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EXCLUSIVE


POLICY WRAP UP: TOP 5 LANDMARK DECISIONS BY RBI IN 2022

From repo rate hikes, digital lending guidelines to the recent CBDC launch, how
active has the Indian policymaker been on the regulatory front, in the calendar
year 2022? How has the policy decisions impacted the Indian economy and
transformed the ecosystem? Here's a quick recap:

 * Anushka Sengupta
 * ETBFSI
 * Updated: December 15, 2022, 11:23 IST

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While in the year 2022, India has witnessed many impactful events like
geopolitical tensions worldwide, central banks globally hiking rates, rupee
touching its lowest, cryptocurrency market crash, CBDC launch and much more, the
Indian Central Bank has been quite active on the policy front.

The Reserve Bank of India has made many announcements in calendar year 2022
which made into the top headlines of the year. Let's have a quick recap into
some of the most important decisions taken by the Apex Bank :



RBI hiked repo rates by a total of 265 bps this year

The Reserve Bank of India has hiked its repo rates five times in a row this
year, taking the final mark to 6.25 percent. Prioritising inflation over growth,
the RBI has effectively raised rates by a total of 265 basis points since April
2022.

The first rate hike was done in May 2022, by 40 basis points, followed by 50
basis points in June, another 50 basis points in August and September
respectively, with a final 35 basis points hike in December.

In line with the past 5 consecutive rate hikes, the Apex Bank is predicted to
hike the repo rates by another 25-35 bps in February, and 6.5 percent could be a
point to pivot, according to economists and BFSI leaders.

RBI's revolutionary Bharat Bill Payment Systems (BBPS)

The Reserve Bank of India, during its August repo rate hike said that the Bharat
Bill Payment System would facilitate NRIs to pay bills in India, opening a
potential source for forex flows into India.

In its December MPC meet as well, the Apex bank head spoke on the scope of
expanding the Bharat Bill Payment Systems (BBPS).

"The BBPS doesn't cater to bill payments or collections such as payment of fees
for professional services, education fees, tax payments, rent collections, etc
for individuals even if they are of recurring nature. Therefore the scope of
BBPS is being enhanced to include all categories of payments and collections,
both recurring and non-recurring, and for all category of billers, that is both
businesses and individuals," he said.



The Central Bank governor believes that this will make the BBPS platform
accessible to wider set of individuals and businesses who can benefit from the
transparent payment system, faster access to funds and improved efficiency.

The Bharat Bill Payment System has been into effect since 2017 and has garnered
a good number of customers for itself. It is an interoperable platform for
standardised bill payments. This has transformed the bill payment experience for
users in India.

RBI's Digital Lending Guidelines with a focus on consumers' 'Data privacy
concerns'

With increasing number of digital loan frauds, consumer harassment, exploitation
of data, etc, the Reserve Bank of India in 2022 resorted to bring out strict
guidelines for lenders to follow, to help curb frauds in the ecosystem.

The RBI had issued guidelines for digital lending apps and even for banks to
follow, to protect consumer data. According to the guidelines, the regulated
entities cannot store borrowers' data except for some basic minimal information.
Additionally, a lender can store information such as the name, address, contact
details of the customer etc. that are required to process and disburse the loan
and repayment of it. Also, the biometric information of the borrower cannot be
stored by digital lending apps.

The Apex Bank had given time till November to implement these changes to the
system and thus, the guidelines have come into effect from December.

FinTechs have welcomed this decision too, and had also given some suggestions
for the better functioning of the system.

ALSO READ : RBI's clarity on data privacy will protect consumer interests,
enhance transparency

RBI's big move in payment space - 'Tokenisation'

After various complaints being filed against the misuse of debit and credit
cards, the Reserve Bank of India had announced its card-on-file tokenisation
norms which came into effect from October 1.

According to the RBI mandate tokenisation would replace actual card details with
an alternate code called the “token", which shall be unique for a combination of
card, token requestor.

