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Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. 

Sanjay Malhotra Assumes Charge as 26th RBI Governor

Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank.

Sanjay Malhotra has officially taken over as the 26th Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose tenure concluded on December 10. Malhotra assumed office at the Mint Street headquarters today and is set to address the media at 3 PM.
Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. He is the second consecutive IAS officer to hold the position, bringing with him a robust background in public administration and finance.
A "Peacetime General" Takes Charge
Dubbed as a "peacetime general," Malhotra steps into the role at a time when India's economy is largely stable, though there is heightened anticipation of potential interest rate cuts in the near future. His three-year term will see him navigating a landscape shaped by global economic uncertainties and domestic growth aspirations.
Professional Credentials
 Malhotra, a 56-year-old IAS officer of the 1990 batch from the Rajasthan cadre, boasts an illustrious career. Prior to his appointment, he served as the Union Revenue Secretary, where he played a pivotal role in enhancing tax collections. He also held the position of Chairman and Managing Director at Rural Electrification Corporation (REC) Limited, contributing significantly to India's infrastructure development.
An alumnus of IIT Kanpur, Malhotra furthered his education with a master&rsquo;s degree in Public Policy from Princeton University, USA, equipping him with a blend of technical expertise and strategic acumen.
Outlook
 Malhotra&rsquo;s leadership is expected to focus on ensuring monetary stability, fostering economic growth, and addressing challenges in the financial sector. Stakeholders will keenly watch his initial decisions, especially regarding interest rates, as he begins his tenure.

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das Concludes Tenure as RBI Governor

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das is stepping down as the 25th Governor of the Reserve Bank of India (RBI) after a six-year tenure, with Sanjay Malhotra, the current Revenue Secretary, set to succeed him as the 26th Governor.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes.(1/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318590531510753?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 
&nbsp;
In a message on the microblogging platform X, Das expressed his gratitude for the opportunity to serve the country. He thanked Prime Minister Narendra Modi for the trust and guidance he received throughout his term. 
<blockquote class="twitter-tweet">
Immensely grateful to the Hon&rsquo;ble PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318979628708315?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 "I will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. I&rsquo;m deeply grateful to PM @narendramodi for allowing me the chance to serve the nation and for his continuous guidance and encouragement," Das wrote. 
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Heartfelt thanks to Hon&rsquo;ble FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. (3/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866319259363578259?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
Das also expressed appreciation for Finance Minister Nirmala Sitharaman, highlighting the crucial role of fiscal and monetary coordination during his tenure. "My heartfelt thanks to Hon&rsquo;ble FM @nsitharaman for her unwavering support. The fiscal-monetary coordination between us helped in overcoming multiple challenges in the past six years," he added.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture,cooperative &amp; service sectors for their inputs and policy suggestions. (4/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866320790611996873?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you. (5/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866321083986542871?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
Reflecting on his time at the helm of RBI, Das thanked his colleagues at the central bank for their collective efforts in navigating a difficult period. "A big thank you to Team RBI for successfully steering the institution through unprecedented global shocks. I wish RBI continued growth as a pillar of trust and credibility," he said.
Das&rsquo; leadership saw RBI through numerous significant events, including the aftermath of demonetization, the COVID-19 pandemic, and the challenges posed by global inflation, leaving a lasting impact on India&rsquo;s economic stability.

RBI introduces a new name verification feature for RTGS and NEFT, enhancing security and reducing fraud risks. With massive growth in digital transfers, this update ensures funds are sent to the correct recipient before completing a transaction.

RTGS & NEFT Get Safer with RBI's New Beneficiary Name Lookup: It’s Similar To How UPI Works

RBI introduces a new name verification feature for RTGS and NEFT, enhancing security and reducing fraud risks. With massive growth in digital transfers, this update ensures funds are sent to the correct recipient before completing a transaction.

Want to see the name of the account holder while transferring money through RTGS and NEFT, just like you can when making a UPI payment?
Well, the Reserve Bank of India has just granted your wish.
You heard RBI Governor Shaktikanta Das sharing the details on this game-changing update.
So, how does this help you? First, it ensures your money goes to the right person. Second, it helps reduce the risk of fraud and wrong credits.
This move couldn&rsquo;t come at a better time!
Did you know that between 2014 and 2023, RTGS and NEFT usage exploded by 200% and 700% respectively? And when we talk about value, they&rsquo;ve grown by 104% and a whopping 670%! That&rsquo;s a lot of money flowing through these systems.
For those of you who might not know the difference, here&rsquo;s a quick breakdown:
NEFT is perfect for low-value transfers. You can send as little as 1 rupee, and while it takes up to 2 hours to complete, it&rsquo;s available 24x7.
On the other hand, RTGS is for high-value transactions, with a minimum limit of 2 lakh rupees, and it&rsquo;s designed for instant transfers.
&nbsp;So, why is the new feature a big deal? Well, with the ability to see the recipient&rsquo;s name before hitting that &lsquo;send&rsquo; button, you&rsquo;ll have greater confidence that your hard-earned money is going to the right account.
It&rsquo;s another step by RBI to make digital payments more secure and efficient.
What do you think of this new feature? Will it make you feel safer when transferring large amounts? Drop your thoughts in the comments below!
And if you found this update helpful, don&rsquo;t forget to like, share, and subscribe BusinessHook for more content like this. Until next time, keep your transactions safe and your wallets happy!

