Are public sector banks (PSBs) important for the economy? Have the PSBs served the purpose for which they were created? Could the PSBs compete efficiently against the private sector banks (PVBs)? These are some of the questions, which have been answered by a chapter in the RBI Bulletin's August edition. Efficiency of PSBs Co-authored by Snehal S Herwadkar, Sonali Goel, and Rishuka Bansal (2022) of the Banking Research Division, Reserve Bank of...
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Five years later, it’s even more clear that demonetisation was a disaster for India -Arun Kumar
-Scroll.in The move brought about a policy-induced crisis for the country and did little to stop the flow of black money. The demonetisation of high-denomination currency notes on November 8, 2016, created a nightmare for citizens that lasted several months. Long queues formed outside the banks and ATMs to obtain swap denotified currency notes for new ones so that life could continue. This situation persisted even beyond December 30, 2016, the last...
More »Digital transactions rise sharply, banks’ RTGS up 34% in March: RBI data -Aashish Aryan & Sunny Verma
-The Indian Express The usage of cash and other cash-based services, however, dipped during the period, the data showed. New Delhi: The month of March, in which the national lockdown began, saw a sharp rise in digital financial transactions countrywide, according to data accessed by The Indian Express. According to the latest Reserve Bank of India (RBI) data, the total value of Real Time Gross Settlement (RTGS) transactions — the biggest online payment...
More »What will be available and what will be closed during the 21-day lockdown
-The Hindu Narendra Modi has announced a 21-day lockdown starting from midnight tonight as a major step in fighting the COVID-19 pandemic. During the “containment” period of 21 days from March 25, 2020, the following services Will remain open: * Shops, including ration shops, dealing with food, groceries, fruits and vegetables, dairy and milk booths, meat and fish, animal fodder. District authorities to encourage home delivery to minimise individual movement. * Banks, insurance offices and...
More »'Digital divide' persists despite the country's desire to become a digital giant
A recent report of the Ministry of Statistics and Programme Implementation (MoSPI) brings forth the dichotomy between digital divide and India’s transition towards a cashless economy. The rural-urban divide in access to computer and internet is quite stark, according to the report entitled 'Key Indicators of Household Social Consumption on Education in India, July 2017 to June 2018'. The 75th round National Sample Survey (NSS) report on education finds that...
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