RBI
RBI hits hard on Bitcoin, DeFi, crypto trading platforms
In its annual 'Financial Stability Report' (FSR) 2022, India's central bank and regulatory body said that the early ramifications are reflected in the crypto ecosystem with one stablecoin losing almost all its value and another depegging from the US dollar. It referred to the collapse of TerraUSD and Luna cryptocurrencies that threw many investors into a panic in May.
Cryptocurrencies are clear danger to financial systems: RBI Governor
In the RBI's annual 'Financial Stability Report' (FSR) 2022, he wrote in the foreword that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. "While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against," Das stressed.
RBI vision for PPI growth by 150% will be big for Paytm
The RBI expects more than 3x increase in digital payment transactions, increase in PPI (prepaid payment instruments) transactions by 150 per cent, increase of payment transaction turnover vis-a-vis GDP to 8, increase in debit card transactions at PoS by 20 per cent, card acceptance infrastructure to increase to 250 lakh, increase of registered customer base for mobile based transactions by 50 per cent CAGR and more.
RBI extends timeline for compliance of some card business directions
The Reserve Bank of India (RBI) on Tuesday extended the timeline for implementation of certain directions relating to credit and debit card business. The RBI, in a notification, said on receipt of representations from the industry stakeholders, the timeline for adherence to certain directions has been extended to October 1. It had issued the directions on April 21, and these were to come into effect from July 1.
May retail inflation moderates but still above RBI's tolerance band for fifth month
The retail inflation stayed well above the RBI's tolerance limit due to high fuel and food prices amidst the war in Ukraine. In April, the retail inflation was at 7.79 per cent. Retail inflation tracked by the Consumer Price Index (CPI) measures the changes in prices from a retail market perspective.
Rising interest rate is headwind to real estate demand: Knight Frank India
The real estate sector has been on a strong recovery path after surviving the worst of the pandemic. Annual residential sales in 2021 have reached within striking distance of 2019 volumes and recent monthly sales trends also show strong momentum.The revival in the sector has largely been driven by low interest rates which supported homebuyer demand.
A 'Cool-Headed' Assessment: Monetary Policy Review June 2022
The MPC hiked repo rate by 50 bps to 4.9 per cent, as was widely expected by the market. However given that recent experience had significantly reduced market's confidence in being able to read monetary policy actions, there were fears of a larger repo hike or even further action on CRR. The policy, being along expected lines, therefore constituted a relief.
Here are some reactions of realtors on RBI's policy outcome on realty sector
Repo rate is the rate at which the central bank lends short-term funds to banks. In line with the rate hike by the RBI, some banks and non-banking finance companies too had raised their lending rates, which will essentially lead to an increase in EMIs for borrowers. On Wednesday, RBI decided to increase the existing limits on individual housing loans by cooperative banks.
RBI says 75% of rise in inflation projection for FY23 due to food
"It may be noted that around 75 per cent of the increase in inflation projections can be attributed to the food group. Further, the baseline inflation projection of 6.7 per cent for 2022-23 does not take into account the impact of monetary policy actions taken today," Das said in his remarks earlier this morning while spelling out the outcome of the ongoing monetary policy review meeting that started on Monday.
Here's what experts have to say about RBI's monetary policy outcome
Further, wholesale inflation in the country has been in double digits for over a year now. RBI Governor Shaktikanta Das on Wednesday, in his remarks while spelling out the outcome of the ongoing monetary policy review meeting that started on Monday, said, India's retail inflation is likely to stay above the tolerance level of 6 per cent till third quarter of FY23 before moderating below 6 per cent.
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