Das stands alongside Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan, all earning the coveted 'A+' rating

RBI Governor Shaktikanta Das ranked world's top central banker again

Das stands alongside Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan, all earning the coveted 'A+' rating

RBI Governor Shaktikanta Das has once again showcased his exceptional leadership on the global stage. For the second year in a row, Das has been crowned the world&rsquo;s top central banker, securing an 'A+' rating from the Global Finance magazine. Das stands alongside Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan, all earning the coveted 'A+' rating. Global Finance's Central Banker Report Cards evaluate leaders based on their success in managing inflation, driving economic growth, stabilizing currency, and navigating interest rate policies. An 'A' grade signifies excellence, while an 'F' marks failure. Celebrating the achievement, the RBI also highlighted Das's achievement.PM Modi also congratulated Das on receiving top rating in a global ranking of central bankers, lauding it as a recognition of his leadership. The magazine noted that, as central bankers worldwide combat inflation with higher interest rates, the results are now visible, with significant drops in inflation rates across the globe.

RBI Governor Shaktikanta Das says interest rates to stay high at the moment due to global inflation troubles. Check for more details here.

Interest rates to stay high at the moment amid global inflation troubles, says RBI Governor Shaktikanta Das

RBI Governor Das emphasizes active disinflation, addresses global challenges, and stresses financial stability. India's resilience and banking sector's strength highlighted amidst economic uncertainties

RBI Governor: High interest rates to stay amid global inflation troubles 

<h2>RBI Governor Das emphasizes active disinflation, addresses global challenges, and stresses financial stability. India's resilience and banking sector's strength highlighted amidst economic uncertainties</h2>

Reserve Bank of India (RBI) Governor Shaktikanta Das has emphasized the need for an actively disinflationary monetary policy to ensure a smooth decline in inflation.&nbsp;
"Interest rate will remain high at the moment, (for) how long, only time will tell," the governor said at Kautilya Economic Conclave 2023.
He stated that price stability and financial stability complement each other and it has been an endeavour at RBI to manage both efficiently. The Governor also highlighted the challenges of global inflation, slowing growth, and risks to financial stability.
Governor Das said the RBI has maintained a pause on policy rates in 2023 so far and that the 200 basis points hikes are still working through the system.&nbsp;
The RBI&rsquo;s inflation target for FY24 is 5.4%, with Q2 at 6.4%, Q3 at 5.6%, and Q4 at 5.2%. The Governor expressed confidence in India&rsquo;s ability to maintain minimum capital requirements.
<h3>Challenges in monetary policy</h3>
Das stressed the perpetual challenges in crafting effective monetary policies. He emphasized the absence of room for complacency, highlighting the delicate balance between promoting growth and ensuring financial stability, often leading to conflicts between these objectives.
<h3>Financial markets&nbsp;</h3>
Governor Das underscored the heightened sensitivity of financial markets to even the slightest information. The reaction of these markets to policy alterations and economic data has become a pivotal aspect of policy-making, demanding careful consideration and swift response.
<h3>Financial stability</h3>
In the face of these challenges, Das emphasized the expanded responsibility of central banks, including the RBI, in maintaining financial stability. However, he acknowledged the complexity of quantifying financial stability, posing a challenge to effective policy implementation.
<h3>Resilience of the banking sector</h3>
Governor Das highlighted the results of macro stress tests, indicating that Scheduled Commercial Banks (SCBs) are expected to meet regulatory capital levels even under severe economic conditions.
He stressed the significance of identifying vulnerabilities during favourable economic periods to avert potential crises, especially emphasizing the vigilance of non-banking financial companies (NBFCs) in their preparations for the future. Also Watch: <a href="https://www.editorji.com/business-news/personal-finance/rbi-urges-banks-and-nbfcs-to-monitor-personal-loan-disbursements-1696601975796">RBI urges banks and NBFCs to monitor personal loan disbursements</a>

RBI governor Shaktikanta Das while speaking at the Global Fintech Fest urged the Fintech players to form a self regulatory organisation

RBI Governor asks fintech players to form self regulatory organisation

RBI governor Shaktikanta Das while speaking at the Global Fintech Fest urged the Fintech players to form a self regulatory organisation

