Reserve Bank of India (RBI) is planning to extend wholesale Central Bank Digital Currency (CBDC) as a token for interbank borrowing or call money market, RBI sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e₹-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities.
Courtesy: The Free Press Journal
The Reserve Bank of India (RBI) issued a set of guidelines in regard to digital lending, listing companies allowed in the business, the rules for loans and data collection, and how the fee is charged. On August 10, the RBI announced the digital lenders, which will be regulated by the RBI and concerned authorities. Furthermore, the regulated guidelines will be helpful to curb illegal activities in digital lending.
Courtesy: Business Standard
Governor of Central Bank of Sri Lanka Nandalal Weerasinghe expressed confidence in overcoming the worst economic crisis, the nation is facing, if functioned independently. The newly-appointed Governor said, Sri Lankan PM Gotabaya Rajapaksa gave him authority to run the bank without any interference or influence of political angles, and take decisions independently, benefiting the nation and its people. Furthermore, Weerasinghe will have a… read-more
In an attempt to digitise the Indian Rupee, India is likely to start the first digital currency trail programmes by the end of 2021, said the RBI's governor Shaktikanta Das. The currency is basically the digital version of hard currency and would be called central bank digital currencies. Under the trial, the RBI will study various aspects such as its security, impact on the financial sector, and Monetary policy.
Deputy Governor of Reserve Bank of India (RBI), T Rabi Sankar, said that the central bank was considering to lunch India's own digital currency in a phased manner, backed by sovereign so that the country can reiterate its position in the payment system field. Sankar also hinted that the RBI's stand on private cryptocurrencies remains unchanged and that if everything is successful, India will enter a new digital era.
Courtesy: Tech Crunch
The Centre may include the Central Bank of India and Indian Overseas Bank in the next round of privatisation, as per the government sources. Reportedly, the two banks have been suggested by the NITI Aayog, and they are being analysed by the disinvestment and financial services departments. The sources added that "the timeline [for the privatisation of state-run banks] will depend on the legislative changes required."
Courtesy: The Times of India