Articles for Rbi Digital

Kotak Bank profit up 81% to Rs 6,250 crore
5 months ago

Kotak Bank profit up 81% to Rs 6,250 crore

New Indian Express  

MUMBAI: A stake sale in its general insurance subsidiary has boosted standalone net income of the fourth largest private sector lender, Kotak Mahindra Bank, by 81% to Rs 6,250 crore, of which as much as Rs 3,012 crore came in as the one-time income from deal with Zurich Insurance group that picked up 70% in the company during June quarter. …

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Time is right for a digital rupee
2 years ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

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Explained: Why RBI is launching e-rupee in India
2 years ago

Explained: Why RBI is launching e-rupee in India

Firstpost  

Four banks including SBI and ICICI will participate in the launch of the Central Bank Digital Rupee which will initially cover four cities — Mumbai, New Delhi, Bengaluru and Bhubaneswar. While some experts remain cautious about the concept, others are downright enthusiastic E-rupee to launch on 1 Dec: RBI’s rationale behind currency and what experts think Four banks including SBI …

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RBI to launch retail digital rupee pilot on 1 December
2 years ago

RBI to launch retail digital rupee pilot on 1 December

Live Mint  

Mumbai: The Reserve Bank of India on Tuesday announced the launch of a pilot for retail digital rupee on 1 December with four banks in four cities, a month after testing the wholesale central bank digital currency. The pilot, RBI said in a press release, would cover select locations in a closed user group, comprising participating customers and merchants. While …

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RBI Digital Rupee pilot for wholesale segment from November 1
2 years, 1 month ago

RBI Digital Rupee pilot for wholesale segment from November 1

The Hindu  

The first pilot in the Digital Rupee, Wholesale segment will commence on November 1, 2022, the Reserve Bank of India said in a circular. Settlement in central bank money would reduce transaction costs by pre- empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the circular said. The first pilot in Digital Rupee — Retail …

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RBI to launch first pilot of Digital Rupee today
2 years, 1 month ago

RBI to launch first pilot of Digital Rupee today

India TV News  

Highlights The use case for the pilot is settlement of secondary market transactions in government securities Nine banks have been identified for participation in the pilot RBI also said the first pilot of Digital Rupee - Retail segment is planned for launch within a month RBI Digital Rupee: The Reserve Bank of India will launch first pilot of Central Bank …

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Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar
2 years, 3 months ago

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar

The Hindu  

Central bank digital currency, to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T. Rabi Sankar said on Wednesday. Explained | RBI’s digital currency plans Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. …

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Phased implementation of digital currency for wholesale, retail segments in the works: RBI official
2 years, 5 months ago

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official

The Hindu  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 have been …

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Financial privacy must be recognised in India
3 years, 4 months ago

Financial privacy must be recognised in India

Hindustan Times  

Does one grain of sand make a ‘heap’? In a recent article linked below, this linguistic conflation in the context of ‘financial privacy’ is examined in the context of India’s technology and financial sector laws governing the vast field of ‘fintech’, including public and private financial institutions, regulators, government bodies and ministries, and financial institutions like banks, insurance companies, pension …

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Here’s how RBI is thinking about its own blockchain platform
3 years, 8 months ago

Here’s how RBI is thinking about its own blockchain platform

Live Mint  

NEW DELHI/MUMBAI : India’s upcoming digital currency will minimize transaction settlement processes by using a private blockchain platform, making transactions more cash-like and giving the central bank tighter control over the functioning of the financial system, said two people aware of the matter. A private blockchain governed by a central bank is different from the public blockchains behind digital currencies …

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RBI has 'major concerns' over cryptocurrencies: Governor Shaktikanta Das
3 years, 10 months ago

RBI has 'major concerns' over cryptocurrencies: Governor Shaktikanta Das

India Today  

The Reserve Bank of India has “major concerns” about cryptocurrencies, Governor Shaktikanta Das said on Wednesday, flagging potential risks to financial stability. “We have major concerns from the financial stability angle,” Das told news channel CNBC-TV18 in an interview, adding that the RBI was “targeting to launch” a digital currency. “In order to ensure that there is financial stability we …

Crypto Indian Bitcoin Financial Stability Rbi Das Major Concerns
RBI forms working group on digital lending
3 years, 11 months ago

RBI forms working group on digital lending

The Hindu  

The Reserve Bank of India has constituted a working group on digital lending — including online platforms and mobile apps — to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players. “While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are …

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RBI’s rap on HDFC Bank underlines a new risk for investors
4 years ago

RBI’s rap on HDFC Bank underlines a new risk for investors

Live Mint  

In a rare act of tough love, the banking regulator has pulled up India’s most valuable lender for repeated outages in its digital services. HDFC Bank cannot take on board any new credit card customers and will have to halt its planned digital launches until it resolves the issue. Reports of issues in digital transactions have surfaced time and again …

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RBI asks HDFC Bank to halt digital launches, add new credit card customers
4 years ago

RBI asks HDFC Bank to halt digital launches, add new credit card customers

Firstpost  

The RBI also took note of the recent outrages in the HDFC Bank’s internet banking and payment system on 21 November owing to a power failure at the bank’s primary data centre New Delhi: In an unprecedented move, the Reserve Bank has temporarily barred HDFC Bank from launching digital banking initiatives and issuing new credit cards after taking a serious …

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RBI asks HDFC Bank to stop digital activities, sourcing new credit card customers
4 years ago

RBI asks HDFC Bank to stop digital activities, sourcing new credit card customers

India TV News  

Private sector lender HDFC Bank on Thursday said the Reserve Bank of India has asked it temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre, which impacted operations last month. “RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd with regard to …

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Potholes on the digital payment superhighway
4 years, 2 months ago

Potholes on the digital payment superhighway

The Hindu  

Digital payments have found strong ground, especially in India, increasingly relegating all other modes of payments to the background. With such versatility and ease of settling financial transactions, the growth of digital payments is going to be phenomenal, supported by banks and Fin-Tech, or financial technology, companies. An umbrella system The sterling contribution of this robust payment system, especially retail …

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