Digital lending norms aimed at protecting consumers: RBI Deputy Governor M Rajeshwar Rao
Recently released digital lending norms are designed to end regulatory arbitrage and protect customers, Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao said on Thursday. Rao also added that unbridled engagement of third parties, misselling, data privacy breaches, unethical recovery practices and exorbitant interest rates led the RBI to regulate digital lending activities. […]
RBI to hold its first-ever hackathon, HARBINGER 2021, on payments system
The Reserve Bank of India (RBI) will be organizing its first global hackathon on the theme of digital payments, it said in a statement on Tuesday. “HARBINGER 2021–Innovation for Transformation” with the theme ‘Smarter Digital Payments’ will see participants identify and develop solutions “that have the potential to make digital payments accessible to the under-served, enhance […]
Less than 1% of companies went for restructuring under second offer: Crisil
Less than 1 percent of the eligible companies opted for the restructuring option offered for the second time by the Reserve Bank of India (RBI) as part of its Covid relief package, rating agency Crisil said on Thursday. The restructuring 2.0 window closed on September 30. “The tepid response — despite an intense and more […]
Shaktikanta Das reappointed as governor of RBI for three-year term
The government on Friday reappointed Shaktikanta Das as the Governor of Reserve Bank of India for three years beyond December 10, 2021. The Cabinet Committee on Appointments approved the reappointment of Das, a former Indian Administrative Services officer from Tamil Nadu cadre, as governor, the government said in a statement. He had assumed charge as the 25th […]
Monetary Policy Committee minutes: Continued monetary support necessary, says RBI governor Shaktikanta Das
With the outlook on inflation improving and projections for the same easing, there is a need for continued monetary support to a still-recovering economy, Reserve Bank of India (RBI) governor Shaktikanta Das wrote in the minutes to the October meeting of the Monetary Policy Committee. However, other RBI executives on the rate-setting panel flagged risks […]
BSE Tech gets RBI in-principle nod to set up, operate Trade Receivables Discounting System
Leading bourse BSE on Tuesday said its arm BSE Technologies Pvt Ltd (BSE Tech) has received in-principle approval from the central bank to set up and operate Trade Receivables Discounting System (TReDS). The TReDS business of BSE will commence only after the receipt of final approval and certificate of license from the RBI, as per a release. TReDS is […]
RBI grants licence to NARCL: IBA CEO
The Reserve Bank on Monday gave licence to the Rs 6,000 crore National Asset Reconstruction Company Ltd (NARCL), a move that will help kickstart operations of the bad bank. NARCL was incorporated in July in Mumbai following registration with the Registrar of Companies (RoC). “Happy to share #RBI has given License to #NARCL on 4.10.2021. The […]
RBI lifts PCA curbs on Indian Overseas Bank
The Reserve Bank of India today lifted Prompt Corrective Action restrictions from the Indian Overseas Bank, the central bank said in a release. The decision came after the bank reported its earnings for the year ended March 31, 2021, and the RBI observed that IOB was not in breach of the PCA parameters. IOB has also provided a written commitment that it would comply […]
RBI releases H2 govt borrowing plan, dispels fear of additional debt
The Centre will borrow another Rs 5.03 lakh crore in the second half of the financial year, assuaging bond market concerns of large additional sovereign debt raising. The Reserve Bank of India Monday released the plan for government borrowing between October and March. In the first half, it had planned to borrow Rs 7.24 lakh crore. “Second half government […]
SBI’s Amit Saxena joins RBI Innovation Hub as CTO
Amit Saxena, Global Deputy CTO of State Bank of India joins RBI Innovation Hub as the CTO today. On Aug 6, 2020, the Reserve Bank announced that it would set up 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. […]