Most of the banks brace for the eventual exit of Reserve Bank of India governor Raghuram Rajan in September. All the banks are also busy filling in the Unified Payments Interface (UPI), the July 15 launch of which may get delayed due to unfinished technicalities.
One of Raghuram Rajan's initiatives would be possible only by September and right now the structure and framework of UPI is being done. UPI was launched last month by National Payments Corporation of India. This is an umbrella organization for all retail payments system, aims to make money transfers via mobile banking as simple as sending text messages.
Both State Bank of India and Bank of Baroda are all set for a launch by month of September. During the launch of UPI, SBI MD Ranjish Kumar said, "We don't have to ensure the transactions are flawless. In case of failed transaction, the would be auto reversal of money.
At the end of the day, I can auto reverse my (SBI’s failed) transactions, but that is not the case when other banks are involved."
SEBI permitted mutual funds to participate in all exchange-traded commodities derivatives (ETCDs) Reportedly Mutual fund houses so far were not permitted to invest in commodities other than gold. At most, a few fund houses had thematic funds investing in the equity of companies engaged in the commodities business. But that is set to change with SEBI issuing final guidelines on May 21, 2019, permitting MFs to invest in exchange-traded commodity derivatives, with an aim to deepen the nascent commodity market.
- Air Asia India plans to tie up with about 200 companies
- London-based AdiGro Group to restart Jet Airways' operations by July 1
- Singapore Red Cross website been hacked
- What are the 2 bids received for Jet Airways?
- New tax rates for Under Construction House will come into effect from April 1, 2019
- Do you know Indian Railways luggage carrying rules?
- Know about State Bank of India's online service IMT (Instant Money Transfer)
- TCS was recently in the news for a trade secret theft case file
- Rupee on May 6 fell by 18 paise to close at 69.40 against US dollar
- Why Income Tax e-Filers growth dropped down this fiscal year?
- Shutting down of Jet Airways left 16,000 people, including 1,350 pilots, jobless
- Amazon fighting with Walmart Inc's Flipkart for market share in India
- 30% of 1,100 Yes Bank branches are profitable in India
- Stock Market in tensed state
- SpiceJet, Air India may fly 40 Jet Airways planes from next week