Goverment Notice/Circulars

Affordable Housing for All: Dive into PM Awas Yojana Urban 2.0

23Aug

By Ankit1 Comment

Affordable Housing for All: Dive into PM Awas Yojana Urban 2.0

The Pradhan Mantri Awas Yojana Urban 2.0 (PMAY-U 2.0) is a significant initiative launched by the Government of India aimed at providing affordable housing to urban residents, particularly targeting the economically weaker sections of society. This scheme is part of the government's broader goal of ensuring "Housing for All" by 2022 and has been allocated a substantial budget of ₹10 lakh crores for the financial year 2024. Objectives of PM Awas Yojana Urban 2.0 Affordable Housing: The primary objective is to provide affordable housing to urban poor families, ensuring that every family has access to a safe and secure home. Reduction of Housing Shortage: The scheme seeks to address the significant housing shortage in urban areas, which has been exacerbated by rapid urbanization. ...

PM Modi Unveils ₹29,400 Crore Infrastructure Bonanza for Mumbai

14Jul

By AnkitNo Comments

Blog, Economics, Finance, Goverment Notice/Circulars

PM Modi Unveils ₹29,400 Crore Infrastructure Bonanza for Mumbai

Prime Minister Narendra Modi visited Mumbai today, July 13, 2024, and announced a slew of major infrastructure projects worth over ₹29,400 crore.[1][3] The key projects launched by PM Modi include: Laying the foundation stone for the Thane-Borivali Tunnel Project, valued at ₹16,600 crore. This 11.8 km tunnel will create a direct connection between the Western Express Highway at Borivali and Ghodbunder Road in Thane, reducing travel time by 1 hour.[1] Launching the Goregaon Mulund Link Road (GMLR) project, worth over ₹6,300 crore. This will connect the Western Express Highway at Goregaon to the Eastern Express Highway at Mulund, cutting travel time from 75 minutes to just 25 minutes.[1][3] Initiating the Kalyan Yard remodelling project and the Gati Shakti Multi...

RBI’s “Finquiry”: A Dedicated Platform for Fintech Collaboration

26Jun

By AnkitNo Comments

BFSI, Fintech, Goverment Notice/Circulars

RBI’s “Finquiry”: A Dedicated Platform for Fintech Collaboration

The Reserve Bank of India (RBI) has taken a significant step towards fostering a more collaborative and transparent relationship with the burgeoning fintech sector by launching "Finquiry." This dedicated two-hour window, held on the last working Wednesday of every month from 3 PM to 5 PM at the RBI's FinTech Department in Mumbai, provides a platform for direct interaction between fintech companies and RBI officials. Finquiry: Key Details Commencement Date: June 26, 2024 Schedule: Last working Wednesday of every month Timing: 3 PM to 5 PM Venue: FinTech Department, RBI Central Office, Mumbai Purpose: To facilitate direct interaction between fintechs and RBI officials Finquiry: A Bridge Between Innovation and Regulation Finquiry's primary objective is to facilitate open...

RBI’s Directions To Improve Cyber Resilience across Digital Payments Ecosystem

4Jun

By Ankit3 Comments

BFSI, Cyber Crime, Goverment Notice/Circulars, Regtech

RBI’s Directions To Improve Cyber Resilience across Digital Payments Ecosystem

The Reserve Bank of India (RBI) has taken a significant step towards bolstering the security of India's digital payments ecosystem with the release of its Draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs) on June 2, 2023. These Directions aim to improve overall information security preparedness, with a strong focus on cyber resilience, and are a testament to the RBI's commitment to safeguarding the integrity and reliability of digital transactions in India. A Multi-Layered Approach to Security: The Directions adopt a comprehensive approach to security, encompassing multiple layers of protection: Governance and Accountability: PSOs are mandated to establish a Board-approved Information Security (IS) policy, outli...

RBI Launches Survey on Computer Software and ITES Exports: A Look at India’s Tech Powerhouse, 2023-24

3Jun

By AnkitNo Comments

BFSI, Goverment Notice/Circulars

RBI Launches Survey on Computer Software and ITES Exports: A Look at India’s Tech Powerhouse, 2023-24

The Reserve Bank of India (RBI) has taken a significant step towards understanding the current state and future prospects of India's booming IT sector by launching a comprehensive survey on Computer Software and Information Technology Enabled Services (ITES) exports for the financial year 2023-24. This move underscores the central bank's recognition of the sector's crucial role in the Indian economy and its desire to gain valuable insights for policymaking. Understanding the Survey: The survey, conducted by the RBI, aims to gather data from various stakeholders in the IT sector, including software and ITES companies, export promotion councils, and industry associations. It will delve into various aspects of the sector, including: Revenue and employment: The survey will assess the ov...

