RBI
RBI extends deadline for locker agreements renewal till Dec 31
The extension was given by the central bank as it was noticed that till January 1, 2023, which was the original deadline for renewal of agreements, a large number of customers had not signed the revised agreement. Now the banks have been directed by the RBI to complete the process in a phased manner by December 31, 2023.
Shifting to old pension scheme may lead to liability add-up in future: Raghuram Rajan
He also cautioned banks on tilting too much towards retail lending. In an interview to an online portal on the sidelines of the World Economic Forum (WEF) at Davos, Rajan said that the reason why the new pension scheme was adopted because in the old scheme, huge liabilities had built up.
India should leverage G20 presidency to seek openness towards service exports: Raghuram Rajan
In a television interview during the ongoing World Economic Forum (WEF) meeting at Davos, Rajan said that too much investment is going towards chip making globally, which could lead to a glut. He also pointed out towards possible risks for India economy due to opening up of China. India is doing well in service export, the former RBI Governor said.
Cryptocurrencies equivalent to gambling: RBI Governor
Addressing a media event here, Das called for a ban on cryptos, saying there is no underlying value in it. Those supporting it call it an asset or a financial product, but there is no underlying value in it, he added. To counter the growth of cryptocurrencies, the central bank recently launched in pilot mode, its own e-rupee or central bank digital currency (CBDC).
Optimistic about growth, RBI says fundamentals of Indian economy sound
"The global economy is facing formidable headwinds with recessionary risks looming large. The interplay of multiple shocks has resulted in tightened financial conditions and heightened volatility in financial markets. "The Indian economy is confronting strong global headwinds.
More than 40% complaints received by RBI were on digital payment modes: Report
The volume of complaints received under the RBI ombudsman schemes consumer education and protection cells during 2021-22 increased by 9.39 per cent over the previous year and stood at 4,18,184 during the reported period. Of these, 3,04,496 complaints were handled by the 22 offices of RBI ombudsman (ORBIOs), including the complaints received under the three erstwhile ombudsman schemes till November 11, 2021. Since the establishment of centralised receipt and processing centre (CRPC) under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS, 2021),
Indian banking will maintain its growth momentum: South Indian Bank MD & CEO
"Set up in 1929, South Indian Bank has a network of 928 branches and 1,156 ATMs. The bank's advances stood at Rs 67,963 crore as on September 30, 2022 with retail, small and medium enterprises, and agricultural advances accounting for 70 per cent of the book," Murali Ramakrishnan, MD and CEO, told IANS in an interview.
International regulation needed for crypto activities, says RBI
n it's financial stability report, which released on December 29, 2022, the central bank has said that "the turmoil in crypto assets market highlights their intrinsic volatility and structural vulnerabilities, whereas their interconnectedness with the traditional financial system is increasing". The central bank has suggested that there should be consistency at the international level on regulatory and supervisory approaches.
Consolidation of public sector banks leads to 4,837 branches being shut down
These bank branches have either been completely shut down or have been merged with another bank branch. Chandrashekhar Gaur, a Right to Information (RTI) activist from Madhya Pradesh's Neemuch district, had sought information from the Reserve Bank of India (RBI) as to how many public banks had been closed in the last two financial years of 2020-21 and 2021-22. The details given by the RBI, while replying to to Gaur are surprising. It stated that 4,837 bank branches were either merged or closed in the last two financial years.
Torrent escalates Reliance Capital bid war against Hinduja to RBI
In a new letter to RBI Deputy Governor M. Rajeshwar Rao dated December 28, Torrent Investments sought directions to Nageswara Rao Y, the administrator of Reliance Capital. The letter said that the challenge process was concluded on December 21 with the administrator's email to Torrent Investments confirming its NPV bid amount of Rs 8640 crore as the highest bid amount.
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