Diabytes
Reserve Bank News
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According to the Knight Frank Affordability Index, Ahmedabad is the most affordable housing market among the top eight cities, with a ratio of 18 per cent, followed by Pune at 22 per cent and Kolkata at 23 per cent.
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Lower inflation keeps the window open for one more repo rate cut by the Reserve Bank of India (RBI), apart from the 100 basis points cut announced so far, the report forecast.
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The total outstanding NRI deposits at the end of December 2024 have gone up to $161.8 billion from the corresponding figure of $146.9 billion in December 2023.
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Eight banks have been identified for phase-wise participation in RBI Retail Digital Rupee pilot. The first phase will begin with four banks, viz., State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country. Four more banks, viz., Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilot subsequently.
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Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices. Transactions can be both Person to Person (P2P) and Person to Merchant (P2M).
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The e ₹-R is a virtual token that can be used as a legal tender, according to the RBI.
It would be distributed through intermediaries, i.e., banks.
It will make the inter-bank market more efficient.
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The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued. It would be distributed through intermediaries, i.e., banks.
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The RBI defines the CBDC as the legal tender issued by a central bank in a digital form. It is the same as a sovereign currency and is exchangeable one-to-one at par with the fiat currency.
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RBI has said that the first pilot in Digital Rupee - Retail segment (e₹-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
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The scheme is based on `One Nation-One Ombudsman` with one portal, one email and one address for the customers to lodge their complaints
There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback
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India's own digital currency at works.
RBI studying feasibility.
Pilot project for phased introduction.
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India's own digital currency at works.
RBI studying feasibility.
Pilot project for phased introduction.
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India's own digital currency at works.
RBI studying feasibility.
Pilot project for phased introduction.
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Das was on Monday interviewed by Zee Business MD.
Das spoke regarding the steps taken on strengthening the banks.
He discussed issues eclipsing the banks.
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In a big development, the RBI on Tuesday placed Tamil Nadu-based private sector lender Lakshmi Vilas Bank under moratorium till December 16 this year. The RBI also and capped withdrawal at Rs 25,000 for one month.
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The consolidated fiscal deficit target is likely to overrun by 2 percentage points due to stimulus spends, lower tax receipts and dip in divestments, and will have to look for different ways of raising resources for recapitalisation, analysts at Bank of America said.
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Last month, RBI had asked banks and NBFCs to maintain provisions of up to 10 per cent on all accounts that are at least 1 day past due and where a moratorium has been granted. The provision will be spread over two quarters - March, 2020 and June, 2020.
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This segment of Zee News brings top 25 news stories of the day. Watch this video to know the latest news.
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This segment of Zee News brings top news stories of the day. Watch this video to know more.
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This segment of Zee News brings top 25 news stories of the day. Watch this video to know the latest news.
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