Monday, December 23

Tag: Reserve Bank

By 2047, India to remain a lower middle country if growth remains 6%: Rajan
17Dec By adminNo Comments
Business

By 2047, India to remain a lower middle country if growth remains 6%: Rajan

The former RBI chief said some southern states are growing with regards to population at below reproduction rate Former Reserve Bank Governor Raghuram Rajan said India will still remain a lower middle country if the growth rate remains at 6 per cent annually without any rise in population by 2047 (Amrit Kaal) and will be reaching the end of the demographic dividend by then. Speaking at a programme organised by Manthan here, the economist said if the country does not grow faster, it will grow older (demographically) before it gets richer, which means there is the burden of an aging population to deal with also at that point. "If you do the math, at 6 per cent a year, you double every 12 years, and therefore in 24 years, we'll be four times our per capita income. Today, ...
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Banks: Banks disburse Rs 1,400 cr of loans under frictionless credit platform: RBI ED
19Oct By adminNo Comments
Business

Banks: Banks disburse Rs 1,400 cr of loans under frictionless credit platform: RBI ED

MUMBAI: Banks have disbursed over Rs 1,400 crore in loans under the 'frictionless credit' platform since its launch on August 17, a senior Reserve Bank official said on Thursday. Speaking on the sidelines of an Assocham event, Ajay Kumar Choudhary, an executive director at the central bank, said around 20,000 central bank digital currency transactions are taking place on a daily basis right now. The RBI launched the new approach earlier this year under which lenders will be able to disburse retail loans like the ones to agriculturists in a matter of minutes, using an analytics engine that aggregates borrower details from multiple sources, including bank details and land records, to take a call on loan proposal. "70,000 loans and more than Rs 1,400 crore of loans have been disbursed since ...
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RBI allows pre-sanctioned credit lines through UPI
4Sep By adminNo Comments
Business

RBI allows pre-sanctioned credit lines through UPI

MUMBAI: The Reserve Bank on Monday said the UPI System will also include pre-sanctioned credit lines issued by banks for transactions.Earlier, only the deposited amount could be transacted through the UPI System.In April, the RBI proposed to expand the scope of the Unified Payments Interface (UPI) by enabling transfer to/from pre-sanctioned credit lines at banks.Currently, savings accounts, overdraft accounts, prepaid wallets and credit cards can be linked to UPI.The scope of UPI is now being expanded by the inclusion of credit lines as a funding account, it said in a circular on 'Operation of Pre-Sanctioned Credit Lines at Banks through UPI'."Under this facility, payments through a pre-sanctioned credit line issued by a Scheduled Commercial Bank to individuals, with the prior consent of ...
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RBI selects McKinsey and Company, Accenture Solutions to use AI, ML to improve regulatory supervision
13Aug By adminNo Comments
Business

RBI selects McKinsey and Company, Accenture Solutions to use AI, ML to improve regulatory supervision

MUMBAI: The Reserve Bank has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions. The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts. In September last year, the RBI invited expressions of interest (EoI) for engaging consultants for the use of advanced analytics, artificial intelligence and machine learning for generating supervisory inputs. Based on the scrutiny/evaluation set out in the EOI document, the central bank had shortlisted seven...
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