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The central bank also introduced a new initiative DAKSH, the bank's advanced supervisory monitoring system, which is expected to make the supervisory processes more robust

The action was taken citing failure to exercise proper skill, care and diligence while discharging its duties as a credit rating agency

Shaktikanta Das also said that the need of the hour is to ensure assurance of safety after following a process of green-lighting and due diligence by the regulated entities

The finance minister said that the word 'taming inflation' or the word 'keeping it within the tolerance limit', is an exercise of so many different activities and a majority of which is outside the monetary policy in today's circumstances

RBI also warned the individuals that undertaking foreign exchange transactions for reasons other than those permitted under the Act or via unauthorized platforms would be liable to face legal action

Deputy governor of RBI said that RBI mainly focuses to scale the digital infrastructure while preserving the technical stability

The reports said that government is likely to treat the unified payments interface (UPI) as public good in which customers do not required paying

As per the RBI norms, American Express have been required to store Indian payment data locally since October 2018

With regulated digital platforms, more informed and smarter decisions could be made about getting digital credit

The ministry also said that the concerns of the service providers for cost recovery have to be met through other means

The national council of applied economic research (NCAER), on the other hand, reportedly, said that all public sector banks, except the State Bank of India, should be privatized

The new guidelines will be applicable to all the financial institutions that extend digital loans

The central bank hiked repo rate by 50 basis points to 5.4 per cent

PM Modi said this accomplishment indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner

This comes in line after the announcement of RBI governor, Shaktikanta Das, on the allowing of linking the credit cards to UPI to facilitate payments

RBI, in its statement, described OPEN's product as a blockchain-based cross-border system, leveraging the current infrastructure and ensuring frictionless and tamperproof monitoring capabilities

The products will enable Indian fintech companies to offer the purchase of shares, exchange-traded funds units and other assets listed on foreign exchanges via UPI or net banking as a feature to Indian investors

The finance minister said that any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards

The company offers Vendor payout system, B2B invoice collection system, e-governance, customized bill payment and BBPS

The RBI governor highlighted the growth of cyber risk along with the digitalization of financial system

The RBI governor suggests that the customers of unregistered digital lending platforms should approach local police in case of any issue