The RBI in its recent report on 'currency and finance' stated that the pandemic is a watershed moment. It further clarified that the ongoing structural changes catalysed by the pandemic can potentially alter the growth trajectory in the medium-term.
Known for his frank views, Rajan also said it was important to remember that the "war against inflation" is never over.
RBI said it had sent a notice to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions.
The trading hours for various markets regulated by RBI were changed on April 7, 2020, in the wake of the coronavirus pandemic that had resulted in operational dislocations and elevated levels of health risks.
A monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI, the regulator said in a release.
It is proposed to enable customer authorisation through the use of UPI while settlement of such transactions would happen through the ATM networks.
In its earlier policy review in February, the RBI had projected retail inflation to be at 4.5 per cent in 2022-23.
RBI on Friday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance despite rising inflation.
The Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, is holding its first meeting in the current financial year. The meeting will be on from April 6 to 8 and the outcome will be announced on April 8.
The admit card can be downloaded from RBI's official website - rbi.org.in.
In an official release, the RBI also directed ordered that the bank has to appoint an audit firm to conduct a comprehensive System Audit of its IT system.
We have seen that crypto-technology is underpinned by a philosophy to evade government controls. Cryptocurrencies have specifically been developed to bypass the regulated financial system. These should be reason enough to treat them with caution, RBI Deputy Governor T Rabi Sankar said.
Replying to questions after addressing the RBI's Central Board of Directors on Monday, Finance Minister Sitharaman said the central bank and the government are on board regarding digital currencies.
The meeting has been scheduled for February 14 where she would be addressing the board members and talk about announcements made in the Budget to perk up growth hit by three waves of COVID-19, sources said.
Lata Mangeshkar, whose voice struck an instant chord of recognition with generations of South Asians and is considered one of India's greats, died in a Mumbai hospital on Sunday due to multiple organ failure.
Bitcoin, Ethereum, or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by the government, Finance Secretary said.
While giving her budget speech in the Indian parliament, Nirmala Sitharaman highlighted that the Union Govt has plans to roll out 5G services in the country in the current financial year.
Finance Minister Nirmala Sitharaman while announcing the annual budget for the financial year 2022-23, said that RBI will be launching India's very own cryptocurrency soon.
"We are on course to becoming among the fastest-growing economies of the world, but there is far to go," Dy Governor Michael D Patra said.
Despite GDP and industrial growth rates being fragile and volatile, the RBI is likely to start raising the policy rate in the near future by up to 100 bps in 2022.
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