Global News

[ad_1] Mumbai: The Reserve Bank of India (RBI) released a 'draft framework for recognizing Self-Regulatory Organizations (SRO) for the FinTech Sector' on Monday, outlining the characteristics of a FinTech SRO and including the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk on the other, is crucial to optimizing the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech s...

[ad_1] Last Updated: February 27, 2023, 11:42 IST The Reserve Bank of India made the 5 rupee coins thinner than the previous version. The surface value of the coin determines its worth. For instance, in the case of Rs 5, the surface value of the coin is 5.  You might have noticed that the circulation of old Rs 5 coins has reduced drastically. Here the old coins are called Cupro-Nickel circular coins with 9.00 gms weight. Open your wallet and check the new Rs 5 coin. You might have felt that it weighs less than previously minted coins and is thinner. But why is there a sudden change in the appearance and circulation of the Rs 5 coin? The reason why the Reserve Bank Of India discontinued the old Rs 5 coin was illegal smuggling to Bangladesh. These old Rs 5 coins were made of metals and that too in large quantities. Hence smugglers used to export these coins to Bangladesh. This drastically reduced the circulation of the coin in our country. In Bangladesh, these coins were melted dow...

[ad_1] Sovereign Gold Bond 2023-24: SGBs were introduced to reduce the demand for physical gold. The first tranche of Sovereign Gold Bond Scheme (SGB) 2023-24 will open for subscription today. The bond scheme, backed by the central government, has set the issue price at Rs 5,926 per gram of gold. The SGBs will be available for subscription till Friday, June 23, with a settlement date of June 29, as per the Finance Ministry.  Investors, who book their subscription online using digital payment mode, will get an additional Rs 50 discount. The gold bonds issued by the Reserve Bank of India, will be paid at a fixed rate of 2.5 per cent a year, payable twice a year on the nominal value. The final interest is payable along with the principal at the time of maturity. The second tranche of this year's sovereign gold bonds will be available from September 11 to 15. SGBs are issued by the RBI on behalf of the Central Government as an alternative to buying physical gold. The scheme was fi...

[ad_1] Last Updated: May 19, 2023, 21:02 IST The decision may be discreetly aimed at the super-rich who may have hoarded Rs 2,000 notes in black money and will now have to declare them. "Thanks to the arrival of digital payments and especially UPI in the past six years, a wide majority may not have even a single Rs 2,000 note at home. Given an over four-month window, there is no urgency to exchange or deposit it," an official said The Rs 2,000 bank note will remain legal tender even after September 30 this year and government officials feel that a majority of common people, especially in rural areas, may not have even a single Rs 2,000 bank note with them at present. ALSO READ | Rs 2000 Notes Withdrawn: Can You Use These Notes Now? Here’s All You Need To Know Advising against any panic, an official said the government did not anticipate wide ramifications of the Rs 2,000 note withdrawal decision, as it feels most people, especially in rural India, have been mostly dealin...

[ad_1] NEW DELHI: There is likely to be no impact on loan EMIs outgo as the Reserve Bank of India' monetary policy committee (MPC) on Thursday decided to keep the repo rate unchanged at 6.5%. This is the sixth time in a row that the RBI has kept the repo rate unchanged at 6.5%. The repo rate is the rate at which the RBI lends to the banks. The six-member MPC meeting began on Tuesday and its decisions were announced by RBI governor Shaktikanta Das on Thursday. Since May 2022, the RBI has raised the repo rate by a cumulative 250 basis points (bps) in an effort to combat rising inflation. However, since February 2023, it has not adjusted the rate due to a slight easing in inflationary pressures. Since then, inflation has consistently hovered near the higher end of its mandated 2%-6% range, significantly surpassing its medium-term goal of 4%. The RBI has been tasked by the government with maintaining retail inflation, as measured by the consumer price index (CPI), at a targe...

[ad_1] RBI announced to withdraw the Rs 2,000 note on May 19 (Representational) Mumbai: Governor Shaktikanta Das on Friday said Rs 3.43 lakh crore of Rs 2,000 denomination notes have come back to the system so far, and reminded the public that they can return the withdrawn notes at 19 RBI offices from October 8. Addressing the customary post-policy press meet here, Mr Das said 87 per cent of the notes that have been returned have been deposited into bank accounts, while the rest have been exchanged over the counter. At present, over Rs 12,000 crore of notes are still in circulation, Mr Das said, reiterating that the notes can be returned even after the end of the extended period. It can be noted that on May 19, the RBI surprised all by announcing its intent to withdraw the Rs 2,000 note introduced in 2016 for quick remonetisation, following Prime Minister Narendra Modi's announcement to suck out over 88 per cent of the currency in circulation by banning the Rs 500 and Rs 1,0...

[ad_1] A man walks behind the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, April 8, 2022. (Reuters) Time was sought for filing reply by the counsel for RBI from a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad which was hearing the plea by advocate Ashwini Kumar Upadhyay The Delhi High Court Monday granted six more weeks' time to the Reserve Bank of India (RBI) to respond to a PIL seeking implementation of a Uniform Banking Code for foreign exchange transactions to control black money generation and benami transactions. Time was sought for filing reply by the counsel for RBI from a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad which was hearing the plea by advocate Ashwini Kumar Upadhyay. The petitioner has contended that there are loop holes in the system in relation to transfer of foreign funds which could be used by separatists, naxals, maoists, fundamentalists, and terrorists. "Counsel f...

