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Tag: RBI

Amid inflation concerns, the repo rate remained stable at 6.5%, announced RBI Governor Shaktikanta Das

RBI Repo Rate: The Reserve Bank of India‘s (RBI) Monetary Policy Committee (MPC) began meeting on June 5, 2024. Governor of the Reserve Bank of India Shaktikanta Das has said that the policy interest rate will remain at 6.5 percent.

As a result, the repo rate of 6.5 percent will not change. The repo rate has not changed as of yet by the central bank. By a vote of 4 to 2, the RBI’s MPC chose to maintain the repo rate at 6.5 percent. ‘Withdrawal of accommodation’ is the strategy that the meeting has chosen this time as well.

The other rates will stay unchanged if there is no change in the repo rate. The Reserve Bank of India has maintained the current rates for reverse repo, standing deposit facility, marginal standing facility, and bank accounts at 3.35 percent, 6.25 percent, and 6.75 percent, respectively.

The RBI has not changed the repo rate in the face of growing concerns over the nation’s rising inflation rate. Since February 2023, the repo rate has been maintained at 6.5 percent by the RBI.

RBI pegs India’s 2024-25 real GDP growth at 7%

The GDP growth rate for the upcoming fiscal year 2024–25 was assessed by the Reserve Bank of India (RBI) on Thursday at 7%, a figure that is less than the 7.3 % estimate for the current fiscal year.

Governor of the RBI Shaktikanta Das stated that the investment cycle is gaining speed as a result of higher capital expenditure, rural demand is still improving, and urban consumption is still strong when announcing the bi-monthly monetary policy.

He said that improvements are also being seen in private investment. The gross domestic product (GDP) growth rate for the fiscal year 2024–2025 is projected to be 7%. In the quarters ending in June and September, the GDP will expand by 7.2 percent and 6.8 percent, respectively. On the other hand, estimates for the December and March quarters are 6.9 percent and 7%, respectively.

Paytm got another big blow after RBI ban, shares fell by 20 percent

Paytm Payments Bank Limited (Paytm) is not allowed to accept deposits or top-ups in any customer account, prepaid device, wallet, Fastag, etc. after February 29, 2024, according to a Wednesday directive from the Reserve Bank of India (RBI). Paytm has been subject to action by RBI due to rule violations.

Paytm has taken yet another significant hit as a result of this RBI intervention. Shares of Paytm dropped 20% on Thursday. On the BSE, the shares dropped 20% to Rs 608.80. In contrast, it dropped 19.99 percent on the NSE and hit the day’s minimum trading limit of Rs 609 there. We would like to inform you that the company’s market capitalization (MCAP) dropped to Rs 38,663.69 crore from Rs 9,646.31 crore in the first trade.

In a statement, the RBI stated that ongoing non-compliance concerns led to the issuance of this directive. The RBI further stated that, in any event, the Paytm Payments Services “Nodal Account” shall be closed by February 29, 2024, at the latest.

Dipak Gupta became the new CEO of Kotak Mahindra Bank, RBI made MD-CEO for 2 months

The fourth-largest private sector bank, Kotak Mahindra, has a new boss. Dipak Gupta has been named the new Managing Director (MD) and Chief Executive Officer (CEO) of the bank by the Reserve Bank (RBI).

Dipak has been appointed only for two months in this interim position. Uday Kotak had left his position at the beginning of the month.

In a regulatory filing on Friday, Kotak Mahindra Bank stated that Dipak Gupta has been nominated by the RBI for a two-month term, commencing as of September 2. On September 1, four months before his term was set to expire, MD-CEO Uday Kotak announced his resignation. The last day of his term was December 31, 2023.

RBI’s big announcement for Rupay card, all banks will issue Rupay prepaid forex card

Today (8 June), the Reserve Bank of India made a crucial choice involving the Rupay Card. All banks are now permitted to issue Rupay prepaid forex cards by the RBI.

Additionally, the RBI declared that the use of e-rupee vouchers would be expanded. But the RBI will publish this regulation in a few days.

Let us explain that a prepaid card is a Forex-Rupay card. This card is intended specifically for international travellers. Businesspeople, students studying abroad, and travellers visiting many nations would all benefit greatly from this card.

Additionally, it will be possible to issue RuPay debit, credit, and prepaid cards abroad for usage everywhere, including India. After this RBI announcement, the RuPay card will have a wider global appeal.

RBI advises banks to provide exchange of Rs 2,000 notes to the public in the usual manner

The Reserve Bank of India (RBI) on May 22 informed banks that the facility of exchanging 2,000 banknotes across the counter would continue to be provided the same way it was before.

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According to the central bank, banks should provide appropriate infrastructure at their branches, such as shaded waiting areas, drinking water facilities, etc., during the summer months.

2000 rupee notes out of circulation in the country, can be exchanged in banks until 30 September

The country has discontinued 2000 rupee notes from circulation. People are urged to swap their notes by September 30 according to the Reserve Bank of India (RBI).

Up to ten 2000-rupee notes may be exchanged in the bank, and tiny notes may be taken in their stead, for a total of 20,000 rupees at a time. The ability to swap 2000 rupee notes would be available at all banks. The RBI has instructed all banks to stop issuing notes worth Rs 2,000 immediately.

