By PTI NEW DELHI: A parliamentary committee looking into the issue of mounting non-performing assets (NPAs) has asked former RBI Governor Raghuram Rajan to appear before it and brief on the matter. Rajan was invited after former Chief Economic Advisor (CEA) Arvind Subramanian praised him before the Parliament's Committee on Estimates, headed by veteran BJP leader Murali Manohar Joshi, for identifying the NPA crisis and trying to resolve it. Joshi has written a letter to Rajan asking to appear before the panel and brief the members on the issue of mounting NPAs, a source said. Rajan, who was RBI governor for three years till September 2016, is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth School of Business. The letter has been written to Rajan after Subramanian credited him for identifying the problem, the source said. Subramanian appeared before the panel last month as CEA and briefed it on the bad loans issue. During his submission, … [Read more...] about Parliamentary panel calls ex-RBI governor Raghuram Rajan to brief on mounting NPAs
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Par panel calls ex-RBI governor Raghuram Rajan to brief on mounting NPAs
A parliamentary committee looking into the issue of mounting non-performing assets (NPAs) has asked former RBI Governor Raghuram Rajan to appear before it and brief on the matter. Rajan was invited after former Chief Economic Advisor (CEA) Arvind Subramanian praised him before the Parliament's Committee on Estimates, headed by veteran BJP leader Murali Manohar Joshi, for identifying the NPA crisis and trying to resolve it. Joshi has written a letter to Rajan asking to appear before the panel and brief the members on the issue of mounting NPAs, a source said. Rajan, who was RBI governor for three years till September 2016, is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth School of Business. The letter has been written to Rajan after Subramanian credited him for identifying the problem, the source said. Subramanian appeared before the panel last month as CEA and briefed it on the bad loans issue. During his submission, he … [Read more...] about Par panel calls ex-RBI governor Raghuram Rajan to brief on mounting NPAs
Operators must pay attention to cyber security, reasonableness of charges, says RBI Governor Urjit Patel
RBI Governor Urjit Patel has asked financial services providers to focus on cyber security and reasonableness of customer charges. “While the Reserve Bank will continue to pay focused attention to appropriate enabling regulation, strong infrastructure, apposite supervision and customer centricity, due attention must be paid by operators towards cyber security, effective customer grievance redress arrangements and reasonableness of customer charges,” he said. “Operators should ensure that no corner is cut regarding cyber security – after all, in a network environment we are only as strong as the weakest link. We owe it to ourselves that we don’t compromise the integrity of the system by individual (in) action – in this context, cost savings should be eschewed,” he said. While unveiling UPI 2.0 version yesterday, he said, UPI has the potential for further facilitations. Some of the possibilities include integration with newer payment systems of … [Read more...] about Operators must pay attention to cyber security, reasonableness of charges, says RBI Governor Urjit Patel
RBI Governor Urjit Patel unveils UPI 2.0 version; will allow customers to use overdraft limit for making payments to merchants
New Delhi: Reserve Bank of India Governor Urjit Patel on Thursday unveiled UPI version 2.0 which will allow customers to use overdraft limit for making payments for merchants. The second version of the Unified Payments Interface (UPI) will also enable customers to check the invoice sent by merchant prior to making payment, National Payments Corporation of India (NPCI) said in a statement. Delivering the presidential address at the event, Patel outlined that the launch has been the result of the calibrated approach adopted by the RBI - in the initial years as a developer and in later years as a catalyst and facilitator. He said that the payment systems in India are not only comparable to any system, anywhere in the world, they also do set standards and good practices for others to emulate. File image of RBI Governor Urjit Patel. AFP Patel also outlined the need for ensuring adequate importance to be ascribed to cyber-security, stating that all efforts need to be channelled to this … [Read more...] about RBI Governor Urjit Patel unveils UPI 2.0 version; will allow customers to use overdraft limit for making payments to merchants
RBI Governor Urjit Patel unveils UPI 2.0 version
RBI Governor Urjit Patel today unveiled UPI version 2.0 which will allow customers to use overdraft limit for making payments for merchants. The second version of the Unified Payments Interface (UPI) will also enable customers to check the invoice sent by merchant prior to making payment, National Payments Corporation of India (NPCI) said in a statement. Delivering the presidential address at the event, Patel outlined that the launch has been the result of the calibrated approach adopted by the Reserve Bank of India - in the initial years as a developer and in later years as a catalyst and facilitator. He said that the payment systems in India are not only comparable to any system, anywhere in the world, they also do set standards and good practices for others to emulate. Patel also outlined the need for ensuring adequate importance to be ascribed to cyber security, stating that all efforts need to be channelled to this area and that costs should not be an inhibiting factor to this … [Read more...] about RBI Governor Urjit Patel unveils UPI 2.0 version