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India's GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend, said <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> deputy governor <keyword id="20244361" type="General" weightage="20" keywordseo="Michael-Debabrata-Patra" source="keywords">Michael Debabrata Patra</keyword>. He was speaking at the New York Fed Central Banking Seminar organised by the <keyword id="20238413" type="General" weightage="20" keywordseo="Federal-Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve Bank" meta.hostid="261" meta.entityid="Federal Reserve Bank">Federal Reserve Bank</keyword> here on Monday. "...I do believe with all the strength of my conviction that India's time has come," he said, and highlighted the country heads into its future with the youngest population in the world with a median age of 28 years. Unlike in many parts of the world, the working age population is growing -- every sixth working age person is an Indian. Patra said that since independence in 1947, India's growth path has undergone three structural shifts with trend growth, having risen to 7 per cent during 2002-2019. After the severe contraction during the pandemic, a new growth trajectory averaging 8 per cent seems to be forming during 2021-24, he said. India is now regarded as the fastest growing major economy in the world. Already the fifth largest economy in terms of market exchange rates, it is poised to become the third largest economy by 2030, the senior RBI official said and added the country is already the third largest economy in terms of <keyword id="20776921" type="General" weightage="20" keywordseo="purchasing-power-parity" source="keywords">purchasing power parity</keyword>. "Our projections show that India's <keyword id="21013593" type="General" weightage="20" keywordseo="real-GDP-growth" source="keywords">real GDP growth</keyword> will be 7.2 per cent in 2024-25 and around 7.0 per cent in 2025-26 in a cyclical correction to the rebound from the pandemic. Thereafter, there is a strong likelihood that India's growth will revert to the 8 per cent trend," Patra said. On inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26. Consumer Price Index (CPI) based inflation fell below target during July-August but rose to 5.5 per cent in September on the back of a pickup in price momentum in some food items and adverse base effects inherent in year-on-year measurement. "Our projection indicates that these price pressures will persist in October and November before headline inflation realigns with the target from December 2024 and remains aligned in 2025-26," the deputy governor said. He also emphasised that India is emerging as a world leader in leveraging <keyword id="20181895" type="General" weightage="20" keywordseo="digital-technologies" source="keywords">digital technologies</keyword> for transformative change.

India likely to grow at 7.2% in FY25, says RBI deputy governor

<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, Amid speculations on regulation or outright banning of <keyword id="6368079" type="General" weightage="20" keywordseo="crypto-assets" source="Orion">crypto assets</keyword>, Finance Minister <keyword id="129243" type="General" weightage="100" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday said that that <keyword id="42981" type="General" weightage="20" keywordseo="g20" source="Orion">G20</keyword> will take call on it. "I don't want to get into the debate just now whether crypto will be regulated or banned. The G20 will take a call on that," she said when asked about the move to deal with it. "G20 countries have signed an agreement to collectively work to boost world bank's financing capacity. The G20 welcomed the IMF-FSB (Financial Stability Board) crypto synthesis paper, including the roadmap, that will support a coordinated and comprehensive policy and regulatory framework," she said. The Finance Minister was addressing a press conference along with Foreign Minister S Jaishankar and G20 Sherpa Amitabh Kant on the sidelines of the G20 summit. She said that FSB has focussed more on the crypto regulations, whereas IMF has emphasised on the macroeconomic implications of crypto assets. "The synthesis paper is something which the G20 membership will go through in detail. There's one more meeting, under our presidency for the finance track, in Marrakesh," <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> said. G20 leaders have agreed to the discussions on the adoption of <keyword id="10038048" type="General" weightage="80" keywordseo="central-bank-digital-currencies" source="Orion">Central Bank Digital Currencies</keyword> (CBDCs), said the discussion paper on September 9. "We welcome discussions on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system," said the G20 discussion paper. The G20 discussion paper further added that they welcome the BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs. "Look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue," said the G20 discussion paper. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank">G20 Leaders Summit adopts New Delhi Declaration</a><a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank">G20 Summit: PM Modi announces launch of Global Biofuel Alliance</a><a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank">From Dream Girl 2 to Tootsie – Epic roles which saw male actors crossdress</a>

