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UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

16Aug By Gauri SinghNo Comments

INDIA

UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

Following a number of delays and a few hurdles, the updated version of UPI which is commonly called UPI 2.0 is set to be introduced to the people by the National Payments Corp of India. The UPI 2.0 will be launched today at an event in Mumbai. Urjit Patel, the Governor of The Reserve Bank of India along with Rajnish Kumar, State Bank of India chairman and Nandan Nilekani, the non-executive chairman of Infosys are looking forward to formally launch the updated version. It has been reported that around 10 banks will join UPI 2.0 from the beginning which includes: - SBI - HDFC Bank - Axis Bank - ICICI Bank - Yes Bank However, the other banks are in multiple stages of updating the payment product. "NPCI wanted the updated UPI to be launched by the Governor himse...

RBI hikes Repo rate for first time in 4 years under BJP Regime

India's Apex Bank Reserve Bank of India has raised repo rate for the first time in four years amidst inflation concerns surprising market analysts by keeping its policy stance "neutral". The six-member monetary policy committee of RBI headed by governor Urjit Patel has hiked the repo rate by 25 basis points to 6.25 percent. While the reverse repo rate has been adjusted to 6 percent. Notably, this is a first-time hike in policy rate done by the central bank since Narendra Modi led BJP government has come into office in may 2014. Meanwhile, RBI has allowed 2 percent more SLR (Statutory liquidity ratio) to meet liquidity coverage ratio. In its official statement, RBI said that "it reiterates its commitment to achieving the medium-term target for headline inflation of 4 percent on ...

Sudha Balakrishnan To Take Charge as RBI’s First CFO

The Reserve Bank of India has appointed NSDL Executive Sudha Balakrishnan as its first chief financial officer (CFO) who will take in charge from 15 May, according to a news report. This is being considered as one of the biggest organisational change since Urjit Patel took over central bank in September 2016. Sudha Balakrishnan, a chartered accountant serving at India's first and largest depository NSDL will be the 12th executive director at RBI and will hold a three-year term. As per the report, RBI was looking out for a CFO since May 2017 when it had first advertised for the post. A foreign bank executive was selected too to serve the role, however, he backed out due to differences in remuneration. The recruitment notice issued in October 2017 states that the new CFO will be res...