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 RBI Governor termed the launch of the central bank digital currency (CBDC) as a landmark moment in the history of currencies in the country.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1,76,00,000 on Vakrangee Ltd for non-compliance with certain provisions of the White Label ATM (WLA) directions, the central bank said in a release.
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.
Russian banks: The largest and second-largest banks in Russia - Sberbank and VTB Bank, are the first foreign lenders to get approval after the RBI formulated the guidelines in July for offshore rupee transactions.
RBI to contain rate hike: RBI Monetary Policy Committee (MPC) member Ashima Goyal said the policy rate hikes have largely reversed pandemic-time cuts but the real rate remains low enough not to hurt the growth recovery.
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.
Digital money: "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank said in a concept note on Central Bank Digital Currency (CBDC).
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.
Unveiling the fifth monetary policy for this fiscal, RBI Governor Shaktikanta Das said the central bank remains committed to price stability to put the country on a sustained path of growth.
Rupee falls: The rupee depreciated 40 paise to an all-time low of 81.93 against the US dollar in early trade on Wednesday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit.
The rupee consolidated in a narrow range and settled 9 paise higher at 81.58 (provisional) against the US dollar on Tuesday as the American currency retreated from its elevated levels. At the interbank forex market, the local unit opened at 81.45 against the greenback.
The RBI Governor-headed Monetary Policy Committee (MPC) is scheduled to start its three-day deliberations on Wednesday. The decision of the rate-setting panel would be announced on Friday (September 30).
Shares of Mahindra & Mahindra Financial Services Limited (MMFSL) tanked 10 per cent on Friday following RBI's action. This is the biggest fall in Mahindra Finance share price since March 2020.
Maharashtra's Laxmi Co-operative Bank will cease to carry on banking business, with effect from the close of business on September 22, 2022, a statement from RBI said.
At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.65, registering a gain of 16 paise over its previous close.
Inflation management cannot be singularly left to the monetary policy, which has proved totally ineffective in many countries, Sitharaman said.
RBI monetary policy aims to realize the medium-term target of 4 % for consumer price index (CPI) inflation with a range of plus or minus two percent.
RBi had imposed curbs on American Express Banking Corp for being non-compliant with the directions on Storage of Payment System Data effective May 1, 2021.
Varma, in an interview to PTI, said that inflation and inflationary expectations appear to be moderating and high inflation will certainly not become the 'norm' in the country.
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