Page 15 - Latest Updates on Reserve Bank of India
Ponzi like model of P2P lenders prompt crackdown, RBI finds high NPA
Violations of regulatory guidelines were confirmed through supervisory scrutiny; the regulator dealt with some of these platforms bilaterally for remedial action
 "Ponzi like model of P2P lenders prompt crackdown, RBI finds high NPA")
RBI guv Shaktikanta Das ranked as top central banker for 2nd straight year
Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management
 "RBI guv Shaktikanta Das ranked as top central banker for 2nd straight year")
Banks' borrowings in India crosses Rs 9 trillion-mark in July: RBI
Bank borrowing figures for July 26 were up 20% compared to the borrowing figures of Rs 7.75 trillion for April 5
 "Banks' borrowings in India crosses Rs 9 trillion-mark in July: RBI")
IndusInd Bank stock price surges on RBI nod for Mutual Fund business
The increase in stock price follows the RBI approval for the bank to establish a wholly owned subsidiary dedicated to asset management and mutual funds, with additional equity capital infusion.
 "IndusInd Bank stock price surges on RBI nod for Mutual Fund business")
Periodic revision of deposit insurance coverage warranted: RBI dy governor
At present, limited coverage option is adopted in India with uniform deposit insurance coverage limited to an amount of Rs 5 lakh per depositor of each insured bank
 "Periodic revision of deposit insurance coverage warranted: RBI dy governor")
RBI releases framework for financial market self-regulatory organisations
The proposed self-regulatory organisations (SROs) can play a vital role in developing industry standards and best practices and ensuring that members adhere to these
RBI approves Salee Sukumaran Nair as MD, CEO of Tamilnad Mercantile Bank
Nair, a postgraduate in applied electronics, started his banking career in 1987
 "RBI approves Salee Sukumaran Nair as MD, CEO of Tamilnad Mercantile Bank")
RBI levies penalty on BoM, Hinduja Leyland Finance, Poonawalla Fincorp
The Reserve Bank of India (RBI) has, by an order dated August 8, 2024, imposed a monetary penalty of Rs 1.27 crore on Bank of Maharashtra for non-compliance with certain directions
 "RBI levies penalty on BoM, Hinduja Leyland Finance, Poonawalla Fincorp")
RBI tightens norms for P2P lending platforms to improve transparency
No loan should be disbursed unless the lenders and the borrowers have been matched/mapped as per the board-approved policy framed, it added
 "RBI tightens norms for P2P lending platforms to improve transparency")
Data story: How digital payments in India have evolved over the years
Widespread adoption of digital payments has facilitated rapid, low-cost transactions and easy withdrawals through banking and mobile apps
 "Data story: How digital payments in India have evolved over the years")
RBI might ask banks dealing with UAE to push direct rupee-dirham settlement
The move is part of India's attempt to increase trade settlement in the rupee and reduce reliance on the dollar, an ambition that has evaded most nations
 "RBI might ask banks dealing with UAE to push direct rupee-dirham settlement")
SBI raises MCLR by 10 basis points for all tenors; 3rd hike in 3 months
The latest increase in MCLR by SBI comes days after the RBI left the repo rate unchanged at 6.5 per cent
 "SBI raises MCLR by 10 basis points for all tenors; 3rd hike in 3 months")
'India, Russia central banks renew talks to expand local currency trade'
The discussions between the two central banks involve setting a reference rate between two local currencies for trade instead of determining the value of currencies against the US dollar
Widespread adoption of digital payments raises operational risks: RBI DG
The 24/7 availability of online and mobile banking can heighten vulnerabilities, potentially accelerating bank runs and liquidity crises during periods of stress, he said
 "Widespread adoption of digital payments raises operational risks: RBI DG")
India bond yields marginally lower as traders await US inflation data
India's retail inflation eased in July due to vegetable inflation falling and high base effect as annual retail inflation was 3.54 per cent in July, lowest since Aug 2019, down from 5 per cent in June
 "India bond yields marginally lower as traders await US inflation data")
Slowing consumer demand, growth risks fuel calls for interest rate cuts
The Reserve Bank of India has kept interest rates unchanged for more than 18 months, with Governor Shaktikanta Das saying last week that food prices remain a worry
 "Slowing consumer demand, growth risks fuel calls for interest rate cuts")
RBI deputy Guv cautions against use of CBDC as 'safe havens' during crisis
During crises, CBDCs could be perceived as a safe haven, rendering uninsured bank deposits more prone to withdrawal and increasing risk of bank runs, says Patra
 "RBI deputy Guv cautions against use of CBDC as 'safe havens' during crisis")
India, Russia explore dynamic rupee-rouble rate to overcome trade issues
RBI deputy governor T Rabi Sankar and top officials of some public sector banks are visiting Moscow for a meeting of the India-Russia Joint Business Council for banking and finance
 "India, Russia explore dynamic rupee-rouble rate to overcome trade issues")
NBFC depositors can prematurely withdraw entire amount within 3 months: RBI
In its review of regulations governing NBFCs, the central bank said no interest will be paid for such premature withdrawals and added that these changes will be in force from January 1, 2025
Statsguru: Rising food prices in India spoil the taste of platter
In June, food inflation was at its highest rate since December at 9.36 per cent, while the headline inflation was at 5.08 per cent
 "Statsguru: Rising food prices in India spoil the taste of platter")