G20 to take call on crypto assets, says Nirmala Sitharaman

<ul class="summary-list"><li>About 93% of global central banks are exploring the possibility of having their own digital currencies.</li><li>Such central bank digital currencies could boost local-currency payments, and aid the de-dollarization drive, according to a paper by IMF staff.</li></ul>A vast majority of global central banks are exploring the scope of issuing their own digital currencies - and it's a trend that could eventually aid the international campaign to shift away from the dollar, according to a research paper published by International Monetary Fund staff.Up to 93% of monetary authorities around the world are considering so-called central bank digital currencies (CBDC) and more than 100 countries are looking at retail issuance of such instruments, researchers at the institution said, citing figures from the Bank for International Settlements.And that could be a tailwind for the anti-dollar movement at least in some economies, according to IMF staff."CBDCs could help de-dollarization or counter "cryptoization"," they wrote in the report, published this month. "In dollarized or euroized economies, the introduction of a CBDC could encourage a greater use of the local currency by making it a more attractive means of payment.""In particular, with the rise of other forms of digital money denominated in foreign currency (such as stablecoins), a CBDC can help prevent the local currency from being supplanted," they said. However, the impact of CBDCs would depend on the extent to which the instrument addresses the barriers to financial inclusion in a given country, according to the report."Central bank digital currency (CBDC) is money that a country's central bank can issue. It's called digital (or electronic) because it isn't physical money like notes and coins. It is in the form of an amount on a computer or similar device," the Bank of England defines the concept on its website."The Bank of England is the UK's central bank and together with HM Treasury, we are looking closely at the idea of a central bank digital currency for the UK. If we introduced one, we'd call it the digital pound," it added.China has already introduced a digital yuan, while Russia is going ahead with <a href="https://markets.businessinsider.com/news/currencies/russia-digital-ruble-slide-dollar-after-ukraine-invasion-2023-7">plans to pilo</a>t a similar version of the ruble. These countries are also at the forefront of an international drive to reduce reliance on the US dollar in cross-border trade and investment flows, in what has come to be known as de-dollarization.The BRICS group of nations - which also includes Brazil, India and South Africa in addition to the above two - has been reportedly weighing the possibility of some form of shared currency. Dedollarization is an "irreversible process" that's gaining momentum, Russian president Vladimir Putin said in a video address at the summit last month.While some experts perceive de-dollarization efforts as a genuine threat to the greenback's global power, others have dismissed the movement as a flash in the pan. Even the mere idea of a common BRICS currency was labelled <a href="https://markets.businessinsider.com/news/currencies/dedollarization-us-dollar-outlook-currencies-forex-market-brics-common-currency-2023-8?utm_medium=ingest&amp;utm_source=markets">"just ridiculous"</a> by Jim O'Neill, the economist who first coined the countries' acronym, last month.

About 93% of global central banks are exploring digital currencies - and that could boost de-dollarization, a report by IMF staff says

<ul class="summary-list"><li>Russian banks are urging the country's central bank to boost yuan liquidity amid shortages.</li><li>But Russia's central bank is advising lenders to limit yuan-denominated loans.</li></ul>Russia's central bank and lenders are asking each other to preserve the country's stash of Chinese yuan.Last Thursday, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-economy-china-yuan-sanctions-bank-payments-trade-transfers-2024-9">Russian banks</a> complained that they've run out of the Chinese yuan and called on the Central Bank of Russia to increase liquidity through currency swaps.But Russia's central bank is passing the buck back to the country's banks.In a <a target="_blank" class="" href="https://cbr.snowball-income.com/Collection/Collection/File/50609/ORFR_2024-08.pdf">report</a> published on Friday, Russia's central bank advised lenders to limit the issuance of yuan-denominated loans.The central bank is a primary source of yuan liquidity that it provides via daily sales and one-day swaps of the currency."Part of the growth in yuan lending was due to the replacement of loans in 'toxic' currencies, but 41% of the increase came from new foreign currency loans," said the Russian central bank in the report, referring to the currencies of countries that have imposed sanctions against the country.It added that currency swap operations can only serve as a short-term mechanism to stabilize the market, but they aren't permanent funding tools.The banks called for increased central bank currency swaps because they needed to use the mechanism to cover their foreign currency lending.But yuan liquidity is so tight that Sberbank's CEO German Gref said last Thursday that his bank cannot lend in the yuan, because it has "nothing" to cover tight foreign currency positions with, per <a target="_blank" class="" href="https://www.reuters.com/markets/currencies/major-russian-lenders-say-yuan-coffers-empty-urge-central-bank-action-2024-09-05/">Reuters.</a> Sberbank is Russia's largest bank.Russian exporters can also provide liquidity through currency sales, but many <a target="_blank" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a> are refusing to process payment transactions for Russian companies due to fears of US secondary sanctions.Chinese lenders are also avoiding currency trading in Russia for the same reason.The difficulties surrounding yuan liquidity in Russia highlight increasingly challenging trading conditions for the country as the West steps up sanctions.But <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-countries-national-tech-payments-systems-russia-china-india-swift-2024-8">Russia and its trade partners</a> are trying to find ways to get around the payments issue.Dmitry Birichevsky, head of the economic cooperation department of the Russian Foreign Ministry, told Russian TV that the country and its partners are discussing how to link up their bank messaging systems, <a target="_blank" class="" href="https://tass.com/politics/1839601">TASS</a> state news agency reported on Friday."Combining these systems or deciding on the basis on which [system] we will work is the most sensitive, painful issue, because this is part of the country's financial sovereignty," Birichevsky said.

