RBI revises earlier provisional data and says final count of FCNR(B) deposit inflows is $132.98 bn; OFCBs and ECBs have drawn $5.32 bn and $5.30 until 18 September.
Lenders must look beyond collateral security to finance emerging sectors such as data centres, static conductors and solar, says SBI Managing Director Ashwini Kumar Tewari.
A wider debate has centred around the ending of UPI’s free era. Govt says 96% of daily UPI transactions remain untouched. Critics say it will lead to price rise and impact biz growth. Who gains and who loses?
Six years of free ride on UPI payments is over as govt introduces 0.4% fee on transfers above Rs 2,000 made to merchants; no charge on person-to-person transactions.
HSBC disburses $10.9 bn and ICICI Bank $8.4 bn in GIFT City through RBI’s concessional swap facility for FCNR(B) deposits; 20 banks in the hub give $52.8 bn in loans under the scheme.
NPCI releases a set of frequently asked questions to clear air on new UPI framework, which imposes MDR on specified person-to-merchant transactions above Rs 2,000. Here are the FAQs explaining the new UPI MDR rules.
RBI said the measure would help UPI to continue scaling, innovating and serving consumers and businesses across the country.
RBI proposes a framework which will enable banks to temporarily freeze only the amount under suspicion of being potentially linked to cyber fraud, and not the entire account.
Government says banks cannot impose any charges on UPI transactions or RuPay debit card payments of up to Rs 2,000; notification doesn’t specify on amounts above that.
Inflation surges to eight-month high and stays above RBI’s medium-term target for 3rd consecutive month; economists divided on whether rate hike will be in October or December.
Bank deposits rise 17.8% YoY, adding Rs 9.4 lakh cr in fortnight ended August to take outstanding to Rs 278.7 lakh crore; credit grows 19.1% and outstanding is at Rs 223.9 lakh cr.
HDFC Bank sets in process next occupant of CEO chair which hopefully will rock the lender back to normalcy; likely consists of executive from within the bank and an external candidate.
State Bank of India is developing a lending solution to use UPI transaction data as a proxy to assess a small business entity's creditworthiness in the absence of GST registration.
RBI Governor Sanjay Malhotra cautions that once firms treat customer data as ‘monetisable asset’, trust can erode and not return easily.
FCNR(B) deposits will take care of Bank of India’s lending needs for a quarter; will also be used to replace costlier bulk deposits.
