Page 20 - Latest Updates on Reserve Bank of India
India's credit ratings upgrade is long overdue: RBI Guv Shaktikanta Das
Governor of the Reserve Bank of India Shaktikanta Das said that India is capable of meeting its external payment obligations and a credit ratings upgrade should happen soon
 "India's credit ratings upgrade is long overdue: RBI Guv Shaktikanta Das")
India generated 125 million jobs between FY14 & FY23, says SBI Report
Besides, the report also noted that the total employment reported by micro, small and medium enterprises (MSMEs) registered with the MSME Ministry has crossed 200 million
 "India generated 125 million jobs between FY14 & FY23, says SBI Report")
Hopes in the balance: How much can the Budget do for the rural sector?
The government will have to tweak the demand for Mahatma Gandhi National Rural Employment Guarantee Act and may retain the demand for PM Kisan to not allow fiscal slippage
 "Hopes in the balance: How much can the Budget do for the rural sector?")
YES Bank denies report on 51% stake sale, calls it 'factually incorrect'
The bank called the news report "factually incorrect and purely speculative" in nature
 "YES Bank denies report on 51% stake sale, calls it 'factually incorrect'")
RBI cancels registration for 2 NBFCs, cites irregular lending practices
Following the cancellation of registration certificates, the two entities "shall not transact" the business of a non-banking financial institution (NBFI), the RBI added
 "RBI cancels registration for 2 NBFCs, cites irregular lending practices")
MobiKwik wallet numbers rise as banking players go through downturn
Among the non-bank players, MobiKwik had about 134.1 million wallets in January, which rose 2 per cent to 136.8 million in May, ranking the company second in terms of wallet numbers
 "MobiKwik wallet numbers rise as banking players go through downturn")
India's employment provisionally grew at 6% in FY24, shows RBI data
The release of the data follows a Citibank report last week which said growth of close to 7 per cent will only create 8 million to 9 million jobs in India, short of the 11 million to 12 million needed
 "India's employment provisionally grew at 6% in FY24, shows RBI data")
RBI's draft trade norms envisage more discretion for ADs
ADs will handle the documents of a 'caution listed' exporter only against full advance payment from the buyer or irrevocable letter of credit
 "RBI's draft trade norms envisage more discretion for ADs")
RBI imposes penalty on YES Bank for not exchanging mutilated notes
RBI imposed a monetary penalty of Rs 10,000
 "RBI imposes penalty on YES Bank for not exchanging mutilated notes")
India's forex reserves decline $1.71 bn to $651.99 bn, shows RBI data
In the previous reporting week, the overall kitty had dropped USD 2.922 billion to USD 652.895 billion. The reserves had touched an all-time high of USD 655.817 billion as on June 7 this year
 "India's forex reserves decline $1.71 bn to $651.99 bn, shows RBI data")
RBI bumper payout to curb major divestments, govt keeps Rs 50k cr target
Care Ratings said the new government will retain the interim budget's Rs 50,000 crore target on receipts from divestments
 "RBI bumper payout to curb major divestments, govt keeps Rs 50k cr target")
Budget 2024 wish list: RBI to hear demands of MSMEs on Monday
Central bank wants to understand initiatives that may be viable for the sector
 "Budget 2024 wish list: RBI to hear demands of MSMEs on Monday")
ED questions TV actors in 'unauthorised' fraud forex trading app case
The money laundering case of the ED stems from a Pune Police FIR filed against the app and its promoters who are alleged to have duped numerous investors by luring them with high returns
 "ED questions TV actors in 'unauthorised' fraud forex trading app case")
RBI governor Das asks banks to strengthen governance, risk management
The governor also noted the continued improvement in banks' asset quality, loan provisioning, capital adequacy, and profitability
Airtel PB records 49% dip in wallet numbers despite Paytm PB's downturn
The company however has registered a steady increase in transaction volumes
 "Airtel PB records 49% dip in wallet numbers despite Paytm PB's downturn")
NBFCs' consumer, gold loan sanctions shrink QoQ in Q4 FY24 after RBI action
Regulator last year hiked risk weights for unsecured loans and put curbs on IIFL Finance, a large player in gold loan business
 "NBFCs' consumer, gold loan sanctions shrink QoQ in Q4 FY24 after RBI action")
Rs 2000 notes: 97.87% returned; Rs 7,581 cr worth notes still with public
On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation
After historic high, UPI transactions see marginal dip in June to 13.89 bn
IMPS down by 7%, FASTag 4%; but Aadhaar Enabled Payment System (AePS) see a 11% jump in volume & 7% in value
 "After historic high, UPI transactions see marginal dip in June to 13.89 bn")
Tech to risk perception: Co-lending model battles 'multiple issues'
Colending happens when multiple lending partners enter into an arrangement to provide loans to priority sectors like micro, small, and medium enterprises (MSMEs)
 "Tech to risk perception: Co-lending model battles 'multiple issues'")
RBI raises limit for short-term borrowing for states, UTs from July 1
The RBI provides WMA to states banking with it to help them tide over temporary mismatches in the cash flow of their receipts and payments
 "RBI raises limit for short-term borrowing for states, UTs from July 1")