[ad_1] MUMBAI: Indian residents will likely need to provide proof of exposure to foreign exchange risks to take advantage of the Reserve Bank of India 's opening up of the non-deliverable forward market ( NDF ), bankers said. The Reserve Bank of India, while announcing its last policy decision, said it will permit banks with IFSC banking units to offer non-deliverable forex derivative contracts involving the Indian rupee to local residents. An IFSC Banking Unit or "IBU" is a bank permitted by the Reserve Bank of India to operate from an International Financial Services Centre (IFSC). Previously, IFSC banking units were permitted to transact in rupee NDF forex derivatives contracts only with non-residents and with other eligible banks. A non-deliverable forward is a contract that is settled without delivery of the rupee. The RBI will set out guidelines for the new NDF framework, clarifying whether residents have to provide proof of exposure to foreign exchange. ...

[ad_1] Published By : Sukanya Nandy Last Updated: July 20, 2023, 17:58 IST The RBI phase 1 exam was held from July 9 to 13 (Representative image) Candidates who applied for the general direct recruitment vacancies can easily check and download the RBI Grade B phase 1 result 2023 from the official website at rbi.org.in The Reserve Bank of India (RBI) recently announced the Grade B Phase 1 result 2023 on July 19. Candidates who applied for the general direct recruitment vacancies can easily check and download the RBI Grade B phase 1 result 2023 from the official website at rbi.org.in. The result is available in PDF format, eliminating the need for candidates to log in to access it. Moreover, the result will showcase the list of candidates who have successfully been shortlisted for Phase 2 of the examination. This year, the RBI phase 1 exam was held from July 9 to July 13 in various exam centres across the country. On July 18, the RBI Grade B phase 1 result for general posts was ann...

[ad_1] During 2022-23, India recorded a growth of 7.2 per cent. Mumbai: India could become a developed country by 2047 with an average annual real GDP growth of 7.6 per cent over the next 25 years, said an article published by the Reserve Bank in its July bulletin. The task, however, may not be easy, given the current level of capital stocks, infrastructure and skill sets of the people, said the article titled 'India @ 100'. Addressing the nation on August 15, 2022 -- the 75th year of India's independence -- Prime Minister Narendra Modi laid down a vision for the next 25 years to become a developed nation by 2047. "India's real GDP needs to grow at 7.6 per cent annually over the next 25 years to achieve the per capita income level to become a developed economy," the article, authored by Harendra Behera, Dhanya V, Kunal Priyadarshi and Sapna Goel, said. The authors are from the RBI's Department of Economic and Policy Research. The central bank said the...

[ad_1] RBI says tomato price volatility gets transmitted to prices of other vegetables in both retail and wholesale markets. RBI in its Bulletin July 2023 says episodes of high tomato prices are short-lived; they stay above Rs 40 for an average duration of 2.6 fortnights, whereas remain below Rs 20 for 10 fortnights Even as tomato prices have reached as high as Rs 250 per kg in various parts of the country, the kitchen essential has “received widespread attention as it has taken a toll on households’ budgets", according to the ‘ RBI Bulletin — July 2023′ . The RBI said tomato prices stay above Rs 40 for an average duration of 2.6 fortnights (or 39 days), whereas prices remain below Rs 20 for an average duration of 10 fortnights (150 days). The central bank in the report also said the recent spike in tomato prices was on account of crop damage due to inclement weather and pest attacks in the major production belts. Here’s what the latest RBI Bulletin, released on Monday, July...

[ad_1] India's annual retail inflation rose to 4.81% in June from 4.31% the previous month, government data showed on Wednesday, snapping four months of easing due to surging prices for vegetables. Food inflation, which accounts for nearly half of the overall consumer price basket, rose to 4.49% against a revised 2.96% in May. Erratic and incessant rainfall in northern India could push vegetable prices higher in the coming months. Vegetable prices increased 12% on a month-on-month basis in June. The inflation, however, remains within the Reserve Bank of India's comfort level of below 6 per cent. The government has tasked the central bank to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side. The central bank mainly factors in the CPI to arrive at its bi-monthly monetary policy decision. The next policy review is scheduled early next month. Last month, the Reserve Bank kept policy rates unchanged at 6.5 per cent and projected retail inf...

[ad_1] Last Updated: July 06, 2023, 12:27 IST DCB Bank Share Price:  Shares of DCB bank rose nearly 8 per cent in the early trading on Thursday after Tata Asset Management Company (AMC) received a regulatory nod to increase its stake in the lender. The stock price of the bank jumped as much as 7.98 per cent to an intraday high of Rs 131.15 apiece on the BSE. “We would like to inform you that the Bank has received an intimation from RBI on July 5, 2023, that it has granted its approval to Tata Asset Management Private Limited (TAMPL) to acquire aggregate holding of up to 7.5 per cent of the paid-up equity capital of the Bank through the schemes of Tata Mutual Fund," DCB Bank said in an exchange filing. The approval is valid for a period of one year from the date of the RBI letter. RBI also advised Tata AMC to ensure that its aggregate shareholding in the DCB Bank shall not exceed 7.5 per cent of the paid-up capital of the bank at all times. At 9.31 am, the stock was trading 6....