The RBI said the action was taken as the affairs of the bank were being conducted in a manner “detrimental to the interest of the bank and its depositors.” Following the cancellation, Paytm Payments Bank is prohibited from undertaking the business of banking.
The Reserve Bank of India (RBI) in its April bulletin said India is poised to benefit from supply chain realignments, diversified FDI sources, and engagement with global investors seeking resilience and scale.
The evolving landscape of the legal tech industry in India presents myriad opportunities for lawyers to expand their expertise, says Monica Mallela.
At the close, the Sensex ended 350.81 points, or 0.47% higher at 74,227.63 while the Nifty 80 points or 0.36% at 22,514.70.
In this financial year, the Jagan Mohan Reddy government has till now raised loans to the extent of Rs 29,500 crore thus taking the state to the top in borrowings, the TDP spokesperson said.
The pilot will also test the robustness of the entire process of digital rupee creation, distribution, and retail usage in real time. Different features and applications of the digital token and architecture will be tested in future pilots, based on the learnings from this pilot, the RBI said in a statement.
The RBI statement said the statutory inspection of the bank was done by RBI with reference to its financial position as on March 31, 2020, and examination of the risk assessment report pertaining to the Forensic Audit Report (FAR) by an external auditor.
As retail inflation in India continues to remain above the RBI's comfort zone for the past 10 months, analysts feel that more hikes are expected in the future.
During the week that ended on November 11, the country's forex reserves were at USD 544.71 billion, data showed. According to RBI's latest data, India's foreign currency assets, which are the biggest component of the forex reserves, rose by USD 1.76 billion to USD 484.28 billion.
India and UAE are in talks for a Rupee-Dirham-denominated bilateral trade, said Sunjay Sudhir, Indian Ambassador to UAE, adding that both the countries will find it beneficial.
