The Reserve Bank of India’s (RBI) Account Aggregator (AA) Framework went live on 2nd September 2021 with eight major banks joining the network which includes State Bank of India (SBI), ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and Federal Bank. Earlier, Reserve Bank of India (RBI) had already granted licenses to four entities to work as Account Aggregators which included CAMS FinServ, Cookiejar Technologies (Product named Finvu), FinSec AA Solutions Private (OneMoney) and National E-Governance Services Asset Data. Three more have received in-principle approval (PhonePe, Perfios, Yodlee), and some more are in different stages of application.
On September 2, 2021 the Reserve Bank of India’s (RBI) Account Aggregator (AA) Framework went live. Eight of India’s major banks — State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank and Federal Bank — joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data. The framework, which has been under discussion since 2016 and in the testing phase for some time, will now be open to all customers.
Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman today on 25th August 2021 unveiled the fourth edition of the Public Sector Bank (PSB) Reforms Agenda ‘EASE 4.0’ for 2021-22 – tech-enabled, simplified, and collaborative banking. She unveiled the annual report for the PSB Reforms Agenda EASE 3.0 for 2020-21 and participated in the awards ceremony to felicitate best performing banks on EASE 3.0 Banking Reforms Index.
The Reserve Bank of India’s Monetary Policy Committee has kept the repo rate unchanged at 4 per cent. This is the seventh straight MPC, when RBI kept the rates steady. RBI Guv SHaktikanta Das said that MPC has decided to leave repo rate unchanged and continue with the accommodative stance as long as necessary to support growth. Das said that India is a much better position as compared to June 2021.
Reserve Bank released the 23rd issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial sector.
The Reserve Bank of India today released the July 2021 issue of its monthly Bulletin. The Bulletin includes three Articles and Current Statistics.
The three articles are: I. State of the Economy; II. Monetary Policy Transmission in India: Recent Developments; and III. Drivers of Indian Pharmaceutical Exports.
Reserve Bank of India (RBI) today announced its bi-monthly monetary policy review as RBI Governor Shaktikanta Das read out Monetary Policy statement. RBI has projected India’s GDP growth at 9.5 per cent for the ongoing Financial Year of 2021-2022. RBI has kept repo rate unchanged at 4 per cent, sixth time in a row. The RBI reverse repo rate or RBI’s borrowing rate also remains unchanged at 3.35 percent. RBI has also maintained accommodative monetary policy stance to support growth and kept inflation at targeted level.
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation.