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The Reserve Bank of India (RBI) has made it mandatory for all credit and debit card data used in online, point-of-sale, and in-app transactions to be replaced with unique tokens by September 30 this year. This added layer of security by way of tokenisation is expected to enhance users' digital payment experience.
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In value terms, 6.78 billion (678 crore) transactions in last month corresponds to transactions worth Rs 11.16 lakh crore, up from Rs 10.73 lakh crore in August, as per the National Payments Corporation of India (NPCI) data.
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For new borrowers, the rates might not go up proportionately as banks can revise their spreads to charge lower rates. As the cost of funds for banks has not gone up, lenders are likely to announce special offers for the festive season. Lenders said that while higher rates do have an impact on demand, the overall sentiment is positive. The sensex gained as the policy was on expected lines and the rupee also firmed up.
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As widely expected, RBI raised the Repo rate by 50 basis points to 5.90 per cent, as the MPC seeks to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth, as per a research Report from the State Bank of India's Economic Research Department.
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The Reserve Bank of India (RBI) on Friday raised benchmark lending rates for the 4th straight time in a row, in a bid to tame the soaring inflation.Reserve Bank's monetary policy committee (MPC) unanimously decided to raise repo rate by 50 basis points (bps). It now stands at 5.9%.
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The Reserve Bank of India will stop conducting 28-day variable rate reverse repo (VRRR) auctions, considering the current banking system liquidity conditions, but will continue with 14-day VRRR auctions, the central bank chief said on Friday.
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The iPhone maker dropped 4.9% after Bank of America cut its rating to neutral from buy, warning of weaker consumer demand for its popular devices. The selloff erased roughly $120 billion from Apple’s market capitalization.
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The Directorate General of Goods and Services Tax Intelligence has detected an alleged Rs 800 crore fraud in availing input tax credit by insurance cos and intermediaries such as banks.
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While SBI Cards' market share based on the number of cards in force increased to 19.2% in August 2022, HDFC Bank and Axis Bank saw their market share fall from 22.4% and 15.5% in July to 21% and 14.7%, respectively, in August.
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Banks fix the overall export credit in rupees. However, with a depreciating currency eating into the quantum of loans sanctioned by local banks, diamond firms are left with less and less money for import of rough stones which are cut in India. More than 90% of the world's diamonds are cut and polished in India before the polished ones are shipped to world's leading markets like the US and China.
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The ED has been probing the platform for alleged illegal online forex trading through international brokers. According to the agency, OctaFX collected funds from users and then channelised the money through dummy entities.
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Sampla said he, along with the finance minister, reviewed the various measures taken by PSBs in giving credit to persons belonging to a scheduled caste community and their welfare in terms of reservation, backlog vacancies, functioning of welfare and grievance redressal mechanism, and other issues.
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In a report, S&P said global macro performance over the next few quarters points towards growth slowdown with tightening financial conditions amid rate hikes by central banks. Most leading and sentiment indicators are pointing toward slower growth as well.
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The Reserve Bank of India’s six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to 24 of 35 economists surveyed by Bloomberg as of Wednesday.
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Indian companies are still buying Russian oil using dollars after Dubai's Mashreq Bank declined to handle payments from at least two refiners in Emirati Dirhams as requested by the supplier, according to three sources familiar with the matter.
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The Reserve Bank of India (RBI) is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants.
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In the next one year, public sector banks will also roll out digital-only products and services, designed for minimum data entry, automated checks, and underwriting for retail customers and micro, small and medium enterprises.
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India needs 'fewer' but stronger Public Sector Banks (PSBs), and the smaller ones could be privatised or merged, former SBI chief Arundhati Bhattacharya has said. She doesn't really believe that we need so many public sector banks either, the number of PSBs could be decreased. Some of them could be privatised said Bhattacharya, who is currently the chairperson and CEO of Salesforce India.
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Interest rate hikes in the United States and the resultant pressure on the rupee is likely to give the Reserve Bank of India (RBI) reason to deliver a 50-basis-point rate hike on Friday even as it tries to protect a recovery in growth.
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Uco Bank and Yes Bank have put in place arrangements with two Russian counterparts as India seeks to step up trade with the sanctioned nation.
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Without directly seeking an extension, the Merchant Payments' Alliance of India (MPAI) requested the RBI to mandate system participants to demonstrate the same level of success rate in token and card-based payments in a letter dated September 26. The letter also requests that all existing e-mandates based on card details be immediately transferred to tokens.
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The Reserve Bank of India may have to resort to tried and tested measures to shore up its foreign exchange reserves, including encouraging non-resident Indians to deposit more funds, as it looks to stabilise a steadily declining rupee, economists said. The currency has weakened 9.5% so far this year.
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Under the existing norms, only investment in listed companies that have paid a minimum 10% dividend for at least two consecutive years immediately preceding can be included in the approved category.
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The bank has received the necessary approval from the regulator -- the Reserve Bank of India -- to open a special rupee vostro account, Soma Sankara Prasad, managing director and chief executive officer at UCO Bank, told Bloomberg News in a phone interview.
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"Over a billion US dollars over the next five to 10 years," V Shankar, co-founder and CEO of Gateway Partners said on Monday when asked about his investment plans for India at the sideline of the Forbes Global CEO Conference in Singapore.
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Global financial firms, still smarting from multi-billion dollar losses in Russia, are now reassessing the risks of doing business in Greater China after an escalation of tensions over Taiwan.
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An increase of 50 basis points (100bps = 1 percentage point) in interest rates by the monetary policy committee (MPC) of the RBI is seen as inevitable by economists in the wake of the 75bps hike by the US Fed. The subsequent pressure on the rupee has made it more likely that the domestic central bank would increase rates too this Friday.
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Both the parties have last week signed a definitive agreement towards this merger and are now awaiting IRDA's approval for the same, three people familiar with the matter said.
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High defaults of about 8 per cent in the education loan portfolio have made banks cautious and go slow on the sanction of such credit. Non-performing assets (NPAs) in the education loan category including public sector banks' (PSBs) were 7.82 per cent at the end of June quarter of the current financial year.
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Even as financial institutions are in the thick of action with regulations, the role of loan recovery agents is coming to light once again. This, after a Reserve Bank of India order banning Mahindra Finance from using third party recovery agents for recovery and repossession of assets after an unfortunate incident at Hazaribagh last week.
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