RABI SANKAR
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
RBI Guv Shaktikanta Das discusses ways to scale up UPI ecosystem with stakeholders
Reserve Bank Governor Shaktikanta Das held a meeting with banks, NPCI, third-party application providers, and technology service providers to discuss strategies for expanding the UPI ecosystem. The discussions covered strategies for scaling up UPI infrastructure, expanding product portfolio, and addressing challenges in the ecosystem. The central bank will examine suggestions and take appropriate action. The meeting was attended by RBI Deputy Governor T Rabi Sankar and other senior officials.
T Rabi Sankar re-appointed as RBI DG for one year
Sankar, a career central banker who joined the RBI in 1990, was initially appointed as Deputy Governor on May 3, 2021 for a three-year period.
Government approves one-year extension to RBI Deputy Governor Rabi Sankar
The Indian government has extended the term of RBI Deputy Governor T Rabi Sankar for one year, effective May 3, 2024. Sankar, who joined the Reserve Bank in 1990, has worked in various positions at the central bank, including Executive Director of the Reserve Bank and IMF Consultant. He has also served as Chairman of Indian Financial Technology and Allied Services (IFTAS), member of ReBIT Board of Directors, and IDRBT Governing Council.
RBI, Bank of England ink pact on sharing info
Reserve Bank of India (RBI) and Bank of England (BoE) on Friday signed a Memorandum of Understanding (MoU) concerning cooperation and exchange of information in relation to the Clearing Corporation of India Limited (CCIL).
RBI central board reviews economic, financial developments
The Central Board of Directors of the Reserve Bank of India convened on Friday for its 604th meeting to assess economic and financial developments. The meeting, chaired by RBI Governor Shaktikanta Das, took place in the serene surroundings of Rishikesh, Uttarakhand.
- Go To Page 1
Digital or physical, cash is not king for reserve ratio
A person aware of the development told ET that according to current classifications, banks' holdings of the CBDC could be eligible for other mandatory reserve requirements but not the CRR.
RBI in dialogue with other central banks to reduce cost of cross border remittances
The Reserve Bank of India (RBI) is engaging with countries that have a significant Indian diaspora to reduce the cost of remittances, according to Deputy Governor T Rabi Sankar. He highlighted that the average cost of cross-border remittances is currently around 6.2% of the transaction value, which is considered too high given the availability of cheap data connectivity.
Retail CBDC transactions to rise exponentially: RBI Deputy Governor
RBI deputy governor T Rabi Sankar said on Thursday that the number of retail CBDC transactions would rise exponentially in coming months as interoperability with UPI QR codes would kick in.
CBDC to cut transaction costs, risks: RBI Dy Guv Rabi Sankar
"Why is the average cost of transaction for retail 6%? It is not (because of) technology, technology can be made", said Rabi Sankar, at the Global Fintech Festival. "It's a question of consensus that has to arise globally and a commitment that has to come up on changing these systems (among central banks)."
Countries need to think out of the box, show willingness to make cross-border payments cheaper: RBI DG
Reserve Bank Deputy Governor T Rabi Sankar stated that despite technological advancements, the current system cannot reduce the cost of cross-border payments. Sankar emphasized the need for policymakers to demonstrate willingness to make it happen. He also highlighted that the existing banking correspondent-based system is inadequate for achieving success in this area.
Aim to increase e-rupee transactions to 10 lakh per day by 2023-end: RBI DG T Rabi Sankar
RBI deputy governor T Rabi Sankar pointed out that transactions through CBDCs bypass intermediaries and are instantaneous. In its aim to increase the acceptability of the CBDC, the RBI will take build on the existing network of the Unified Payment Interface and introduce interoperability for CBDC transactions, Sankar said.
RBI looking at coming out with fintech regulations: Deputy Governor Rabi Sankar
Sankar added that the regulations on fintech will come only after consultations with the industry, and declined to share timelines on the same, as per a statement issued by the event organisers.
RBI looking to enhance fintech regulations: deputy governor Rabi Sankar
The Reserve Bank of India (RBI) is working on regulations that will be more "developmental" for financial technology, or fintech, companies, a deputy governor of the central bank said on Friday.
