Reserve Bank of India (RBI)

The Reserve Bank of India has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021, with March 2018 as the base to capture the extent of digitization of payments across the country. The index for March 2024 stands at 445.50, compared to 418.77 for September 2023. This increase in the RBI-DPI index reflects significant growth in payment performance and payment infrastructure across the country over the period. The rise across all parameters demonstrates India’s continued progress in embracing digital payments and enhancing the digital economy. More details on RBI Website at https://lnkd.in/dAd5SZnE

Today, the Reserve Bank of India released the Report on Currency and Finance (RCF) for the year 2023–24. The theme of the report is “India’s Digital Revolution”. The report reflects the views of the contributors and not of the Reserve Bank. Here are some of the report's highlights: i. India is at the forefront of the digital revolution, leveraging on its digital public infrastructure, a vibrant financial technology (FinTech) ecosystem and a conducive policy environment to emerge as the fastest-growing digital economy in the world. ii. Digital technologies are unlocking opportunities in financial inclusion, fiscal transfers and cross-border trade and remittances. iii. Taking stock of India’s digital journey so far, the report explores emerging opportunities and challenges, supported by surveys of key stakeholders and data analytics. iv. The Report finds empirical support for a positive role of the regulatory framework in increasing the confidence of consumers in digital financial products, boosting operating and technical efficiencies of financial institutions, and engendering more liquid and integrated financial markets. v. Digital technologies also present challenges related to cybersecurity, data privacy, vendor and third-party risks, customer protection, upskilling and reskilling of human resources, complex financial products and business models. Balancing financial stability, customer protection, and competition while supporting an environment congenial for innovations is the key policy challenge. The report is available on RBI Website at https://lnkd.in/dAZiyM7k

The Reserve Bank of India announced the Fifth Cohort of its Regulatory Sandbox on October 27, 2023. Out of twenty-two applications, five innovative solutions have been selected for the Test Phase starting in August 2024. More details on RBI website at https://lnkd.in/dTH47sWb

The Reserve Bank of India, today issued a Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks. The salient features of the PCA Framework are as follows: I. The framework has been suitably harmonised with similar frameworks applicable for Scheduled Commercial Banks and Non-Banking Financial Companies, with suitable modifications keeping in mind the underlying principle of proportionality. II. The PCA framework is largely principle-based with fewer number of parameters as compared to the SAF, without any dilution in the supervisory rigour. III. The revised framework seeks to provide flexibility to design entity specific supervisory action plans based on the assessment of risks on a case-by-case basis. IV. The hard-coded limit of Rs 25,000/- for restrictions on capital expenditure by UCBs under SAF has been dispensed with. The revised framework enables the Supervisors to decide the limit depending upon their assessment of each entity. V. The PCA Framework has been made applicable to all UCBs in Tier 2, Tier 3 and Tier 4, except UCBs under All Inclusive Directions (AID). VI. Tier 1 UCBs have been excluded from the PCA framework for the present. However, they shall continue to be subjected to enhanced monitoring under the extant supervisory framework. VII. The revised framework is expected to give more focus on the larger UCBs requiring more intensive monitoring by optimal utilisation of supervisory resources. More details are available on RBI Website at https://lnkd.in/dtPvskPD

On July 19, 2024, Shri M. Rajeshwar Rao, Deputy Governor of RBI, delivered a speech at the J.P. Morgan India Leadership Series Lecture. Addressing the critical topic "Climate Change – The Emerging Challenge," Shri Rao highlighted the significant impacts of climate change on our economy and financial stability. For a detailed understanding of his insights and recommendations, you can read the full speech on the RBI website at https://lnkd.in/d5yJJJ64

The Reserve Bank of India today released a revised framework for domestic money transfers, factoring in significant increase in the availability of other banking and payment systems for such fund transfers. Following a comprehensive review undertaken of various services facilitated in the current framework, a revised framework has been made available on the RBI website today at: https://lnkd.in/d4MtTUvJ

Role of Assurance Functions in Navigating Growth and Risk - Remarks by Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India - July 22, 2024 - delivered at BFSI Summit organized by CareEdge in Mumbai. The speech is available on RBI website at

Governor, Shri Shaktikanta Das delivered the inaugural address at the Financial Express Modern BFSI Summit 2024 in Mumbai today, on the theme "Current Issues in the Indian Banking and Financial Sector." The full speech is available on the RBI website at https://lnkd.in/gRfncaWb

HaRBInger 2024 – Third Global Hackathon of Reserve Bank of India – Extension of timeline for submission of applications https://lnkd.in/d8uXMYkh

Coming up: Inaugural address by Governor @DasShaktikanta followed by Fireside Chat at the FE Modern BFSI SUMMIT 2024 on July 19, 2024, at 10:30 AM. Watch live on RBI YouTube Channel at https://lnkd.in/g5XKaTq6 @FinancialXpress #RBI #rbitoday #rbigovernor #shaktikantadas #reservebankofindia #BFSI #FEmodernBFSISummit