News

Proactively monitor portfolios to address potential risks, challenges: RBI Governor to bank boards RBI Governor Shaktikanta Das has asked banks to proactively monitor their portfolios, identify areas of over-concentration, and take pre-emptive measures to address potential risks and challenges. He also asked bank boards to strengthen the internal governance framework to curb unethical practices, such as mis-selling of products or opening of accounts without proper KYC verification. He also said bank boards need to continuously assess external factors like regulatory changes, shifting marke...
Proactively monitor portfolios to address potential risks, challenges: RBI Governor to bank boards
Proactively monitor portfolios to address potential risks, challenges: RBI Governor to bank boards
Source: Accord Fintech
2024-11-19 12:57:24 pm
India central bank chief`s term likely to be extended further, sources say The Indian government is likely to extend the term of central bank governor Shaktikanta Das for a second time, three sources with direct knowledge of the matter told Reuters, an unprecedented move that would make him the longest serving chief since the 1960s. Das was one of the most trusted bureaucrats in Prime Minister Narendra Modi's administration before he was appointed to lead the Reserve Bank of India in December 2018, at a time when the relationship between the government and th...
India central bank chief`s term likely to be extended further, sources say
India central bank chief`s term likely to be extended further, sources say
Source: Reuters
2024-11-19 09:22:54 am
Rupee eyes breathing room as dollar rally stalls, importers may cap gains The Indian rupee is likely to open steady on Tuesday and may look to make mild gains through the session as the dollar's post-U.S. election surge shows signs of cooling after touching a one-year high last week. The 1-month non-deliverable forward indicated that the rupee will open at 84.38-84.39 to the U.S. dollar, little changed from its close of 84.3850 in the previous session. The local currency had declined to its record low of 84.4125 last week. The dollar index was at 106.2...
Rupee eyes breathing room as dollar rally stalls, importers may cap gains
Rupee eyes breathing room as dollar rally stalls, importers may cap gains
Source: Reuters
2024-11-19 09:06:17 am
Exclusive-India cenbank plans 2025 launch of cloud services, countering dominance of global firms  India's central bank will launch a pilot programme in 2025 offering local cloud data storage to financial firms at affordable prices, according to two sources aware of the matter, who declined to be identified as conversations are confidential. The Reserve Bank of India's planned cloud platform will use local IT firms, pitting it against the likes of Amazon Web Services, Microsoft Azure, Google Cloud and IBM Cloud, in a first-of-its-kind initiative from a major global central...
Exclusive-India cenbank plans 2025 launch of cloud services, countering dominance of global firms
Exclusive-India cenbank plans 2025 launch of cloud services, countering dominance of global firms
Source: Reuters
2024-11-18 12:14:16 pm
Indian economy capable of handling global shocks: RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the Indian economy is strong enough to handle any adverse fallout from global events.  "Today, the growth of the Indian economy presents a picture of stability and strength," Das said while addressing an event at the launch of the Kochi International Foundation here. The country's external sector is also strong and the current account deficit (CAD) has remained within manageable limits as it presently ...
Indian economy capable of handling global shocks: RBI Governor
Indian economy capable of handling global shocks: RBI Governor
Source: IANS
2024-11-17 04:44:36 pm
India`s GDP to grow 6.5-7 pc through FY27 over infra, consumption push  India’s GDP will expand 6.5-7 per cent annually in the next three fiscal years (2025-2027), and the country’s good economic growth prospects will continue to support banks' asset quality, according to a new report.  India's infrastructure spending and private consumption will support robust economic growth, said S&P Global Ratings in its latest global bank outlook report. “Structural improvements and good economic prospects will support the r...