Tokenisation is used specially in case of recurring payments or where merchants
have stored the card details to provide a faster checkout experience.

Prior to the October, 2022 tokenisation deadline, payment fintech giants like
Paytm had tokenized over 52 million cards across VISA, Mastercard & RuPay and
were already on track to meet the Central bank's deadline.

PayU had also announced the tokenisation of over 50 million cards, while PhonePe
had successfully tokenised over 14 million cards prior to the deadline.

The initiative by the Apex Bank would check the risk of fraudulent activities,
and help in securing users’ card information.

ALSO READ : Payment platforms roll-up sleeves ahead of RBI’s tokenization
deadline

CBDC Launch - A mega move by the Indian Apex Bank

The Reserve Bank of India launched the first pilot of retail CBDC on December
01, 2022 while it introduced the pilot wholesale CBDC on October 31, 2022.

On December 1, the first phase of the retail CBDC pilot was launched. Initially,
it covers four cities across India — New Delhi, Mumbai, Bhubaneswar and
Bengaluru.

Customers and merchants can use the digital rupee or e-rupee to make
transactions. Four banks are controlling the launch of the retail e-rupee – SBI,
Yes Bank, ICICI Bank and IDFC First Bank.

ALSO READ : How retail CBDC will help bolster India's payment system, complement
UPI

According to RBI's concept note on CBDC, the Central Bank Digital Currency
(CBDC) can be defined as the legal tender issued by the Reserve Bank of India,
to provide businesses and consumers with privacy, transferability, convenience,
accessibility, and financial security.

While both wholesale and retail CBDC has been launched in India, there's still
more time it will require to garner more reach and scale.

The policy decisions taken by the Reserve Bank of India in 2022 has been mostly
to further push the shift into a digital India, increasing the scope of digital
in finance and economy. Consumers are still awaiting many decisions from the
Indian regulator in several areas of finance like cryptocurrency, payments
sector, etc going ahead in 2023.


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POLICY

 * 6 hrs ago
   
   CRYPTO ASSETS NEED TO BE REGULATED AT A GLOBAL LEVEL, ECB'S DE GUINDOS SAYS

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 * 2 days ago
   
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EXCLUSIVE


CRYPTO ASSETS NEED TO BE REGULATED AT A GLOBAL LEVEL, ECB'S DE GUINDOS SAYS

ECB-POLICY/CRYPTO-CURRENCY (URGENT)Crypto assets need to be regulated at a
global level, ECB's De Guindos says

 * Reuters

Click Here to Read This Story
 * 
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MADRID, - European Central Bank Vice-President Luis de Guindos said on Monday
that crypto assets need to be regulated at a global level to avoid loopholes in
the financial system.

"Regulation is necessary but it is necessary at a global level," De Guindos said
at an event in Madrid.

On November 11, crypto exchange FTX filed for bankruptcy, leaving an estimated 1
million customers and other investors facing total losses in the billions of
dollars.



The collapse reverberated across the crypto world and sent bitcoin and other
digital assets plummeting. (Reporting by Jesus Aguado; Editing by Emma Pinedo)



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EXCLUSIVE


ECB WILL HIKE RATES FURTHER, WE DO NOT KNOW WHEN WILL STOP, DE GUINDOS SAYS

ECB-POLICY/DEGUINDOS (URGENT)ECB will hike rates further, we do not know when
will stop, De Guindos says

 * Reuters

Click Here to Read This Story
 * 
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MADRID, - The European Central Bank will hike interest rates further in the euro
zone to combat high inflation, ECB's Vice-President Luis de Guindos said on
Monday.

"There will be more interest rate hikes, until when, I don't know. I am
absolutely honest, I don't know," De Guindos said, adding that the institution
was committed to bring inflation down to its 2% mid-term goal.

