BUSINESS
Stumped by RBI's decision on repo rate, experts react
Interestingly, RBI Governor Shaktikanta Das on Thursday announced that the MPC has decided to hold the repo rate at 6.5 per cent. Consequently, the standing deposit facility (SDF) rate will remain unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
Cloud kitchen operator Curefoods raises Rs 300 cr to diversify offline
The round, consisted of primary and secondary equity and debt, also saw participation from IronPillar, Chiratae Ventures, ASK Finance and Winter Capital. Curefoods said it aims to use the money to expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence. "Our investors understand our brand vision very well and are aligned to our long-term goal of creating multiple 500 crore brands," said Ankit Nagori, Founder of Curefoods.
UPI emerges as 2nd most popular mode to repay digital loans: Report
According to AI-based financial wellness platform CASHe, about 84 per cent of millennials prefer credit lines over personal loans (14 per cent) and Buy Now, Pay Later (BNPL) (2 per cent)."The report offers unrivalled access to a large sample of data covering over 5,40,000 millennials -- the insights provided here are valuable to policymakers, financial institutions.
Credit Information Cos to compensate for delayed updation/rectification: RBI
Recently, the CICs were brought under the purview of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS). "It is now proposed to put in place the following measures: (i) a compensation mechanism for delayed updation/rectification of credit information reports; (ii) a provision for SMS/emailAalerts to customers whenever their credit information reports are accessed; (iii) a timeframe for inclusion of data received by CICs from Credit Institutions; and (iv) disclosures on customer complaints received by CICs," Das said.
Pre-sanctioned credit lines at banks through UPI: RBI
"It is now proposed to expand the scope of UPI by permitting operation of pre-sanctioned credit lines at banks through the UPI. This initiative will further encourage innovation," Das said. According to him, the UPI has transformed retail payments in India and its robustness has been leveraged to develop new products and features from time to time.
China cracks down on big banks
The Communist Party's top anti-graft agency, the Central Commission for Discipline Inspection (CCDI), has investigated more than a dozen senior executives at the country's most important financial institutions so far this year, CNN reported. Three big names at the very top of China's financial system have been probed or charged, according to the CCDI, including Li Xiaopeng, the former chairman of China Everbright Group -- one of the country's oldest and largest state-owned financial conglomerates.
Unchanged repo rate comes as relief for affordable segment homebuyers
Real Estate consultant Anarock termed the unchanged Repo Rates as a boon for the Housing sector. Anuj Puri, Chairman, Anarock Group said that much against general expectations, the RBI decided to keep the repo rates unchanged at 6.5 per cent. "This is indeed good for the residential real estate market, which faces a tough road ahead amid massive layoffs by large corporates the world over
No change in repo rate, GDP projected at 6.5% for FY24
The MPC decided to keep the repo rate -- the rate at which RBI lends to the banks -- at 6.5 per cent taking into account the macroeconomic conditions. In the same vein, the RBI Governor added the war against inflation to continue till the decline in inflation rate is closer to the target -- 4 per cent.
Digital transactions see 178% rise in volume in 3 years
According to official figures, between 2019-20 and 2022-23, the volume of digital transactions rose from Rs 4,572 crore to Rs 12,735 crore, showing a rise of 178 per cent in just three years. Also, BHIM-UPI has emerged as the preferred payment mode and has achieved a record of 753.48 crore digital payment transactions with the value of Rs 12.36 lakh crore in February 2023 alone, sources added.
Business correspondent as extended arm of banks needs to be strengthened
According to a report, there is a need to significantly expand the scope of digital financial services and address key challenges to make the industry self-reliant, more efficient, effective and impactful. Grameen Foundation India (GFI) and the Business Correspondent Federation of India (BCFI) have jointly released a report.
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