Fintech players should form a self regulatory organisation for an orderly growth of the industry that is projected to have revenues of USD 200 billion by 2030, RBI Governor Shaktikanta Das said on Wednesday.
Addressing the industry at the Global Fintech Fest here, Das said fintech players need to evolve industry best practices to avoid misselling, stress on ethical practices, pricing transparency and take care of privacy and data protection concerns.
"I would like to use this opportunity to urge and encourage the fintechs to establish a Self Regulatory Organisation (SRO) themselves," he said and assured all help from the Reserve Bank of India (RBI) for the process.
Also Read: <a href="https://www.editorji.com/business-news/sebi-to-clamp-down-on-finfluencers-puts-out-consultation-paper-to-accept-public-suggestions-till-sep-15-1693220855887">SEBI to clamp down on Finfluencers: Puts out consultation paper, to accept public suggestions till Sep 15</a>
The fintech players should form the SRO at the earliest, Das said and hoped that such a platform will be ready at least by the next edition of the yearly event.
Stating that other industries also have SROs, Das said forming an SRO will help the players to voice their concerns.
He also said that having the SRO will reduce the burden of regulating a dynamic sector off the RBI's shoulders.
Das said regulators play a critical role in addressing arbitrage, ensuring compliance with existing laws, and adopting regulations as per technological advancements.
Further, he asked the fintech players -- most of them startups -- to avoid the "relentless drive for valuations" and profits, and asked them to focus on customer centricity.
"&hellip; to focus on customers means embracing a customer-centric approach to innovation by understanding the needs of customers, making provisions that protect customer interests and earn their trust," he added.
He said that good governance will be key to durable and long term success of any company and in particular, the fintech players.
Technological innovation has "unprecedented potential" to make finance more inclusive, competitive and robust, Das said, adding that advancements in technology need to evolve in a "responsible" manner.
"Fintech players should themselves ensure responsible digital innovations. The Reserve Bank on its part will continue to drive the necessary regulatory and other policy measures to promote a vibrant and responsive fintech ecosystem," he said.
While stressing that the coming years hold immense promise which need to be leveraged by innovators, the RBI chief said that as per projections, the fintech sector revenues are set to touch USD 200 billion by 2030. "We are at the cusp of a major transformation in fintech sector".
Das also spoke about the progress on the Central Bank Digital Currency and said that newer use cases will be soon added on the wholesale CBDC front.
The CBDC retail pilot is currently being operated through 13 banks across 26 cities, Das said, adding that around 1.46 million users and 0.31 million merchants are currently part of the pilot as on August 31, 2023.
RBI has also enabled full inter-operability of CBDC with UPI QR codes, and is targeting 10 lakh CBDC transactions per day by December 2023 which will give it sufficient data points for analysis, Das said.
Meanwhile, Srinivas Jain, the Co-Chairman of the Fintech Convergence Council, said it will be working earnestly to have an SRO in place at the earliest.
"We are not on the same pages on who all from the fintech space can be members as currently this space is dominated by payments tech players but there are many others also in the fray,"

During the last monetary policy committee meeting held between June 6-June 8, the repo rate was left unchanged at 6.5%. CPI inflation projected at 5.1% for 2023-24


RBI Monetary Policy Committee minutes: Members differ on policy stance

During the last monetary policy committee meeting held between June 6-June 8, the repo rate was left unchanged at 6.5%. CPI inflation projected at 5.1% for 2023-24

The Reserve Bank of India has released the minutes of the recent RBI Monetary Policy Committee meeting during which the repo rates were left unchanged and the stance of withdrawal of accommodation was maintained.&nbsp;
The minutes reveal the individual views of each of the MPC members. While the vote to remain status-quo on the repo rate was unanimous, there were some differing views that were voiced.&nbsp;
RBI Governor Shaktikanta Das has made it clear that the battle against inflation is not yet won. &ldquo;Our job is only half done&rdquo;, he says.&nbsp;
Dr. Shashanka Bhide highlights the upside risks to inflation, he says that it is necessary to ensure that the policy framework is focused on achieving the inflation target while supporting growth.
Dr Ashima Goyal said, &ldquo;As expected inflation falls, however, it is important that real repo rate does not rise too high&rdquo;. While voting for the present stance to continue, Dr Goyal explained that it was not possible to give a signal about future action.
Dr Jayant Varma however, was of an opposing view on the stance. Mincing no words, he says the stance is becoming more and more disconnected from reality. &ldquo;The monetary policy is now dangerously close to levels at which it can inflict significant damage to the economy&rdquo;, he adds.&nbsp;
Dr Rajiv Ranjan, while pointing out that the actions taken so far are working in the right direction, says &ldquo;It needs to be acknowledged, however, that knowing when to stop is hard&rdquo;. &nbsp;He also adds that its time &ldquo;to emphasise the distinction between the inflation target and tolerance of deviations from the target&rdquo;.&nbsp;
Dr. Michael Debabrata Patra also highlighted the upside risks to inflation. He says "Holding the rate unchanged should not be interpreted as the interest rate cycle having peaked, but as a period of careful evaluation of a decision on the extent of additional policy tightening, if needed."&nbsp;&nbsp;
&nbsp;

While addressing a conference of bank directors, RBI governor highlighted specific instances where banks used 'innovative methods' to conceal the real status of stressed assets. 

