The e-rupee is really taking off — and growing faster than UPI or crypto
The e-rupee is really taking off — and growing faster than UPI or crypto
RBI's Digital Rupee is still in its pilot phase, but already looks like a big hit. TOI explains what this currency is all about
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India Gazette
an hour ago
- India Gazette
RBI's policy rate cut to boost growth as inflation eases: BoB report
New Delhi [India] June 11 (ANI): The decision of the Reserve Bank of India (RBI) to slash the policy rate will boost growth amidst easing price pressures and infuse liquidity along with supporting credit flow, said a report by Bank of Baroda. The BoB report added that the RBI's surprise 50 basis-point rate cut, along with a phased 100 basis-point reduction in the Cash Reserve Ratio (CRR), has signalled a strong pro-growth stance. The announcements have been welcomed by markets and are expected to spur economic activity in the coming quarters. The Monetary Policy Committee (MPC) maintained its GDP growth forecast for FY26 at 6.5 per cent. The RBI revised the inflation projection downward to 3.7 per cent, highlighting its confidence in the current macroeconomic environment. On June 6, RBI's Monetary Policy Committee (MPC) reduced the policy repo rate under the Liquidity Adjustment Facility by 50 basis points to 5.5 per cent. Consequently, the Standing Deposit Facility Rate, which is the SDF Rate, shall stand adjusted to 5.25 per cent, and the Marginal Standing Facility MSF Rate and the Bank Rate shall stand adjusted to 5.75 per cent. 'These measures are expected to boost growth amidst easing price pressures and infuse liquidity along with supporting credit flow,' the report added. 'In the coming week, focus would shift towards the US Fed, wherein a pause is expected, especially since the labour market has been signalling some strength,' the report added. India's monetary move comes against a backdrop of renewed optimism in the global economy, as the United States and China begin working towards concluding new trade terms. The report added that global central banks have adopted a watchful stance, closely monitoring the inflation risks with growth. 'Global central banks closely monitored the evolving dynamics between growth and inflation,' the report added. The European Central Bank (ECB) recently cut rates by 25 basis points. As per the report, the attention now turns to the US Federal Reserve, which is widely expected to pause its rate changes given recent labour market resilience. 'In the coming week, focus would shift towards the US Fed, wherein a pause is expected, especially since the labour market has been signalling some strength,' the report added. (ANI)
Time of India
2 hours ago
- Time of India
Nelpettai fish vendors stall demolition; corpn promises relocation
1 2 3 Madurai: Work on the 2.36-crore modernisation of the Nelpettai fish market, one of the busiest markets in the core city area, hit a brief snag on Wednesday, as vendors blocked Madurai corporation officials who arrived with earthmovers and police protection to demolish the old structure. The officials came to dismantle the four-decade-old stalls ahead of constructing a new market complex. However, members of the Nelpettai fish market association blocked the officials, preventing the machinery from entering and bringing proceedings to a standstill for an hour. The vendors insisted the demolition could not proceed until they were given a suitable temporary site to continue trading. "The plot offered to us near the goat-slaughter area is unhygienic and unviable," association secretary Emam Jawahar Sadiq told TOI. "We have petitioned the commissioner asking for a location in the vicinity so that our mainly retail customers are not inconvenienced." After talks, corporation officials agreed to defer the demolition until next week and to identify an alternative spot acceptable to the traders. "We are scouting for a place and an arrangement will be finalised shortly. The association also wants an assurance on shop allotment once the new market is built; that aspect will be examined," corporation commissioner Chitra Vijayan said. A fish market association member pointed out that earlier proposals to shift the fish vendors to Mattuthavani were dropped after the association argued that the Nelpettai market—located within city limits—caters mainly to small, walk-in buyers and does not cause major traffic disruption. "The redevelopment is a boon, but we must be able to earn a livelihood in the interim," Sadiq added. Local residents also welcomed the upgrade plan, describing the present market as cramped and difficult to maintain. "Nelpettai has always been the go-to place for fresh fish, but its condition often creates inconvenience," said Naga Raj of Kamarajar Salai. "A cleaner, better-organised market will benefit both shoppers and vendors," he added. According to corporation officials, once commenced, the project will replace the dilapidated structure with a modern facility in 10 months, designed to improve hygiene, circulation, and waste management. **Project Highlights** - **Project Cost:** Rs2.36 crore - **Area:** 10,000sqft - **Infrastructure Upgrades:** - 42 new shops - Separate toilet complexes for men and women - **Timeline:** - Work order awarded after tender process - Completion expected within 10 months from the start date
Economic Times
2 hours ago
- Economic Times
Financial sector regulators to work on universal KYC
Financial sector regulators, led by the RBI, are developing a universal KYC framework with the CKYCR to streamline verification processes. Nirmala Sitharaman urged regulators to ensure seamless KYC experiences for citizens and expedite refunds of unclaimed amounts through district-level camps. The FSDC also discussed strengthening cybersecurity and implementing budget announcements related to KYC simplification for NRIs, PIOs, and OCIs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Financial sector regulators, including the Reserve Bank of India , will look at a universal know your customer (KYC) framework and develop systems with the Central Know Your Customer Registry (CKYCR) to promote the inter-usability of records and avoid multiple minister Nirmala Sitharaman in a meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday urged the financial sector regulators to take proactive steps to ensure that citizens have a seamless experience with the KYC processes across the financial a statement, the finance ministry said the FSDC also considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity FSDC also discussed issues relating to formulating a strategy for implementing the past decisions and the budget announcements, which included prescribing common KYC norms, simplification and digitalisation of the KYC process, including digital onboarding for non-resident Indians (NRIs), PIOs and OCIs in the Indian securities FSDC has representation from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), the Securities and Exchange Board of India (Sebi), the Pension Fund Regulatory and Development Authority (PFRDA) and officials from the finance and corporate affairs urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level also emphasised that interest of common citizens be kept in mind and therefore expeditiously refund the claims of the rightful claimants, the statement unclaimed amounts comprise deposits in banks, unclaimed shares and dividends managed by IEPFA and unclaimed insurance and pension funds with Irdai and PFRDA, drive is to be conducted in coordination with RBI, Sebi, MCA, PFRDA and Irdai along with banks, pension agencies and insurance finance ministry statement noted that the FSDC also deliberated on the emerging trends from the domestic and global macro-financial situation and stressed the need to be vigilant."The council recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for the financial system's resilience," it said.
