RBI
RBI is in favour of complete ban on cryptocurrency: Report
The Reserve Bank of India (RBI) has informed its central board that it favours a complete ban on cryptocurrencies, as quoted by Economic Times. The Central government had already planned to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in Parliament. The Bill awaits PM Modi's final decision over it, as certain sections of the government feel to hold more detailed deliberations on the bill.
Uptick in pvt investment spear-heads India's economic recovery: RBI Bulletin
"For the Indian economy, the recovery is spear-headed by an uptick in private investment through November-December alongside a turnaround in bank credit offtake and high capex from the government sector (Centre and States)," the bulletin said. It also said that high capex from the government sector has also aided in the recovery process.
RBI makes 'Legal Entity Identifier' must for Rs 50 cr plus cross-border deals
The LEI is a 20-digit number used to uniquely identify parties to financial transactions worldwide to improve the quality and accuracy of financial data systems. The identifier norm has been introduced in a phased manner for participants in the over the counter (OTC) derivative, non-derivative markets, large corporate borrowers, and large value transactions in centralised payment systems.
RBI to launch UPI platform systems on feature phones to promote digitisation
With 118 crore users, India is one of the largest mobile phone users base and a large part of the users operate feature phones. So, enabling UPI payment possible on the most widely used device in the country will take India a step closer to advancing digitisation under the Digital India campaign.
RBI to develop UPI for feature phones to boost digital payments
India has one of the largest mobile phone users base, with around 118 crore users. A large part of them use feature phones. "In the first cohort of 'RBI Regulatory Sandbox', some innovators had successfully demonstrated their solutions for feature phone payments, under the theme of 'Retail Payments', the central bank said.
Growth Oriented: RBI keeps lending rates intact, remains accommodative
The Monetary Policy Committee (MPC) of India's central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks at 4 per cent. Repo Rate (RR) is the rate at which the RBI lends money to commercial banks or financial institutions against government securities. The reverse repo rate was also kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the 'Bank Rate' at 4.25 per cent.
Repo rate remains at 4% as RBI keeps rates intact
The Reserve Bank of India (RBI) on Wednesday retained its key lending rates and along with the growth-oriented accommodative stance at the pan-ultimate monetary policy review of FY22 to support the economy of the country. The RBI formulated the decision keeping in mind the concerns over the Omicron variant of the coronavirus.
Tightening of norms may increase NBFCs' headline NPAs: Ind-Ra
"The Reserve Bank of India's (RBI) clarification on NPA accounting is likely to increase NPAs by around one third for non-banking finance companies (NBFCs)," the ratings agency said. "However, the impact on provisioning could be modest, given NBFCs are using 'IND-As' and generally for higher rated NBFCs, provision policy is more conservative than 'IRAC' requirements."
Reliance Capital welcomes RBI move to resolve company's debt in accordance with IBC Code
The Company will cooperate fully with the Administrator appointed by the RBI for the expeditious resolution of its debt in the best interests of all stakeholders, statement said. The complexity of litigation initiated by certain secured and unsecured lenders, resulting in the pendency of over 10 cases in various fora, including the Supreme Court, Mumbai High Court, Delhi High Court and DRT, has effectively stalled the resolution of the Company's debt, despite its best efforts for the past over 2 years, the company said.
RBI's recent norms may spike NPAs for NBFCs, says ICRA
On November 12, the central bank had said that classification of special mention accounts and non-performing accounts should be done on a day-end position basis and upgraded from an NPA to standard category only after clearance of all outstanding overdues.
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