It has been decided to conduct a field trial with plastic banknotes at five locations of the country, said Arjun Ram Meghwal, minister of state in the finance ministry in the Lok Sabha. The minister said th
“As regards death of currency, it is not a new subject. It has been predicted right from early 1950s,” said R Gandhi, deputy governor Reserve Bank of India (RBI) at the “FinTech Confe
The Reserve Bank of India (RBI) has sought public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions. MDR is the rate charged to a merchant by a bank for providing debit and cr
The Reserve Bank of India (RBI) on Thursday kept the repo rate, which is the short-term lending rate, unchanged at 6.25 percent. Repo rate is the rate at which the central bank of a country lends money to commercial banks in the eve
The Reserve Bank of India has cautioned about virtual currencies, including Bitcoins. The RBI advised that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virt
Demonetisation is likely to push back the recovery in Indian banks` asset quality, given the disruptive impact that cash shortages have had on the country`s large informal economy, said Fitch Ratings. Cash shortages caused by the de
As cash transfer programs continue to grow as major vehicles for social protection, it is increasingly important to understand if these programs break the cycle of intergenerational poverty, or whether the benefits simply evaporate when the money
The Reserve Bank of India’s Industrial Outlook Survey has indicated a decline in business sentiments. This round of the survey was conducted during October-December 2016. The survey elicited response from 1,221 manufacturing c
The Reserve Bank of India has said that cooperative banks cannot accept deposits under Pradhan Mantri Garib Kalyan Yojana.
Central Board Direct Taxes has asked banks to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person. A notification has made it cle
National Payments Corporation of India (NPCI) has asked ICICI bank to open Unified Payments Interface (UPI) transactions for PhonePe app. “Based on a review by NPCI on ICICI Banks’s action to block UPI
The Reserve Bank holds 557.77 tonnes of gold; of which, 265.49 tonnes are held overseas in safe custody with the Bank of England and the Bank for International Settlements (BIS). Gold as a share of the total foreign exchange reserves in value term
Payments Banks have now become a reality for the Indian banking industry, with Airtel becoming the first licence-holder to roll out its services for 29 states. The leading telecom service provider launched its payments bank on Thursday.
House and equity prices respond at varying speeds and significantly varying magnitude to monetary policy shocks, signifying that it may turn out to be challenging for policy makers to simultaneously stabilise both, said a Reserve Bank of India w
There are considerable uncertainties over the potential positive effects of demonetisation, said global ratings agency Fitch. “Most importantly, demonetisation is a one-off event. People that operate in the informal sector will still be ab
Moody`s Investors Service and its Indian affiliate, ICRA Limited, see subdued prospects for India`s banks, with both identifying asset deterioration as a key challenge over the medium term. "Asset quality will remain a negative
The Reserve Bank of India has imposed a monetary penalty of Rs 30 million on Lakshmi Vilas Bank Ltd. (LVB) for contravention of instructions relating to opening and operation of current accounts, extending bill discounting facilities to non-consti
Over a period of time, banks may go in for mergers, consolidation and lots of thinking was going into the entire process, said Banks Board Bureau chief Vinod Rai. “The entire process is being thought of, it is not going to mat
The Reserve Bank of India on Thursday clarified that it was still in the process of reconciling the figures of the demonetized currency, following media reports which said that most of the scrapped notes was deposited in the banks.
To promote and generate awareness for digital payments for citizens Maharashtra government organised Digi Dhan Mela in Mumbai on Tuesday. Headed by NITI Aayog and the department of electronics and IT, the programme promotes to encou