India`s GDP to grow 6.5-7 pc through FY27 over infra, consumption push
India`s GDP to grow 6.5-7 pc through FY27 over infra, consumption push
Source: IANS
2024-11-15 10:37:30 am
India`s WPI inflation edges up to 2.36 pc in Oct India’s inflation rate, based on the Wholesale Price Index (WPI), rose to 2.36% in October this year, compared to the same month of the previous year on the back of higher food prices, figures released by the Commerce and Industry Ministry on Thursday showed.  Inflation in October has risen from 1.84 per cent in September, primarily due to an increase in prices of food articles which jumped by 13.57 per cent during the month as vegetables such as potatoes and onions turned costl...
India`s WPI inflation edges up to 2.36 pc in Oct
India`s WPI inflation edges up to 2.36 pc in Oct
Source: IANS
2024-11-14 04:37:51 pm
India`s Oct wholesale inflation accelerates to four-month high India's wholesale price-based inflation accelerated to a four-month high of 2.36% year on year in October due to elevated food prices, government data released on Thursday showed. Inflation for October was higher than the 2.2% projected by economists in a Reuters poll, and up from 1.84% in September. Food prices rose 11.6% year on year, compared to a 9.5% gain in September, with vegetable prices soaring 63% on-year, compared to a 48.7% jump in September. Cereal prices rose 7.9% over la...
India`s Oct wholesale inflation accelerates to four-month high
India`s Oct wholesale inflation accelerates to four-month high
Source: Reuters
2024-11-14 12:51:22 pm
India inflation to rise further to 5.81% on rising food costs Consumer price inflation in India climbed to a 14-month high of 5.81% in October primarily due to a spike in vegetable and edible oil prices, a Reuters poll of economists predicted, a shade below the central bank's tolerance threshold of 6.0%. Food prices, which make up nearly half of the inflation basket, likely increased at a faster pace last month. Tomatoes, a key ingredient in every Indian kitchen, are expected to have surged by double digits in price as uneven rains disrupted prod...
India inflation to rise further to 5.81% on rising food costs
India inflation to rise further to 5.81% on rising food costs
Source: Reuters
2024-11-11 05:28:44 pm
India inflation to rise further to 5.81% on rising food costs Consumer price inflation in India climbed to a 14-month high of 5.81% in October primarily due to a spike in vegetable and edible oil prices, a Reuters poll of economists predicted, a shade below the central bank's tolerance threshold of 6.0%. Food prices, which make up nearly half of the inflation basket, likely increased at a faster pace last month. Tomatoes, a key ingredient in every Indian kitchen, are expected to have surged by double digits in price as uneven rains disrupted prod...
India inflation to rise further to 5.81% on rising food costs
India inflation to rise further to 5.81% on rising food costs
Source: Reuters
2024-11-11 09:08:02 am
India inflation to rise further to 5.81% on rising food costs  Consumer price inflation in India climbed to a 14-month high of 5.81% in October primarily due to a spike in vegetable and edible oil prices, a Reuters poll of economists predicted, a shade below the central bank's tolerance threshold of 6.0%. Food prices, which make up nearly half of the inflation basket, likely increased at a faster pace last month. Tomatoes, a key ingredient in every Indian kitchen, are expected to have surged by double digits in price as uneven rains disrupte...
India inflation to rise further to 5.81% on rising food costs
India inflation to rise further to 5.81% on rising food costs
Source: Reuters
2024-11-08 06:06:09 pm
RBI Governor rules out immediate rate cut as inflation still a concern  Reserve Bank of India Governor Shaktikanta Das on Wednesday said that although the central bank had shifted towards a softer neutral monetary policy stance to spur growth, this did not mean that an interest rate cut would happen immediately.  Addressing a media event here, the RBI Governor said: "A change in stance doesn't mean there will be a rate cut in the very next monetary policy meeting." He said there were still significant upside risks to inflation and &...
