India has made significant progress and moved to a leadership position in large-value digital payment systems, though it is still weak in certain parameters relating to ATMs and card payments, an RBI report said on Friday. India was categorized as a ‘leader’ or ‘strong’ in respect of 25 (21 in the previous exercise) out of … Read more
The gross non-performing assets (GNPA) ratio of banks has come down to a six-year low in March 2022, but the Reserve Bank of India (RBI) has cautioned that the Rs 46,186-crore MSME restructured portfolio has the potential to create stress. The central bank, in its Financial Stability Report (FSR) released on Thursday, observed that bad … Read more
From the Unified Payment Interface to the Real Time Gross Settlement system, the Reserve Bank of India hopes to expand the footprint of locally-developed payment systems across borders. Alongside, the regulator may also look to ring-fence local payments by asking that these be processed within India’s borders. These two steps, along with a host of … Read more
With the Reserve Bank of India (RBI) on Wednesday hiking the repo rate by 50 basis points to 4.9% to tame inflation, banks and non-banking financial companies have now started raising their loan rates. While some rates are linked to the repo rates, others are linked to the lenders’ internal cost of funds. Some banks … Read more
The latest provisional estimates of GDP growth for FY22, of 8.7 per cent, has sent out multiple signals. Slightly lower than the earlier estimate of 8.9 per cent, the latest figure is evidence of the pressures which the economy felt on account of the third wave of the pandemic, and the Russia-Ukraine conflict in the … Read more
The RBI on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it. The six-member committee headed by former RBI deputy governor BP Kanungo has been asked to submit a report within three months from the date of … Read more