Russia's central bank and lenders tell each other to resolve the country's yuan supply squeeze

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19998537" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="keywords">foreign exchange reserves</keyword> have surged to a record high, reaching a new peak of $ 666.85 billion, according to data from the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). The data highlights an increase of $9.69 billion in just one week, as of 12 July, surpassing the previous high of $657.2 billion. The reserves have been rising intermittently for some time now. The RBI data reveals that India's <keyword id="20972687" type="General" weightage="20" keywordseo="foreign-currency-assets" source="keywords">foreign currency assets</keyword> (FCA), the largest component of <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword>, rose by $8.3 billion to $585.47 billion. Additionally, <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword> reserves increased by $1.2 billion, reaching $58.66 billion. According to a recent RBI report, India's foreign exchange reserves are now sufficient to cover over 11 months of projected imports. In the calendar year 2023, the RBI added approximately $58 billion to its foreign exchange reserves. In contrast, in 2022, India's forex reserves declined by a cumulative $71 billion. Forex reserves, or foreign exchange reserves (FX reserves), are assets held by a nation's central bank or monetary authority, typically in reserve currencies such as the <keyword id="19949640" type="General" weightage="20" keywordseo="us-dollar" source="keywords">US dollar</keyword>, and to a lesser extent, the euro, Japanese yen, and pound sterling. The country's foreign exchange reserves last reached an all-time high in October 2021. Much of the subsequent decline can be attributed to the increased cost of imported goods in 2022. Additionally, the relative fall in forex reserves has been linked to the RBI's market interventions, to manage the uneven depreciation of the rupee against a surging US dollar. The RBI frequently intervenes in the market through liquidity management, including the sale of dollars, to prevent steep depreciation of the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

India's forex reserves hit record $666.85 billion, driven by surging gold and foreign currency assets