RBI Governor rules out immediate rate cut as inflation still a concern
RBI Governor rules out immediate rate cut as inflation still a concern
Source: IANS
2024-11-06 04:32:55 pm
India economic activity remains strong, cenbank governor says, amid growth concerns Economic activity in India remains strong, with the agriculture and services sectors doing well, India's central bank governor said on Wednesday, commenting on fears of slowing growth. Inflation, however, remains a challenge and the next move on interest rates must be weighed carefully, Shaktikanta Das, governor of the Reserve Bank of India, said at an event. "(Economic) data which is coming in is mixed. But the positives outweigh the negatives and, by and large, underlying act...
India economic activity remains strong, cenbank governor says, amid growth concerns
India economic activity remains strong, cenbank governor says, amid growth concerns
Source: Reuters
2024-11-06 02:15:45 pm
RBI to cut rates in December to 6.25%, say narrow majority of economists India's central bank will cut its key policy rate in December by a quarter point to 6.25% to bolster slowing economic growth, according to a slim majority of economists in a Reuters poll who also expect inflation to moderate in the near-term. Inflation unexpectedly spiked to 5.49% in September, but was forecast to cool to an average 4.9% this quarter and drop to 4.6% in January-March, giving the Reserve Bank of India (RBI) room to ease policy. The central bank has held interest rate...
RBI to cut rates in December to 6.25%, say narrow majority of economists
RBI to cut rates in December to 6.25%, say narrow majority of economists
Source: Reuters
2024-10-30 09:08:26 am
Retail inflation for farm and rural labourers marginally up in September The retail inflation rate for farm and rural workers reached 6.36 per cent and 6.39 per cent in the month of September, compared to 6.70 per cent and 6.55 per cent in the same month last year, the government said on Tuesday.  The corresponding figures for August were 5.96 per cent for agricultural labourers and 6.08 per cent for rural labourers, according to the Labour Ministry data. The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL)...
Retail inflation for farm and rural labourers marginally up in September
Retail inflation for farm and rural labourers marginally up in September
Source: IANS
2024-10-23 10:05:40 am
Not complacent amid rapidly evolving global conditions: Shaktikanta Das  As the Indian economy continues to present a picture of stability and strength, the Reserve Bank of India (RBI) Governor Shaktikanta Das has stressed that they are not complacent, especially amid rapidly evolving global conditions.  According to him, the balance between inflation and growth is well-poised and India’s growth story remains intact. “Inflation is on a declining path, although we still have a distance to cover. The external sector demonstrates the stre...
Not complacent amid rapidly evolving global conditions: Shaktikanta Das
Not complacent amid rapidly evolving global conditions: Shaktikanta Das
Source: IANS
2024-10-22 03:39:16 pm
India`s growth story remains intact, real GDP likely to grow at 7.2 pc in FY25: RBI Governor India’s growth story remains intact as its fundamental drivers – consumption and investment demand – are gaining momentum, the RBI Governor Shaktikanta Das has stressed, adding that the country is likely to see real GDP growth at 7.2 per cent for FY 2024-25.  Prospects of private consumption, the mainstay of aggregate demand, look bright on the back of improved agricultural outlook and rural demand. Sustained buoyancy in services would also support urban demand. G...
India`s growth story remains intact, real GDP likely to grow at 7.2 pc in FY25: RBI Governor
India`s growth story remains intact, real GDP likely to grow at 7.2 pc in FY25: RBI Governor
Source: IANS
2024-10-22 11:31:12 am
Interest rate cut at this stage would be `premature,` India cenbank chief says The head of India's central bank said on Friday that it would be "very premature" and risky to lower interest rates at this stage. While inflation is expected to moderate going forward, the central bank would only think of rate cuts when it has confidence that inflation is durably aligned to its medium-term target, Governor Shaktikanta Das said at an event in Mumbai. The central bank is not "behind the curve" in terms of monetary policy and would base its decisio...