On Thursday, the ECB eased the pace of its interest rate hikes but stressed
significant tightening remained ahead and laid out plans to drain cash from the
financial system as part of a dogged fight against runaway inflation. (Reporting
by Jesus Aguado; editing by Emma Pinedo)




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inflation
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EXCLUSIVE


GOVT TO AMEND INSOLVENCY LAW TO REDUCE TIME TAKEN FOR RESOLUTION PROCESS

The corporate affairs ministry's move to amend the law also comes against the
backdrop of concerns in various quarters that many of the corporate insolvency
resolution processes are taking a longer time due to litigations and other
issues despite a stipulated time frame in place.

 * PTI

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New Delhi, The government is preparing to amend the insolvency law as it looks
to reduce the time taken for completion of resolution process of stressed assets
and prevent significant erosion of value of the assets, according to a senior
official. Amendments to the Insolvency and Bankruptcy Code (IBC), which came
into force in 2016 for timely resolution of stressed assets, are likely to be
introduced in the Budget session of Parliament early next year.

The corporate affairs ministry's move to amend the law also comes against the
backdrop of concerns in various quarters that many of the corporate insolvency
resolution processes are taking a longer time due to litigations and other
issues despite a stipulated time frame in place.

The senior government official told PTI that consultations are going on with
various stakeholders, including bankers and lawyers, and the changes are
expected to be finalised in the coming weeks.



The focus is on how to speed up the whole resolution process by reducing the
time taken.

One of the options being looked at is how fast a company undergoing the
resolution process can be handed over to the winning bidder as that would help
in preserving the value of the assets concerned, the official said.

As per IBC, a company's affairs are taken care of by an insolvency resolution
professional till the winning bidder takes over.

To ensure that there is no significant value erosion, the amendments will look
at putting in place provisions whereby the assets can be handed over to the
winning bidder at the earliest, the official said.

On the basis of data from the Insolvency and Bankruptcy Board of India (IBBI)
till the end of September this year, the ministry informed the Lok Sabha on
December 12 that a total of 553 cases have been resolved under IBC and the
average time taken for the resolution was 473 days.

In the current fiscal up to September, 57 cases were resolved under IBC and the
average time taken was 679 days. The higher time taken for resolution is mainly
on account of associated litigation as with time, the average number of
interlocutory applications has increased, which is considered to impact
realisable value of assets, the ministry told the Lower House.



As per the data, it took an average of 560 days to resolve 143 cases in 2021-22,
while the average time taken was 468 days to resolve 120 cases in 2020-21.

In 2017-18, 19 cases were resolved and the average time taken was 230 days, and
in 2018-19, 78 cases were resolved at an average time of 326 days.

In 2020-21, as many as 120 cases were resolved and the average time taken was
468 days.

The IBC time frame for the resolution process is 330 days, inclusive of time
taken for litigation.

As per the IBBI data, the 517 cases that yielded resolution plans took an
average of 460 days for conclusion till the end of June while the recovery rate
for creditors against the claims made was around 31 per cent. PTI RAM ANU ANU

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EXCLUSIVE


RBI'S CENTRAL BOARD REVIEWS ECONOMIC SITUATION

The board also discussed the activities of select central office departments and
the draft report on the Trend and Progress of Banking in India, 2021-22.

 * PTI

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The central board of the Reserve Bank on Friday reviewed the prevailing economic
situation and challenges emanating from geopolitical developments. The 599th
meeting of the Central Board of Directors of Reserve Bank of India (RBI) took
place in Kolkata under the chairmanship of Governor Shaktikanta Das, the RBI
said in a statement.

"The board in its meeting reviewed the current economic situation, global and
domestic challenges, including geopolitical developments, finance and trade," it
said.

The board also discussed the activities of select central office departments and
the draft report on the Trend and Progress of Banking in India, 2021-22.



Directors of the central board -- Satish K Marathe, Revathy Iyer, Sachin
Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia --
participated in the meeting.

Deputy governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao,
and T Rabi Sankar, were also present during the meeting.