RBI governor Shaktikanta Das red flags governance gaps in certain banks 

While addressing a conference of bank directors, RBI governor highlighted specific instances where banks used 'innovative methods' to conceal the real status of stressed assets.&nbsp;

Reserve Bank of India's governor Shaktikanta Das has raised concerns over governance gaps in certain banks despite there being clear guidelines in place for corporate governance.&nbsp;
The governor was addressing directors of banks at a conference organised by the Reserve Bank of India. Pointing out that such gaps have the potential to cause volatility in the overall banking sector, the governor said&nbsp; "It is essential that boards and managements do not allow such gaps to creep in."&nbsp;
Das said that the central bank discovered several instances during the RBI's supervisory procedure when creative methods were employed to hide the true situation of stressed loans.
"To mention a few, such methods include bringing two lenders together to evergreen each other&rsquo;s loans by sale and buyback of loans or debt instruments; good borrowers being persuaded to enter into structured deals with a stressed borrower to conceal the stress," said Das.
Das further said: "We have also come across a few examples where one method of evergreening, after being pointed out by the regulator, was replaced by another method."
The governor also emphasised that bank board members should not have any conflicts of interest that could impair their independence and objectivity.
"It is the responsibility of the Board to ensure that policies are in place to identify potential conflicts of interest and deal with them," Das said.

The Reserve Bank of India hiked the repo rate by 25 basis points. The credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced. 

Soon, rules for penal charges on loans, QR code based coin vending machines by RBI 

RBI's credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced. 

The Reserve Bank of India hiked the repo rate by 25 basis points. The credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced.&nbsp;

RBI governor announced a slew of additional measures during the credit policy announcement.
Guidelines for levying penal charges on loans&nbsp; The central bank will soon issue draft guidelines to standardise the process of levying penal charges on loans. The governor pointed out that currently, the penal charges levied are not uniform and in certain cases are even excessive. These guidelines will help enhance transparency and consumer protection. Once the draft guidelines are ready and before being finalised, stakeholders will have the opportunity to put forth their comments and suggestions.
Climate Risk &amp; Sustainable Finance&nbsp; RBI will issue guidelines related to climate change risk. Basis the feedback on the discussion paper, RBI has decided to put in place guidelines for:&nbsp; 1. Framework for accepting green deposits&nbsp; 2. Disclosure framework on climate-related financial risks&nbsp; 3. Guidance on climate scenario analysis and stress testing&nbsp; RBI governor said, &ldquo;These measures will ensure that out financial system starts developming and building in the forces of resilience to withstand any possible emergency of vulnerability to climate change&rdquo;.
UPI facility for foreign travellers to India&nbsp; The Reserve Bank on Wednesday allows inbound travellers from G20 nations arriving at select airports to use UPI for making payments in the country. This facility will later be extended to travellers from other countries as well.
QR Code based Coin Vending Machine To increase accessibility to coins, RBI will launch a pilot project on QR code based coin vending machine. These machines will dispense coins against a debit to a customer's account using UPI. The pilot will be launched in 12 cities.&nbsp;

The Reserve Bank allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country

Travellers from G20 nations can use UPI for payments in India: RBI

The Reserve Bank has allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country

The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country.
Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries.
UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing &amp; merchant payments into one hood.
"UPI has become hugely popular for retail digital payments in India. It is now proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in the country," RBI Governor Shaktikanta Das said while unveiling the latest monetary policy.
To begin with, the facility will be extended to travellers from G20 countries arriving at select international airports, he said.
India has assumed the presidency of G20 for one year from December 1, 2022 to 30 November, 2023.
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

RBI has raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May&nbsp;

RBI Monetary Policy Live Updates: Repo rate hiked by 35 bps

RBI has hiked the repo rate for the fifth time in a row

RBI has raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May&nbsp;

The Reserve Bank of India's Monetary Policy Committee voted 5-1 to increase increase repo rate by 35 basis points to 6.25 percent, RBI Governor Shaktikanta Das said on December 7. Further, Standing Deposit Facility rate and Marginal Standing Facility rate are also increased by 35 basis points each to 6 percent and 6.5 percent, respectively.