<ul class="summary-list"><li>De-dollarization efforts won't do much to dethrone the dollar, Morgan Stanley said. </li><li>There are no true alternatives to holding the US dollar at the moment, Morgan Stanley strategists said.</li></ul>The dollar's status as the top currency of central banks and for international trade probably isn't fading soon, according to Morgan Stanley.The investment bank pointed to fears that the <a href="https://www.businessinsider.com/dedollarization-china-businesses-hoarding-us-dollars-fx-earnings-yuan-renminbi-2024-4">US dollar could eventually be dethroned</a> as the world's top-held and most widely used currency. Rivals like the Chinese yuan or the Japanese yen or even a shared BRICS currency could disrupt the dollar's stats, some commentators have warned, but there are key reasons dollar dominance isn't going away anytime soon, Morgan Stanley strategists said."Which currency would you want to own when global stock markets start to fall, and the global economy tends to head into recession? You want to be positioning in US dollars because that has historically been the exchange rate reaction to those kinds of events." James Lord, the bank's head of FX strategy for emerging markets, said in a recent <a href="https://www.morganstanley.com/ideas/thoughts-on-the-market-zezas?linkId=424246303">podcast</a>."Bottom line, King dollar doesn't really have any challengers," Michael Zezas, the firm's head of US public policy research, added. The firm pointed to three factors that will keep the dollar's top-dog status in financial markets:<h3>1. The yuan isn't liquid enough to challenge the dollar</h3>China's yuan, which officials in Beijing have been trying to position as a <a href="https://www.businessinsider.com/dedollarization-countries-us-dollar-dominance-china-yuan-rmb-brics-currency-2023-5">challenger to the dollar on the world stage</a>, isn't liquid enough to truly disrupt the dominance of the greenback, the strategists said. That's partly due to strict capital controls China has on its currency, which limit the amount of cash that can be taken in and out of the country."It seems unlikely to challenge the US dollar meaningfully anytime soon. To do so, we think China would need to relax control of its currency and open the capital account. It doesn't seem likely that Beijing will want to do this anytime soon," Lord said.Questions also linger over <a href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">China's economy</a>, given sagging consumer demand and the nation's ongoing <a href="https://www.businessinsider.com/china-outlook-home-prices-slumped-beijing-property-crisis-real-estate-2024-4">property crisis</a>."China may make some progress in denominating more of its bilateral trade in US dollars, but the impact that that has on global metrics of currency dominance is likely to be incremental," Lord added.<h3>2. Concerns over the US debt won't affect the dollar.</h3>Dollar doomsayers say trust is waning in the greenback as concerns mount over the <a href="https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4">US's rising debt balance</a>. As of this year, the government has racked up over $34 trillion in debt, a record amount. Yet, that has little impact on trust in the US dollar, given the currency's long-running reputation as a <a href="https://markets.businessinsider.com/news/currencies/dedollarization-china-yuan-complete-break-from-the-usd-2023-5">highly liquid safe- haven asset.</a>"I understand the concern, but for the foreseeable future, there's not much to it, " Zezas said. "Depending on the election outcome in the US, there's some fiscal expansion on the table, but it's not egregious in our view, and unless we think the Fed can't fight inflation — and our economists definitely think they can — then it's hard to see a channel toward the dollar becoming an unstable currency."Inflation has cooled dramatically from its highs since 2022, despite pandemic-era spending and mounting debt levels. <a href="https://www.businessinsider.com/cpi-inflation-may-prices-rent-gas-fed-interest-rates-2024-6#:~:text=The%20Consumer%20Price%20Index%2C%20an,unchanged%20from%20April%20to%20May.">Consumer prices grew just 3.3% year-per-year in May</a>, according to the latest inflation report, down from a peak of 9.1% several years ago.<h3>3. Crypto isn't a viable alternative</h3>While cryptocurrencies like bitcoin are liquid, they're too volatile to be considered a true alternative to the dollar, strategists said. "If I'm holding a crypto coin that rises, say, 10% a month, I'm less likely to use that for trade and instead just hoard it in my wallet to benefit from its price appreciation," David Adams, Morgan Stanley's head of G10 FX strategy. "Now, reasonable people can disagree about whether cryptocurrencies are going to appreciate or depreciate, but I'd argue that the best outcome for a dominant currency is neither."Other economic experts have also brushed off the possibility of the dollar being toppled from its dominant status anytime soon. <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-currency-war-greenback-china-yuan-economy-2023-5">Displacing a dominant currency</a> is something that happens over the course of decades, economists previously told Business Insider, as it takes time for people to shift to other currencies once a dominant currency is recognized as "safe."This story was originally published in June 2024

3 reasons the dollar can't be dethroned as the world's dominant currency, according to Morgan Stanley

The Reserve Bank on Thursday proposed to create a <keyword id="22711172" type="General" weightage="20" keywordseo="public-repository" source="keywords">public repository</keyword> of <keyword id="21305551" type="General" weightage="100" keywordseo="digital-lending-apps" source="keywords">digital lending apps</keyword> in a bid to address the problems arising from mushrooming <keyword id="22711171" type="General" weightage="20" keywordseo="unauthorised-players" source="keywords">unauthorised players</keyword> in the segment. In another significant move, the central bank proposed to introduce a facility of "<keyword id="22710839" type="General" weightage="20" keywordseo="Delegated-Payments" source="keywords">Delegated Payments</keyword>" in UPI to enable an individual to allow another individual to make <keyword id="19957378" type="General" weightage="20" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword>. In a <keyword id="13144094" type="General" weightage="20" keywordseo="post-monetary-policy-review" source="Orion">post-monetary policy review</keyword> address, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> said the central bank has taken several measures for the orderly development of the <keyword id="12577431" type="General" weightage="20" keywordseo="digital-lending-ecosystem" source="Orion">digital lending ecosystem</keyword> in India. In a bid to address the problems arising from unauthorised digital lending apps (DLAs), he said the RBI proposes to create a public repository of DLAs deployed by its regulated entities. "The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps," Das said. On introduction of 'Delegated Payments' through UPI, the Governor said the facility would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user's bank account without the need for the secondary user to have a separate bank account linked to UPI. This, he added, will further deepen the reach and usage of digital payments. The central bank also announced an increase in the transaction limit for tax payments through UPI to Rs 5 lakh. Currently, the transaction limit for UPI is Rs 1 lakh, except for certain categories of payments which have higher transaction limits. "It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI," Das said. The Governor also announced measures to speed up cheque payment which will benefit both the payer and the payee. At present, cheque clearing through Cheque Truncation System (CTS), operates in a batch-processing mode and has a clearing cycle of up to two working days. "It is proposed to reduce the clearing cycle by introducing continuous clearing with 'on-realisation-settlement' in CTS," Das said. This means that cheques will be cleared within a few hours on the day of presentation.

