India's stock exchanges have decided to jointly introduce the T+1 settlement cycle in phases from February 25, beginning with the bottom 100 stocks by market capitalisation. From March 2022, on the last Friday (or the immediate next trading day) of every month, the next 500 stocks from the bottom will be subject to T+1 settlement. The phase-wise implementation is expected to give all market participants, including foreign portfolio investors (FPIs), ample time to shift to the shorter cycle. The settlement cycle represents the time period within which the stock exchanges have to settle security transactions.
The Reserve Bank of India (RBI) plans to bring global payment systems such as MasterCard International and Visa International under its regulatory framework.
While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year. Digital payments, especially UPI, saw increased adoption in 2020 due to the Covid-19 pandemic.
The move will increase working capital requirement for brokers, raise the work load on the system and will leave little room for contingencies.
Concerned over elevated inflation, Reserve Bank of India on Friday decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying more rate cuts in the future if need arises to support the economy hit by the Covid-19 pandemic.
'She violated NSE procedures and rules, corporate governance norms; Chitra acted maybe within her capacity as MD and CEO, but not in the right spirit.'
The Reserve Bank of India (RBI) on Friday kept the key repo rate unchanged at 4 per cent in view of rising inflation and faint signs of economic growth amid the gradual lifting of coronavirus related countrywide lockdown.
In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, RBI said.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
Leveraging global capital markets to give muscle to an innate competitive advantage in rapid mass transaction systems will lead to India becoming a petri dish for global enterprises and new-age innovation that it yearns to be.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
The poor deployment of WLATMs has tripped what the central bank sought to achieve back in 2012.
Covering 37 different legislations such as the Partnership Act of 1932, Insolvency and Bankruptcy Code, and laws on environmental protection, consumer protection and labour interests, the recommendations have been shared with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
Infra projects are enormous cash guzzlers and funding such low-return projects might unwittingly pull down the overall growth rates.
New system will be implemented for the entire banking and financial sector of the country and the exercise of replacing the existing RTGS system will be executed in various phases.
The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options.
'We are very watchful about inflation and growth. But the main challenge is economic revival and growth.'
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
Sebi may allow mutual funds to make use of covered calls as part of their equity strategy.
An effective settlements system has helped Indian stock markets face the challenges posed by the global financial meltdown, the Sebi chairman said on Wednesday.
The 'Rating Level 4' means that the financial market regulators have all regulatory measures "fully in force"
RBI wants periodic revision of the pensions for its retired employees.
Terming payment systems as the backbone of a nation's financial infrastructure, N R Narayana Murthy, chief mentor of Infosys, on Wednesday called for widening the reach of the electronic payment system to rural areas.
Market regulator asks bankers to use real time gross settlement system for IPOs.
Reserve Bank of India offices all over the country would remain open for extended period of 45 minutes on weekdays with effect from October 10.
The Reserve Bank of India is looking at either removing or relaxing limits on the quantum of electronic fund transfer and electronic clearing system transactions to facilitate introduction of T+1 settlement system in the capital market.
The sudden massive cancellations of Jet have put travel agents and customers in jeopardy
Governments that did not respect the central bank's independence would sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined the regulatory institution, Deputy Governor Viral Acharya warned.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
Will work full day on other Saturdays; bank branches to be shut on 2nd, 4th Saturday from next month
The Centre's proposal to call for governance reform in the RBI could, however, take a back seat, a source privy to the development said.
The government is also working on Euroclearing, the world's biggest bond settlement system, for Indian debt securities.
The CAG audit and other data suggests it could be far from the efficient new alternative that was once conceptualised. A conclusive review remains elusive till the government begins to release more granular and comparable data on the complex backend of GST to a deeper scrutiny, by researchers, auditors and the public.
India has stated that the move would impact Indian IT professionals.
Unfazed by the stalemate over the Sadhvi Niranjan Jyoti issue, government has lined up a heavy legislative agenda in Parliament this week including a bill seeking to replace coal blocks allocation ordinance.
Shaktikanta Das said in Washington, DC, that there was nothing sacrosanct about the 25 bps rate cut and that monetary policy could be well served by calibrating the size of the policy rate to the dynamics of the situation, and the size of the change itself could convey the stance of policy.
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