Interest rate cut at this stage would be `premature,` India cenbank chief says
Interest rate cut at this stage would be `premature,` India cenbank chief says
Source: Reuters
2024-10-19 09:29:22 am
Gold’s share in India’s forex surges more than 209 pc since 2018 As India’s foreign exchange reserves surpassed $700 billion, the share of gold in the country's forex has also surged more than 209 per cent since 2018.  India’s gold reserves stands at $65.76 billion (as on October 4), compared to $21.15 billion as on December 7, 2018, according to the Reserve Bank of India (RBI) data. Shaktikanta Das assumed the RBI office in December 2018. Under his tenure, forex also went up 78 per cent. The total foreign exchange reserves of In...
Gold’s share in India’s forex surges more than 209 pc since 2018
Gold’s share in India’s forex surges more than 209 pc since 2018
Source: IANS
2024-10-17 10:34:52 am
India central bank chief warns against financial stability risks from growing use of AI The growing use of artificial intelligence and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, the Governor of the Reserve Bank of India said on Monday. "The heavy reliance of AI can lead to concentration risks, especially when a small number of technology providers dominate the market," Shaktikanta Das said at an event in New Delhi. This could amplify systemic risks as failures or ...
India central bank chief warns against financial stability risks from growing use of AI
India central bank chief warns against financial stability risks from growing use of AI
Source: Reuterss
2024-10-14 03:13:31 pm
Middle East tensions, high crude oil prices bring rupee to 84-mark against dollar With elevated crude oil prices amid global geo-political situations, the rupee on Friday breached the 84-mark against the US dollar for the first time.  The rupee traded lower by 0.12 at 84.09, pressured by the recent rise in the dollar index from $100.50 to $102.40 and its steady hold. According to trade experts, the Middle East tensions continue to be volatile and are likely to keep oil prices high and the rupee weak in the short term. Brent crude surged to $78.92 per barrel from...
Middle East tensions, high crude oil prices bring rupee to 84-mark against dollar
Middle East tensions, high crude oil prices bring rupee to 84-mark against dollar
Source: IANS
2024-10-12 10:31:36 am
Political stability, policy continuity to bring rigour to reforms towards Viksit Bharat: Amit Shah Union Home Minister Amit Shah on Thursday said that political stability and policy continuity will bring rigour to reforms, thus fostering the development process towards becoming 'Viksit Bharat'.  Addressing the annual session of the PHD Chamber of Commerce and Industry (PHDCCI) in the national capital, the Home Minister said these are crucial times for the Indian industry to grow faster, towards the aim to create a ‘Viksit Bharat’ by 2047. "Under the visi...
Political stability, policy continuity to bring rigour to reforms towards Viksit Bharat: Amit Shah
Political stability, policy continuity to bring rigour to reforms towards Viksit Bharat: Amit Shah
Source: IANS
2024-10-10 02:28:36 pm
Investors pushing some NBFCs to grow aggressively which leads to inappropriate business practices: RBI Reserve Bank of India (RBI) has come across instances of investors pushing some non-banking finance companies (NBFCs) to grow aggressively, which is leading to inappropriate business practices. Flagging risks like poor customer service, entities’ own finances coming under strain and even a possible dent to financial stability through such practices, RBI Governor Shaktikanta Das warned that the RBI will ‘not hesitate’ to take action against errant entities if they continue to...
Investors pushing some NBFCs to grow aggressively which leads to inappropriate business practices: RBI
Investors pushing some NBFCs to grow aggressively which leads to inappropriate business practices: RBI
Source: Accord Fintech
2024-10-10 12:39:12 pm
Some NBFCs not pursuing strong underwriting for high growth: RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das said banks and NBFCs need to carefully assess their exposures in unsecured loan areas, both in terms of quality and size.   During his briefing on the decisions of the RBI Monetary Policy Committee (MPC), he said: "Some NBFCs were not pursuing strong underwriting for high growth. Self-improvement by NBFCs is the desired option. These NBFCs are also being closely monitored by the RBI and we will not hesitate to take action, if n...