Significantly, the Reserve Bank began issuing Rs 2,000 notes in November 2016 following Prime Minister Narendra Modi‘s overnight ban on the Rs 1,000 and Rs 500 notes.

RBI releases 54 online payment aggregators including Google Pay, check full list

The list of “online payment aggregators,” or organizations that provide payment facilities, was published by the Reserve Bank of India (RBI) on Wednesday. There are 54 companies on the list, including Zomato Payments, NSDL Database Management, Amazon (Pay) India, and Google India Digital Services.

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A provider of aggregate services is a payment facilitator. It unifies several online payment methods and consolidates them for use by retailers in a single location. As a result, businesses can accept bank transfers without opening a merchant account with a bank.

According to the RBI, reviewing “payment aggregator” (PA) application submissions is a routine, continuous activity. But the units submitting applications for approval to act as online payment aggregators are listed according to their status as of February 15, 2023.

Check List of 54 payment aggregators:

1Pay Mobileware Private Limited
Airpay Payment Services Private Limited
Amazon (Pay) India Private Limited
Cashfree Payments India Private Limited *
Computer Age Management Services Limited
Digiotech Solutions Private Limited
Easebuzz Private Limited
Finlogic Technologies India Private Limited
Futuretek Commerce Private Limited
Google India Digital Services Private Limited
IndiaIdeas.com Limited
Infibeam Avenues Limited
Innoviti Payment Solutions Private Limited
In-Solutions Global Limited
Lyra Network Private Limited
Mpurse Services Private Limited
NSDL Database Management Limited
NTT DATA Payment Services India Limited
Open Financial Technologies Private Limited
Paymate India Private Limited
Paysharp Private Limited
Phi Commerce Private Limited
Pine Labs Private Limited
Razorpay Software Private Limited *
Reliance Payment Solutions Limited
SRS Live Technologies Private Limited
Stripe India Private Limited
Tyche Payment Solutions Private Limited
Vay Network Services Private Limited
Worldline ePayments India Private Limited
Xsilica Software Solutions Private Limited
Zomato Payments Private Limited
Adyen India Technology Services Private Limited
Appnit Technologies Private Limited
Bhartipay Services Private Limited
Dinero Payment Services Private Limited
Dreamplug Paytech Solutions Private Limited
Global Payments Asia-Pacific (India) Private Limited
Hiveloop Internet Private Limited
INSOnline India Private Limited
Instamojo Technologies Private Limited
Letzpay Solution Private Limited
LivQuik Technology (India) Private Limited
Marg Fintech Private Limited
Nomisma Mobile Solutions Private Limited
Paygate India Private Limited
PhonePe Private Limited
Senrysa Technologies Private Limited
Unimoni Enterprise Solutions Private Limited
Zaak Epayment Services Private Limited
Freecharge Payment Technologies Private Limited #
PayTM Payments Services Limited #
PayU Payments Private Limited #
Tapits Technologies Private Limited #

ICICI Bank increased interest rates on fixed deposits, this is the maximum interest rate

Bank interest rates have begun to rise as a result of the RBI’s hike in the repo rate. Along with an increase in loan interest rates, interest rates on bank savings have also begun to rise.

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The second-largest private sector bank in the nation, ICICI Bank, followed SBI and HDFC Bank in raising interest rates on fixed deposits, or FDs, from 0.25 percent to 0.50 percent.

The interest rates on Fixed Deposits under Rs 2 crore have risen at ICICI Bank. The bank raised the rate of interest on FDs that are older than 46 days.

In addition, the interest rate on FDs with terms longer than one year has been raised by 0.50 percent. The bank offers older people a maximum interest rate of 7.50%. The bank’s new rates went into effect on December 16th.

The repo has been raised by the RBI five times so far this year. In the bi-monthly monetary policy review on December 7, the central bank raised the repo rate by an additional 0.35 percent to 6.25 percent with the goal of lowering inflation.

Inflation has come down since two months, hope of getting relief from rising home loan and EMI

The inflation rate in India has been falling over the past two months. The cycle of policy rate increases is set to come to a stop as November’s retail inflation rate dropped to 5.88%. In research released on Monday, economists from SBI, the largest bank in the nation, provided this information.

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The RBI is in charge of controlling inflation between 2 and 6 percent. According to economists, the retail inflation data for November is positive for putting a halt to the cycle of policy rate increases.

The RBI‘s strong monetary policy approach, according to the research, might aid in bringing domestic inflation under control. It has been said that the Federal Reserve, America’s central bank, may need to raise the policy rate until the country’s inflation is under control. This will result in more capital leaving emerging markets. The currency rate will fluctuate, and the value of the rupee will decrease.

However, according to experts, between December 2022 and January 2023, the headline inflation rate might increase once again to 6.5 to 6.7 percent. While it is anticipated to drop further to 5% by March 2023.

Repo rate increased 5 times

To combat inflation, the central bank has raised the policy rate repo by 2.25 percent five times since May. In its monetary policy review from last week, the Reserve Bank forecast that inflation would fall to 6% in the quarter between January and March.

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