RBI to set up public repository of digital lending apps to check unauthorised players

The technology platform for providing "<keyword id="22918315" type="General" weightage="20" keywordseo="frictionless-credit" source="keywords">frictionless credit</keyword>" launched by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword>) last year as a pilot project will soon be introduced nationwide soon, said Reserve Banks of India Governor, <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> on Monday. This technology platform will be named "<keyword id="22918314" type="General" weightage="20" keywordseo="Unified-Lending-Interface" source="keywords">Unified Lending Interface</keyword> (ULI)", Das said while speaking in Bengaluru at the event of the Global Conference on Digital Public Infrastructure and Emerging Technologies. Governor Das said "Just like <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The 'new trinity' of JAM-UPI-ULI will be a revolutionary step forward in India's <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> journey." The ULI platform facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders. The technology platform introduced last year as a pilot projects cuts down the time taken for credit appraisal, especially for small and rural borrowers. Das stated that the ULI architecture has common and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources. "This reduces the complexity of multiple technical integrations. It enables borrowers to get the benefit of seamless delivery of credit, and quicker turnaround time without requiring extensive documentation. By digitising access to customer's financial and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers," the RBI governor stated. Showing confidence in the newly launched ULI, Das said, "Just like UPI transformed the payments ecosystem, "we expect that ULI will play a similar role in transforming the lending space in India." Speaking about the success of Unified Payment Interface (UPI) Das said, "The current ecosystem of digital payments in India offers a bouquet of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals." Das further stated stated that the apex bank is consistently trying to secure the financial system in the country. "We are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer-centric," Das said. Additionally, Das also highlighted that the central bank is constantly working on devising policies, systems, and platforms that will make the financial sector stronger, nimble and customer-centric. Das said that over the last decade, the traditional banking system has undergone an unprecedented technological transformation. By all indications, this process is likely to become even more intense in the coming years, he said. On the country's experience in DPI, he said, "DPI has enabled India to achieve in less than a decade levels of financial inclusion that would have otherwise taken several decades or even more" He also emphasised that UPI system has the potential to evolve into a cheaper and quicker alternative to available channels of cross-border remittances. The Governor also stressed that financial institutions should be abundantly mindful of associated risks of Artificial Intelligence.

After UPI, RBI set to launch Unified Lending Interface (ULI) for friction-less credit

