In January, the Reserve Bank of India had set up the five-member panel on deepening digital payments with a view to encouraging digitisation of payments and enhance financial inclusion through digitisation.
Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.
An independently functioning chief risk officer with clearly specified role and responsibilities has to be appointed by non banking financial companies (NBFCs), the Reserve Bank of India said in a statement.
The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options.
The Reserve Bank of India (RBI) had cut the key short term lending rate (repo) by 25 points each in its last two policy reviews and is slated to announce the next bi-monthly policy on June 6.
In the previous week, the reserves had swelled by $4.368 billion to $418.515 billion, helped by the second dollar-rupee swap auction held on April 23.
The remarks were made during a meeting between the members of the 15th Finance Commission and the RBI brass, including governor Shaktikanta Das and the deputy governors, at the central bank headquarters here.
The circular comes almost two weeks after the Reserve Bank of India permitted FPIs to invest in municipal bonds as a measure to broaden access of non–resident investors to debt instruments in the country.
The other issues which are expected to come up during the deliberation include market driven borrowing cost and debt trajectories of states.
'(The) Reserve Bank of India (RBI) vide its speaking order dates April 22, 2019, imposed a penalty of Rs 11,25,000 under the Payment and Settlement Systems Act, 2007,' Yes bank said in a regulatory filing.
It is a normal practice for central banks world over to keep their gold reserves overseas with central banks of other countries like Bank of England for safe custody, according to the statement.
In the year ago fortnight, deposits were at Rs 113.29 lakh crore and advances stood at Rs 84.46 lakh crore.
Governor Shaktikanta Das said the central bank is also aligning its framework to help the market intermediaries provide financial access to the bottom- of-the-pyramid.
Against the backdrop of the Supreme Court quashing an RBI circular, issued on February 12, 2018, a revised set of rules is under works and would be released soon, they added.
Mumbai-headquartered infra lender and its 348 group companies owe over Rs 94,000 crore, of which over Rs 54,000 crore are owed to banks.
The Central Bank set a premium of 8.38 rupees at the three-year buy-sell swap auction and accepted the entire planned $5 billion up on offer.
As of September last, the excess capital with the central bank stood at Rs 9.6 lakh crore.
The forex kitty had touched a life-time high of $426.028 billion in the week to April 13, 2018.
A regulatory sandbox (RS) usually refers to live-testing of new products or services in a controlled and test regulatory environment for which regulators may or may not permit certain regulatory relaxations for the limited purpose of the testing.
The RBI will issue Rs 50 denomination banknotes in Mahatma Gandhi new series bearing the signature of Das.
The RBI noted that a large segment of population is increasingly getting connected with forex transactions on individual accounts.
Senior advocate Gopal Jain, representing the RBI, submitted before the NCLAT that true reflection in the books of the banks is important for fair accounting because it has early warning signals.
Speaking at the annual meetings of the IMF in Washington over the weekend, Das had stressed on reviving growth when inflation is trending below targets.
Earlier, the Insurance Regulatory and Development Authority of India (IRDAI) had issued notification in this regard.
This is the second consecutive double-digits credit growth after the same had declined to 4.54 percent in FY17 at Rs 78.41 lakh crore, which was the lowest since 1963.