SBI seeks lower cash reserve ratio requirement on green deposits, says chairman Dinesh Khara
Business | February 16, 2024 12:47 ISTSBI introduced a green deposit scheme last month, a significant initiative in the domestic banking sector.
SBI introduced a green deposit scheme last month, a significant initiative in the domestic banking sector.
The reversal of the funds is set for February 23 between 10:30 AM and 11:00 AM.
The development comes on the heels of the RBI initiating regulatory actions against Paytm Payments Bank. Transactions done at other business outlets which may not be authorised to accept commercial card payments have been asked to be temporarily halted.
Paytm President and Chief Operating Officer Bhavesh Gupta indicated a temporary halt in issuing new loans to address operational challenges stemming from RBI restrictions on Paytm Payments Bank.
This comes amid the RBI's order, which directed the bank to cease accepting deposits or top-ups in various customer accounts and instruments after February 29.
RBI has put curbs on Paytm Payments Bank for accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more from February 29 onwards.
The real GDP growth for FY25 is forecast at 7 per cent, with growth rates of 7.2 per cent and 6.8 per cent expected in the June and September quarters.
The monetary policy committe led by Shaktikanta Das has kept the repo rates unchanged at 6.50 per cent.
Joshi said that the reserve bank must have taken the action in the overall interest of the consumer and the economy.
The RBI has kept the repo rate steady at 6.50 per cent over the past year, last raising it in February 2023 from 6.25 per cent.
Since the Reserve Bank of India's directive, reportedly, there has been a surge in downloads of competitor apps, such as PhonePe and BHIM, while Paytm's downloads have declined.
If HDFC Bank fails to complete the acquisition within the timeframe of one year, the approval will be revoked.
The central bank's directive restricts Paytm Payments Bank from accepting deposits or top-ups after February 29.
Paytm Payments Bank: Sources said RBI in 2021 detected serious KYC Anti Money Laundering violations and the bank was directed to address these deficiencies. However, they continued to persist. The compliances submitted by the bank were found to be incomplete and false on many occasions.
The RBI imposed restrictions, prohibiting the bank from accepting new deposits or conducting credit transactions after February 29.
Paytm Payments Bank Limited is prohibited from accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more from February 29 onwards.
Paytm Payments Bank is prohibited from accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more after February 29, 2024.
The trading hours for the RBI-regulated markets will be from 2:30 pm to 5 pm on Monday, January 22.
A weak global outlook could improve if geopolitical conflicts are resolved, resulting in a containment of their repercussions on commodity and financial markets, said RBI.
Several exchange-traded funds linked to the spot price of Bitcoin began trading in the United States on Thursday after receiving approval from the Securities and Exchange Commission.
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