New Delhi [India], August 1 (ANI): The <keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) has released a draft framework on alternative <keyword id="20470059" type="General" weightage="20" keywordseo="authentication" source="keywords">authentication</keyword> mechanisms to supplement the SMS-based OTP system for digital <keyword id="22624644" type="General" weightage="20" keywordseo="payment-transactions" source="keywords">payment transactions</keyword>. The RBI noted, "No specific factor was mandated for authentication, but the <keyword id="19989657" type="General" weightage="100" keywordseo="digital-payments" source="keywords">digital payments</keyword> ecosystem has primarily adopted SMS-based OTP as <keyword id="22624645" type="General" weightage="20" keywordseo="additional-factor-of-authentication" source="keywords">Additional Factor of Authentication</keyword> (AFA). While OTP is working satisfactorily, technological advancements have made available alternative authentication mechanisms." The draft discusses the Additional Factor of Authentication (AFA), which involves using more than one factor to authenticate a payment instruction. It requires that the process validate and confirm the credentials of the customer initiating the payment. Furthermore, the draft specifies that issuers must obtain explicit consent from customers before enabling any new authentication factor. Customers should also have the option to deregister from using the new authentication method. The draft states, "All digital payment transactions, other than card present transactions, shall ensure that one of the factors of authentication is dynamically created, i.e., the factor is generated after initiation of payment, is specific to the transaction and cannot be reused." Additionally, the draft mandates that issuers must have a system to alert customers in near real-time for all eligible digital payment transactions. It also prohibits transaction issuers from entering into exclusive arrangements with any Payment Service Provider or Technology Service Provider, which could limit their ability to implement alternative authentication solutions. RBI has proposed <keyword id="22624646" type="General" weightage="20" keywordseo="e-mandates" source="keywords">e-mandates</keyword> for <keyword id="21970493" type="General" weightage="20" keywordseo="recurring-transactions" source="keywords">recurring transactions</keyword> in mutual funds, insurance premiums, credit card bill payments for values up to Rs 1 lakh and in respect of all other categories for value up to Rs 15,000. The banking regulator also suggests that issuer shall be liable for the process and technology deployed for authenticating digital payments. There should also be a system of alerting the customer in near real time for all digital payment transactions. The draft notes that small value card present transactions up to Rs 5000 per transaction in contactless mode at Point of Sale (PoS) terminals are exempt from the AFA requirement. The central bank has invited comments and feedback on the draft framework until September 15, 2024. The proposed alternative authentication mechanisms aim to provide more choices for authentication factors to Payment System Operators and users.

RBI proposes alternative methods for authentication of digital payments, in addition to SMS-based OTP system

<ul><li><keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe.</li><li>Das called for a ban on cryptos, saying there is no underlying value in it.</li><li>To counter the growth of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, the central bank recently launched in pilot mode, its own e-rupee or <keyword id="6472011" type="General" weightage="20" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword> (CBDC).</li><li>He said that <keyword id="6335399" type="General" weightage="20" keywordseo="cbdcs" source="Orion">CBDCs</keyword> are the future of money and its adoption can help save on logistic and printing costs.</li></ul>Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe. Addressing a media event here, Das called for a ban on cryptos, saying there is no underlying value in it. Those supporting it call it an asset or a financial product, but there is no underlying value in it, he added. To counter the growth of cryptocurrencies, the central bank recently launched in pilot mode, its own e-rupee or central bank digital currency (CBDC). "Every asset, every financial product has to have some underlying (value) but in the case of crypto, there is no underlying value. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 per cent speculation or to put it very bluntly, it is gambling," he said. "Since we don't allow gambling in our country, and if you want to allow gambling, treat it as gambling and lay down the rules for gambling. But crypto is not a financial product," Das added. He said that CBDCs are the future of money and its adoption can help save on logistic and printing costs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-results-q3-fy23-wipro-sees-fy23-revenue-guidance-between-11-5-12/articleshow/96969117.cms">Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-inc-expects-budget-fy24-to-cushion-economy-from-global-risks-deloitte-survey/articleshow/96967472.cms">Indian Inc expects Budget FY24 to cushion economy from global risks; optimistic FY23 GDP growth will be above 6.5%: Deloitte survey</a>

