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Uni Cards suspends services days after RBI tightens digital lending norms

"This process will begin in phases for our customers starting today and will be concluded by Monday," the company stated

Sebi urges intermediaries to join accounts aggregator framework

The market regulator also set rules that will specifically be applicable to players in the stock market ecosystem joining the aggregator framework

India better placed on growth-inflation-external balance triangle: FinMin

India is better placed on the growth-inflation-external balance triangle for 2022-23 than it was two months ago, on the back of government policy response and the Reserve Bank's monetary policy actions, the finance ministry's monthly economic review said on Friday. On the price situation, the review said in absence of any further shocks, the downward movement of global commodity prices along with the RBI's monetary measures and the government's fiscal policies are expected to cap inflationary pressures in the coming months. Softening of inflationary pressures in India is further on the anvil as the prices of important raw materials such as iron ore, copper and tin that feed into the domestic manufacturing process, globally trended downwards in July 2022, it noted. Headline retail inflation eased to 6.7 per cent in July 2022 from 7.01 per cent in the previous month. Despite global headwinds, the IMF forecasts India's economy to grow at a robust rate of 7.4 per cent in 2022-23, the .

SGB issue price fixed at Rs 5,197 per gm; subscription to open on Monday

The issue price for the next tranche of Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from Monday, has been fixed at Rs 5,197 per gram of gold, the Reserve Bank of India said on Friday. The Sovereign Gold Bond Scheme 2022-23 Series II will be open for subscription from August 22 26, 2022. "The nominal value of the bond...works out to Rs 5,197," the central bank said in a statement. The central government, in consultation with the Reserve Bank of India, has decided to offer a discount of Rs 50 per gram, less than the nominal value, to those investors applying online and the payment against the application is made through digital mode. "For such investors, the issue price of Gold Bond will be Rs 5,147 per gram of gold," the RBI said. The RBI issues the bonds on behalf of the Centre. The bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges -- NSE and BSE. Th

Retail Inflation 'unacceptably and uncomfortably' high: RBI Governor at MPC

RBI Governor Shaktikanta Das said the retail inflation is "unacceptably and uncomfortably" high and proposed the 50 basis points hike in repo rate at the recent monetary policy review meeting. The other members of the Monetary Policy Committee (MPC) had expressed similar views, according to the minutes of the meeting released by the Reserve Bank of India (RBI) on Friday. At its meeting from August 3 to 5, MPC decided to increase the benchmark lending rate by 50 basis points to 5.40 per cent with a view to tame inflation. The sequence of policy measures, Das said, "is expected to strengthen monetary policy credibility and anchor inflation expectations". "Our actions would continue to be calibrated, measured and nimble depending upon the unfolding dynamics of inflation and economic activity," he said. According to RBI Deputy Governor Michael Debabrata Patra, frontloading of monetary policy actions "can keep inflation expectations firmly anchored, re-align inflation with the target a

Explained: What are RBI's new norms for digital lending in India?

Digital lending involves giving and recovering loans through web platforms or mobile apps. Here are the new regulations and why they have been introduced

Consumers worried over income growth prospects and job outlook, says report

The Reserve Bank of India conducts Consumer Confidence Survey (CCS) and Industrial Outlook Survey (IOS) to make such informed expectations

Govt's approach to PSB privatisation would result in better outcomes: RBI

The RBI issued this clarification after RBI's researchers argued in a recent article that a gradual approach to the privatisation of the public sector banks (PSBs) in India is better than the big bang

Rajasthan accounted for highest share in cost of projects in FY22: RBI

Rajasthan accounted for the highest share in the total cost of projects sanctioned by banks and financial institutions in 2021-22, retaining the top place for two consecutive years, as per an article published in RBI bulletin. Rajasthan was followed by Uttar Pradesh and Gujarat. "State-wise data reveals that during 2021-22, more than half (56.4 per cent) of the projects were taken up in five states, viz., Rajasthan, Uttar Pradesh, Gujarat, Maharashtra and Tamil Nadu," said the article titled 'Private Corporate Investment: Growth in 2021-22 and Outlook for 2022-23'. The share of these five states increased significantly from an average share of 40.7 per cent during the period between 2012-13 and 2019-20 to more than 50 per cent during the last two years. The article uses data on investment intentions by the private corporate sector based on the phasing plans (ex-ante) of their project proposals to arrive at the aggregate investment intentions and assess the outlook for investment ..

