Statement on Developmental and Regulatory Policies sets out various developmental and regulatory policy measures on (i) liquidity management and support to targeted sectors; (ii) regulation and supervision; (iii) debt management; (iv) payment and settlement systems; (v) financial Inclusion; and (vi) external commercial borrowings.
The Monetary Policy Committee (MPC) met on 5th, 6th and 7th April, 2021 and deliberated on current and evolving macroeconomic and financial developments, both domestic and global. The MPC voted unanimously to leave the policy repo rate unchanged at 4 per cent. It also unanimously decided to continue with the accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. The marginal standing facility (MSF) rate and the bank rate remain unchanged at 4.25 per cent. The reverse repo rate stands unchanged at 3.35 per cent.
To address the ‘risk concentration’ of only one platform and offer consumers more options, the RBI in 2020 invited private companies to bid for a license to set up a new platform.
• NUE (New Umbrella Entity), a digital platform which will be for-profit and be allowed to charge fees for online transactions, unlike the existing system
• The new entity or entities will be able to earn interest from the float that customers maintain in their online shopping accounts
The Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI on 26th February 2021. First published in 1937, the RCF adopted a theme-based approach from 1998-99. After a hiatus between 2014 and 2019, the Report has been revived with this release. The theme of the Report is “Reviewing the Monetary Policy Framework” which assumes topical relevance in the context of the review of the inflation target by March 2021,
The Reserve Bank of India today released the March 2021 issue of its monthly Bulletin. The Bulletin includes one Speech, four Articles and Current Statistics.
The four articles are: I. State of the Economy; II. Unconventional Monetary Policy in Times of COVID-19; III. Union Budget 2021-22: An Assessment; and IV. Q2:2020-21 Estimates of Household Financial Savings and Household Debt-GDP Ratio.
RBI extends Cheque Truncation System (CTS) across all bank branches in the country by 30th September 2021
The performance of IDBI Bank Limited, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision (BFS) in its meeting held on February 18, 2021. It was noted that as per published results for the quarter ending December 31, 2020 the bank is not in breach of…
The Reserve Bank of India today released the February 2021 issue of its monthly Bulletin. The Bulletin includes Monetary Policy Statement, 2020-21: Resolution of the Monetary Policy Committee (MPC) February 3-5, 2021, one Speech, four Articles and Current Statistics.
The four articles are: I. State of the Economy; II. Sectoral Deployment of Bank Credit in India: Recent Developments; III. Assessing the Future Path of Monetary Policy from Overnight Indexed Swap (OIS) Rates; IV. Do Markets Know More? India’s Banking Sector through the Lens of PBR.
The Reserve Bank of India (RBI), on Friday, said that it is looking to review the regulatory framework for microfinance which would be uniformly applicable to all lenders in the microfinance space, including scheduled commercial banks, small finance banks and other such entities. Currently, RBI guidelines on microfinance regulate NBFC-MFIs primarily.
The Reserve Bank’s Monetary Policy Committee (MPC) voted unanimously to leave the repo rate unchanged at 4 per cent, Governor Shaktikanta Das said while announcing the decisions taken by the panel.