Tag Archives: rbi

RBI visit sites in Balasore; to set up Printing Press

A delegation from the Reserve Bank of India (RBI) visited Balasore, Odisha to confirm the infrastructure for installing a currency printing press. The team visited the villages of Kasaba Padabad, Naraharipur, Baunsamunkha and Remuna to analyze the situation before banknote printing press installation.

RBI requires a total of 100 acres of land n two locations for the project. “If Odisha Industrial Infrastructure Development Corporation (IDCO) provides 100 acres of land, the decision to install the presses in both locations will be changed. If no state land is assigned, we will buy private land and start the project”, says the RBI.

India started printing currency notes back in 1928 with the establishment of India Security Press at Nasik, Maharashtra. Now, a total number of four printing press are in India : Nasik (Maharashtra), Dewas (Madhya Pradesh), Mysore (Karnataka) and Salboni (West Bengal).

RBI monetary policy review, repo rate remains unchanged

Monetary Policy Review takes place of the Reserve Bank of India. This time the repo rate and reverse rate remain unchanged.

The reverse repo rate is unchanged at 3.35% at the repo rate of 6%. In addition, the GDP is projected to grow by 10.5% for 2021-22.

 

As before, commercial banks can borrow from the RBI at a 4% interest rate. RBI Governor Shaktikant Das informed after the review. He said the country’s economy had improved during the coronation. Although the situation is serious, there is no need to worry. The country is now able to cope with all kinds of situations. The repo rate remained unchanged in its annual monetary policy review last February.

RBI plans to launch India’s own digital currency

The Indian government plans to bring in its own digital currency. The country’s top bank, the Reserve Bank of India, has started working on the digital currency. “The RBI itself is working on digital currency,” said Shaktikant Das, RBI governor. It will be completely different from the cryptocurrency. This will put a stop to bank fraud. There will also be transparency in the lending process.

According to the RBI’s annual report released in August, the number of bank fraud cases in India has increased 159 times in 2019-20. That’s 2.5 times more than a year ago.

Rajesh Dhudu of Block Chain and Cyber ​​Security, Tech Mahindra said that despite the benefits of online banking, UPI, ATGS, people’s behavior has not changed. The system does not have a system in place to monitor transactions. Electronic payment is a digital version of the paper currency. Today, anyone can make money in the electronics process. It can be changed in cash.

Forensic consultant Deloitte’s B Karthik said the digital currency fraud case would be curbed. But it remains to be seen how India will work in the CBDC framework. “Two models of CBDC can be accepted,” he said.

Image Source : Economic Times

Odia Officer Radha Shaym Ratho Appointed Executive Director In RBI

Odia Officer Radha Shaym Ratho has been appointed as the Executive Director (ED) of the Reserve Bank Of India by the Centre.

As per the report, the appointment came into impact from 11th December, and Radha Shayam Ratho will be looking after the Financial Markets Operations Department, Department of External Investments and Operations, Legal Department, and Secretary’s Department.

Before getting the position of Executive Director (ED), Ratho was working as the Chief General Manager, Financial Markets operations Department in the Reserve Bank of India. 

In his three decades of career Ratho has worked in financial markets, external investment and operations, banking, and other areas under the Reserve Bank Of India.  Even he previously has also served as a faculty member of the Reserve Bank Staff College, Chennai.

Pic Courtesy : Google

Ratho is the son of Former Vice-Chancellor of Berhampur University – Professor Trinath Ratho and Sarala Ratho. He completed his schooling at Ispat English Medium School in Rourkela and Saint Vincent Convent School in Berhampur. He graduated from Ispat College in Rourkela and completed his Master’s Degree in Economics from Utkal University.

Ratho also has a degree in Master of Business Administration (MBA) and Master of Science (MScs) in Banking and Finance, also have merited professional qualifications including Certified Associate of Indian Institute of Banking and Finance (CAIIB).

After his graduation and studied, he later joined the Reserve Bank Of India as a manager in 1991.

Besides Ratho, four other Odisha-born officers are currently operating top posts in the apex bank.

Article Written by Dikhya Mohanty

Image Source: Google

India -With -Technical -Recession -Signals -RBI

India With Technical Recession Signals RBI

India’s economy is having chances of ranking for a second straight quarter, as per the team of economists including Michael Patra, central bank’s deputy governor in charge of monetary policy, pressurizing country into unprecedented recession.

As Gross domestic product contracted 8.6% in the quarter ended September, the Reserve Bank of India showed in its first-ever published ‘nowcast,’ which is an estimate based on high-frequency data.
The economy slumped about 24% in April to June.

“India has entered a technical recession in first half of 2020-21 for the first time in its history,” the authors stated. The government is necause to publish official statistics on November 27.

The Reserve Bank’s number buoyed by cost cuts at companies that boosted operating profits even since sales dipped.

The team of authors even used a range of indicators from sales to flush banking liquidity to signal brightening prospects for October.

If such upturn is sustained, the Indian economy would return to growth in the October-December quarter, previously projected by Governor Shaktikanta Das last month, when he pledged to keep monetary policy accommodative.