Some NBFCs not pursuing strong underwriting for high growth: RBI Governor
Some NBFCs not pursuing strong underwriting for high growth: RBI Governor
Source: IANS
2024-10-09 02:53:07 pm
Increasing UPI 123Pay, UPI Lite limits to benefit more users The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced an increase in pre-transaction limits for UPI 123Pay and UPI Lite payment mechanisms.  With new guidelines, the users will soon be able to do low-value UPI transactions of up to Rs 1,000 without entering the PIN. Earlier, the limit was Rs 500. The limit for UPI Lite balance has also been raised to Rs 5,000 from Rs 2,000. UPI Lite is available on Paytm, BHIM App, Google Pay and other such payments apps. ...
Increasing UPI 123Pay, UPI Lite limits to benefit more users
Increasing UPI 123Pay, UPI Lite limits to benefit more users
Source: IANS
2024-10-09 02:51:24 pm
India cenbank governor warns non-bank lenders of `growth-at-any-cost` approach  Some Indian non-banking finance companies (NBFCs) are aggressively pursuing growth and chasing excessive returns on equity, which could pose financial stability risks, the central bank governor said on Wednesday. The Reserve Bank of India is "closely monitoring" this and "will not hesitate to take appropriate action, if necessary," Governor Shaktikanta Das said. He said "self-correction" would be the desired objective. Over the past year, the RBI h...
India cenbank governor warns non-bank lenders of `growth-at-any-cost` approach
India cenbank governor warns non-bank lenders of `growth-at-any-cost` approach
Source: Reuters
2024-10-09 12:19:30 pm
Rising consumption, robust investment demand to boost India`s GDP: Shaktikanta Das  Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said the real GDP for FY25 is estimated to be 7.2 per cent, which is in line with global projections amid strong fundamentals, rising consumption and robust investment sentiment in the country.   Das estimated real GDP for Q2 FY25 at 7 per cent, Q3 at 7.4 per cent and Q4 at 7.4 per cent. Real GDP growth of Q1 of next year has been estimated at 7.3 per cent. Speaking on the third and last day of the RBI's Mo...
Rising consumption, robust investment demand to boost India`s GDP: Shaktikanta Das
Rising consumption, robust investment demand to boost India`s GDP: Shaktikanta Das
Source: IANS
2024-10-09 11:34:50 am
Inflation for FY25 projected at 4.5 pc, food inflation to drop later in year: RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said that retail inflation for the current fiscal (FY25) is projected at 4.5 per cent due to healthy monsoon and sound supply conditions.  Addressing the Monetary Policy Committee (MPC) meeting here, Das said that food inflation is likely to decrease later in the year, supported by a solid stock of essential commodities. The RBI MPC projected Consumer Price Index (CPI) inflation for FY25 at 4.5 per cent, with quarter...
Inflation for FY25 projected at 4.5 pc, food inflation to drop later in year: RBI Governor
Inflation for FY25 projected at 4.5 pc, food inflation to drop later in year: RBI Governor
Source: IANS
2024-10-09 11:10:28 am
RBI keeps repo rate unchanged at 6.5% for 10th time in a row The Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) has decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent for a tenth time in row. Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The MPC also decided to change the monetary policy stance to ‘neutral’ and to remain unambiguo...
RBI keeps repo rate unchanged at 6.5% for 10th time in a row
RBI keeps repo rate unchanged at 6.5% for 10th time in a row
Source: Accord Fintech
2024-10-09 10:14:53 am
Breaking News : RBI did not make any change in the rates RBI did not make any change in the rates
Breaking News : RBI did not make any change in the rates
Breaking News : RBI did not make any change in the rates
Source:
2024-10-09 10:12:09 am
Rupee strengthens against US dollar on Tuesday Indian rupee strengthened against the US dollar on Tuesday supported by a weaker American currency ahead of the US Federal Reserve's last meeting minutes and the US Consumer Price Index release for September later this week. Meanwhile, investors also awaiting key policy decision by the RBI's Monetary Policy Committee headed by RBI Governor Shaktikanta Das, which could determine the movement in the rupee over the next few days. Moreover, lower crude oil prices also supported rupee sent...
