Tag: Reserve Bank of India

Government picks three new members to join RBI’s Monetary Policy Committee

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Government picks three new members to join RBI’s Monetary Policy Committee

A worker walks past the logo of Reserve Bank of India inside its office in New Delhi. File | Photo Credit: Reuters The Central government, on Tuesday (October 1, 2024), appointed new monetary policy committee members with immediate effect. The new members are Ram Singh, Saugata Bhattacharya and Nagesh Kumar. They have been appointed by…

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Business

Rupee rises 4 paise to close at 83.95 against U.S. dollar

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Rupee rises 4 paise to close at 83.95 against U.S. dollar

Image for representational purposes only. | Photo Credit: REUTERS The rupee traded in a narrow range to settle 4 paise higher at 83.95 (provisional) against the U.S. dollar on Thursday (September 12, 2024) amid a positive trend in domestic equities and foreign fund inflows. Forex traders said the rupee trade was range-bound, with a slight…

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Business

What is the Unified Lending Interface by the RBI? | Explained

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What is the Unified Lending Interface by the RBI? | Explained

The Reserve Bank of India (RBI) seal. | Photo Credit: REUTERS The story so far: The Reserve Bank of India (RBI), as part of its strategy to create digital public infrastructure in the country, has announced that a new technology platform called the Unified Lending Interface (ULI) would be introduced by the Reserve Bank Innovation…

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Business

PM Narendra Modi Says Policy Measures Taken To Boost Social Impact Of FinTech In India

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PM Narendra Modi Says Policy Measures Taken To Boost Social Impact Of FinTech In India

Narendra Modi said the social transformation brought about by the fintech sector is far-reaching. Mumbai: Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over USD 31 billion in investments in the last 10 years, and the abolition of the…

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Nation

Put in place frameworks to manage failure of deposit taking institutions: RBI Deputy Governor to deposit insurers

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Put in place frameworks to manage failure of deposit taking institutions: RBI Deputy Governor to deposit insurers

While digital innovations can ease the cross-border supply of financial services, they can also increase the likelihood of deposit insurers being exposed to member banks with a significant share of non-domestic depositors. File | Photo Credit: Reuters Reserve Bank of India (RBI) Deputy Governor Michael Patra on Tuesday (August 13, 2024) asked deposit insurers and…

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Business

RBI forms expert committee to benchmark its statistics

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RBI forms expert committee to benchmark its statistics

The Reserve Bank of India (RBI) has constituted an Expert Committee under the chairmanship of deputy governor Michael Debabrata Patra to benchmark the statistics regularly disseminated by it against global standards/best practices; study the quality of other regular data, where such benchmarks do not exist (e.g., sectors of national priority); and provide guidance on the…

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Business

RBI to set up public repository of Digital Lending Apps

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RBI to set up public repository of Digital Lending Apps

Detailed instructions regarding addition of new DLAs or deletion of any existing DLA, shall be issued shortly,” RBI governor Shaktikanta Das said. | Photo Credit: Reuters To aid borrowers in verifying the claim of Digital Lending App’s (DLAs) association with Regulated Entities (RE), the Reserve Bank of India (RBI) is creating a public repository of DLAs…

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Business

PPF returns still languishing lower than formula-based rates: RBI 

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PPF returns still languishing lower than formula-based rates: RBI 

The RBI indicated that the interest rates offered by the Union government on two of India’s most popular small savings schemes continue to languish below the rates they should have earned as per a formula-based system adopted since April 2016. File | Photo Credit: Reuters The interest rates offered by the Union government on two of…

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Business