Digital Financial News

Reserve Bank of India (RBI) Thursday said that banks must reduce their reliance on wholesale deposits to fund loans, and be watchful of the risks associated with their advances and trading exposures amid interest rate fluctuations. “Considering the dynamic nature of the interest rate risk, banks may have to address both trading and banking book risks, especially in the light of moderating net inter margins,” the RBI said in its annual report for FY24 Thursday. “On the liabilities side, it is imperative to focus on diversification of deposit sources as reliance on bulk deposits heightens sensitivity to interest rate fluctuations,” it added. The RBI also pointed out that regulatory measures aimed at slowing consumer lending have worked.

Reserve Bank of India will boost ongoing efforts towards the internationalisation of the rupee by bringing regulatory changes for non-residents, while taking steps to bolster the GIFT City’s appeal vis-à-vis other international financial centres. “Efforts are underway towards internationalisation of the Indian Rupee (INR) through settlement of bilateral trade in local currency,” RBI officials wrote in the central bank’s annual report for 2023-24. “To promote the internationalisation of INR and support local currency settlement with partner countries, it is necessary to liberalise the regulations relating to INR accounts for non-residents,” they wrote.

Since 2020, MarketNode and HSBC have jointly participated in MAS’s Project Guardian initiative, Singapore’s fund settlement infrastructure Fundnode, and several digital bond initiatives.Rehan Ahmed, president, Marketnode, comments: "HSBC’s support represents the natural extension of our collaboration across multiple asset classes since Marketnode’s inception. The marriage of Marketnode’s FMI operational expertise and HSBC’s market leading global platform represents a unique opportunity to shape the next generation of trusted and neutral market infrastructure.

The two FS giants worked with Standard Chartered-owned Hong Kong digital bank Mox and asset tokenisation tech firm Libeara on the PoC, which took place on the Hong Kong Monetary Authority's Fintech Supervisory Sandbox. It saw the first live test of the Mastercard Multi-Token Network (MTN) used for a test scenario where a Mox client wants to buy a carbon credit to offset personal carbon usage and deposit the funds for this in their bank account. In the pilot, Mox requests Standard Chartered tokenise the desired carbon credit using Libeara. Then, through the Mastercard MTN, the client’s deposit is also tokenised and an atomic swap is initiated between the two instruments. The result is a transparent, real-time transaction between Standard Chartered and Mox, with the end client receiving access to a tokenised version of their carbon credit. This can be held in a digital wallet, or used to offset their carbon footprint. Mary Huen, CEO, Hong Kong, Standard Chartered, says: "The tokenisation of real-world assets and the potential use of different forms of tokenized currency is integral to the future of the financial industry."

A new government will soon take charge at the centre. Hopefully, India’s new government will have a long-term vision and the courage to think outside the box. Nothing less will do to prepare India for the emerging new global economy, driven by fundamental, disruptive technological changes that are gathering momentum.

XMLGold users can now find world-leading Perfect Money e-currency exchange services exclusively at XMLGold.is

Defunct crypto lender Genesis distributed $2.18b worth of crypto to 232,000 users enrolled in Gemini Earn, an interest-accruing lending program. The distribution followed a New York bankruptcy judge approving the Chapter 11 plan last week.

ads over the years have left a lasting impression over the years. Be it Amul’s «Utterly Butterly Delicious,» which has been in circulation since 1966, or Cadbury ads, all of them have played a pivotal role in marketing a brand. Ads, as we know them, have a profound influence on buyers’ decisions and perceptions. Advertisements play a crucial role in placing a brand in the spotlight and capturing consumer attention. They are built on narratives that project a brand's unique proposition to consumers. However, in the pursuit of gaining consumer share, some brands are said to resort to misleading claims in their ads. Advertisements frequently use emotional appeals to persuade consumers. This can lead to decisions based on emotions rather than facts. Misleading visuals or language can make products appear more effective than they are. For example, the ASCI banned Kellogg’s Special K cereal ad in 2019 for unsubstantiated claims about reducing belly fat, something so many of us are always looking out for!

