RBI
RBI to restore regulated markets' trading hours to pre-pandemic timings
The opening time for regulated financial markets will be restored to their pre-pandemic timing of 9 a.m., an RBI statement said. The trading hours for various markets regulated by the Reserve Bank were amended effective from April 7, 2020 in view of the operational dislocations and elevated levels of health risks posed by Covid-19. Subsequently, with abatement of operational constraints, the trading hours were partially restored with effect from November 9, 2020.
Breaking 3-day losing streak, indices rise as RBI keeps rates, stance unchanged
The Reserve Bank of India (RBI) retained its key lending rate during the first monetary policy review of FY23. Accordingly, the MPC of the central bank maintained the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Sensex settled at 59,447.18 points, up 412.23 points or 0.70 per cent, whereas Nifty at 17,784.35 points, up 144.80 points or 0.82 per cent.
India's FY23 retail inflation rate projection raised to 5.7%
In his policy statement post the Monetary Policy Committee's (MPC) bi-monthly meeting, RBI Governor Shaktikanta Das said: "Taking into account these factors and on the assumption of a normal monsoon in 2022 and average crude oil price (Indian basket) of $100 per barrel, inflation is now projected at 5.7 per cent in 2022-23, with Q1 at 6.3 per cent; Q2 at 5.8 per cent; Q3 at 5.4 per cent; and Q4 at 5.1 per cent."
Not necessary to activate 'Counter-Cyclical Capital Buffer': RBI
In financial parlance, the 'CCyB' applies on banks to promote sustainable provision of credit to the economy in time of distress. The framework on 'CCyB' was put in place by the Reserve Bank in terms of guidelines issued on February 5, 2015. Accordingly, the guidelines said that 'CCyB' would be activated as and when the circumstances warranted, and that the decision would normally be pre-announced.
RBI expected to prioritise growth during April meet
Notably, the consumer price index (CPI) inflation print has remained at elevated level due to higher-than-expected vegetable prices in February. Moreover, inflation is expected to remain at elevated levels due to higher crude oil price in subsequent months owing to the Russia-Ukraine crisis. "Nevertheless, we still expect the RBI to prioritise growth in its April 2022 monetary policy meet as we believe growth is still a bigger concern currently rather than inflation," said Motilal Oswal Financial Services.
RBI extends RBL Bank's interim MD and CEO Ahuja's tenure
In a regulatory filing made to the BSE, the bank said: "We wish to further inform that on request of the Bank, RBI vide its letter... dated March 17, 2022, has approved the extension of term of Rajeev Ahuja, interim Managing Director & CEO of the Bank for a further period of three months with effect from March 25, 2022 or till the appointment of a regular MD & CEO, whichever is earlier."
Economy experiencing spillovers from ongoing geopolitical crisis: RBI Bulletin
India's economy is experiencing spillovers from the ongoing geopolitical crisis in Ukraine, the Reserve Bank of India (RBI) on Thursday. These spillovers have emerged at a time when the economy recovers from the third wave of the pandemic. As per the bulletin, amidst these testing times, India's macroeconomic fundamentals remain strong.
Indian fintech payment firms have no data advantage over banks: Moody's
According to Moody's Investors Service, the introduction of the Unified Payment Interface (UPI) in 2017, which allows funds to be transferred instantaneously, has been a key catalyst to the development of digital payments due to the ease of use of apps running on the system.
Current Russia-Ukraine crisis an opportunity to internationalise Indian Rupee for trade: SBI
The State Bank of India (SBI) on Monday said that the current Russia-Ukraine crisis and the subsequent decoupling of Russia from the global economy is an opportunity for the internalization of the Indian Rupee (INR). Even though the US Dollar will continue to be the denomination of global trade, an alternative settlement mechanism for international payments can boost the trade between select countries in the INR.
RBI banned Paytm Payments Bank from taking new customers as it was leaking data to Chinese firms: Report
The Paytm Payments Bank Limited (PPBL) has been barred from onboarding new customers by the RBI as it allowed data to flow into servers of Chinese-based entities. This violation was found by the RBI during an annual inspection, as per a report by Live Mint. The PPBL also failed to properly verify its customers, the report further says.
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