City Sankar Financial News

Bengal assembly on Tuesday suspended Leader of Opposition Suvendu Adhikari from the House for the remaining part of the winter session for remarks against Speaker Biman Banerjee. This is the second time Adhikari has been suspended from the House.

cofounders of ecommerce platform Dealshare, have left the firm which has seen multiple rounds of job cuts and a business restructuring this year, people in the know told ET. While Rao “stepped down” from his role of chief executive in July and was supposed to work with the board for hiring a new CEO, he has now left Dealshare even as the company has yet to name his successor, several people aware of the matter said. Bora, who was chief operating officer, has also moved on from the company which is now shifting its non-tech functions to Gurgaon.

By Stephen Nellis

central bank digital currency (CBDC) transactions being carried out per day at a system-wide level is currently at 18,000, with the figure expected to rise dramatically in coming months, a government official said. In July, RBI deputy governor T Rabi Sankar had said that the central bank was aiming for a million retail CBDC transactions per day by the end of the current calendar year. The government official said on Thursday that the number of retail CBDC transactions would rise exponentially in coming months as interoperability with UPI QR codes would kick in. Sankar had said in July that 13 banks had already done partial interoperability where the UPI QR codes could be scanned for CBDCs.

Mumbai: Reserve Bank of India governor Shaktikanta Das on Wednesday asked fintech players to set up a self-regulatory organization within a year. Speaking at the Global Fintech Fest, Das said fintech companies need an effective self-regulatory structure. “They (fintech companies) need to evolve industry best practices, privacy and data protection norms in sync with the laws of the land, set standards to avoid mis-selling, promote ethical business practices, transparency of pricing, etc.

Reserve Bank of India wants the fledgling fintech sector to build its own self-regulatory organisation. The industry should form an SRO and the regulator is open to engaging with such an organisation, RBI Governor Shaktikanta Das said at the Global Fintech Festival 2023 today. Addressing the same event on Tuesday, RBI Deputy Governor T Rabi Sankar had highlighted the need for self-regulation as well.

MUMBAI : Self-regulation is the way to regulate fintech companies, according to Reserve Bank of India (RBI) deputy governor T. Rabi Sankar. Speaking at the Global Fintech Fest on Tuesday, Sankar said that fintech companies are not strictly financial entities and, therefore, the current model of regulation may not apply to these companies.

central bank digital currency (CBDC) becomes a reality, said Reserve Bank of India Deputy Governor, T Rabi Sankar. «Why is the average cost of transaction for retail 6%? It is not (because of) technology, technology can be made», said Rabi Sankar, at the Global Fintech Festival. «It's a question of consensus that has to arise globally and a commitment that has to come up on changing these systems (among central banks).» Many central banks across the world are working at digital currencies with the Bank for International Settlements guiding them.

Reserve Bank Deputy Governor T Rabi Sankar on Tuesday said the current system cannot make cross-border payments cheaper despite the advancement in technology, and policymakers will have to show «willingness» to make it happen. Regretting that commissions of over 6 per cent are charged in retail cross-border payments, Sankar said the current banking correspondent-based system cannot yield success on this front. Countries have a robust domestic payments system like the unified payments interface in the Indian context, which makes it technologically possible to make cross-border payments seamless and cheap, Sankar said while speaking at the Global Fintech Fest here. «I think it is a question of willingness.

Reserve Bank of India Board reviewed the global and domestic economic situation and associated challenges including the impact of current global geopolitical developments at its latest meeting held in Indore. The board meeting, chaired by Governor Shaktikanta Das, was held for the first time after the government released the June-quarter growth numbers. The economy expanded at 7.8%. The Board reviewed the global and domestic economic situation and associated challenges including the impact of current global geopolitical developments. Deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, Swaminathan J and other directors of the central board — S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Anand Mahindra, Pankaj Patel and Ravindra Dholakia attended the meeting.

domestic economic situation and associated challenges, including the impact of current global geopolitical developments. The 603rd meeting of the Board, chaired by Governor Shaktikanta Das, was held in Indore. The Board also discussed various areas of operations of the Reserve Bank of India including the functioning of Local Boards and activities of select central office departments, the RBI said in a statement. Directors of the Central Board — S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Anand Gopal Mahindra, Pankaj Ramanbhai Patel and Ravindra H Dholakia attended the meeting. Ajay Seth, Secretary, Department of Economic Affairs and Vivek Joshi, Secretary, Department of Financial Services also attended the meeting besides RBI deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar and Swaminathan J.

Indian multinational conglomerate Reliance’s financial services arm – Jio Financial Services (JFS) – is tapping blockchain tech and central bank digital currencies (CBDCs) for its offerings.

e-rupee payments goal, the Reserve Bank is seeking to drive daily CBDC transactions to 10 lakh from up to 10,000 by the year-end, ToI reported on July 12. This the central bank intends to do by using UPI QR codes. The RBI had launched the e-rupee for retail transactions on a pilot basis on December 1, 2022.

Mumbai: Customers will be able to use QR codes of Unified Payment Interface (UPI) network for transactions using digital currency by end of this month, said Reserve Bank of India’s deputy governor T. Rabi Sankar. Addressing heads of banks and fintech firms at an event organized by the Indian Banks Association, Sankar said interoperability of QR codes will encourage more central bank digital currency (CBDC) transactions.“Earlier merchants had to be onboarded and have a separate QR code for CBDC.

MUMBAI : The Reserve Bank of India (RBI) is working on regulations that will be more “developmental" for fintech companies, according to Reserve Bank of India (RBI) deputy governor T. Rabi Sankar. “We are working on regulations (that) would be specific to fintech entities and the fintech ecosystem," he said at an event in Bengaluru.

Reserve Bank is looking at coming out with a regulation for fintech players, Deputy Governor T Rabi Sankar said on Friday. "RBI is closely watching the evolving space of fintech...there are no fintech regulations right now.

RBI) is working on regulations that will be more «developmental» for financial technology, or fintech, companies, a deputy governor of the central bank said on Friday. «We are working on regulations (that) would be specific to fintech entities and the fintech ecosystem,» T Rabi Sankar said at an event in Bengaluru.

currency swap and trade agreements, easing of rules for foreign portfolio investments in government bonds and permitting rupee accounts outside India could boost acceptance of the local currency for cross-border trade as India seeks broader overseas acceptance for its money. «Sufficient incentives are not present for the settlement of trade transactions in INR… there is a need for a review of the extant FEMA provisions as well as for extending incentives for international trade settlements in INR,» an inter-departmental group of the central bank said in a report.

The Federal Reserve Bank of San Francisco is looking for a software engineer to help develop and implement systems related to a central bank digital currency (CBDC).

5,000 merchants and 50,000 users are now participating in India’s CBDC pilot project, the RBI’s deputy governor has said, noting that the central bank intends to proceed with the project slowly to avoid unwanted fallouts.

The Indian government doesn’t want to rush its central bank digital currency (CBDC) pilot despite joining the CBDC race just a few months ago.