As the RBI moves ahead for the launch of the central bank digital currency (CBDC), Governor Shaktikanta Das on Wednesday marked out cyber security and digital frauds as the main challenges in the new system. Deputy Governor T Rabi Sankar said there are two types of CBDCs - wholesale and retail - and a lot of work has happened in the former while the latter was termed as a "complicated" aspect which will take time. The RBI had earlier this year announced that it has started work on the CBDC, in line with other major central banks of the world which are looking at a fiat digital currency.
The deceased Sankar attacked constable Mubarak with a sickle when he was brought to the place of the incident for 'recovery' (of drugs) by a police team following his earlier arrest, City Commissioner Mahesh Kumar Aggarwal said.
The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. He said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it. Sankar further said CBDC is needed to protect consumers from the "frightening level of volatility" seen in some of the virtual currencies which have no sovereign backing.
'It is this fear that is behind all that has happened to Rahul Gandhi.'
Overall, Anupama is only the sixth Indian shuttler to top the junior rankings.
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
Days after the government said the Reserve Bank will introduce a digital currency in 2022-23, Governor Shaktikanta Das on Thursday said the central bank does not want to rush and is carefully examining all aspects before introduction of the Central Bank Digital Currency (CBDC). He, however, declined to give any timeline for the launch of the CBDC. In her Budget 2022-23 speech, Finance Minister Nirmala Sitharaman had announced that the RBI will introduce a digital currency in the next financial year beginning April 2022 to boost the digital economy and for more efficient currency management.
The top seeded Indian duo, who reached the semi-finals of the season-opening Malaysia Open super 1000, was scheduled to face Chinese Taipei's Su Ching Heng and Ye Hong Wei in the opening round.
Thankam delivers an engaging drama that fans of good crime-solving tales will enjoy, recommends Mayur Sanap.
There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said.
Lakshya Sen, returning from a break, suffered a first round exit, while Treesa Jolly and Gayatri Gopichand entered the pre-quarters of the Asia Badminton Championship.
Any currency design change must be approved by the RBI central board and the central government.
It is only after the government's nod that a particular design change come into effect.
Harshit Aggarwal defeated Mongolia's Batdavaa Munkhbat 21-15, 21-13 to be pitted against Japan's third seed Kodai Naraoka in the third round.
'It's just one character through the film.' 'The rest are all voices, fleeting glimpses and glances.'
The farmer said he was impressed and had benefitted by welfare schemes like the Pradhan Mantri Kisan Samman Nidhi.
They straddle many different (non-financial) lines of business with sometimes opaque overarching governance structures.
The men's team will next face Hong Kong on Thursday.
The celebration of this historic feat was not yet over when Indian shuttlers scripted yet another jaw-dropping show in Birmingham, returning with six medals, including three golds, a silver and two bronze medals in August.
B Chinnaswamy, father of Kausalya, whose husband Shankar was hacked to death in front of her in Udumlapet town and relieved him from all charges including that of criminal conspiracy.
Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to 'a world of Caribbean pirates' in the absence of a centralised regulatory authority and are yet to pass the test of a fiat currency. He said that the government is pursuing a 'high-wire balancing act' to ensure that the gains in growth, inflation, and rupee stability of the last four years are not frittered away. He said the recent development in Terra-Luna cryptocurrency, which witnessed a massive meltdown last month, is a 'very important cautionary tale'.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
Former RBI governor D Subbarao on Monday said there is a strong motivation for the central bank to launch a digital currency and cash is going to coexist with the new-age currency. Addressing an event virtually organised by economic think tank NCAER, Subbarao further said cybersecurity is also one of the downside risks of the Central Bank Digital Currency (CBDC). "There is a strong motivation for the RBI to launch CBDC... Cash is going to coexist with CBDC," he said.
The government said it looks at such studies with due respect but it is yet to examine whether this particular report has a scientific worth or not.
In a significant push to popularise cricket in the US, a $120 million funding has been secured from prominent Indian-American business leaders, including Microsoft CEO Satya Nadella and Adobe CEO Shantanu Narayen, to launch the first professional T20 league in the US. Major League Cricket (MLC), the first professional Twenty20 Cricket League in the US, announced Thursday that it has completed an initial close of a $44 million Series A and A1 Fundraising Round led by a group of America's leading business leaders. It said that with an additional commitment of $76 million in further fundraising over the next 12 months in place, MLC plans to deploy more than $120 million to launch the country's first-ever professional T20 league.
Which film are *you* looking forward to?
The Madurai bench of the Madras high court on Monday issued an order terming the 10.5 per cent internal reservation for the Vanniyars community in Tamil Nadu as 'unconstitutional.'
The 14-year-old Unnati pipped Malvika 24-22, 24-22 in a nail-biting 50-minute semifinal clash
The other men's singles semi-final match on Saturday will be played between Priyanshu Rajawat and Kaushal Dharmamer.
Ranjith Sankar's Punyalan Agarbathis, Jis Joy's Bicycle Thieves and Rajesh Nair's Escape from Uganda are releasing of the week.
The post-mortem reports of the two Dalit minor sisters who were found hanging from a tree in Uttar Pradesh's Lakhimpur Kheri district confirmed that they were raped and strangulated, the police said on Thursday.
The Reserve Bank of India's (RBI's) recent decision to allow credit cards for payments through the Unified Payments Interface (UPI) is likely to attract a merchant discount rate (MDR), said a top payment industry source. For smaller merchants, a subsidy for MDR could be provided. "With credit card-UPI linkage, UPI will not only be a payment instrument but also a lending platform. "How can banks lend without a commercial model? Also, the government has said MDR will be zero for payment products but not for lending products," the source said, indicating the MDR regime for credit card-linked UPI payments.
>The BJP's star campaigner could not help even half the number of candidates for whom he campaigned in his aggressive 'Didi-o-Didi' style in Bengal
RBI Governor Shaktikanta Das on Tuesday asked private sector banks to ensure continuity in the provision of various financial services, including credit facilities to individuals and businesses, in the face of challenges brought on by the pandemic. Earlier this month, the governor had held a similar meeting with MD and CEOs of public sector banks. During the meeting with the MD and CEOs of select private sector banks, Das also impressed upon the banks to quickly and swiftly implement the measures announced by the RBI on May 5, 2021, in right earnest.
Dunith Wellalage was again the star for Sri Lanka as he took a five-fer and scored 52 to guide his side to a four-wicket victory over Australia in the ICC Under 19 Men's Cricket World Cup.
'I have been trying for the past five years to get a government job.'
The fourth wave of the Covid-19 pandemic in India may start around June 22 and peak from mid to late August, a modelling study by researchers at the Indian Institute of Technology-Kanpur suggests.
The third wave of the COVID-19 pandemic in India may peak by February 3, 2022, claims a modelling study by researchers at Indian Institute of Technology Kanpur.
Kerala CM Oommen Chandy said the decision to exclude him from the function of unveiling of former CM R Sankar's statue at Kollam by PM Modi was a "painful experience".
In August, the central bank had announced that it will set up the Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.
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