The RBI’s Regulatory Sandbox: Fostering Innovation in India’s FinTech Landscape, 2024

15May

By AnkitNo Comments

BFSI, Fintech, Goverment Notice/Circulars, Regtech

The RBI’s Regulatory Sandbox: Fostering Innovation in India’s FinTech Landscape, 2024

The Reserve Bank of India (RBI) has established itself as a leader in fostering innovation in the country's rapidly evolving FinTech landscape. In August 2019, the RBI launched its Regulatory Sandbox (RS), becoming one of the few countries with such an ecosystem. This initiative provides a controlled environment for eligible entities to live test their innovative products and services, enabling regulated and orderly growth of the FinTech sector in India. The RS operates through thematic cohorts, focusing on specific areas of innovation. Past cohorts have addressed themes such as retail payments, cross-border payments, MSME lending, and prevention of financial fraud. To ensure continuous innovation, the RS also accepts "On Tap" applications for closed themes, currently open for the first...

RBI’s New rule for Custodian Bank: T+1 Settlement Regime

14May

By AnkitNo Comments

Banking, BFSI, Goverment Notice/Circulars

RBI’s New rule for Custodian Bank: T+1 Settlement Regime

The Reserve Bank of India (RBI) has revised its guidelines for custodian banks in response to the implementation of the T+1 settlement regime for stocks. These revised guidelines aim to enhance risk management practices within the custodian banking sector amidst the transition to a faster settlement cycle. Key Highlights: Maximum Intraday Risk: Custodian banks issuing Irrevocable Payment Commitments (IPCs) will face a maximum intraday risk equivalent to 30% of the settlement amount, classified as capital market exposure (CME). Risk Mitigation Measures: Cash margins reduce exposure by the amount paid. Margins paid in permitted securities to mutual funds and foreign portfolio investors (FPIs) reduce exposure, subject to the Exchange's prescribed haircut on ac...

RBI announces new measures to boost credit growth and liquidity

12May

By AnkitNo Comments

BFSI, Blog, Goverment Notice/Circulars

RBI announces new measures to boost credit growth and liquidity

The Reserve Bank of India (RBI) announced a slew of measures to boost credit growth and liquidity in the economy. These measures include: Reduction in the repo rate by 25 basis points to 6.00%. This is the third consecutive rate cut by the RBI this year. Reduction in the cash reserve ratio (CRR) by 50 basis points to 3.00%. This will release Rs 1.35 lakh crore of liquidity into the banking system. Opening of a special window to provide liquidity to non-banking financial companies (NBFCs). This will help to address the liquidity concerns of NBFCs and ensure the smooth flow of credit to the economy. Extension of the on-tap liquidity window for banks till March 31, 2020. This will provide banks with additional liquidity support. Relaxation of the prompt co...

Reserve Bank of India’s (RBI) Payments Vision 2025 document: Key Points

9May

By Ankit1 Comment

BFSI, Blog, Goverment Notice/Circulars, Review

Reserve Bank of India’s (RBI) Payments Vision 2025 document: Key Points

The Payments Vision 2025, published by the Reserve Bank of India (RBI), outlines the strategic direction for India's payment systems until December 2025. It aims to enhance payment systems, address challenges in cross-border payments, and promote cost, speed, access, and transparency. The document emphasizes the importance of safe, secure, reliable, accessible, affordable, and efficient payment systems for economic development and financial inclusion. Key Highlights of Payments Vision 2025: Importance of Payment Systems: The document recognizes the crucial role of payment systems in economic development and financial inclusion. It highlights the need for safe, secure, and efficient payment options to support India's growth. Advancements in Digital Payments: The document acknowledg...

RBI’s Gold Rush: Stacks Up 18.5 tonnes of gold in Jan-Mar

8May

By AnkitNo Comments

BFSI, Economics, Goverment Notice/Circulars

RBI’s Gold Rush: Stacks Up 18.5 tonnes of gold in Jan-Mar

Global central banks continued to bolster their gold reserves in March, with significant purchases led by emerging market banks, according to data from the World Gold Council (WGC). Central banks collectively added 16 tonnes of gold to their reserves during the month, matching the additions seen in February. The Reserve Bank of India (RBI) notably contributed to this trend, purchasing 18.5 tonnes of gold in the first quarter of 2024, propelling its reserves to a record high. By the end of March, India’s gold reserves stood at 822.1 tonnes, comprising 9% of its total reserves and ranking it as the 10th-largest holder of official gold globally. The RBI’s gold acquisitions in the first quarter already exceeded its total purchases of 16.2 tonnes throughout 2023. So far this year, only Tu...