RBI keeping ‘Arjun’s eye’ on inflation; E-rupee for retail launch in Nov says Guv Shaktikanta Das 

RBI keeping ‘Arjun’s eye’ on inflation

RBI keeping &lsquo;Arjun&rsquo;s eye&rsquo; on inflation; E-rupee for retail launch in Nov says Guv Shaktikanta Das&nbsp;

The Reserve bank of India (RBI) 
What is e-rupee (digital rupee)?E-rupee or digital rupee is a digital version of the Indian rupee that the RBI is exploring. The RBI has proposed to issue two versions - wholesale for interbank settlement and retail for the public. According to the indirect model proposed by the RBI, you will hold the digital rupee in a wallet with a bank or service provider.

While the digital rupee is identical to banknotes, it will be tailored for speedier and less expensive settlements.
As India already has a robust digital payment infrastructure like UPI, digital wallets like Paytm, Gpay, etc. the upcoming digital payment system must be compatible and interoperable with them.
 


What is RBI's e-Rupee? 10 things you need to know about e-rupee RBI

What is RBI's e-Rupee? 10 things you need to know about it

In the 2022 Union budget, finance Minister Nirmala Sitharaman has announced the launch of e-rupee

RBI e-Rupee : While most countries are currently exploring the idea of central bank owned digital currency for their nation, India is also working towards introducing what is known as 'digital rupee'.&nbsp;
The Reserve Bank of India (RBI) said this in a concept note on central bank digital currency (CBDC) aimed to create awareness about such currencies in general and the planned features of the <a href="https://www.editorji.com/business-news/budget/budget-2022-what-is-digital-rupee-that-rbi-will-introduce-all-you-need-to-know-1643728554988">Digital Rupee</a>, in particular, according to a release. India's CBDC will be called 'e-rupee'.
<h3>EJbiz points key highlights of the RBI's concept note on digital currency:</h3>
1. E-rupee or digital rupee is a digital version of the Indian rupee that the RBI is exploring. The RBI has proposed to issue two versions - wholesale for interbank settlement and retail for the public. According to the indirect model proposed by the RBI, you will hold the digital rupee in a wallet with a bank or service provider.
2. The digital currency must be accepted as a medium of payment, legal tender and a safe store of value by all citizens, enterprises and government agencies.
3. A large-scale pilot will be conducted, with users from different income levels, literacy levels, regions, genders and age groups. The Digital Rupee will be designed in a manner that's least disruptive to existing financial system.&nbsp;
4. While the digital rupee is identical to banknotes, it will be tailored for speedier and less expensive settlements.
5. Noting that out of 143.3 crore population, only 82.5 crore people have internet access, for financial inclusion it is necessary that the <a href="https://www.editorji.com/business-news/rbi-launches-upi123pay-a-digital-payment-method-without-internet-1646742141840">digital payment</a> support offline capability.
6. The wallets must be capable of independently verifying the validity of any CBDC transaction without interacting with the server during the transactions.
7. Unlike cryptocurrencies, which are private in nature, RBI&rsquo;s Central Bank Digital Currency (CBDC) will be issued and controlled by the central bank itself.
8. As India already has a robust digital payment infrastructure like UPI, digital wallets like Paytm, Gpay, etc. the upcoming digital payment system must be compatible and interoperable with them.
9. The goal of the digital rupee is to mimic the characteristics of money. But unlike bank deposits, it wouldn&rsquo;t pay interest.
10. Citing concerns of security, the RBI concept note states that central bank digital currency ecosystems may be at a similar risk of cyber-attacks that the current payment systems are exposed to. "The cybersecurity considerations need to be taken care of both for the item and the environment.
<a href="https://www.editorji.com/business-news/budget/budget-2022-what-is-digital-rupee-that-rbi-will-introduce-all-you-need-to-know-1643728554988">What is digital rupee that RBI will introduce? All you need to know</a> &nbsp;

RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent

RBI's MPC to discuss inflation report on Nov 3

RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent

In order to keep retail inflation below the target, the Reserve Bank will hold a special meeting of its rate-setting committee on November 3.
According to reports, RBI is going to prepare a report for the government on why it failed to keep retail inflation below the target of 6 per cent for three consecutive quarters since January.
The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das will prepare the report on reasons for failure to meet the inflation target as well as the remedial measures the central bank is taking to bring down prices in the country.
"Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934... an additional meeting of the MPC is being scheduled on November 3, 2022," RBI said in a statement. RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent.
The next bi-monthly meeting of MPC is is scheduled to be held from December 5-7, 2022.

Rbi Monetary Policy Highlights : Making it to the fourth consecutive rate hike, the Reserve Bank of India raised the benchmark lending rate by 50 basis points to 5.90 per cent in a bid to tame inflation.