However, “s a risk of generalization of price pressures, unanchoring of inflation expectations feeding into loss of credibility in policy interventions,” the team of economists wrote in Reserve Bank’s bulletin.

They also highlighted risks of global growth from the second wave of Coronavirus infections.

“Lurking around corner is third major risk stress intensifying among households as well as corporations which delayed but not mitigated, and could spill over into financial sector,” the economists stated.

Written By- Mousami Jena
Image Courtsey- Google
WhatsApp -Gets -NPCI -Approval -To -Go -Live- In -Upi -Payments

WhatsApp Gets NPCI Approval To Go Live In UPI Payments

WhatsApp Inc., the Facebook-owned messaging podium, would release out UPI Payments feature for users across country in regional languages.

It announced a day after securing approval from the National Payments Corporation of India.

“Payments would be now available in 10 Indian regional language versions of WhatsApp. All that one need is a debit card with which a bank that supports UPI that can set it up straight away.

You can find it in the latest version of WhatsApp,” Mark Zuckerberg, CEO at Facebook, quoted saying in a statement on Friday.

Acquired by Android and iOS users after the latest update on the application, the NPCI gave its nod to WhatsApp to offer payments services via the Unified Payments Interface.

This ends a two-year wait for WhatsApp Pay, which has so far been operating pilot operations for users in India.

WhatsApp Pay would join already crowded market of payment services offered via UPI network. Google Pay, PhonePe and PayTM are some of the largest processors of UPI payments, apart from applications of individual banks.

The permission for WhatsApp pay to go live came on a day when NPCI introduced a market share cap of 30% on the volume of UPI transactions starting January 2021.

WhatsApp has nearly 400 million users in India and currently, in beta phase, as part of the pilot operations, WhatsApp Pay serves about 1 million customers.

The payments feature on UPI framework “makes it easy for anyone to instantly accept payments across different apps, and for companies to provide people with great services”, Zuckerberg said.

The messaging platform is currently working with five Indian banks, including SBI, HDFC Bank, ICICI Bank, Axis Bank and Jio Payments Bank in order to process payment services.

The launch of WhatsApp Pay seen as considerable delays, due to data localisation norms by Reserve Bank of India.

WhatsApp Pay also faced a challenge in the Supreme Court earlier this year, when a plea filed regarding a pilot payment programme run by the company.

WhatsApp has already been expanding beyond messaging in India.

Written By- Mousami Jena
Image Courtsey- Google

RBI Gov Shaktikant Das tests Positive For COVID-19

Reserve Bank of India (RBI) Governor Shaktikanta Das has tested positive for Covid-19.

Shaktikanta Das tweeted saying, “I have tested Covid-19 positive. Asymptomatic. Feeling okay. Have cautioned the individuals who came in contact as of recent. Will keep on working from confinement. Work in RBI will go on ordinarily. I am in contact with all Deputy Governors and different officials through VC and phone.”

Presently, the RBI has original capacity of four representative lead representatives BP Kanungo, M K Jain, MD Patra and M Rajeshwar Rao.

The RBI lead representative was very active during the lockdown time frame and post open period to keep the economy and budgetary market fit as a fiddle.

He utilized both traditional and eccentric money related strategy devices to help financial recuperation hit by Covid-19 emergency.

Credit- And- Debit -Card -Transactions -Following -New -Regulations -Kicks -From- October

Credit And Debit Card Transactions Following New Regulations Kicks From October

Following new rules and regulations on Credit And Debit Card Transactions the Reserve Bank Of India recently introduced a host of measures to curb banking fraud and misuse of cards. 

From now onwards, all the debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs and point of sale.

 The Reserve Bank of India regulated all banks and other card-issuing companies to disable all debit or credit cards’ online payment services, which have never been used in any digital payment, whether in India or abroad. 

If the customer wants to use the cards for online transactions, the cardholder would need to approach the bank.

Things to know about new debit and credit card rules;

  • All newly furnished debit and credit cards, including those which are reissued, can only be used for domestic transactions at ATMs and point of sale terminals. 
  • Cardholders need to approach their bank to enable other facilities, including online transactions, international transactions, and contactless transactions in their debit and credit cards. These services won’t be available by default anymore.
  • If the customer wants to use the card outside India, they need to ask the bank to enable international transactions as till now, most of the bank’s issued cards by default can be used anywhere in the world.
  • Banks hold the right to deactivate current cards and reissue them based on risk perception.
  • Customers with cards would now have the privilege of switching on and switching off their cards, or any particular facility like ATM transaction, online transactions available in the debit or credit card. 
  • The regulator has enabled banks to provide 24×7 mobile applications, net banking options to modify the limits and enable and disable services where all bank branches and ATMs would also hold these options.

Many banks have been issuing cards based on near field communication technology, enabling a merchant not to need to swipe such cards or insert them in the point of sale terminal. 

These are also known as contactless cards where cardholders would now also get the option to enable or disable the NFC feature.

The new regulations apply only to debit and credit cards only. Prepaid gift cards or those used at mass transit systems are not covered under this.

These directions are issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), stated by RBI.

Written By- Mousami Jena
Image courtsey- Google