Rupee strengthens against US dollar on Tuesday
Rupee strengthens against US dollar on Tuesday
Source: Accord Fintech
2024-10-08 12:26:58 pm
RBI likely to maintain status quo as MPC meet begins, realty sector hopeful on repo rate The Reserve Bank of India (RBI) is likely to maintain the status quo in its Monetary Policy Committee (MPC) meeting, said industry experts on Monday, as the much-anticipated three-day meeting began, led by Governor Shaktikanta Das, amid geo-political uncertainties. The six-member committee began deliberations on interest rates and analysing the state of the economy amid tensions in the Middle East. The RBI Governor will announce the MPC decision on October 9. Shishir Baijal, Chairman an...
RBI likely to maintain status quo as MPC meet begins, realty sector hopeful on repo rate
RBI likely to maintain status quo as MPC meet begins, realty sector hopeful on repo rate
Source: IANS
2024-10-07 03:15:37 pm
RBI to keep repo rate at 6.50% in October, cut by 25bps in December The Reserve Bank of India (RBI) is expected to cut interest rates by a modest 50 bps over the next six months, according to a majority of economists in a Reuters poll who said it would likely wait until December to start rather than move in October. Inflation held below the RBI's medium-term target of 4.0% for a second month in August. While it is expected to rise a bit in coming months, it has held in the 2%-6% comfort zone for nearly a year and was expected to stay there through mid-...
RBI to keep repo rate at 6.50% in October, cut by 25bps in December
RBI to keep repo rate at 6.50% in October, cut by 25bps in December
Source: Reuters
2024-09-27 08:28:56 am
Consumer price inflation for farm and rural labourers further eases in August The retail inflation rate for farm and rural workers fell to 5.96 per cent and 6.08 per cent, respectively, in August compared to 6.17 per cent and 6.20 per cent registered in July, the government said on Friday.   The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) registered an increase of 7 points each in August 2024, reaching levels of 1,297 and 1,309, respectively. The CPI-AL and CPI-RL were 1,290 points and 1,302 points, respect...
Consumer price inflation for farm and rural labourers further eases in August
Consumer price inflation for farm and rural labourers further eases in August
Source: IANS
2024-09-20 04:46:38 pm
Rupee among least volatile currencies globally: Shaktikanta Das The rupee has emerged as one of the least volatile currencies worldwide, remaining "very stable against the US dollar" and the volatility index, the Reserve Bank of India (RBI) Governor Shaktikanta Das has said.  According to Das, the central bank’s stated policy is to prevent excessive volatility of the rupee. “Stable rupee fosters confidence among market participants, investors and the wider economy,” Das was quoted as saying in reports. The RBI has...
Rupee among least volatile currencies globally: Shaktikanta Das
Rupee among least volatile currencies globally: Shaktikanta Das
Source: IANS
2024-09-17 10:24:54 am
India`s growth potential above 7.5%, says its cenbank chief India's growth potential is 7.5% or more, the country's central bank chief said on Friday, which is a little above the bank's full-year forecast for 2024 of 7.2%. "I think India's potential growth today ... is about seven-and-a-half-percent-plus," Reserve Bank of India Governor Shaktikanta Das said at the Bretton Woods Committee's annual Future of Finance Forum. "This year, we expect at the end of the year to record 7.2%," he said, with slowe...
India`s growth potential above 7.5%, says its cenbank chief
India`s growth potential above 7.5%, says its cenbank chief
Source: Reuters
2024-09-13 09:01:33 am
India's GDP to expand 7.2% in FY25 despite lower Q1 growth, says cenbank chief Despite the moderation seen in India's first quarter gross domestic product growth (GDP), the South Asian economy is likely to achieve full year growth of 7.2% as projected, the Reserve Bank of India Governor Shaktikanta Das said on Thursday. India's economic growth slowed to 6.7% year-on-year in the April-June quarter, below the polled estimate of 6.9% and the RBI's projection of 7.1%, as a decline in government spending during national elections weighed. "Fundamental ...