Rbi Monetary Policy Highlights : RBI hikes repo rate to rein in inflation, lowers GDP forecast

RBI hikes repo rate to rein in inflation, lowers GDP forecast

Reserve Bank of India raised the benchmark lending rate by 50 basis points to 5.90 per cent

Rbi Monetary Policy : Making it to the fourth consecutive rate hike, the Reserve Bank of India raised the benchmark lending rate by 50 basis points to 5.90 per cent in a bid to tame inflation.
With the latest hike, the repo rate or the short term lending rate at which banks borrow from the central bank is now close to 6 per cent.In all, RBI has raised benchmark rate by 1.90 per cent since May this year.
The six-member <a href="https://www.editorji.com/business-news/rbi-increases-repo-rate-by-50-bps-to-5-9-1664513435505">Monetary Policy Committee (MPC) </a>headed by RBI Governor Shaktikanta Das decided in favour of the rate hike.The Consumer Price Index (CPI) based inflation, which RBI factors in while fixing its benchmark rate, stood at 7 per cent in August. Retail inflation has been ruling above the RBI's comfort level of 6 per cent since January this year. Das retained the inflation projection at 6.7 per cent for the current fiscal while slashing real GDP growth estimate to 7 per cent from earlier forecast of 7.2 per cent for FY'23.

The decision of RBI Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) has been announced on Friday. The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points to 5.90%, the fourth straight increase in the current cycle, to tame sustained above-target retail inflation rate.
RBI had slashed the repo rate in March, 2020 with an aim to cushion the impact of covid-induced lockdown, and maintained status-quo in the benchmark interest rate for almost two years before increasing it on May 4, 2022.

RBI increases Repo rate by 50 bps to 5.9%

RBI has maintained consumer price index (CPI) inflation forecast for FY23 at 6.7%
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The decision of RBI Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) has been announced on Friday. The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points to 5.90%, the fourth straight increase in the current cycle, to tame sustained above-target retail inflation rate.
RBI had slashed the repo rate in March, 2020 with an aim to cushion the impact of covid-induced lockdown, and maintained status-quo in the benchmark interest rate for almost two years before increasing it on May 4, 2022.

With Inflation being the biggest elephant in the room to fending off further attacks on the rupee, EJBIZ explains what are the key factors India’s central bank is expected to deliver in its main policy rate on Aug 5th: 

US Fed has made another aggressive rate hike by 75 basis points in the latest policy to tame inflation. RBI is also expected to hike the rate for the third consecutive time. Experts predict a rate hike of 25-50 basis points from RBI in this upcoming policy. 
As the meeting comes at a time when global central banks are tightening the monetary policy and raising interest rates, many experts now believe that the RBI is more likely to go for a 25-35 basis points (BPS) increase in policy rate than a 50 bps hike.
Currently, inflation is at 7.01% in June and has been above RBI's comfort zone of 6% for the sixth-consecutive month.
While the rupee has hit a series of lows in recent months, dropping past 80 to a dollar in July, it has pulled back amid signs of returning foreign fund inflows. It is advisable that RBI should keep a tab on interest rate differentials with the US to curb any build-up of speculative pressures on the INR, triggered by low implied yields that reduces the cost of shorting rupee. 


RBI monetary policy preview: What to expect from rates

RBI set to hike rates back to the pre-pandemic level. Gear up for further pressure on you EMIs. 

RBI monetary policy: The key expectations

RBI monetary policy preview : Highly likely the six-member panel will go for another interest rate hike to curb rising inflation

RBI monetary policy preview: The <a href="https://www.editorji.com/business-news/rbi-monetary-policy-preview-what-to-expect-from-rates-1659612114383">Reserve Bank of India's Monetary Policy</a> Committee will announce its decision on rates at 10 am on August 5 and the street is betting yet again on hike in rates. The bets vary from 25-50 bps as Governor Shaktikanta Das continues to attempt slaying the impact of imported inflation.
<h3>Here are the factors at play on the MPC's agenda:&nbsp;&nbsp;</h3>
<ul>
<li>As US Fed has made another aggressive rate hike by 75 basis points in the latest policy to tame inflation.</li>
<li>The pace of hikes by the Fed is the fastest in 40 years last seen in the era of Paul Volcker</li>
<li>Currently, inflation is at 7.01% in June and has been above RBI's comfort zone of 6% for the sixth-consecutive month.</li>
<li>Reserve Bank of India&rsquo;s six-member monetary policy committee will now likley increase the repurchase rate by 50 basis points to 5.40%, a level last seen in August 2019.</li>
<li>Commentary on currency also remains critical as the rupee languishes at record low and India's trade deficit also hitting record high.&nbsp;</li>
</ul>
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After postponing it three times, banks are still not ready for tokenization this time! 
Under the new rule by RBI, coming July 1, merchants, payment aggregators, payment gateways and acquiring banks can no longer store the card details of customers.
What is tokenisation?
With the nobel goal of protecting the security of Indians, merchants will be prohibited from storing the data of customers’ cards on their servers with effect. The central bank mandated the adoption of card-on-file (CoF) tokenisation applicable to domestic online purchases.
A customer can, however, still choose not to tokenise his or her card. In such a case, customers will have to enter complete card details every time they make a payment.
What have been big problems
Previously, the RBI was planning to apply the new card tokenization rule from 1st January 2022, onwards. But, after getting many requests from merchants, the bank increased the date by six months, and the rule will now come into effect from 1st July. 
If the extension is not provided by the RBI, the Indian banking system is likely to face considerable disruption, with customers being forced to enter their card details every time they want to transact on a merchant's payment page
What are banks saying
According to reports, most banks are currently lacking the tools and employee resources for implementation and are not equipped to accept tokens to authorise payments. So even if the customer's card information is tokenised, it cannot be used for conducting a transaction.
Banks asking for an extension on tokenisation seems like a genuine request from a system dealing with resource constraints.

