RBI DEPUTY GOVERNORS
India can become world's 2nd largest economy by 2031: RBI deputy guv Michael Patra
Reserve Bank of India Deputy Governor Michael D Patra outlined India's potential to become the world's second-largest economy by 2031 and the largest by 2060, citing the country's inherent strengths. He addressed challenges such as labor productivity, infrastructure development, manufacturing sector contribution to GDP, and sustainable economic practices during a speech at the Lal Bahadur Shastri National Academy of Administration in Mussoorie.
RBI makes adverse remarks against top PSU Bank Exec
In a rare move, the Reserve Bank of India (RBI) has raised concerns about Asheesh Pandey's conduct as an executive director at Bank of Maharashtra, influencing his candidacy for MD & CEO at Indian Bank. The RBI highlighted issues related to regulatory compliance during a 2023 exit meeting. Despite being shortlisted, Pandey's final approval hinges on the Appointments Committee of the Cabinet (ACC), which includes the Prime Minister and Home Minister. The decision awaits responses from the finance ministry and Department of Personnel and Training (DoPT) following RBI's communication.
Monetary policy will anchor India's growth ambitions, said RBI DG Michael Patra
The role of monetary policy will be crucial in navigating India's inflation rate with global levels which will help preserve both the internal and external value of rupee, Patra said in a speech at the mid-career training programme for officials of the Indian Administrative Service (IAS) at the Lal Bahadur Shastri National Academy of Administration, Mussoorie.
RBI deputy guv flags concerns over quality of disclosures by some NBFCs
RBI Deputy Governor M Rajeshwar Rao, at the Conference of Statutory Auditors and CFOs of Commercial Banks, urged better NBFC disclosures, emphasizing SICR and ECL reporting. Principle-based regulations should reflect economic reality for REs. He highlighted the auditor's role in fostering depositor trust and achieving financial stability through transparent financial statements and robust audit practices.
CFOs, auditors must follow regulations in letter and spirit says RBI
RBI emphasizes the importance of CFOs guarding against fraudulent transactions and misuse of internal accounts. Auditors advised to enhance cybersecurity measures and scrutinize business decisions. Future audit expectations include addressing climate risks and technology challenges.
RBI to send strict 'zero tolerance' message to banks' bosses
RBI met CFOs and auditors to enforce zero tolerance for compliance lapses. Deputy governors stressed accurate balance sheets, aggressive lending risks, and ever-greening of loans. Recent CEO talks included credit-deposit growth gaps. Governor Das emphasized risk awareness. Digital banking restrictions on Kotak Bank, IIFL Finance, and others were due to regulatory lapses.
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Former RBI Guv Urjit Patel set to join Britannia Industries board again
Urjit Patel, former RBI governor, joins Britannia Industries board as an independent director. He recommenced after a two-year hiatus following his resignation in 2018. Patel’s diverse experience includes stints in both the private sector and central bank, distinguishing him from his predecessors. As a seasoned professional, he brings a unique perspective to the boardroom, ensuring a blend of regulatory expertise and corporate governance.
Britannia appoints ex-RBI Guv Urjit Patel as independent director
Britannia has appointed former Reserve Bank of India Governor Dr. Urjit Patel and Atul's MD Sunil Siddharth Lalbhai as Additional Non-Executive Independent Directors for five consecutive years, effective from July 2, 2024, to July 1, 2029. Patel served as the 24th Governor of RBI and was Deputy Governor from 2013 to 2018.
Indian deposit insurer way behind global peers in processing reimbursements: RBI Deputy Governor
RBI deputy governor Michael Patra highlighted that India's deposit insurer DICGC lagged behind international counterparts in processing reimbursements, taking over a month compared to IADI's target of seven days. Challenges such as data quality, identification issues, and lack of alternative bank accounts hinder quick payouts. India mandates deposit insurance for all banks, covering 1,997 institutions, with a coverage limit of Rs 5 lakh per depositor. Patra emphasised the need for improved risk management and crisis frameworks in light of evolving challenges, such as climate change impacting financial systems.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
R Gandhi welcomes RBI's focus on banking safety and payment system soundness
RBI has been paying more attention on that in recent months, especially the disclosure, relating to the terms and conditions of the most important terms and conditions of the credit that is being offered by the credit institutions and there that is the first step which had already been taken.
ARC route being misused by "tainted" promoters: RBI deputy governor Rao
M Rajeshwar Rao stressed that asked the leaders of the ARC sector to ensure that the sector remains focused on course charted through legislative and regulatory intent and should ensure that any negative perception about the functioning and governance standards of the ARCs is dispelled.
