Non-banking entities such as fintech firms will have to tap into use cases beyond peer-to-peer (P2P) and peer-to-merchant (P2M) transactions to scale up the presence of the retail version of the central bank digital currency (CBDC), which is also known as the e, said industry players. These use cases will enable programmable transactions across domains, including the government's direct benefit transfer (DBT) schemes, with subsidies restricted to specific purposes such as food coupons, hospital bills, fertilisers, pesticides, and cross-border remittances.
Soon after the lifting of the 13-day moratorium at 6 pm, some customers took to social media complaining that they were not able to access certain services, including internet and mobile banking.
Axis Bank recently informed the Reserve Bank of India that it had experienced a cyber attack, while the State Bank of India said it was re-issuing over 600,000 debit cards because of a potential security breach.
The Reserve Bank of India (RBI) has given its approval to two Russian banks for opening special vostro account for rupee trade. Sberbank, JSC VTB - the largest and second largest bank of Russia - are the first foreign lenders to receive this approval after the central bank announced the norms on INR trade in July. Both lenders have branch presence in India. Earlier this month, state-run UCO Bank received the RBI's approval to open a special Vostro account with Gazprombank of Russia. While the Kolkata-based lender is in the process of opening the account, the bank has received requests from various foreign lenders for opening such an account.
In advanced economies where the financial system is more matured, the form of shadow banking is more of risk transformation through securitisation.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
The Reserve Bank of India's ongoing inspection of the book of accounts of Syndicate Bank is unconnected with last week's arrest of S K Jain, its chairman and managing director.
The strategic sale of government and state-owned Life Insurance Corporation (LIC) of India stakes in IDBI Bank might encounter procedural delays, potentially pushing the timeline for expected financial bids to the third quarter of the current financial year (2023-24, or FY24), according to sources familiar with the development. Financial bids constitute the second significant step in the divestment process, following expressions of interest (EoIs) from potential bidders. In this phase, bidders are required to quote transactional fee as a percentage of the divestment proceeds, which are then added to the government's kitty after completion of the transaction.
Experts say the state's economy is grappling with hidden debt, rising welfare costs, and lack of transparency.
'The BJP will win comfortably if the Congress and AAP fight separately -- though not with 162 seats.' 'But if they form an alliance, it will become a major problem for the BJP. That's precisely why this expansion is happening now.'
Monetary transmission has been an issue for the Indian banking sector.
India Inc on Wednesday said the Reserve Bank's move to cut interest rate by 0.50 per cent is "pro-growth" and exhorted banks to transmit the lower interest rate to borrowers to revive demand and kick-start the investment cycle.
The government is looking to give Bharat Global Ports a certain amount of domestic exposure after it set up the state-owned consortium to increase India's global maritime heft, officials aware of the development said. The intended domestic exposure is meant to give the consortium experience and build its credentials for international projects.
Tata Steel was the top laggard in the Sensex pack, cracking over 6 per cent, followed by SBI, IndusInd Bank, HDFC, ICICI Bank and ONGC. Bajaj Auto, Maruti and Asian Paints were the only gainers.
The central bank gave 11 entities licences to start payments banks.
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
The country's largest insurer had been keen to run a bank for a long time to manage the large premium collection and claim settlement work.
Net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the repatriation of capital. According to the Reserve Bank of India's data in the March 2024 bulletin, FDI in India was $25.53 billion and outflows were $10.11 billion in April 2023-January 2024. In the same period last year, FDI inflows stood at $36.75 billion and outflows at $11.75 billion.
High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
Retail inflation declined to over six-year low of 2.1 per cent in June, nearing the RBI's comfort zone, on account of subdued prices of food items, including vegetables, driven by widespread monsoon.
The SBIF Asha Scholarship Programme for Overseas Education 2024-25 aims to provide financial assistance to meritorious students from low-income families across India, ensuring the continuity of their education.
Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement. Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.
Isn't there something significant in the UPI example for all of us to learn from and execute to enable world-scale success for our startups?, asks Ajit Balakrishnan.
For banks to give debt requires equity from promoters, Kumar said, adding that the number of people or business houses who have that capability to invest has shrunk.
Shortly after the Reserve Bank of India cut its signaling rates and the announcement of stimulus package, leading lenders HDFC Bank and Union Bank of India on Monday reduced their benchmark prime lending rates (PLR).
A proposal discussed by the RBI brass with key finance ministry functionaries in Delhi last week has favoured merger of large public sector banks with small state-run entities and private players, sources close to the development told Business Standard. It has also identified the potential partners for a merger based on the RBI's inspection report for the last two-three years, they added.
The rift between the Congress Party and Nationalist Congress Party seems to have found a new battleground Maharashtra State Cooperative (MSC) Bank.
Banks looking to raise capital via bond sales to fund decade-high credit growth were compelled to put some of these debt issuances on hold amid a sharp rise in yields since late September, sources told Business Standard. A major private lender, Axis Bank, has not yet followed through with a planned issuance of infrastructure bonds worth around Rs 3,000 crore. This is because volatility in the bond market in late September led to investors seeking higher yields, sources said.
The Indian government has appointed Finance Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI). Pandey, a 1987-batch IAS officer, will replace Madhabi Puri Buch, whose three-year tenure ends on February 28. Pandey's appointment comes at a time when the markets are experiencing bear pressure due to withdrawals by foreign institutional investors (FIIs). Pandey has extensive experience in the finance ministry, having served as the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE). He also played a key role in the framing of the 2025-26 Budget and the drafting of the new Income Tax Bill. Pandey's appointment is for an initial period of three years.
The reason why private banks will play the deposit pricing game strategically is the weakening of banks' deposits base given the competition from MFs and insurance companies due to tax-savings schemes.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
The rupee has already shed around 3.3 percent over the last five sessions.
India is likely to grow by 7.5 per cent in the first quarter of the current financial year, driven by rising aggregate demand and non-food spending in the rural economy, according to an article in the RBI's May Bulletin released on Tuesday. The Indian economy has demonstrated marked resilience in the face of geopolitical headwinds impacting the supply chain, said an article on the state of the economy published in the May Bulletin.
'Facilitating conversion of well-run NBFCs into banks is urgently needed.'
A public interest litigation was filed in the Delhi high court on Monday against permission to exchange Rs 2000 banknotes without obtaining any requisition slip and identity proof.
Delays in returning money for disputed transactions have also come under RBI's scanner.
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
'There is responsibility to make great games that are played by audiences, that fill the gap from an entertainment perspective.'
India's foreign exchange reserves crossed $250-billion mark for the first time during the week ended October 5. Surging inflows of $ 3.568 billion swelled the reserves past the $250-billion mark at $ 251.330 billion. The reserves had increased to $ 247.762 billion due to a whopping $11.871-billion inflow during the week ended September 28.
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