The Reserve Bank of India formulated a new framework for the establishment of a new umbrella entity for retail payments. According to RBI, the entity will be handed over the responsibility of setting up, managing, and operating new payment systems in the retail space following the same way as the National Payments Corporation of India ..
Monetary policy of India: GK, General Studies and Current Affairs
As per 4th bi – monthly Monetary Policy Statement for 2019-20, the Reserve Bank of India (RBI) has cut its key lending rate — repo rate – by 25 basis points to 5.15% in an effort to boost a sluggish economy as inflation remains in a comfortable zone. This is the 5th consecutive rate cut ..
Reserve Bank of India Act, 1934 was enacted on 6 March, 1934 to constitute the Reserve Bank of India. This law commended from April 1, 1935. It provides framework for the supervision of banks and other related matters. Important Provisions Section-3 Section 3 of the RBI act provides for establishment of Reserve Bank of India ..
The Prime Minister’s Economic Advisory Council Chairman, C Rangarajan, has opined to reduce the use of CRR and suggested that it should be used only in extraordinary circumstances. As per him, the need for using it reduces with the option of Open Market Operations (OMOs) already in place. Cash Reserve Ratio which is abbreviated as ..