All articles tagged with #rbi
India's central bank, RBI, has cut interest rates by 0.5% to 5.5%, the lowest in three years, to stimulate growth amid falling inflation and lower economic expansion, while maintaining a neutral stance for future policy adjustments.
India's Reserve Bank unexpectedly cut interest rates by 50 basis points and reduced the cash reserve ratio to stimulate growth amid global risks and slowing economic expansion, signaling limited room for further easing and aiming to support domestic demand and credit growth.
The Reserve Bank of India (RBI) has cut its key repo rate by 50 basis points to 5.50% and reduced the reserve ratio to support economic growth amid low inflation and global volatility, shifting its stance from 'accommodative' to 'neutral' with limited room for further easing, while maintaining a GDP growth forecast of 6.5%.
India's appointment of Sanjay Malhotra as the new Reserve Bank of India governor has sparked expectations of a shift towards a more dovish monetary policy, potentially leading to interest rate cuts as early as February. Malhotra, who replaces the hawkish Shaktikanta Das, is expected to balance economic growth with controlling inflation. Analysts and market indicators suggest a 25-basis-point rate cut could occur at Malhotra's first Monetary Policy Committee meeting, reflecting a response to India's slowing economic growth and rising inflation.
India's leading fintech start-up, Paytm, is facing a serious crisis as the country's central bank has ordered its banking division to stop all services due to alleged non-compliance with regulations, leading to investor nervousness and a potential loss of its banking license. The company denies the allegations and is working to address the concerns raised. The regulatory crackdown has impacted thousands of small business owners who relied on the app for transactions, and has led to a shift in customer retention to rival payment options. The crisis has raised questions about corporate governance in high-profile start-ups and has sent ripples across India's fintech and start-up ecosystem.
India's federal anti-fraud agency is investigating digital payments firm Paytm for potential violations of foreign exchange laws, leading to a $2.5 billion loss in the company's market value. The Reserve Bank of India (RBI) has instructed Paytm's banking unit to cease operations, and the company is reportedly in talks to sell its wallet business. The regulatory crackdown has raised concerns about the company's future, with the RBI expressing worries about potential money laundering through Paytm's accounts. As a result, other financial institutions like State Bank of India are preparing to support merchants and retailers affected by the uncertainty surrounding Paytm.
Shares of Indian fintech giant Paytm plunged 10% after the Reserve Bank of India (RBI) widened its curbs on Paytm’s Payments Bank, leading to concerns about the company's future. The clampdown has resulted in a significant decline in Paytm's market cap and raised doubts about its ability to continue offering banking services. The ongoing episode is also impacting investor confidence in the Indian fintech market, with regulatory changes making the sector increasingly challenging for many VCs.
Paytm's parent company, OCL, has denied any investigation by the Enforcement Directorate for anti-money laundering activities, stating that neither the company nor its CEO Vijay Shekhar Sharma are being probed. The company emphasized its compliance with Indian laws and the seriousness with which it takes regulatory orders. Paytm also clarified that the recent RBI action on Paytm Payments Bank is part of an ongoing supervisory engagement and compliance process, urging stakeholders to refer to official sources for information. This comes after reports of a potential ED probe and RBI crackdown on Paytm Payments Bank over irregularities in KYC norms and related party transactions.
India's central bank has discovered that hundreds of thousands of accounts at Paytm Payments Bank were set up without proper identification, leading to concerns about potential money laundering. The Reserve Bank of India has shared this information with the country's financial crime fighting agency and other government offices. Paytm Payments Bank has denied any wrongdoing and stated that it has not been probed by the Enforcement Directorate. The RBI has ordered the bank to wind down most of its businesses due to "persistent non-compliances and continued material supervisory concerns." If evidence of illegal activity is found, the Enforcement Directorate will investigate the bank.
India's central bank, RBI, has ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets from March, raising uncertainty about the future of its digital wallet business. The bank's digital wallet business may not be able to operate after Feb. 29 unless the RBI approves a transfer of its license to parent group One 97 Communications. Paytm faces a potential crisis as its shares plunged 20% for a second straight day, wiping about $2 billion off its market value, and analysts have downgraded the stock following the RBI order.
Indian digital payments firm Paytm's market value plunged by 20% after the Reserve Bank of India (RBI) ordered its payment bank to halt its business due to non-compliance with central bank rules. The RBI's action threatens Paytm's path to profitability and its main payments business, with analysts slashing the company's rating and target price. Paytm expects to return to normalcy by March and is working to develop partnerships with other banks following the regulatory order. The company's stock fell to a six-week low, erasing around $1.2 billion in value, and faces concerns over its lending partnerships and credibility.
The Reserve Bank of India (RBI) has directed Paytm Payments Bank to cease accepting fresh deposits in its accounts or wallets from March, potentially leading to the cancellation of its license. The bank, which is 49% owned by Paytm, has faced regulatory concerns prompting the RBI's action. Paytm has announced plans to comply with the RBI's directions and expects an impact of 3-5 billion rupees on its annual earnings. The move has raised reputation and regulatory concerns for Paytm, while the bank's ability to meet outflows is expected to be supported by its holdings in government bonds and deposits at other banks.
Carlos Correa of the Minnesota Twins has emerged as a postseason powerhouse, climbing the ranks in postseason RBIs with a strong performance against his former team, the Houston Astros. Correa's RBI double and two-run single in Game 2 of the AL Division Series propelled the Twins to a 6-2 victory. With 63 postseason RBIs, Correa now sits in third place in American League/National League history, trailing only Bernie Williams and Manny Ramirez. Correa's exceptional defense and timely hitting have made him a key player for the Twins in their playoff run.
Ramón Laureano made an impressive debut for the Cleveland Guardians, driving in the lone RBI in their 1-0 victory over the Toronto Blue Jays. Laureano became the first player since 2018 to have the only RBI in a 1-0 win in his team debut, a feat he also accomplished with the Oakland Athletics. The win keeps the Guardians in second place in the AL Central, trailing the Minnesota Twins by five wins.
The RBI's decision to withdraw Rs 2,000 notes will likely be a "non-event" due to the rise of digital transactions in India, according to an SBI Research report. The report said that the decision will actually have a favourable bearing on liquidity, bank deposits and interest rates. The share of small denomination notes (upto Rs 100) in total has declined progressively to 9.0% from 26.7% in 2017 in value terms and to 58.8% from 90.8% in 2017 in volume terms. Meanwhile, UPI has emerged as the most popular and preferred payment mode in India accounting for about 73% of the total digital payments.