RBI warns NBFCs a mode they use for giving loans may bring grief
Bank Loans: The Reserve Bank of India has issued a caution to non-bank finance companies, advising them against becoming overly reliant on algorithm-based credit models. RBI Deputy Governor Swaminathan J flagged the importance of maintaining a balanced approach in credit assessment, highlighting potential risks associated with over-reliance on historical data and algorithms.
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.
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.
Heatwave may impact vegetable prices, wheat unaffected, says RBI governor Shaktikanta Das
RBI Governor Shaktikanta Das addressed concerns over potential heatwave impacts on agricultural prices, stating that while wheat prices are unlikely to be affected due to the completion of harvesting, attention should be paid to potential impacts on vegetable prices. The Indian Meteorological Department (IMD) predicts above-normal temperatures and heatwaves from April to June.
Constant vigil needed to mitigate risks in financial sector, says RBI Deputy Guv Rao
He said the technological developments and innovations hold great promise for the financial sector as they have immense potential to increase the reach of financial firms, enhance the range of product offerings and conveniences for customers, expand the ambit of finance to hitherto excluded segments.
There could be trade-off between innovation and regulation: RBI DG Rajeshwar Rao
Rajeshwar Rao also pointed out that regulators must focus on achieving a delicate equilibrium that addresses the critical concerns without imposing an undue burden on regulated entities.
India can achieve 10 pc growth rate in next decade: RBI deputy guv
RBI Deputy Governor predicts India's economy to become the world's largest by 2050, driven by 10% growth rate. Challenges include increasing female labor participation and enhancing exports, with a focus on high-value tourism and financial services.
RBI central board reviews domestic economic situation, outlook
RBI's central board under Governor Shaktikanta Das reviewed global, domestic economic outlook, digital payments progress, consumer education at Nagpur meeting. Directors, deputy governors discussed financial market challenges and budget approval for 2024-25.
'Fintech platforms are agile, but increase risk of misuse'
RBI deputy governor Swaminathan J discussed the rise of 'agile' fintech platforms at the Global Money Week 2024 in Paris, emphasizing the need for robust regulatory frameworks, cybersecurity measures, and consumer awareness to mitigate fraud risks.
Banks should be mindful of legal, cyber risks emanating from AI: RBI Deputy Governor
RBI Deputy Governor T Rabi Sankar emphasised the importance of the banking sector and its stakeholders being vigilant about legal and cyber risks, as well as addressing skill gaps arising from Artificial Intelligence (AI). Speaking at the 19th Annual Banking Technology Conference organized by the Indian Banks' Association (IBA) in Mumbai, he urged banks to prioritize customer convenience and tailor their services accordingly.
Legal, cyber, jobs three risks facing banks on AIML says RBI deputy governor
Sankar emphasized the increasing importance of cyber security as banks become more reliant on technology. He urged a closer examination of cyber security measures, recognizing that breaches are not a matter of if, but when. Sankar emphasized the need to stay informed about global developments in cyber security.
RBI deputy governor flags business risks for NBFCs
Addressing a NBFC summit organised by the Confederation of Indian Industry (CII) Rao said though total assets of NBFCs have increased to 18.7% of the banking sector assets from 13% a decade ago, there are certain risks in their business models or balance sheets which need to be monitored for necessary actions.
RBI deputy governor calls for strengthening governance at UCBs
Deputy Governor Swaminathan J of the Reserve Bank emphasized the imperative to bolster governance and technological infrastructure in urban cooperative banks (UCBs) during discussions with south-based UCBs. He stressed on the crucial role UCBs play in advancing financial inclusion and stressed the necessity of proactive measures to ensure the resilience of the UCB sector.
Govt extends RBI deputy governor Michael Patra's tenure by one year
India has granted a one-year extension to the tenure of central bank deputy governor Michael Patra, as per a government document seen by Reuters. Patra, a career central banker, initially assumed the role in January 2020 for a three-year term.
RBI deputy governor flags banks' tendency to depend on bulk deposits
When interest rates decline, these long-term large deposits will still have to be managed and that can lead to lower profits and lower margins, Swaminathan J said.
RBI Deputy Governor Swaminathan wants lenders to 'curtail' consumption loans
Swaminathan J, a deputy governor at the Reserve Bank of India, today said the central bank wants lenders to cut down on consumption loans or unsecured loans with undefined end use. Deputy Governor M Rajeshwar Rao also supported and said the move to increase risk weights for unsecured loans is a prudential measure to curb growth or moderate credit growth to certain sectors.
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