RBI announces portfolios for deputy governors
Janakiraman will look after the departments of consumer education and protection, supervision, financial inclusion and development, inspection, premises, and Rajbhasha. Deputy governor Michael Patra will handle the departments of monetary policy, financial markets regulation, financial markets operations, deposit and credit guarantee corporation, and economic and policy research, amongst others.
RBI shelves plan for NUE
"The objective was to introduce an innovative infrastructural value-added facility into the system, our digital ecosystem is already quite active and innovative, we just wanted to bring in new ideas," said T Rabi Sankar, deputy governor of RBI. "We did not want something that is either incremental or a substitute for existing ideas or technologies. Of the proposals that we have received, we did not see any innovative solution that had come up. So that's where it lies."
Data available on crypto is misleading, says RBI Deputy Governor T Rabi Shankar
The Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Saturday called data available on cryptocurrency misleading and said that rules relating to such digital currencies must be made based on clear understanding of what they (digital currencies) are and how they work.
Banks should not ask for verification at branch level if customer does e-KYC, says RBI
The governor also said, similarly for those customers who have uploaded their KYC details on the central-KYC (C-KYC) portal should not be asked for verification by any bank. In such case, the customer can just mail or message from the registered email ID or mobile to the bank to access the KYC details from the C-KYC portal.
Banks missed the UPI bus: RBI deputy governor; HealthKart raises $135 million amid funding winter
On Friday we reported that the National Payments Corporation of India (NPCI), which runs UPI, has decided to give dominant apps like PhonePe and Google Pay two more years to bring their market share under 30%. But how did these apps, and others like them, outstrip UPI services by established banks? RBI deputy governor T Rabi Sankar said this was because banks “missed the bus” by failing to capitalise on UPI in its early days.
Banks have ceded UPI space to nonbanking sector: RBI Dy Guv
The National Payments Corporation of India (NPCI) recently extended the deadline by two years for existing third-party apps to comply with its market share guidelines for the UPI network.
Fintechs replacing banks a misconception; CBDC experience so far comforting: RBI Deputy Guv
"Banks are here to stay, but banking is mutating fast," Reserve Bank Deputy Governor T Rabi Sankar said addressing an event organised by IBA in Mumbai, and added that they ought to adopt fast to the changes being brought about by technological progress.
RBI Central Board reviews economic situation, geopolitical crises
"The Board also discussed the functioning of various Sub-Committees of the Central Board, Ombudsman Scheme and activities of select Central Office Departments," the central bank said in a statement.
Countries interested in rupee settlement mechanism: RBI deputy governor
"Increased use of rupee in cross-border transactions requires a unified global market in rupee both in interest rates and currencies. Such unification would not only improve depth and liquidity of our markets, but they would also facilitate uniform pricing across borders," he said Thursday at the annual day event of the Foreign Exchange Dealers Association of India (FEDAI) in Mumbai.
India has to take risks for rupee internationalisation if it has to progress to be an economic superpower, says RBI Deputy Governor T Rabi Sankar
Reserve Bank of India Deputy Governor T Rabi Sankar said internationalisation of the rupee reduces dependence on foreign currency and that makes India less vulnerable to external shocks. Use of Rupee in cross-border transactions mitigates currency risk for Indian business.
Card tokenisation to be implemented from October 1, no further extension signals RBI
Central bank rules require all merchants to delete customer debit and credit card details before October 1 and replace card payments with unique tokens. The RBI said in July it would not extend the timeline for storing card data and directed all stakeholders, except for card issuers and card networks, to purge the customer data before October 1. This is the third such extension in the past 18 months.
Trade settlement in Re: RBI says fairly good response so far
While issuing the guidelines, the Reserve Bank said, "The mechanism to settle international trade in the rupee is to promote the growth of global trade with emphasis on exports and to support the increasing interest of the global trading community in the rupee".
Currency movements are not guiding factors for monetary policy: Shaktikanta Das
The Monetary Policy Committee, which decided to go for a rate hike of 0.50 per cent earlier in the day, takes into account domestic factors on inflation and growth while formulating its rates strategy, Das told reporters during the customary post-policy press conference.
Load More