Explained: Big changes from July 1 for your credit card, banks not ready

RBI initiative to curb data theft to come into force in July

Have you had trouble with your OTT payments, or have platforms where your card details were stored suddenly stopped processing your payments? Well this is all in prep for the big change that is to kick in from July 1 but wait banks are now saying they are not fully ready.&nbsp; What is tokenisation?
Tokenisation refers to the process of replacing credit/debit card details with a unique alternate code, &lsquo;token&rsquo;. Card networks such as Visa, RuPay and MasterCard will issue tokens to token requestors. Under this process, merchants will have to delete any credit and debit card data stored on their platforms and replace them with a token.&nbsp;
Also read/watch| <a title="Deloitte&rsquo;s Gen Z and Millennial Survey: Check out their top concern" href="https://www.editorji.com/business-news/deloitte-s-gen-z-and-millennial-survey-check-out-their-top-concern-1655275826223">Deloitte&rsquo;s Gen Z and Millennial Survey: Check out their top concern</a> So what changes? Customers who don&rsquo;t tokenise their cards will have to enter card details every time they make a purchase of any item or subscription on online platforms.&nbsp;
Businesses/Customers worried This is a bit particularly subscription-based platforms where users may drop off long held subscriptions due to the problems in getting 'tokenised' Also if a consumer forgets to tokenise an instalment, he/she may miss out on making the payment on time and will have to face its consequences.&nbsp; Another extension?&nbsp; As per reports, saying that the time given for implementation of the rules was too short, the Indian Banks&rsquo; Association (IBA) has submitted an extension request to the central bank.&nbsp; Countdown to deadline RBI&nbsp;introduced card tokenisation guidelines in 2020 but following requests from various stakeholders, the central bank extended the deadline twice, and the new rules are set to come into effect from July 1, 2022.
&nbsp;

As inflation continues to haunt the common man, the RBI is warning it is going to be painful for a long time. The central bank raised their inflation forecast for the year sharply and now expects the full-year CPI to average above its tolerance level. Here are the projections-:FY 23 CPI projected at 6.7% vs 5.7% earlierQ1 CPI seen 7.5% at vs 6.3% earlierQ2 CPI seen 7.4 % at vs 5.8% earlierQ3 CPI seen 6.2% at vs 5.4% earlierQ4 CPI seen 5.8% at vs 5.1% earlier

RBI raises inflation forecast sharply, price pain to remain

As inflation continues to haunt the common man, the RBI is warning it is going to be painful for a long time.

The global economy continues to grapple with multi-decadal high inflation and slowing growth

As inflation continues to haunt the common man, the RBI is warning it is going to be painful for a long time. The central bank raised their inflation forecast for the year sharply and now expects the full-year CPI&nbsp;to average above its tolerance level. Here are the projections-:
Also read/watch| <a title="RBI Monetary Policy: Repo rate hike again, shocks with 50 bps hike" href="https://www.editorji.com/business-news/markets/rbi-monetary-policy-repo-rate-hike-again-shocks-with-50-bps-hike-1654662962773">RBI Monetary Policy: Repo rate hike again, shocks with 50 bps hike</a> FY 23 CPI projected at 6.7% vs 5.7% earlier Q1 CPI seen 7.5% at vs 6.3% earlier Q2 CPI seen 7.4 % at vs 5.8% earlier Q3 CPI seen 6.2% at vs 5.4% earlier Q4 CPI seen 5.8% at vs 5.1% earlier 
RBI Governor Shaktikanta Das said the upside risk to inflation persists and the recent spike in tomato prices would fuel food inflation. Also, high global crude oil prices would add to the upside pressure on inflation.
The upward revision in inflation projection comes as domestic retail inflation has remained above RBI's comfort level of 6 per cent for four months in a row, mainly due to the Russia-Ukraine war which has impacted the prices of commodities across the globe. Das said normal south-west monsoon would boost kharif sowing and agri output. However, global geo-political situation remains fluid and commodity market remains on the edge.
A rise in price across all items from fuel to vegetables and cooking oil pushed WPI or Wholesale Price Inflation to a record high of 15.08 per cent in April and retail inflation to a near eight-year high of 7.79 per cent.
RBI has the mandate to keep inflation at 4 per cent with a bias of 2 per cent on either side. - With inputs from PTI