Morgan Stanley. The global investment bank, in its latest report '2024 Global Economic Midyear Outlook', attributed India's firm growth to three megatrends — global offshoring, digitalization, and energy transition. Morgan Stanley forecasts 6.8 per cent growth in 2024 (against RBI's 7 per cent), and 6.5 per cent the next, and thinks inflation will stay within policymakers' comfort zone.

Pune Police official announced that the crime branch unit will utilize AI-based software to digitally recreate the incident, providing a comprehensive view of the events leading up to the crash. A cyber expert will be tasked with designing the digital reconstruction, incorporating all relevant data such as vehicle movements, the number of people present, the speed of the Porsche, and additional critical factors. Given that the accused is a minor, he cannot be taken to the accident spot. So the reconstruction will rely heavily on forensic inputs and other indirect data sources instead of on-site re-enactment, a crime branch official told ANI.

Google will invest $2 billion in Malaysia to develop its first data centre and Google Cloud region in the country, the unit of Alphabet said on Thursday, the latest in a wave of expansion by global tech firms into Southeast Asia. The government said the investment would advance Malaysia's digital ambitions, and the artificial intelligence (AI) capabilities and other advanced technologies would help local industry move up the global value chain.

PayPal launched PYUSD on the Ethereum blockchain nearly a year ago but is now adding Solana as an option, providing users with flexibility and control. Solana is known for processing massive amounts of transactions at high speeds and low costs.

bench strength at top Indian outsourcers has nearly halved in a very short span of time, but that isn’t necessarily a very bad thing for the global services leaders. Higher utilization and generative artificial intelligence (GenAI) are helping them drive efficiencies through the talent pyramid as the $254-billion industry rides out its toughest business cycle since the global financial crisis. “Large IT services companies typically maintained a bench of 20-30% of their workforce. This has significantly reduced, with many companies now reporting a bench size of around 10%,” said Krishna Vij, business head at staffing firm TeamLease Digital. “This shift can be attributed to increased focus on upskilling and training bench employees for redeployment.”

Mastercard’s new “Crypto Credential” service has now gone live, making peer-to-peer crypto transfers far more intuitive for average users.

The top European Union cybersecurity official says that disruptive digital attacks have doubled in the 27-member bloc in recent months and election-related services are also being targeted

A federal judge has sentenced former FTX executive Ryan Salame to more than seven years in prison

student founders in the country has changed from edtech to services for the first time since 2021, Campus Fund said in its latest report. The study had findings shared in the third edition of ‘the State of Student Entrepreneurship,’ for which Campus Fund evaluated 4,800 student-led startups across the country in 2023.

India, in collaboration with the World Health Organization (WHO), intends to further strengthen the drug regulatory system to ensure quick access to high-quality medical products for all, Union Health Secretary Apurva Chandra said on Wednesday. Chandra, who is leading the Indian delegation, addressed the Plenary Session of the 77th World Health Assembly of WHO in Geneva. The health secretary started his address by highlighting the similarities of this year's theme, «All for Health, Health for All» with the age-old Indian tradition of 'Vasudhaiva Kutumbakam' which means «world is one family», a health ministry statement said. He stated that under this theme, «India launched the 'Ayushman Bharat' meaning Live Long India to promote Universal Health Coverage by operationalizing more than 1,60,000 health and wellness centres (Ayushman Aarogya Mandir)».

2024 MG Gloster facelift promises substantial design upgrades and refined interior features. According to fresh leaks (via HT Auto), a striking new front fascia, dominated by a bold three-slat grille with the MG logo, sets the tone for the SUV’s updated look.

Best bike air pump: Top 10 portable options for smooth rides and reliable inflationThe AGARO TI2147 Analog Tyre Inflator/Compressor Pump is a portable 12V DC pump designed for cars, bikes, bicycles, air boats, and other inflatables. It boasts a maximum pressure of 150 PSI, making it suitable for a variety of uses. With a fast inflation time of 2 to 5 minutes for a standard car tire, it's both efficient and convenient.

water scarcity in India represents an opportunity for companies positioned as “solution providers” said a report by J P Morgan “Those with a product or service that either improves water efficiency, alleviates water stress, improves the availability of water or removes the need for water from a process entirely.” the report said