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RBI Working On Offline CBDCs To Boost Retail Volumes: Governor

Inc42 · 1y ago

RBI Working On Offline CBDCs To Boost Retail Volumes: Governor

The Reserve Bank of India (RBI) is working on making its central bank digital currency (CBDC) offline-compatible and introducing value-added services to promote financial inclusion. The Governor of RBI, Shaktikanta Das, stated that they are also looking to connect payment systems like the Unified Payments Interface (UPI) with the CBDC. The CBDC pilot for retail transactions started in December 2022 and achieved the target of 10 lakh (1 million) transactions per day by December 2023. The RBI is also conducting trials for CBDC use in the government securities market and the interbank call money market. Concerns about disintermediation risks to banks have been addressed by making the CBDC non-remunerative and non-interest bearing.

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RBI Taps global counterparts for efficient cross-border digital currency transactions

Inc42 · 1y ago

RBI Taps global counterparts for efficient cross-border digital currency transactions

The Reserve Bank of India (RBI) is collaborating with the US, Hong Kong, and the Society for Worldwide Interbank Financial Telecommunications (SWIFT) to explore fast and cost-effective digital cross-border settlements using central bank digital currencies (CBDCs). The RBI's internal working group is examining technological options to establish a roadmap for direct transactions between countries. RBI Governor Shaktikanta Das has emphasized the potential of CBDCs to facilitate efficient and faster cross-border payments in an increasingly technology-driven world. The RBI has already launched pilots for its CBDC, the digital rupee, in both wholesale and retail segments.

RBI To Pilot Offline & Programmable Retail CBDCs

Inc42 · 1y ago

RBI To Pilot Offline & Programmable Retail CBDCs

The Reserve Bank of India (RBI) plans to expand the retail rollout of Central Bank Digital Currency (CBDC) by enabling additional functionalities such as offline capability and programmability for CBDC retail payments. The programmability feature would allow government agencies to ensure that CBDC payments are made for specific benefits, while corporates and enterprises can program specified expenditures. For areas with limited internet connectivity, the RBI will pilot proximity and non-proximity-based offline solutions. The expansion comes after a successful pilot in which the RBI achieved 10 lakh transactions per day with retail CBDCs.

CBDC Transactions Have Declined Since Dec 2023: RBI Dy Guv

Inc42 · 1y ago

CBDC Transactions Have Declined Since Dec 2023: RBI Dy Guv

According to RBI Deputy Governor T Rabi Sankar, the central bank digital currency (CBDC) pilot in India has processed 2.2 crore transactions since its launch in December 2022. Currently, there are 46 lakh users and 4 lakh merchants transacting in CBDC, with transaction volumes shifting from peer-to-peer to peer-to-merchant. The RBI is also planning to enable non-bank payment system operators, such as PhonePe and Google Pay, to offer CBDC wallets, making it more accessible to a wider user segment. Additionally, the RBI is testing new offline CBDC use cases within a closed-user group.

RBI Governor Launches Fintech Repository

Inc42 · 1y ago

RBI Governor Launches Fintech Repository

The Indian central bank, Reserve Bank of India (RBI), has announced the establishment of a fintech repository to provide easy access to information on the country's fintech sector and startups. The RBI has also introduced a related repository called EmTech for regulated entities like banks and non-banking financial companies (NBFCs). Additionally, the RBI governor, Shaktikanta Das, unveiled the PRAVAAH portal and the Retail Direct Mobile App during the same announcement.

RBI Meets Banks And Fintechs To Push For CBDC Adoption

Inc42 · 1y ago

RBI Meets Banks And Fintechs To Push For CBDC Adoption

Representatives of the Reserve Bank of India (RBI) recently met with bankers and fintech officials to discuss increasing adoption of central bank digital currency (CBDC). The meeting aimed to gather input on how to popularize CBDC and address the lack of public interest. The RBI has been keen on promoting the blockchain-enabled digital currency since its launch in December 2022 and has proposed allowing non-bank payment system operators to offer CBDC wallets. The bank is working to fast-track the rollout of the digital currency and introduce additional functionalities such as offline capability and programmability for CBDC retail payments.

Cryptocurrencies pose risks to EMs, India's stand remains unchanged - cenbank chief

Reuters · 1y ago

Cryptocurrencies pose risks to EMs, India's stand remains unchanged - cenbank chief

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.

Hardly any room for review of action taken against Paytm Payments Bank: RBI Guv Das

Economic Times

Economic Times · 1y ago

Hardly any room for review of action taken against Paytm Payments Bank: RBI Guv Das

Reserve Bank of India (RBI) governor Shaktikanta Das stated that there is hardly any room for a review of the action taken against Paytm Payments Bank. RBI had curbed the banking unit's operations due to persistent non-compliance. Das emphasized that the central bank takes action only after a comprehensive assessment and will be issuing a set of FAQs on the matter. The RBI is considering revoking the bank's license and suitable steps will be taken to minimize customer inconvenience. Paytm recently formed a committee to boost compliance, headed by former SEBI head Meleveetil Damodaran.

At least 100 digital brands around Rs 100 cr revenue; they will benefit from going offline: Accel’s Prakash

Economic Times

Economic Times · 1y ago

At least 100 digital brands around Rs 100 cr revenue; they will benefit from going offline: Accel’s Prakash

Direct-to-consumer (D2C) brands, primarily operating online, have an opportunity to expand into offline stores despite the growth of the Indian retail market. A joint report by venture fund Accel, Fireside Ventures, and market research firm Redseer revealed that 90% of the Indian retail market will remain offline, making offline expansion an attractive prospect for D2C brands. While being online-first allows for quicker product-market fit and brand building, reaching a certain scale and brand recognition can lead to offline expansion to boost sales. Venture firms are investing in technology that enables efficient and aggressive offline expansion for online-first brands.

UPI Outages Due To Banks’ Tech Problems, Not NPCI: RBI Gov.

Inc42 · 1y ago

UPI Outages Due To Banks’ Tech Problems, Not NPCI: RBI Gov.

RBI governor Shaktikanta Das attributed UPI outages to problems at banks' end and assured that the central bank is actively addressing the issue. Meanwhile, RBI deputy governor T Rabi Sankar highlighted the significance of UPI Lite in alleviating pressure on the banking system. This comes in response to the frequent outages witnessed in the UPI system recently.

Is there really a structural change in bank deposit growth?

Money Control

Money Control · 1y ago

Is there really a structural change in bank deposit growth?

Finance Minister Nirmala Sitharaman has urged public sector banks to increase their deposits through special drives. This comes as the Reserve Bank of India (RBI) has repeatedly highlighted the growing gap between bank deposits and bank credit. The RBI governor noted that retail customers are finding alternative investment avenues more attractive. Sitharaman's call to action is aimed at bridging this gap and ensuring a balance between deposits and credit in the banking sector.

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