-The Hindu Business Line Remonetisation taking place at a good pace, RBI Governor tells House panel New Delhi: RBI Governor Urjit Patel told the Parliamentary Standing Committee on Finance that the non-availability of the currency verification processing system (CVPS) machines is one reason why the counting of demonetised notes is not yet done. Though he painted a rosy picture of the digitisation process in the country post-demonetisation before the panel, figures presented by...
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Declining bank credit indicates poor economic performance
Apart from gross domestic product (GDP) and gross value added (GVA), another indicator which shows whether an economy is thriving or stagnating is the growth in bank credit. Credit is a critical input in the production of goods and services. It is generally the case that during prosperous times, economic actors, who are engaged in different sectors or in various industry, take up bank loans to invest. The provisional data...
More »Card, online payments made safer; customer liability cut
-The Times of India MUMBAI: Electronic payments have become safer for consumers with the Reserve Bank of India (RBI) introducing the concept of 'zero liability' and 'limited liability' for bank customers for any card or online fraud. The central bank has also made it mandatory for banks to register all customers for text message alerts and permit reporting of unauthorized transactions through a reply to the alert message. The proposal to limit...
More »Anti-Graft Forum Questions Centre's Appointment of Firm Accused of Scams for Black Money Probes -Gaurav Vivek Bhatnagar
-TheWire.in PricewaterhouseCoopers, convicted in the Rs 7,000 crore Satyam scam, had also audited accounts of Vijay Mallya’s firm and the Global Trust Bank, which collapsed. New Delhi: The Narendra Modi government’s appointment of PricewaterhouseCoopers (PwC) India to key projects like black money probes, Digital India, Make in India and Smart Cities project has been questioned by the Citizens Whistleblowers Forum. The group has also expressed concern over the RBI’s engagement of the...
More »Vague RBI guidelines see banks cap PM's Jan Dhan Yojana accounts -Mayur Shetty
-The Times of India MUMBAI: Crores of Pradhan Mantri Jan Dhan Yojana (PMJDY) account-holders risk either having their accounts frozen or having charges imposed if they exceed four debit transactions in a month. Vague wording of the Reserve Bank of India's guidelines on basic savings bank deposit accounts (BSBDA), which include PMJDY accounts, has led to banks conjuring up ways to cap free transactions. The norms applicable to PMJDY accounts are those...
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