Cryptocurrencies equivalent to gambling: RBI Governor

<ul class="summary-list"><li>Russia's economic expansion will drop off sharply after this year, the country's central bank said.</li><li>GDP could fall from as much as 4% to as low as 0.5% in 2025, the report said.</li></ul>Russian wartime growth will stagger next year as labor and sanction issues wear down the "overheating" economy, the country's central bank said in its annual report.Although GDP is projected to expand as much as 4% this year, state and consumer demand have by now outstripped supply, the Central Bank of Russia said.The report, cited by the <a target="_blank" href="https://www.ft.com/content/553c50cf-aa2c-41bc-8f4c-f8f24cee2b1a">Financial Times</a>, expects growth to reach the 0.5%-to-1.5% zone in 2025, and be 1% to 2% in 2026."Available production capacity is depleted," bank deputy governor Alexei Zabotkin told reporters last week. "The pace of expansion is held back by sanctions barriers and by physical limitations on the output of the means of production. The economy needs additional labor for this as well."He added that labor shortages had "significantly worsened."This dilemma first cropped up after Russia invaded Ukraine in 2022, committing part of its workforce to the front lines. Last year's forced mobilization order made the deficit more severe, as <a target="_blank" href="https://markets.businessinsider.com/news/currencies/russian-economy-record-worker-shortage-sanction-ukraine-war-labor-exodus-2023-4?_gl=1*esjdrx*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNTM2NDU1OC41NTkuMS4xNzI1MzY0ODA4LjQ1LjAuMA..">up to a million Russians</a> fled the country. By the end of 2023, the country was estimated to lack<a target="_blank" href="https://www.businessinsider.com/russia-lacks-workers-ukraine-war-labor-crisis-worker-shortage-2023-12"> close to 5 million workers.</a>That's put pressure on Russian businesses to increase wages, in a big to source new workers. According to FT, the nominal wage jumped 19.2% in the first quarter of 2024, slowing slightly in the second quarter. Labor shortfalls have hit manufacturing, trade and agriculture the hardest, according to the report.Rising wages and aggressive government spending are a recipe for higher inflation, which the central bank expects to reach 6.5% to 7% by the end of this year. The bank outlined that <a target="_blank" href="https://www.businessinsider.com/russia-economy-business-elites-criticize-central-bank-interest-rate-hike-2024-7">interest rates</a> — now standing at 18% — are unlikely to move away from the double digits.The report said inflation is projected to fall between 4% and 4.5% in 2025, then remain at the 4% level after that.The West has offered no relief to Russia, as sanctions from the US and its allies have only tightened in recent months. In late August, Washington announced another <a target="_blank" href="https://www.businessinsider.com/us-russia-sanctions-war-spending-exports-ukraine-china-banks-treasury-2024-8">sweeping sanctions package targeting foreign entities</a> that still support Russia's war production.Production capacity and labor supply is "nearly fully used," the report said.According to FT, the central bank also listed other economic scenarios in its report, such as an economic "deglobalization" that occurs alongside higher interest rates. In this situation, Russia would contract as much as 3% to 4% next year, and face a crisis as difficult as the 2008 period.The central bank's outlook appears in line with Western forecast, as the International Monetary Fund similarly <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-grows-faster-than-all-advanced-economies-imf-2024-4">anticipates momentum to fade in 2025</a>.Meanwhile, individual analysts have warned that a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-collapse-recession-moscow-ukraine-war-us-dollar-energy-2024-7">severe recession is looming over Moscow</a>, which could hit as soon as next year.

Russia's 'overheating' economy will face a sharp slowdown next year as labor and sanctions crush momentum, central bank says

<ul class="summary-list"><li>Chinese state-owned banks have been buying up the yuan and selling the dollar, Reuters reported.</li><li>That comes as China's central bank lowers the dollar-yuan daily fixing rate to a three and half month low.</li></ul>Big banks in China are buying up yuan and selling the dollar in an effort to prop up the Chinese currency.This week, major state-owned banks have been helping boost the yuan by swapping it for dollars in the onshore market and selling those dollars in the spot currency market, Reuters reported on Tuesday.The move also comes as The People's Bank of China has lowered the dollar-yuan daily fixing rate to a three and a half month low of 7.1406 per dollar as of Tuesday.But that banks have been active in the currency market this week came as a surprise to sources who spoke to Reuters, given the yuan's recent rally.The yuan has gained 2% in the past week to its highest level in nearly four months, notching levels of around 7.13 to the dollar. The selling of US dollars by big state banks briefly pushed onshore spot yuan to 7.1296 per dollar.The yuan's gains also come as the dollar has been weakening since last week, counting on the growing conviction that the Federal Reserve is done hiking interest rates. Still, the <a href="https://markets.businessinsider.com/news/currencies/stock-market-outlook-china-economy-dollar-vs-yuan-dedollarization-currencies-2023-9">Chinese currency is down</a> more than 3% against the dollar this year. Chinese banks have frequently sold dollars in the currency market this year to slow the <a href="https://markets.businessinsider.com/news/currencies/china-economy-woes-yuan-falls-lowest-against-dollar-16-years-2023-9">yuan's decline</a>. While a strong US dollar has been a part of the problem, the <a href="https://www.businessinsider.com/china-economy-slowdown-debt-property-crisis-population-recession-balance-sheet-2023-10">Chinese economy is also plagued</a> with problems including a cratering real estate sector, shrinking trade, and long-term pandemic-related disruptions.The economic malaise spurred the PBOC to <a href="https://www.businessinsider.com/china-economy-recession-growth-stimulus-package-inflation-xi-jinping-politburo-2023-7">launch a stimulus package</a> issuing extra sovereign bonds to ease debt burdens of the country's local governments.

You Searched For "Central Bank Digital Currency" and got 12 results

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