India's GDP to expand 7.2% in FY25 despite lower Q1 growth, says cenbank chief
India's GDP to expand 7.2% in FY25 despite lower Q1 growth, says cenbank chief
Source: Reuters
2024-09-05 02:31:35 pm
UPI transactions rise 41 pc to touch record 14.96 billion in August: NPCI  The Unified Payments Interface (UPI) saw 41 per cent growth (year-on-year) at record 14.96 billion transactions in the month of August, as total transaction amount touched Rs 20.61 lakh crore -- a 31 per cent YoY growth, the National Payments Corporation of India (NPCI) data showed on Sunday.  The average daily transaction amount stood at 483 million last month, as average daily transaction amount reached Rs 66,475 crore. The value of UPI transactions processed has remained a...
UPI transactions rise 41 pc to touch record 14.96 billion in August: NPCI
UPI transactions rise 41 pc to touch record 14.96 billion in August: NPCI
Source: IANS
2024-09-01 11:25:12 am
UPI processed Rs 81 lakh cr worth transactions in April-July, up 37 pc YoY Surpassing world’s leading digital payments platforms, India’s Unified Payments Interface (UPI) processed nearly Rs 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase (year-on-year).  According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the?2,348 transactions every second registered in 2022— surpassing China’s Alipay, Paypa...
UPI processed Rs 81 lakh cr worth transactions in April-July, up 37 pc YoY
UPI processed Rs 81 lakh cr worth transactions in April-July, up 37 pc YoY
Source: IANS
2024-08-31 10:08:48 am
Moody`s ups India`s GDP growth forecast to 7.2 pc for 2024  New York-based Moody’s Ratings on Thursday raised its forecast for India’s GDP growth for 2024 to 7.2 per cent from 6.8 per cent as projected earlier on the back of stronger private consumption driving up aggregate demand in the economy.  "Household consumption is poised to grow as headline inflation eases toward the RBI’s target. Indeed, signs of a revival in rural demand are already emerging on the back of improving prospects for agricultural output amid...
Moody`s ups India`s GDP growth forecast to 7.2 pc for 2024
Moody`s ups India`s GDP growth forecast to 7.2 pc for 2024
Source: IANS
2024-08-30 10:10:24 am
Consumer price inflation for farm and rural labourers eases in July The retail inflation rate for farm and rural workers eased to 6.17 per cent and 6.20 per cent, respectively, in July, a government statement said on Thursday.  The retail inflation rates for farm and rural workers were 7.02 per cent and 7.04 per cent, respectively, in June this year, according to the Labour Ministry statement. The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and for rural labourers (CPI-RL) registered an increase of 10 points each in July, rea...
Consumer price inflation for farm and rural labourers eases in July
Consumer price inflation for farm and rural labourers eases in July
Source: IANS
2024-08-30 09:23:36 am
India's FinTech sector has received $6 bn investment in last 2 years: RBI chief India's FinTech sector has received investments of about $6 billion in the last two years alone while the number of FinTechs in the country has gone up to around 11,000, RBI Governor Shaktikanta Das said on Wednesday.  Addressing the 5th edition of the Global Fintech Fest here, Das said: "India is now a fast-growing economic powerhouse with an increasingly tech-savvy population. India's financial sector has witnessed a remarkable transformation, driven among other factors...