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EXCLUSIVE


FED'S WILLIAMS SAYS RATES COULD RISE MORE THAN CENTRAL BANK HAS PRICED IN

But when it comes to some Wall Street forecasts that argue the Fed may need to
go as high as 6% or 7% on the federal funds rate target, Williams said "that's
definitely not my baseline."

 * Reuters

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New York Federal Reserve President John Williams said on Friday it remains
possible the U.S. central bank raises interest rates more than it currently
expects next year, adding that he's not expecting the economy to fall into
recession as Fed policymakers press forward with action to tame unacceptably
high inflation.

"We're going to have to do what's necessary" to get inflation back to the Fed's
2% target, Williams said in an interview on Bloomberg's television channel. He
said monetary policy will need to become restrictive and the peak federal funds
rate next year, which Fed policymakers projected this week at 5.1%, "could be
higher than what we've written down."

Williams, who is also vice chair of the rate-setting Federal Open Market
Committee, noted that "inflation has been stubbornly high ... and we've seen the
economy remain very resilient to higher interest rates."



But when it comes to some Wall Street forecasts that argue the Fed may need to
go as high as 6% or 7% on the federal funds rate target, Williams said "that's
definitely not my baseline."

Williams was the first Fed official to weigh in after the

U.S. central bank
on Wednesday raised its benchmark overnight interest rate by half a percentage
point to the 4.25%-4.50% range, as expected. The Fed also upgraded its estimate
of how far it will need to raise rates to lower inflation and predicted weaker
economic growth and higher unemployment.

In his news conference after the end of the Dec. 13-14 policy meeting, Fed Chair
Jerome Powell acknowledged that the actions he believes the central bank will
need to take will create challenges for the economy, saying "I wish there were a
completely painless way to restore price stability. There isn't, and this is the
best we can do."

Williams said he doesn't see a downturn in the economy as inevitable, noting
that in terms of the Fed's current outlook, "I don't see this as a recession.
We're clearly not in a recession right now."

The New York Fed chief also said recent inflation data has been more positive
amid improving supply chains and other factors, but he said high service-sector
inflation remains an issue and a target of Fed action. He added that wage gains
are high but not something akin to a 1970s-style force driving up overall price
pressures.



The Fed has faced criticism for being too slow to start raising rates to lower
inflation, which has been running at 40-year highs, but Williams said that he
doesn't believe the central bank has lost credibility with markets and the
public.

"We're absolutely committed to get inflation back to our 2% goal, and we're
acting in that way," Williams said, adding "I don't think we've lost the
credibility" of being seen as resolute inflation fighters.

Williams also said that in terms of any possible disconnect between the market
and Fed views of the economic future, "I think pretty much everyone understands
that real interest rates need to get restrictive and stay there."


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EXCLUSIVE


SWISS NATIONAL BANK LIFTS KEY INTEREST RATES AS IT FOLLOWS US FEDERAL RESERVE’S
METHOD TO TACKLE INFLATION

The Swiss bank announced that consumer prices rose by 3% in November, surpassing
its objective but still being considerably lower than the painful 10%
experienced in the 19-country euro area, despite recent decreases in inflation.

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As other European central banks began to adopt the strategies of the U.S.
Federal Reserve to control inflation, the Swiss National Bank increased its
benchmark interest rate on Thursday.

The Bank of England raised its policy rate a day later, and the Fed elected to
increase its speed by half a percentage point on Wednesday, all at the same pace
as Switzerland's central bank. While Norway's central bank only increased by a
quarter of a topic, the European Central Bank is anticipated to do the same on
Thursday.

Despite recent declines in inflation, the Swiss bank reported that consumer
prices increased by 3% in November, exceeding its target but still being much
lower than the painful 10% seen in the 19-country euro area. Compared to the
U.S., which is 7.1%, it was even higher in the U.K. at 10.7%.