Two central bankers almost the same action and two very different reactions. Federal Reserve hikes rates by the most in 20 years and Wall Street witnessed a 3% rally vs Dalal Street that was whipsawed down by over 1000 points on the benchmark 30 stock index. So what where is the gap - between action and reaction Editorji explains. US Federal Reserve had braced the market for over a year for a turn in the rate cycle and also through dots and plots adjusted the bulls and bears for imminent rate hike of 50 bps. This in comparison to the shocker of a hike from RBI that came via an emergency meeting making traders wonder if the situation is more dire than they are evaluating as the central bank did not even wait for a month for it's June policy where a 25 bps rate hike was largely anticipated. The other part signal came from commentary while Governor Das portrayed a grim outlook for inflation and prices thus setting the stage for aggressive hikes, Fed chief Powell did the opposite as he dispelled worries of a 75 basis point hike from the Fed and indicated it would just be 50 bps or possibly even 25 bps as he sees inflation already cooling. 

Tale of two reactions: Why the US market rallied despite the big rate hike

Two central bankers almost the same action and two very different reactions. Federal Reserve hikes rates by the most in 20 years and Wall Street witnessed a 3% rally vs Dalal Street that was whipsawed down by over 1000 points on the benchmark 30 stock index. So what where is the gap - between action and reaction Editorji explains. 


Editorji Explains tale of two rate reactions: Dalal Street vs Wall Street

Two central bankers (2 shot of Shaktikanta, Jerome Powell) (can use black and white filter and please use the dot plots from the fed meetings from last year) US Federal Reserve had braced the market for over a year for a turn in the rate cycle and also through dots and plots adjusted the bulls and bears for imminent rate hike of 50 bps.&nbsp; (use push out transition of fed with RBI) - use many question marks with a cut out of a bull&nbsp; This in comparison to the shocker of a hike from RBI&nbsp;that came via an emergency meeting making traders wonder if the situation is more dire than they are evaluation as the central bank did not even wait for a month for it's June policy where a 25 bps rate hike was largely anticipated.&nbsp; (use image of empty podium of Fed - shutter stock has it) The stage was set and the words are what made the difference&nbsp;.The RBI&nbsp;governor raised the red flag "&nbsp;There is the collateral risk that if inflation remains elevated at these levels for too long, it can de-anchor inflation expectations which, in turn, can become self-fulfilling and detrimental to growth and financial stability" The fed chief calmed nerves as he took a 75 bps point hike off the table as he saw inflation cooling&nbsp;: &ldquo;a broad sense that additional 50 bps increases should be on the table at the next couple of meetings&rdquo;

Dow Jones Industrial Average rose 932.27 points, or 2.81%, to close at 34,061.06

Two central bankers almost the same action and two very different reactions. Federal Reserve hikes rates by the most in 20 years and Wall Street witnessed a 3% rally vs Dalal&nbsp;Street that was whipsawed down by over 1000 points on the benchmark 30 stock index. So what where is the gap - between action and reaction Editorji&nbsp;explains.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/rbi-shocks-with-a-rate-hike-40-bps-with-immediate-effect-1651653562235" target="_blank">RBI shocks with repo rate hike, CRR hike</a> US Federal Reserve had braced the market for over a year for a turn in the rate cycle and also through dots and plots adjusted the bulls and bears for imminent rate hike of 50 bps. This in comparison to the shocker of a hike from RBI&nbsp;that came via an emergency meeting making traders wonder if the situation is more dire than they are evaluating as the central bank did not even wait for a month for it's June policy where a 25 bps rate hike was largely anticipated.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/is-there-a-social-army-riding-online-to-defend-ola-1651731458442" target="_blank">Is there a social army riding online to defend Ola?</a> The other part signal came from commentary while Governor Das&nbsp;portrayed a grim outlook for inflation and prices thus setting the stage for aggressive hikes, Fed chief Powell did the opposite as he dispelled worries of a 75 basis point hike from the Fed and indicated it would just be 50 bps or possibly even 25 bps as he sees inflation already cooling.&nbsp;

rbi governor

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