Statement on Developmental and Regulatory Policies Statement sets out various developmental and regulatory policy measures relating to (i) regulation and supervision; (ii) financial markets; and (ii) payment and settlement systems.
Category: Banking
The Reserve Bank of India today released the November 2021 issue of its monthly Bulletin. The Bulletin includes five speeches, four articles and current statistics.
The four articles are: I. State of the Economy; II. Is the Phillips Curve in India Dead, Inert and Stirring to Life or Alive and Well?; III. Uncertainty and Disagreement among Professional Macroeconomic Forecasters; and IV. Changing Tides in the Indian Money Market.
The Reserve Bank – Integrated Ombudsman Scheme, 2021 (the Scheme) was launched today in virtual mode by Hon’ble Prime Minister Shri Narendra Modi. The Scheme integrates the existing three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019. The Scheme, framed by the Reserve Bank in exercise of the powers conferred on it under Section 35A of the Banking Regulation Act, 1949 (10 of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934), and Section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007), will provide cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to the satisfaction of the customers or not replied within a period of 30 days by the regulated entity.
RBI has issued Statement on Development and Regulatory Policies immediately after announcing the Monetary Policy on 8th Oct 2021. This Statement sets out various developmental and regulatory policy measures relating to (i) liquidity measures; (ii) payment and settlement systems; (iii) debt management; and (iv) financial Inclusion and customer protection.
The presence of multiple laws, forums and complexities resulted in delays in the timely resolution of the distressed entities and eventually resulting in deterioration of assets and their realizable value. The IBC 2016 laid down a collective mechanism for resolution of insolvencies in the country in a time bound manner and to preserve the economic value of assets of corporate persons, partnership firms and individuals and to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders
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.
Prime Minister Shri Narendra Modi launched digital payment solution e-RUPI, a person and purpose specific digital payment solution, today via video conference. e-RUPI is a cashless and contactless instrument for digital payment.
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.