'RBI issued instructions on trading in Priority Sector Lending Certificates (April 7, 2016) and a platform to enable trading in the certificates through its core banking solutions (CBS) portal (e-Kuber). All Scheduled Commercial Banks (including Regional Rural Banks), Urban Co-operative Banks, Small Finance Banks (when they become operational) and Local Area Banks are eligible to participate in the trading'.
At the recently concluded Economic Symposium organized by US Fed at Jackson Hole, Wyoming involving leading central bankers and economists from around the world, there was a growing clamor for more radical measures to fuel growth and inflation. The chief among them being negative interest rates being used in Japan & Europe to stimulate anemic growth.
The number of cashless transactions in our country is really poor. It is 6 transactions per person in a year, also considering the fact that hardly 1.1 million out of 11 million retailers have infrastructure for card payments. However the number of people using smartphones is predicted to reach 500 million in next five years hence RBI has set its goal to tap into this segment and assist in making India a cashless economy.
Overall, the rate of increase in bad loans for the banking industry slowed in the June quarter, but the trend is not uniform even for the private banks.
For once the choice of the intelligentsia might have been closely mirrored by the government's decision to appoint Urjit Patel as successor to Raghuram Rajan as the 24th Governor of the Reserve Bank of India. With a M Phil from Oxford and a PhD in Economics from Yale he seemed to be best suited to take over the Governor's post along with Subir Gokarn amongst the many speculations for the position, in the last few months, after Rajan announced his return to academia.
Urijit Patel has reputable college degrees in his kitty plus plethora of experience on variegated economic and monetary fronts. Here is wiki link to his profile Urjit R. Patel.
That the Reserve Bank of India (RBI) would not cut its policy rate in the August bi-monthly review was almost a given. To that extent, there was no surprise in the monetary policy review on Tuesday. Far more interesting than the 2,175-word review was the statement that RBI governor Raghuram Rajan read out (it was roughly one-third of the policy review, in length) at the customary press conference after releasing the review. It ended intriguingly. “This is my last policy statement, but there are still 28 days in my term which I intend to use fully,” Rajan said.
'RBI issued instructions on trading in Priority Sector Lending Certificates (April 7, 2016) and a platform to enable trading in the certificates through its core banking solutions (CBS) portal (e-Kuber). All Scheduled Commercial Banks (including Regional Rural Banks), Urban Co-operative Banks, Small Finance Banks (when they become operational) and Local Area Banks are eligible to participate in the trading'.
At the recently concluded Economic Symposium organized by US Fed at Jackson Hole, Wyoming involving leading central bankers and economists from around the world, there was a growing clamor for more radical measures to fuel growth and inflation. The chief among them being negative interest rates being used in Japan & Europe to stimulate anemic growth.
The number of cashless transactions in our country is really poor. It is 6 transactions per person in a year, also considering the fact that hardly 1.1 million out of 11 million retailers have infrastructure for card payments. However the number of people using smartphones is predicted to reach 500 million in next five years hence RBI has set its goal to tap into this segment and assist in making India a cashless economy.
Overall, the rate of increase in bad loans for the banking industry slowed in the June quarter, but the trend is not uniform even for the private banks.
For once the choice of the intelligentsia might have been closely mirrored by the government's decision to appoint Urjit Patel as successor to Raghuram Rajan as the 24th Governor of the Reserve Bank of India. With a M Phil from Oxford and a PhD in Economics from Yale he seemed to be best suited to take over the Governor's post along with Subir Gokarn amongst the many speculations for the position, in the last few months, after Rajan announced his return to academia.
Urijit Patel has reputable college degrees in his kitty plus plethora of experience on variegated economic and monetary fronts. Here is wiki link to his profile Urjit R. Patel.
That the Reserve Bank of India (RBI) would not cut its policy rate in the August bi-monthly review was almost a given. To that extent, there was no surprise in the monetary policy review on Tuesday. Far more interesting than the 2,175-word review was the statement that RBI governor Raghuram Rajan read out (it was roughly one-third of the policy review, in length) at the customary press conference after releasing the review. It ended intriguingly. “This is my last policy statement, but there are still 28 days in my term which I intend to use fully,” Rajan said.