India aims to copy China, but unbridled digital lending off policy agenda

The Reserve Bank of India's recently released guidelines for app-based loans show a clear desire to rein in the industry after its pandemic-era excesses

Forex market intervention aims met with lower fall in reserves: RBI article

The RBI intervenes in the foreign exchange market through sales or purchases of dollars to curb excessive volatility in rupee

Big-bang privatisation of PSUs can be harmful, says RBI article

The study has found that labour cost efficiency is higher in PSBs in comparison to private banks

RBI turns net seller of US currency in June; sells $3.719 bn: Data

Reserve Bank of India turned net seller of the US currency in June after it sold USD 3.719 billion on a net basis, the central bank data showed. In the reporting month, the central bank purchased USD 18.96 billion from the spot market and sold USD 22.679 billion, according to the RBI monthly bulletin for August 2022 released on Thursday. In June 2021, RBI was net buyer of the greenback after it purchased USD 18.633 billion on a net basis from the spot market. In May 2022, the central bank net bought USD 2.001 billion. It had purchased USD 10.143 billion and sold USD 8.142 billion during the month. During the fiscal 2022, the central bank had net purchased USD 17.312 billion. It had bought USD 113.991 billion and sold USD 96.679 billion in the spot market in FY22. In the forward dollar market, the outstanding net purchase at the end of June stood at USD 30.856 billion as compared to USD 49.191 billion in May, the data showed.

Big bang privatisation of banks can do more harm than good: RBI article

Big bang privatisation of public sector banks can do more harm than good, an RBI article has warned asking the government to take a nuanced approach on the issue. While private sector banks (PVBs) are more efficient in profit maximisation, their public sector counterparts have done better in promoting financial inclusion, the article in the latest RBI Bulletin said. "Privatisation is not a new concept, and its pros and cons are well known. From the conventional perspective that privatisation is a panacea for all ills, the economic thinking has come a long way to acknowledge that a more nuanced approach is required while pursuing it," it said. The gradual approach to privatisation adopted by the government can ensure that a void is not created in fulfilling the social objective of financial inclusion and monetary transmission, it said. Quoting various studies, it said, PSBs (Public Sector Banks) have played a key role in catalysing financial investments in low-carbon industries, ...

Elevated inflation warrants appropriate policy response, says RBI article

Inflation is persistently at elevated levels that warrants appropriate policy responses to anchor expectations going forward, said an RBI article published on Thursday. Retail inflation based on the consumer price index (CPI) softened to 6.71 per cent in July, mainly on account of moderation in food prices. The Reserve Bank has increased the benchmark lending rate (repo) in three quick successions by 140 basis points to tame inflation, which remains above its tolerance level for the sixth month in a row. "...perhaps the most heartening development in recent times has been the easing of inflation in July 2022 by 30 basis points from June 2022 and an appreciable 60 basis points from the average of 7.3 per cent for Q1:2022-23. "This has validated our hypothesis that inflation peaked in April 2022," said the article on the 'state of the economy'. For the rest of the year, the RBI's projections scent a steady easing of the momentum of price changes, it said. The article has been autho

Will higher FD rates lure equity investors?

In its attempt to bring down inflation, the RBI is making banks jack up their deposit rates to fund loan demand. Will rate hikes lure equity investors to safer bank assets? Find out in this report

Higher FD rates will not lure equity market investors for now: Analysts

Over the past few years, the return from the stock market has been far higher amid abundant liquidity that poured in from foreign and domestic investors

RBI seeks public feedback on charges in payment systems by Oct 3

Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries, states the discussion paper

What is a letter of comfort?

The Reserve Bank of India recently disallowed the use of Letters of Comfort (LoC), which may impact loans worth Rs 35,000 crore. What is this letter of comfort? Let us find out

Defence forces, RBI and PM office most trusted institutions: Survey

The Supreme Court of India came fourth and it was followed by the Central Bureau of Investigation (CBI).