Tag: rbi

In Asia, India's growth is now marked at a slower 5.1% in the fiscal year 2019 as the foundering of a significant non-banking financial firm in 2018 led to a surge in risk hostility in the financial sector and a credit crisis.

Gujarat has become a stronghold of fake notes. In 2017, 32% of the nationwide seized fake currency was captured from Gujarat alone, worth over Rs 9 crore. The capital of the country, Delhi is second in this case. More than 50% of fake currency in the country have been seized from these two states. This disclosure is made for the first time after demonetisation in a report involving fake notes. A few days ago, the police raided a construction temple and caught the note printing gang.

In an attempt to promote and increase the number of digital payments, RBI this month directed the Banks to no more charge any extra amount from the saving account holders who are doing National Electronic Funds Transfer (NEFT) for payments. Earlier, RBI has also removed the processing charge that was imposed on its customers for doing NEFT.

RBI has told Supreme Court that WhatsApp cannot start their payment business in India. This came as a result of WhatsApp non-compliance with the data localization norm. At present, they are battling the Israeli Spygate (Pegasus) controversy in India. RBI stated that WhatsApp which is owned by Facebook is not following the data localization norm and it has asked National Payments Corporation of India (NPCI) to not launch the WhatsApp payments on Unified Payments Interface (UPI).

In this financial year, after the continued decline in several sectors in the recent quarters, the World Bank has also estimated the growth rate of the Indian economy below 6 percent. India's growth rate in 2018-19 was 6.9%.