RBI | Page 2

During the initial pilot phase, the platform will emphasize various financial products including Kisan Credit Card loans up to INR 1.6 lakh per borrower

The RBI-DPI figures for March 2022 showcased a robust 349.30, which further climbed from 270.59 in March 2021 and 304.06 in September 2021

As per the guidelines, the RBI has decided to permit arrangements between regulated entities and lending service providers or between two regulated entities involving default loss guarantee

The previous change in the key rate took place in February 2023 when RBI hiked the repo rate by 25 basis points to 6.50 per cent.

The Deputy Governor further adds that the future of banking will be shaped by the advancement in technology, leading to greater automation in business and processes, understanding the changing customer expectations, and being at par with the evolving regulatory scenarios.

The report provides information on the RBI's functioning through the fiscal year as well as the state of the economy

The report also said that the digital payments in India has been witnessing new milestones, in both value and volume terms

Following the RBI's decision to stop issuing INR 2000 notes, several businesses noticed that payments were now made in the withdrawn currency.

Cautioning investors against ponzi apps, Sitharaman said investors should do their due diligence and should not be lured by claims of lucrative returns made by them

A meeting of the Board of Directors of the Bank will be convened in due course inter alia to give effect to the appointments

The MPC is a six-member committee comprising Das, Rajiv Ranjan, Ashima Goyal, Shashanka Bhide, Jayanth Varma, and Michael Patra, which held meetings on the 3rd, 5th and 6th of April 2023. The decision to keep the repo rate was a unanimous one.

As per the report, Das asked PSOs to work on formation of self-regulatory organisations (SROs) for the greater good of all stakeholders

As per the reports, the exchange reserves recovered last week and stood at $562.40 billion as of the week ended March 3, 2023

The Reserve Bank of India (RBI) has said that the financial technology, or fintech, sector should organize itself under a self-regulatory organization that can monitor the conduct of member fintech entities

The deputy governor said that India has increasingly aimed to promote trade denominated in Rupees

Shaktikanta Das added that the overall monthly digital payment transactions crossed over INR 1,000-crore-mark each month during the past three months

Bill Gates is currently on a trip to India to witness the progress made in various areas including climate change

The RBI release also reportedly clarified that the facility is available to travellers from G-20 countries, at selected international airports such as Bengaluru, Mumbai and New Delhi

According to the report, during the April-December period of 2022-23, the outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards 'travel' was $9.95 billion

As per the new regulations, under the FCRA, foreign contributions must be received only in the 'FCRA account' of State Bank of India, New Delhi Main Branch

The RBI clarified that having a physical interface with customers will not enable lenders to bypass regulations for digital lending