BUSINESS
RBI looks at securitisation of NPAs, provisioning on expected loss basis for banks
He also said new guidelines on the regional rural banks (RRB) allowing internet banking facilities to their customers will be issued soon. According to Das, the proposed guidelines for securitisation will be in addition to the ones that are in vogue. In September 2021, the RBI had issued the revised framework for securitisation of standard assets.
Card tokenisation to kick in, laggards are there: RBI
According to RBI Deputy Governor T. Rabi Shankar, a total of 35 crore tokens have been created and the system is ready to be rolled out. He also said in September, 40 per cent of the online card transactions valued at about Rs 63 crore has been tokenised.
Disciplined Confidence: RBI Policy September 2022
Before we turn to the important takeaways, here is one observation: if what one looks for is assured navigation in central bankers, then Das is amongst the best we have ever had. Thus there is a clear recognition of our strengths and a sense of confidence in the face of global challenges. However, the resolute normalisation of policy nevertheless continues without taking the eye off the ball.
Hike in repo rate likely to impact affordable housing
"The current 50 BPS repo rate hike by RBI now makes it higher than the pre-pandemic levels. At one level it reflects the confidence in the economy and future growth outlook, at another level it was necessitated by the recent global developments such as the Russia-Ukraine conflict, including aggressive monetary policies pursued by global central banks.
RBI rate hike expected, terminal rate hike to be 6.5%: Experts
They also said the MPC's future rate actions will be determined by the domestic inflation situation. For a third consecutive time, the MPC has hiked the policy rate by 50 bps, taking the cumulative hike to 190 bps. "The frontloading of the repo rate hike was expected, particularly in the light of a sharper rate hike path stated by the United States Fed and continued rate hikes by other major central banks," said credit rating agency Crisil Ltd.
Banks will increase interest rates on deposits
Queried about banks passing on the interest rate hikes to their borrowers while not increasing their deposit rates, he said that the bank credit is picking up and they will be needing funds. There is adequate liquidity available in the system, about Rs 5 lakh crore, he said.
RBI to write to government on inflation after MPC meet
Queried about the letter that the central bank would write to the government, he said that the MPC will have to meet before penning a letter to the government. However, he said it is a privileged communication between the RBI and the government, and the RBI will not make the letter public, he said.
Amazon brings live shopping via content creators to India
More than 150 content creators are livestreaming during the ongoing Amazon Great Indian Festival, informed the company. "Through Amazon Live, Amazon India aims to connect the influencers with customers at scale, enabling them to make informed purchases," said Kishore Thota, Director, Customer Experience & Marketing, Amazon India.
Hiring in India up ahead of festive season, records 13% YOY growth
"The JobSpeak Index crossing the 3100 mark in Sep'22 is a great sign marking strong intent amongst recruiters before the festive period kicks in. It is notable to see that key sectors of Insurance and Real Estate have maintained their growth momentum and have recorded sterling performances," Pawan Goyal, Chief Business Officer, Naukri.com, said in a statement.
RBI does not have fixed dollar-rupee exchange rate: Governor
He also said the aspect of adequacy of forex reserves is always kept in mind while RBI intervenes in the forex market. The umbrella continues to be strong. Announcing the Monetary Policy statement on Friday Das said during the current financial year (up to September 28), the US dollar has appreciated by 14.5 per cent against a basket of major currencies.
Don't Miss
Advertisement