India and Japan exchanged letter of cooperation pursuant to Europe derecognized Indian Clearing Houses
The Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan on Wednesday exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation. The exchange of letters takes place pursuant to the European and the UK regulators having derecognised various Indian clearing houses, including…
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First pilot for digital Rupee commences on December 1, 2022
Today, the Reserve Bank announced the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022. 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…
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Key features of electronic bank guarantee (e-BG)
Just as the name tells, Electronic Bank Guarantee (e-BG) is the Guarantee issued by the banks on behalf of their customers in digital form. The issuance of electronic bank guarantees completely eliminates papers in the process. The Guarantee issuing bank shall integrate its internal system with the Digital Document Execution (DDE) platform of NeSL (National…
Read article Outward remittances under LRS surged to 50% over the previous year
The Reserve Bank of India on Friday, November 18, 2022, released the November 2022 issue of its monthly Bulletin. The bulletin includes the details of outward remittances under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India. Remittances under the RBI’s scheme hit a record high in the previous financial year of $19.6…
Read article RBI Governor cautions banks to remain watchful of the evolving macroeconomic situation and minimise risks
The Reserve Bank of India, Mr.Shaktikanta Das held meetings on Wednesday (November 16, 2022) with the MD & CEOs of Public Sector Banks and certain Private Sector Banks. RBI Deputy Governor M. K. Jain and some senior officials of the central bank also attended the meeting. In the meeting, the Governor asked the Chiefs of…
RBI report on Municipal Finances proposes ‘Alternative Sources of Financing’
On Thursday, the Reserve Bank of India (RBI) released the Report on Municipal Finances, which is the first-ever comprehensive analysis of Municipal finances. The rapid growth of urbanisation in India has not been accompanied by a corresponding increase in urban infrastructure, which is reflected in the performance of the urban local bodies, especially MCs, the…
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