“While the pandemic and increasing internet penetration across India accelerated the demand for digital banking, the need for breaking through untapped markets has compelled traditional banks to go branchless too. This is reflective of the exponential growth that BCs (Business Corres...
As per the CashlessConsumer tracker, so far, there have been over 2 million installs of CBDC eRupee apps from Google Play, and as per the RBI Annual Report 2023, Rs 5.7 cores worth of eRupee retail has been issued till the financial year 2022-23, Lakshman informed us. Article continues...
The report said that in value terms, the share of ₹500 and ₹2,000 banknotes is 87.1% of total value of banknotes in circulation as on March 31, 2022. In terms of volume, the ₹500 denomination accounted for the highest share at 34.9% of the total banknotes in circulation as on...
Annual Economic Report. Google Scholar Boar, C., & Wehrli, A. (2021). Ready, Steady, Go?‐results of the Third Bis Survey on Central Bank Digital Currency. BIS Papers No. 114. Google Scholar Bordo, D., (2021). Central Bank Digital Currency in the Historical Perspective: Another ...
According to the RBI’s annual report for 2022-23, UPI-led retail digital payments have shown a growth at a CAGR of 50% in volume and 27% in value between FY17 and FY22. As per a report by PwC India, UPI transactions are likely to breach 100 crore transactions per day by FY27. ...
The Central Bank stated that it aims to expand the scope of CBDCs with new technology and more participants by enabling offline functionality, programmability, cross-border transactions, and tokenisation of assets in itsannual report 2023-24. ...
Last November, the Reserve Bank of India (RBI)’s Working Group released a report titled ’Report of the Working Group on Digital Lending including Lending through Online Platforms and Mobile Apps’ (the RBI Report).The first set of the RBI Report’s customer-focused recommendations were accepte...
Submitting Annual Return: Every time a company receives FDI, they are required to file an annual return with the RBI using the Foreign Assets and Liabilities form. The same has a 15 July submission deadline and is required for a financial year. Compounding of Offences: While carrying out the...
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