Sovereign Gold Bonds: The Reserve Bank of India (RBI) has declared early redemptions for 30 series of Sovereign Gold Bonds (SGBs) maturing between October 1, 2024, and March 31, 2025. The central bank has provided a calendar from September 2024 to March 2025 for repurchasing the bonds that have completed five years, allowing investors an…
RBI Governor Shaktikanta Das has been awarded an ‘A+’ rating for the second year in a row in the Global Finance Central Banker Report Cards 2024. Mahindra Group chairman, Anand Mahindra has praised Das describing him as the “gold medal winner” of the “central bank Olympics.”How Anand Mahindra praised Shaktikanta DasMahindra shared a post on…
MUMBAI: The pace of bank credit growth is slowing down, with incremental bank deposits outpacing growth in advances during the current financial year.Bank deposits stood at Rs 211.9 lakh crore as of July 26, 2024, fortnightly data released by RBI showed. Banks have added deposits of Rs 7.2 lakh crore since March 2024, which is…
MUMBAI: RBI has proposed risk-based pricing for bank deposit insurance. The reasoning is that stressed banks could face rapid deposit withdrawals through digital channels, as quick dissemination of information through social media could accelerate bank runs.“The implementation of risk-based premium for deposit insurance merits consideration. By tying insurance premiums to the level of risk posed…
MUMBAI: Reserve Bank of India governor Shaktikanta Das on Thursday announced the monetary policy committee’s decision to keep rates on hold for the ninth consecutive time, citing strong demand and the need to maintain inflation’s declining trajectory.“The MPC decided by a majority of 4:2 to keep the policy report unchanged at 6.5%. Consequently, the standing…
NEW DELHI: There is not likely to be any impact on loan EMIs as the Reserve Bank of India‘s monetary policy committee had decided to keep the repo rate unchanged at 6.5%.“The monetary policy committee decided by a 4:2 majority to keep the policy repo rate unchanged at 6.5%. Consequently, the standing deposit facility (SDF)…
The National Payments Corporation of India (NPCI) is reportedly discussing partnerships with several startups to introduce biometric authentication for Unified Payments Interface (UPI) transactions.According to sources familiar with the matter, as reported by MoneyControl, the proposed system would allow users to authenticate UPI payments using fingerprints on Android devices and face ID on iPhones, replacing…
NEW DELHI: Finance minister Niramala Sitharaman, replying to the opposition on the Union Budget on Tuesday, took a veiled dig at senior Congress leader P Chidambaram, saying the “Harvard and Oxford educated” leaders failed to contain the inflation as they adopted “reckless policies”.Sitharaman said the nation witnessed double-digit inflation during the UPA era as the…
MUMBAI: The digital decade has triggered a major shift in jobs in the financial sector. With most clerical work being automated, middle and lower-end jobs are disappearing. The ratio of officers to support staff has changed from 50:50 in FY11 to 74:26 in FY23 (see graphic), indicating lower opportunities for middle-tier jobs. AI is seen…
MUMBAI: In a bid to prevent fraudsters from using the money transfer route for laundering, RBI has tightened rules for money transfers and has asked banks to obtain KYC details of remitters and beneficiaries.Earlier, RBI’s money transfer rules allowed walk-in customers without bank accounts to transfer funds subject to a transaction limit of Rs 5,000…
