The government is also not receptive to the idea of granting additional powers to the RBI over regulation of public sector banks, as it feels the central bank already enjoys sufficient powers, the sources said.
RBI said as non-bank PPI issuers will issue interoperable cards in association with card networks for the first time, the cards issued should be EMV chip and PIN compliant.
“We wish to inform you that the RBI has approved the appointment of Sandeep Bakhshi as MD & CEO of the bank for a period of three years with effect from October 15, 2018,” ICICI bank said.
Central Counterparty (CCP) means a system provider, who by way of novation interposes between system participants in the transactions admitted for settlement.
Payment firms like Visa and MasterCard which currently store and process Indian transactions outside the country fear that shifting the data storage to India will cost them millions of dollars.
Post the IL&FS default and the liquidity crisis in the market, banks have nearly stopped lending to the NBFCs and HFCs, thereby making it tough for them to do normal business.
According to the sources, global fintech companies reportedly sought an extension of the October 15 deadline but it seems that the RBI is not inclined to relax the norms.
According to Acharya, without the PCA imposition, some banks would have incurred even higher losses and required even more of taxpayer money for recapitalisation.
It’s not a passing shower but climate change for banks. About time.
According to top-level government sources, out of about 78 payment firms, around 62 have complied with the RBI directive and set up local data storage systems in India.
The RBI had, on April 5, said that all payment system operators in India must move to a system of storing transaction data within India by October 15.
How top-down decision-making, delusions of grandeur led a strong government to poor decisions
The Reserve Bank of India said that there were five major factors that could influence its inflation outlook and that it would be watching their effect closely.
The repo rate — the rate at which the RBI lends to the system — will continue to be at 6.50 per cent. The MPC voted 5:1 in favour of a status quo, with only one member — Chetan Ghate — voting for a 25 basis points hike.
The anticipation of a rate hike has increased in the past month as oil prices climbed, the rupee’s slide accelerated and concerns on liquidity emerged.