Page 24 - Latest Updates on Reserve Bank of India
Banks struggle with ATM shortage as 'Make in India' policy disrupt supply
The initial cause of low number of ATMS across India is linked to the "Make in India" guidelines introduced in FY20, which required vendors to establish operations in India, leading to a delay
 "Banks struggle with ATM shortage as 'Make in India' policy disrupt supply")
3 entities complete test phase of RBI regulatory sandbox's fourth cohort
Regulatory sandbox refers to live testing of new products or services in controlled regulatory environment for which regulators may permit certain regulatory relaxations for limited purpose of testing
 "3 entities complete test phase of RBI regulatory sandbox's fourth cohort")
India must avoid 'adventurism', focus on bringing down inflation: RBI chief
The central bank kept the key repo rate unchanged at 6.5% for an eighth straight policy meeting earlier this month saying robust economic growth will give it space to focus on bringing down inflation
 "India must avoid 'adventurism', focus on bringing down inflation: RBI chief")
Fitch raises India's growth estimates for FY25 to 7.2% as investments rise
Fitch's estimates are in line with that of RBI which earlier this month projected Indian economy to expand 7.2% in the current fiscal on the back of improving rural demand and moderating inflation
 "Fitch raises India's growth estimates for FY25 to 7.2% as investments rise")
Budget 2024: Will the govt provide income tax relief to salaried class?
A report by a leading national-daily claim the upcoming Budget for FY25 may emphasise tax reductions for low-income earners rather than increasing welfare expenditures
 "Budget 2024: Will the govt provide income tax relief to salaried class?")
New 160 number series for service calls to reduce spam, says Trai
DCA facility discussed in meeting with RBI, sectoral regulators and 25 plus banks on Friday
 "New 160 number series for service calls to reduce spam, says Trai")
Technical glitch halts RBI's liquidity management system: Explained
This is the first glitch experienced by the ASISO system in four years since its installment by the RBI
 "Technical glitch halts RBI's liquidity management system: Explained")
Muthoot Finance diversifying loan book to make customers 'stick': MD
Firm will not sell gold loans to asset reconstruction companies as the RBI is 'not comfortable', says George Alexander Muthoot
 "Muthoot Finance diversifying loan book to make customers 'stick': MD")
RBI's reserve maintenance system for banks fails on Tuesday, say traders
Indian banks need to park 4.5 per cent of their net deposits with the central bank and must maintain at least 90 per cent of this requirement every day
 "RBI's reserve maintenance system for banks fails on Tuesday, say traders")
RBI likely intervened in NDF to stop rupee from hitting record low: Traders
The rupee was at 83.5525 to the US dollar, only marginally away from the 83.5750 all-time low it hit in April
 "RBI likely intervened in NDF to stop rupee from hitting record low: Traders")
RBI rejects Raj Kumar Bansal's reappointment as Edelweiss ARC MD, CEO
Edelweiss Group crisis: The development followed days after the RBI cracked down on the Edelweiss group in May, imposing major business restrictions on two of its subsidiary companies
 "RBI rejects Raj Kumar Bansal's reappointment as Edelweiss ARC MD, CEO")
Rising India food costs likely snapped inflation downturn in May: Report
The Reuters poll of 50 economists conducted June 5-10 predicted consumer price inflation (CPI) is expected to have picked up to 4.89 per cent last month from April's 4.83 per cent.
RBI opens gates for investors, companies to invest in overseas funds
The RBI issued a circular on Friday amending the Foreign Exchange Management (Overseas Investment) Directions, 2022, lifting several restrictions
 "RBI opens gates for investors, companies to invest in overseas funds")
Last mile journey to 4% inflation target is sticky: RBI Governor Das
Even the high rates of growth are enabling us to catch up with that level. So, no, signs of over- heating. On rate hikes being off the table, nothing is off the table.
 "Last mile journey to 4% inflation target is sticky: RBI Governor Das")
Reserve Bank of India to set up platform to curtail payment frauds
Auto replenishment facility for Fastags, NCMCs, UPI Lite wallets
Must invest adequately in IT systems: RBI Governor Shaktikanta Das to banks
Underscores urgency to keep up with growth of digital payments
 "Must invest adequately in IT systems: RBI Governor Shaktikanta Das to banks")
Here's how industry leaders reacted to the RBI's June MPC decisions
The RBI MPC maintained its 'withdrawal of accommodation' stance and kept the repo rate unchanged at 6.5 per cent. The RBI revised FY25 GDP growth forecast to 7.2 per cent
 "Here's how industry leaders reacted to the RBI's June MPC decisions")
RBI likely to reduce key repo rate when inflation stabilises: India Inc
The central bank also retained its projection for retail inflation at 4.5 per cent for the current fiscal assuming a normal monsoon, while emphasising that uncertainties related to food price outlook
Decoded: Why does the RBI keep gold abroad and why has it got some back?
With the transfer of around 100 metric tonnes of gold from the UK last week, India's gold reserves are now evenly distributed, with 400 tonnes each in India and abroad
 "Decoded: Why does the RBI keep gold abroad and why has it got some back?")
RBI permits automatic replenishment of UPI Lite wallet: Check details
UPI Lite users can make payments of up to Rs 500 without a PIN
 "RBI permits automatic replenishment of UPI Lite wallet: Check details")
