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.
Known for his frank views, Rajan also said the government needs to do more to prevent a K-shaped recovery of the economy hit by the coronavirus pandemic.
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.
Airtel Payments Bank recently announced that they have been categorised as 'Scheduled Bank' by the Reserve Bank of India.
As per the cryptocurrencies pose immediate risks of frauds, to anti-money-laundering efforts, and fight aginst terror financing.
Quoting the stress tests on banks, the governor has also warned that gross NPAs may jump to 8.1-9.5 per cent by September 2022 from 6.9 per cent in September 2021.
The statement from the RBI comes amid RBL Bank's Vishawvir Ahuja stepping down as MD & CEO of the bank, and the lender appointing Rajeev Ahuja as the interim Managing Director and Chief Executive Officer of the bank with immediate effect.
The central bank said it observed that the two entities had not complied with the directions issued by the RBI on networth requirement for Bharat Bill Payment Operating Units (BBPOUs).
In the case of the ICICI Bank, the RBI said the statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2019.
The report underlined that there are about 1,100 loans apps currently working that can searched through key words like loan, instant loan, quick loan, etc on the internet.
Prime Minister Narendra Modi on Sunday addressed the function on 'Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh' in Vigyan Bhawan, Delhi.
This is the ninth consecutive time since the rate remains unchanged. The RBI had last revised the policy rate on May 22 last year.
If the RBI maintains status quo in policy rates on Wednesday, it would be the ninth consecutive time since the rate remains unchanged. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
The Reserve Bank of India has announced that the cash withdrawal charges on ATMs will be hiked from 1 January 2022.
The directions were contained in 'RBI (Fraud-Classification & Reporting by commercial banks & select FIs) Directions 2016', and 'Guidelines on Sale of Stressed Assets by Banks'.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrencies in India. It, however, allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage
The draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank, including deposits, by the USFB, thus giving a greater degree of protection for the depositors, the Reserve Bank of India said.
I firmly believe that India has the potential to grow at a reasonably high pace in the post-pandemic scenario, said Reserve Bank of India Governor Shaktikanta Das.
Finance Minister Nirmala Sitharaman also thanked PM Modi for the initiatives. Narendra Modi launched 2 innovative customer-centric initiatives of RBI today.
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