Page-20 of Economy & Banking Current Affairs - 2024

RBI Proposes Transparent Mechanism for Declaring Wilful Defaulters

The Reserve Bank of India (RBI) has introduced a robust and transparent mechanism for the classification of wilful defaulters, aimed at strengthening accountability and making it more challenging for defaulters to secure funding for future endeavors. This pivotal move comes ..

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RBI Directs Regulated Entities to Release Property Documents Promptly

The Reserve Bank of India (RBI) has issued directives to all Regulated Entities (REs), including banks and non-banking financial companies (NBFCs), to release original movable or immovable property documents within 30 days of full loan repayment. Lenders must also remove ..

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Global Debt as a Share of Economic Output Declined in 2022

The International Monetary Fund (IMF) reported that global debt as a share of economic output decreased for the second consecutive year in 2022, but this trend may be ending as the post-COVID growth surge wanes. According to the IMF’s Global ..

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Future of Money Report

A report titled “Future of Money” by venture capital firm Blume Ventures suggests that Central Bank Digital Currencies (CBDCs) have the potential to replace physical cash in the coming decade. The report predicts a significant acceleration in CBDC adoption and ..

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RBI Encourages Fintech Self-Regulatory Organizations (SROs) for Ethical Practices

Reserve Bank of India (RBI) Governor Shaktikanta Das has called upon fintech entities to establish Self-Regulatory Organizations (SROs). He emphasizes the need for SROs in the fintech sector to address issues related to market integrity, data privacy, cybersecurity, and risk ..

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RBI to Phase Out Incremental Cash Reserve Ratio (I-CRR)

The Reserve Bank of India (RBI) has announced the phased discontinuation of the Incremental Cash Reserve Ratio (I-CRR), introduced on August 10, 2023. Following a review, the RBI aims to release I-CRR funds gradually to avoid shocks to system liquidity ..

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