RBI
RBI imposes restrictions on American Express, Diners Club
These entities have been found non-compliant with the directions on storage of payment system data, said an RBI statement. It added that the order will not impact existing customers. American Express Banking Corp and Diners Club International Ltd are payment system operators authorised to operate card networks in the country under the Payment and Settlement Systems Act, 2007 (PSS Act).
RBI directs banks to halve dividend payouts amid 2nd Covid wave
In a notification to all the commercial and co-operative banks, RBI said that in view of the continuing uncertainty caused by the ongoing second wave of Covid-19 in the country, it is crucial that banks remain resilient and proactively raise and conserve capital as a bulwark against unexpected losses.
RBI asks banks to put in place policy to refund 'interest on interest'
In a major relief to big borrowers, the Supreme Court last month ruled that no penal or compound interest would be charged on any loans, including those above Rs 2 crore, during the six-month moratorium announced by the government against the backdrop of the Covid-19 pandemic.
Rupee slips on RBI's dovish stance, 'loose' policy
Accordingly, the rupee closed at 74.55 to a US dollar after the Reserve Bank of India assured the markets of a stable and orderly evolution of the yield curve via a specific amount of open market purchases of government securities.On Wednesday, Governor Shaktikanta Das said that the RBI will conduct G-SAP 1.0 to purchase Rs one lakh crore worth of government securities.
RBI to publish Financial Inclusion Index
The FI Index would be based on multiple parameters and shall reflect the broadening and deepening of financial inclusion in the country, a statement on regulatory and developmental policies of RBI said. To begin with, the FI Index will be published annually in July for the financial year ending previous March.
RBI to constitute committee for review of ARC working
The committee would recommend suitable measures for enabling ARCs to meet the growing requirements of the financial sector as cases of non performing assets (NPAs) rise and there is a need to reconstruct such assets. Already a new bad bank has been proposed in this year's Budget towards this goal.
CPI inflation for April-June seen at 5.2%: RBI
Announcing the first Monetary Policy for FY22, RBI Governor Shaktikanta Das said that the consumer price index (CPI) inflation for the fourth quarter of the last fiscal has been revised to 5 per cent. He noted that the evolving CPI inflation trajectory is likely to be subjected to both upside and downside pressures.
RBI announces Rs 50,000 cr for NABARD, NHB, SIDBI
Accordingly, NABARD will be provided with a special liquidity facility (SLF) of Rs 25,000 crore for a period of one year to support agriculture and allied activities, the rural non-farm sector and non-banking financial companies-microfinance institutions (NBFC-MFIs).
RBI flags major concerns over cryptocurrency
Speaking at the Times Network India Economic Conclave, the Governor said that digital currency is one thing and the cryptocurrencies which are being traded in the market is something else. The statement from the central bank governor gains significance as the government is set to come up with a Bill on cryptocurrency wherein it is likely to ban all such cryptocurrencies.
FY22 growth estimate of 10.5% need not be revised: RBI Governer
"The revival of economic activity which has happened should continue unabated going forward. My understanding and our preliminary analysis show that the growth rate in next year, which is at 10.5 per cent which we had given could not require, I repeat, would not require a downward revision," he said.
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