The RBI observed that many lenders charge penal rates over and above the applicable interest rate on loans in case of defaults that breach the terms of credit facilities.
RBI piloted Central Bank Digital Currency, or e-rupee, last November and now hopes to ramp up its use through UPI. But experts say lack of awareness and adoption are obstacles.
The RBI's e-rupee uses blockchain distributed-ledger technology to substitute cash. The central bank is aiming for one million CBDC transactions each day by year's end.
A half-yearly report by RBI found NPA levels for both banks & NBFCs have fallen and their profitability has improved but credit delivery in India is still muted compared to peers.
Current account deficit stood at $1.3 billion in 4th quarter of fiscal year 2022-23, compared with revised deficit of $16.8 billion in preceding October-December quarter.
In FAQ document, RBI says its new guidelines won't stop penal proceedings against wilful defaulters & that recoveries will continue even if loans are technically written off.
Reports had emerged Saturday, based on data from RTIs, that alleged that millions of Rs 500 notes had been printed by India’s mints but had not reached the RBI.
RBI governor Shaktikanta Das requested the banks to strengthen governance to reduce financial instability following the collapse of several banks in the US.
During the year, RBI saw a gain of 1.03 trillion rupees from foreign exchange transactions, which allowed it to increase the size of its contingency fund, the report showed.
Govt had told central bank that several micro enterprises were having trouble registering themselves due to lack of paperwork. RBI has now eased requirements for them.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
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