs, which are also frequently reviewed. Patra said that next week, the deliberations will be starting for the next policy review to be announced in the first week of December and will have to depend on inflation data for October and growth data for July-September coming out on November 30. "Monetary policy has to be forward-looking, and that is because when the policy rate is changed, it takes quite a while before it reaches lending rates and aggregate demand in the economy. Hence, we can only target future inflation, not yesterday's," Patra said in a speech at the annual SBI conclave. "On the basis of one month ago and three month ago data, I will have to assess what is inflation and growth going to be one year down the line," he added. Patra, who oversees the important monetary policy function at the ..