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Cryptocurrencies hamper financial stability: RBI Governor
YourStory
ยท
2m ago
Medial
RBI Governor Sanjay Malhotra expressed concerns about cryptocurrencies affecting financial stability, following the Supreme Court's call for a clear regulatory policy. He highlighted ongoing government committee efforts and the creation of a discussion paper for stakeholder input on regulation. Despite cryptocurrencies not being illegal in India, they remain unregulated, with existing taxation and anti-money laundering measures. The Supreme Court previously lifted an RBI ban on banking services for virtual currencies.
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2
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RBI Warns Against Cryptocurrency Dominance Amid Surge In Cyberattacks
Inc42
ยท
9m ago
Medial
The governor of the Reserve Bank of India, Shaktikanta Das, has cautioned against allowing cryptocurrencies to dominate the financial sector, citing their potential risks to financial stability, monetary stability, and the banking industry. He emphasized that if central banks lose control over the money supply, managing liquidity and controlling inflation during crises could become difficult. The Reserve Bank of India has been one of the earliest institutions to express serious concerns about cryptocurrencies and their impact on financial stability.
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Cryptocurrencies pose risks to EMs, India's stand remains unchanged - cenbank chief
Reuters
ยท
1y ago
Medial
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, has warned that cryptocurrencies can pose significant risks to emerging markets. Despite wider acceptance in other countries, the central bank's position on cryptocurrencies remains unchanged. Das highlighted the benefits of central bank digital currency, or e-rupee in India's case, and mentioned that the RBI is working on programmability to enable cash transfers. The central bank also plans to conduct pilots for using the e-rupee in new segments in the wholesale space. Furthermore, the RBI is exploring model-based artificial intelligence lending by financial entities.
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Indian banking sector robust with record-high capital buffers, non-performing loans ratios at multi-decade lows: RBI
Economic Times
ยท
1m ago
Medial
The Reserve Bank of India's Financial Stability Report highlights the robustness of India's banking sector, noting record high capital buffers and low non-performing loan ratios. The report underscores the improved asset quality and operational performance within banks. Despite challenges like retail loan delinquencies due to riskier lending, financial stability remains crucial for economic growth. RBI Governor Sanjay Malhotra emphasizes the importance of vigilance amid global structural shifts impacting economic forecasts and policy decisions.
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How Shaktikanta Das Moulded Indiaโs Fintech As RBI Governor
Inc42
ยท
8m ago
Medial
Shaktikanta Das, the outgoing RBI governor, has made significant contributions to India's digital economy and fintech ecosystem through his decisions and statements. He imposed regulatory measures on fintech giants and expressed strong opposition to cryptocurrencies. These actions played a crucial role in shaping India's startup ecosystem, the third-largest in the world. Sanjay Malhotra, the current revenue secretary, will succeed Das as the 26th governor of the RBI.
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SEBI Says Oversight Of Crypto Trading, But RBI Still Sees โRiskโ
Inc42
ยท
1y ago
Medial
The Securities and Exchange Board of India (SEBI) has recommended that multiple regulators oversee trade in cryptocurrencies, contrasting with the Reserve Bank of India's (RBI) stance in favor of a ban on private digital currencies. SEBI suggests that cryptocurrencies falling under their domain should be monitored by different regulators and that a unified regulator for digital assets should be avoided. SEBI also proposes that grievances of cryptocurrency investors should be resolved under India's Consumer Protection Act. The RBI believes that cryptocurrencies can lead to tax evasion and pose risks to fiscal stability.
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RBI rate cut expected as inflation eases and credit growth slows in India - BusinessToday
Business Today
ยท
2m ago
Medial
The Reserve Bank of India (RBI) is expected to announce a third consecutive rate cut of 25 basis points in its upcoming meeting to support growth and maintain financial stability amid controlled inflation. Led by RBI Governor Sanjay Malhotra, the meeting aims to shift the monetary stance from neutral to accommodative. Some forecasts suggest a larger rate cut of 50 basis points to counter economic uncertainty. Banks are already reducing interest rates on savings and fixed deposits.
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President Murmu emphasises on strong partnership between RBI, govt for macroeconomic stability
YourStory
ยท
4m ago
Medial
President Draupadi Murmu stressed the importance of a strong partnership between the Reserve Bank of India and the government to ensure macroeconomic stability amidst rising financial fraud risks due to technological advancements. Celebrating RBI's 90th anniversary, she praised its proactive measures, noting its critical role in economic transitions, reforms, and public trust. RBI Governor Sanjay Malhotra highlighted the commitment to financial inclusion and regulatory balance. A commemorative stamp and a web series teaser on India's gold holdings were unveiled.
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Cryptos pose huge risks for emerging eonomies: RBI Governor
Inc42
ยท
1y ago
Medial
Reserve Bank of India (RBI) Governor, Shaktikanta Das, has reiterated the central bank's stance on cryptocurrencies, stating that digital currencies pose significant risks for emerging economies. Das opposes the widespread acceptance of cryptocurrencies and has previously called for a ban on virtual digital assets. However, he mentioned that the RBI plans to conduct pilots for the wholesale central bank digital currency (CBDC), e-rupee. Additionally, Das praised the Unified Payments Interface (UPI) as one of the best payment systems globally, dismissing accusations of monopoly and expressing ambition for UPI to become a world leader in the payments ecosystem.
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IndusInd is an episode, not a failure, banking system is secure: RBI governor
Business Today
ยท
4m ago
Medial
The RBI governor assured that the Indian banking system remains secure and robust, addressing concerns over banking incidents, which are typical in operations and not failures. Following IndusInd Bank's report of a Rs 1,577 crore accounting discrepancy in its derivatives portfolio, the RBI emphasized that such isolated cases should not undermine the overall resilience of India's banking system, reinforcing trust in its stability and systemic strength.
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Banking licence for conglomerates not on cards, says RBI Guv Sanjay Malhotra
Economic Times
ยท
14d ago
Medial
RBI Governor Sanjay Malhotra stated there are no plans to grant banking licenses to conglomerates due to inherent conflict-of-interest risks with depositor funds. He emphasized price stability as the central bank's primary objective and highlighted concerns about large corporate groups conducting both financial and real economy activities. Malhotra clarified there's no proposal to allow corporate entities to obtain banking licenses and no plans to review the current 26% cap on promotersโ voting rights in private banks.
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