RBI announces launch of first pilot for retail digital rupee
Business | November 29, 2022 16:42 ISTThe RBI has said the e₹-R would offer features of physical cash like trust, safety and settlement finality.
The RBI has said the e₹-R would offer features of physical cash like trust, safety and settlement finality.
The Reserve Bank of India (RBI) will launch first pilot of Digital Rupee for the wholesale segment on November 1, 2022 (Tuesday), a statement said on Monday.
Reserve Bank of India news: In the wake of a bank seeking clarification on various aspects related to UFCE, the RBI said a comprehensive review of the extant guidelines has been undertaken and all the existing instructions on the subject have been consolidated.
Debit credit cards tokenisation: On September 30, RBI said about 35 crore cards have been tokenised and the system is ready for the new norms which will set in from October 1. The number of tokenised cards had gone up from 19.5 crore tokens created in June, according to data shared by RBI earlier.
At the interbank foreign exchange market, the rupee opened at 79.66 against the greenback, then fell to 79.67, registering a decline of 10 paise over its last close. In initial deals, the local unit also touched 79.64 against the dollar.
Inflation management cannot be singularly left to the monetary policy, which has proved totally ineffective in many countries, Sitharaman said.
Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks.
RBI rate hike: In a report, the Germany-based bank said the RBI will respond with a slower pace of rate hikes from here, basing the expectation on the recently released minutes of the last meeting of the Monetary Policy Committee (MPC).
RBI monetary policy: The RBI expects growth in the first quarter of the current fiscal at 16.2 per cent, which will taper to 4 per cent by the fourth quarter.
RBI rate hike: The Reserve Bank of India's rate-setting panel -- the Monetary Policy Committee -- is meeting to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
RBI's composite financial inclusion index (FI-Index) capturing the extent of financial inclusion across the country rose to 56.4 in March 2022, showing growth across all parameters.
The Reserve Bank's rate-setting panel -- Monetary Policy Committee -- will meet on August 3 for three days to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
Apex exporters' body Federation of Indian Export Organisations (FIEO) said as per existing FEMA provisions, the final settlement has to be in free foreign exchange except for Nepal and Bhutan.
The merger proposal of HDFC and HDFC Bank remains subject to various statutory and regulatory approvals.
The RBI said the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
"The recent economic crisis in neighbouring Sri Lanka is a reminder of the critical importance of public debt sustainability. The fiscal conditions among states in India are showing warning signs of building stress," it had said.
RBI Governor Shaktikanta Das said that the central bank in March felt that economic activity was above the pre-pandemic levels and decided to shift focus to curbing inflation.
SBI Home Loan Interest Rate: SBI has revised by up to 0.20 per cent the MCLR, a move that will increase home, auto, and personal loan EMIs.
SBI and PNB announced to hike FD interest rate days after the RBI ramped up efforts to control excess liquidity from the banking system.
Last month in an unscheduled policy announcement, the Reserve Bank of India (RBI) raised rates by 40 basis points to 4.4 per cent, and subsequently to 4.9 per cent last week.
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