India's FinTech sector has received $6 bn investment in last 2 years: RBI chief
India's FinTech sector has received $6 bn investment in last 2 years: RBI chief
Source: IANS
2024-08-29 09:55:56 am
Making UPI & Rupay truly global is on top of RBI agenda: Governor Das RBI Governor Shaktikanta Das on Wednesday said that based on the encouraging response received from several jurisdictions, the apex bank is now focusing on making "UPI and RuPay truly global".  "The deployment of UPI-like infrastructure in foreign jurisdictions, facilitating QR code-based payment acceptance through UPI apps at international merchant locations, and interlinking UPI with Fast Payment Systems (FPS) of other countries for cross-border remittances are on top...
Making UPI & Rupay truly global is on top of RBI agenda: Governor Das
Making UPI & Rupay truly global is on top of RBI agenda: Governor Das
Source: IANS
2024-08-29 09:45:13 am
India`s SBI to focus on small deposits to boost liquidity, MD says  State Bank of India, the nation’s largest lender by assets, will focus on so-far neglected small-ticket deposits to boost liquidity, the managing director announced on Wednesday. Indian lenders have been grappling with liquidity pressure as deposits growth has lagged loan growth in the last few quarters. "We are focusing on the small-value, small-ticket accounts to raise deposits," Managing Director Ashwini Kumar Tewari said at an event in Mumbai. The lender wil...
India`s SBI to focus on small deposits to boost liquidity, MD says
India`s SBI to focus on small deposits to boost liquidity, MD says
Source: Reuters
2024-08-28 05:37:34 pm
Private US banks can embrace UPI for faster digital payments: Fed Reserve Governor  As the Unified Payments Interface (UPI) goes global, the US private banks might explore connecting with India’s unique digital payments solution, Federal Reserve Governor Christopher Waller said here on Wednesday, adding that cross-border payment interlinking is one of the key areas outlined in the G20 roadmap.  Speaking at the 'Global Fintech Fest' in the financial capital, he said the US does not have enough banks connected to make a full-service product but &ldq...
Private US banks can embrace UPI for faster digital payments: Fed Reserve Governor
Private US banks can embrace UPI for faster digital payments: Fed Reserve Governor
Source: IANS
2024-08-28 02:14:05 pm
RBI constantly working on policies, platforms to make India`s financial system strong:Shaktikanta Das Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the central bank is constantly working on devising policies, systems and platforms that will make the country’s financial sector stronger, nimble and customer-centric. He also said that the Unified Payments Interface (UPI) system has the potential to evolve into a cheaper and quicker alternative to the available channels of cross-border remittances and a beginning can be made with small value personal remittances as it c...
RBI constantly working on policies, platforms to make India`s financial system strong:Shaktikanta Das
RBI constantly working on policies, platforms to make India`s financial system strong:Shaktikanta Das
Source: Accord Fintech
2024-08-27 02:05:01 pm
AI can boost Digital Public Infra but poses challenges: RBI chief While the integration of AI into financial services brings significant opportunities for customers, banks and regulators, the cutting-edge technology also poses its own set of challenges such as data privacy concerns that arise from handling vast volumes of personal information and the potential of misuse to spread misinformation, RBI Governor Shaktikanta Das said here on Monday.  Speaking at the Global Conference on 'Digital Public Infrastructure and Emerging Technologies', D...
AI can boost Digital Public Infra but poses challenges: RBI chief
AI can boost Digital Public Infra but poses challenges: RBI chief
Source: IANS
2024-08-26 03:15:37 pm
India offers UPI as a plug-and-play system to other countries to speed up cross-border payments RBI Governor Shaktikanta Das on Monday offered India’s UPI system as a plug-and-play system for other countries to facilitate quicker and cheaper cross-border remittances among the community of nations.   Addressing the RBI@90 Global Conference here on ‘Digital Public Infrastructure and Emerging Technologies’, the RBI Governor said, “In this journey of attaining harmonisation and interoperability of payments among countries, a key challenge could be the fact th...
India offers UPI as a plug-and-play system to other countries to speed up cross-border payments
India offers UPI as a plug-and-play system to other countries to speed up cross-border payments
Source: IANS
2024-08-26 01:50:07 pm