-Moneycontrol.com A five-judge Constitution Bench of the Supreme Court was hearing a batch of 58 petitions that challenged the Union Government’s decision to demonetise Rs 500 and Rs 1,000 currency notes six years ago. Junking allegations of any procedural lapses by the Centre during the demonetisation in November 2016, the Reserve Bank of India told the Supreme Court on December 5 that the central bank itself had recommended the Government of India...
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Would the government have brushed aside the Reserve Bank of India if it had objected to demonetisation, Supreme Court asks Centre
-The Hindu The question came in response to the Attorney General’s statement that the government and the RBI had ‘acted in consultation’ to notify demonetisation in November 2016 The Supreme Court on Monday asked the government whether it would have brushed aside objections from the Reserve Bank of India (RBI) had the Central bank opposed the demonetisation policy. The question from the Constitution Bench led by Justice S. Abdul Nazeer came after Attorney...
More »Explained: Why India’s economic growth slowed in the July-September quarter -Nachiket Deuskar
-Scroll.in The fading away of the base effect and a contraction in the manufacturing sector led to the falling numbers. India’s gross domestic product grew by 6.3% in the July-September quarter of financial year 2022-’23, the Union Ministry of Statistics and Programme Implementation said on Wednesday. This was a sharp decrease from the 13.5% growth in the previous April-June quarter. In the corresponding July-September quarter of financial year 2021-’22, the growth rate was...
More »RBI reluctant to hand out NBFC licence to fintechs -Hamsini Karthik
-The Hindu Business Line PhonePe - ZestMoney deal to set precedence for fintechs to explore backdoor entry into the lending business Despite three months of engagement and continued discussions with the banking regulator, fintechs may not have cracked the code yet to operate as non-bank lenders. Highly placed sources say the Reserve Bank of India is reluctant to issue non-bank finance company or NBFC licences to fintechs. PhonePe, Razorpay, BharatPe, Khatabook, OkCredit and...
More »‘Did RBI inform govt of impact on circulation?’: SC asks govt on demonetisation -Abraham Thomas
-Hindustan Times Under the Reserve Bank of India (RBI) Act Section 26(2), a recommendation by the RBI’s Central Board precedes any decision to demonetise any series of currency notes. The Supreme Court on Friday asked the central government if the Reserve Bank of India (RBI) had informed it that demonetisation will result in the withdrawal of over 86% currency in circulation. Making a query to the Centre as part of its consideration of...
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