RBI
Dismantle India's Big 5 conglomerates to increase competition, says former RBI Deputy Governor
In a new paper for Brookings, Acharya of New York University said the Big Five are-Reliance (Mukesh Ambani Group), Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom. Acharya called for dismantling its competition-stifling industrial l conglomerates through trust busting or at least reducing their market power.
Loans disbursed digitally rose 12-fold between 2017 and 2020: RBI panel report
According to the findings by a working group constituted by the Reserve Bank of India (RBI), between 2017 and 2020, the quantum of loans disbursed, rose from Rs 11,671 crore to Rs 1,41,821 crore, i.e. a 12-fold rise. A bulk of loans disbursed by these entities were personal loans, followed by loans to small and medium.
Real estate sector worried about further increase in repo rate
"Over the past three quarters, the interest rate on home loans has risen to over 9 per cent, representing a 40-50 per cent increase from the historical low of 6.5 per cent per annum. As a result, many home loan borrowers are feeling the impact of this significant increase in interest rates," Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd said.
Government plans to implement 58% of its borrowings in first half of 2023-24
Out of the gross market borrowing of Rs 15.43 lakh crore projected for 2023-24 in the Union Budget, Rs 8.88 lakh crore (or 57.55 per cent) is planned to be borrowed in first half of the fiscal. The borrowing is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore.
RBI may pause repo rate hike next month: SBI Report
"We expect the RBI to pause in April policy... It has enough reasons to pause in April. There are concerns of a material slowdown in affordable housing loan market and financial stability concerns taking centre stage," SBI's research report titled "Prelude to MPC Meeting", which was released on Monday, said.
Cash use decline as UPI to drive India's e-com market to reach $150 bn in 2026
UPI recorded the biggest year-on-year growth of 74.1 per cent in transaction volume as of January 2023 and digital wallets grew from 5 per cent in 2019 to 35 per cent of POS value in 2022 stimulated by UPI, according to the '2023 Global Payments Report' by global financial technology leader FIS. With cash use declining from 71 per cent.
RBI directs all banks to keep branches open till March 31 for annual closing
In a letter to all agency banks on Tuesday, the RBI said that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year. "Accordingly, all agency banks should keep their designated branches open for over-the-counter transactions related to government transactions upto the normal working hours on March 31, 2023," the central bank letter stated.
India emerged stronger from pandemic years, says RBI report
The "State of the Economy" chapter of Reserve Bank of India's (RBI) monthly bulletin for March 2023, released on Tuesday, noted that "on the supply side, agriculture is into a seasonal uptick, industry is emerging out of contraction and services have maintained momentum. Consumer price inflation remains high and core inflation continues to defy the distinct softening of input costs".
India has well-regulated and well-supervised banking sector: RBI Governor
"What we have in India today is a well-regulated and well-supervised banking sector. The same would apply to the NBFCs sector and other financial entities under the RBI's domain," he said while delivering the K.P. Hormis Commemorative Lecture here. Hormis was the founder of the Kerala-headquartered Federal Bank.
Delhi HC seeks Centre, RBI & SEBI response on Subramanian Swamy's plea on Yes Bank
A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad also asked Yes Bank and the asset reconstruction company to respond. However, no formal notice was issued in the matter. Filed as a PIL, Swamy has also sought direction from the Centre, RBI and SEBI to formulate proper and comprehensive guidelines in view of recommendations of the committee to check similar agreements or transactions in future.
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