T.Rabi News

This may be the case with central bank digital currency (CBDC). Announced in Nirmala Sitharaman's 2022 budget speech to bolster the unfounded belief that private virtual currencies (PVCs) like bitcoin, upon which an unpopular tax was levied, posed a threat that only a CBDC could counter, RBI was forced to railroad this project into the list of commercial bank priorities, and public consciousness. Had it been possible to rectify the misconception of its eminence grise, e₹ might never have been. After all, the capital gains tax on the sale of PVCs showed that GoI treated them as speculative assets rather than as competitive currencies. In any case, bitcoin did not threaten rupee transactions.

Russia are exploring the idea of a dynamic reference rate to start a rupee-rouble market, along with allowing greater deployment of the rupee balance that has accumulated in course of trade between the two countries since outbreak of the Ukraine war. A reference or exchange rate is aimed at overcoming the dollar trade barriers raised by US sanctions imposed on Russia in February 2022. These, along with putting in place a payment confirmation mechanism, are expected to figure during a meeting of senior central bank officials and bankers in Moscow this week, two industry persons told ET. The Reserve Bank of India (RBI) recently took feedback from banks and financial institutions dealing with Russian funds registered in India.

European banks, which also play key custodian roles in the local sovereign debt trade, have sought the Reserve Bank of India's (RBI) go-ahead for a third-party transaction model to break the impasse involving their home authorities and domestic policymakers over audit oversight rights. «There was a meeting last month between the heads of four European banks and top RBI officials. The banks have sought the RBI's approval on the proposed third-party model because there is no established rulebook for this kind of arrangement,» a source aware of the developments said. After the meeting, attended by RBI deputy governor T Rabi Sankar, the overseas lenders concerned expect the central bank to communicate its views within the next few weeks, another source said.

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.

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.

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’s Deputy Governor has warned that stablecoins pose an existential threat to policy sovereignty and are not useful to economies like India. 

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.

consultation paper on cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Thursday said the soon-to-be-introduced central bank digital currencies (CBDCs) can «kill» whatever little case that exists for private virtual currencies like Bitcoin. Sankar also attacked 'stable coins' which are pegged to a particular currency. The RBI has been vehemently opposed to cryptocurrencies like Bitcoin, saying there is no underlying value for such instruments which are essentially speculative in nature. It has gone public with the same, even as the government has yet to make its stance clear. Earlier this week, the Department of Economic Affairs in the Ministry of Finance had said it will soon be coming out with a paper on such private cryptocurrencies.

RBI has been vehemently opposed to cryptocurrencies like Bitcoin.

The Reserve Bank of India (RBI) is in a position to start off with testing and running pilot projects of Central Bank Digital Currency (CBDC) now that the legislative enablement has been done by the government, RBI Deputy Governor T. Rabi Shankar told reporters in a post monetary policy committee press conference on April 8.

CBDC) to be rolled out this year, the Finance Minister Nirmala Sitharaman said. In the union budget 2022, tabled on February 1, Sitharaman had announced that India will launch its own CBDC, backed by the Reserve Bank of India. While speaking at the India Global Forum 2022 in Bengaluru, Sitharaman said, «The government had a lot of consultation with the RBI over the digital currency. We expect the currency to come out from the apex banker this year itself.»

Reserve Bank of India (RBI) has been a stringent critic of crypto assets, reiterating its tough stand on the new age asset class. Deputy governor T Rabi Sankar called for an outright ban on private cryptocurrencies at the IBA Banking Technology Awards. He claimed the notorious early 20th century Ponzi schemes were better than investing cryptos. Prior to this, RBI governor Shaktikanta Das said that private cryptos are a serious threat to macroeconomic and financial stability, and investors should keep risks in mind as such assets have no underlying value whatsoever, 'not even a tulip'.

New Delhi: The crypto market continued to move higher as signs of ease in the conflict between Russia and Ukraine boosted the confidence of investors. Barring the dollar-pegged USD Coin, all other top digital tokens were trading with higher in early trade on Wednesday. Avalanche rose 11 per cent each, followed by a 4 per cent rise in Ethereum and BNB each.

Mumbai: Tough talk by senior Reserve Bank of India (RBI) officials on cryptocurrencies is making the Indian crypto community nervous. On Monday, RBI deputy governor T Rabi Sankar called for an outright ban on cryptocurrencies. Previously, RBI governor Shaktikanta Das had said in a monetary policy press conference that private cryptocurrencies were a threat to the macroeconomic and financial stability of the country, and investors should keep risks in mind as such assets have no underlying value whatsoever, «not even a tulip».

All of the top digital tokens were trading higher in early trade on Tuesday, led by NFTs and DeFi tokens. Solana and Avalanche rose 11 per cent each. The global crypto market cap jumped as much as 5 per cent to hit the $1.95 trillion mark. Furthermore, the total crypto market volume rallied about 16 per cent to $72.23 billion.

Mumbai: The Reserve Bank of India (RBI) deputy governor T Rabi Sankar Monday said that banning private cryptocurrencies is the best option for the country, reiterating its tough stand on the asset class. Sankar, who was speaking at the IBA Banking Technology Awards, told bankers that even the notorious early-20th century Ponzi schemes were better as the Ponzi plans invested in income earning assets while cryptos are just gambling instruments. “They (cryptos) threaten the financial sovereignty of a country and make it susceptible to strategic manipulation by private corporations creating these currencies or governments that control them,” Sankar said. “All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India.”

If cryptocurrencies are banned, investors who are law abiding would desist from investing.

fad across the world and India will next fiscal, beginning April 1, have its own version of the same which essentially would mirror the prevalent physical currency in digital form. The currency, called 'digital rupee', will be issued by the Reserve Bank in digital form and will be fungible with physical currency. The exact regulation governing this Central Bank Digital Currency (CBDC) is yet to be finalised.