Tag: Reserve Bank of India

Visa halts intermediated commercial card payments in India after RBI’s directive

February 15, 2024 admin

Visa did not say why the Reserve Bank of India has issued the directive. | Photo Credit: Reuters Visa said on February 14 that the Reserve Bank of India (RBI), which is also the country’s financial market regulator, had directed it last week to halt all domestic transactions for Business Payment Solution Providers (BPSPs). BPSPs…

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RBI Governor Shaktikanta Das rules out review of action against Paytm Payments Bank

February 12, 2024 admin

Reserve Bank of India Governor Shaktikanta Das addresses a press conference after a customary post-budget meeting with the Central Board of Directors of Reserve Bank of India, in New Delhi, Monday, Feb. 12, 2024. | Photo Credit: PTI Reserve Bank of India Governor Shaktikanta Das ruled out any review of the central bank’s action against…

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RBI Governor Shaktikanta Das: CAD for 2023-24, 2024-25 to be eminently manageable

February 8, 2024 admin

Reserve Bank of India Governor Shaktikanta Das. File | Photo Credit: EMMANUAL YOGINI “With India’s current account deficit (CAD) declining sharply to 1% of GDP in Q2:2023-24 from 3.8% in Q2:2022-23,” RBI Governor Shaktikanta Das on February 8 said going ahead, the net balance under services and remittances would remain in large surplus, partly offsetting the trade deficit. …

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RBI pegs FY’25 GDP growth at 7% on improved consumption demand, private capex spends

February 8, 2024 admin

Reserve Bank of India Governor Shaktikanta Das. | Photo Credit: PTI The Reserve Bank of India (RBI) on February 8 projected GDP growth for the next financial year at 7% on the back of improved household consumption and upturn in private capex cycle. The real GDP growth is, however, lower than 7.3% estimated by the…

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RBI to introduce offline eRupee transactions soon: Shaktikanta Das

February 8, 2024 admin

Reserve Bank of India Governor Shaktikanta Das. File | Photo Credit: PTI Digital Rupee users will soon be able to execute transactions in areas with limited internet connectivity as the Reserve Bank of India (RBI) on February 8 announced that offline capability will be introduced on the Central bank digital currency (CBDC) pilot project. RBI…

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Rupee falls four paise to 83.02 against U.S. dollar in early trade

February 5, 2024 admin

The Rupee settled flat at 82.98 against the dollar on February 2, a day after rising six paise on the day of the Union Interim Budget. | Photo Credit: The Hindu The Rupee depreciated four paise to 83.02 against the U.S. dollar in early trade on February 5, tracking a strong American currency and rising…

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Paytm Payments Bank meltdown, its meaning | Explained

February 4, 2024 admin

Son of a schoolteacher from Aligarh district in Uttar Pradesh, Vijay Shekhar Sharma was enamoured by Jack Ma-run Alibaba’s focus on smartphones rather than desktop computers, when he built a digital payments company that would let Indians pay for vegetables, pay utility bills or buy cinema tickets using their mobile phones. Mr. Sharma, the poster…

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Interim Budget 2024 — in campaign mode

February 1, 2024 admin

Well before Finance Minister Nirmala Sitharaman rose to present the Interim Budget for 2024-25, there were indications as to what its focus would be. Doubts that this would be anything more than a vote-on-account had been settled when Prime Minister Narendra Modi publicly declared that “when polls are this close, the government presents an interim…

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Reserve Bank of India opens sub-office in Arunachal Pradesh’s Itanagar

October 20, 2023 admin

Michael Debabrata Patra, RBI deputy governor, inaugurated the sub-office of the Reserve Bank of India, in Itanagar, Arunachal Pradesh, on October 20. File | Photo Credit: The Hindu Reserve Bank of India (RBI) has announced the opening of its sub-office in Itanagar, Arunachal Pradesh in the northeast of India. Dr. Michael Debabrata Patra, deputy governor, RBI,…

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RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms

October 17, 2023 admin

In both cases, the RBI said the penalties are based on the deficiencies in regulatory compliance. File. | Photo Credit: EMMANUAL YOGINI The Reserve Bank on October 17 said it has imposed a penalty or ₹12.19 crore on ICICI Bank and ₹3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms. The penalty…

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