The half-point increase in Switzerland was a reduction from the bank's
three-quarter-point rise in September, which was the most significant increase
in its history and ended several years of negative interest rates.



The bank claims it can't rule out taking other measures to raise borrowing
costs, citing sluggish global economic development and a world plagued by
serious hazards like the COVID-19 pandemic, the European energy crisis, and
persistently high inflation.

Inflation is expected to remain above 3% before declining, according to the
bank's revised forecast for the end of this year and the first three months of
2023. Despite rate increases, however, the medium-term inflation projection is
higher. According to its updated points, annual inflation will be 2.9% this
year, 2.4% the following year, and 1.8% in 2024.

FAQs:
 1. The Swiss National Bank is owned by who?
    The SNB's share capital, as determined by the NBA, is CHF 25 million. It has
    a nominal value of CHF 250 per share and is divided into 100,000 registered
    shares. At the end of 2021, cantons, cantonal banks, and other public
    authorities and institutions held 51% of these shares.
 2. Swiss National Bank: What is it?
    The Swiss National Bank manages the nation's monetary policy as an
    independent central bank.


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EXCLUSIVE


EUROPEAN CENTRAL BANK EXPECTED TO SLOW PACE OF RATE HIKES

By David McHugh Frankfurt, Dec 15 (AP) The European Central Bank is expected to
slow the fast and furious pace of its interest rate increases aimed at fighting
inflation - but not by much as high energy prices driven by Russia's invasion of
Ukraine ravage consumer finances and threaten a recession

 * AP

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By David McHugh Frankfurt, Dec 15 (AP) The European Central Bank is expected to
slow the fast and furious pace of its interest rate increases aimed at fighting
inflation - but not by much as high energy prices driven by Russia's invasion of
Ukraine ravage consumer finances and threaten a recession in Europe.

Analysts foresee a still-sizable rate hike of a half-percentage point at
Thursday's meeting in Frankfurt, Germany, following record increases of
three-quarters of a point in July and October.

That would echo the US Federal Reserve, which made a half-point increase
Wednesday, following four straight hikes of three-quarters of a point.



The Swiss central bank also raised by a half-point on Thursday, when a similar
hike is expected from the Bank of England.

Inflation has eased in the United Kingdom, US and Europe but is still painful as
food, energy and housing costs squeeze households.

The ECB will consider how inflation in the 19 countries that use the euro
currency unexpectedly fell to 10 per cent last month from 10.6 per cent in
October.

It was the first drop since June 2021 but still far above the ECB's goal of 2
per cent.

Despite the decrease, it's "too early" to say inflation has peaked, the ECB's
chief economist, Philip Lane, said in an interview with the Milano Finanza
newspaper.

"I would be reasonably confident in saying that we are close to a peak in
inflation," he said, but cautioned that the journey back to 2 per cent "will
take time."

Bank President Christine Lagarde is expected to stick to a strong anti-inflation
message during a news conference after the decision, with a three-quarter-point
rate increase not absolutely ruled out.

Analysts say rate hikes are likely to continue into next year, and Lagarde's
remarks will be watched for hints on how high rates might go.

Analysts at Pictet Wealth Management said the prospects for inflation remaining
above target for some time mean that Lagarde "at a minimum ... should lean
against the idea of a pause any time soon."



One reason for sticking to the tough anti-inflation message: the growth outlook
for the European economy has improved, to mere shallow recession from possible
disaster.

Despite energy prices surging after Russia cut off most natural gas shipments,
the European Union succeeded in largely filling underground storage for the
winter heating season.

That has eased concern about running low on gas, which is used for heating,
industry and power generation, and reduced fears of rolling electricity
blackouts and industrial shutoffs.

Interest rate increases are central banks' chief tool to fight inflation. Higher
benchmarks are soon reflected in higher market borrowing costs for consumers
looking for mortgages and businesses needing credit to operate or invest in new
facilities.

More costly credit reduces demand for goods, and, in theory, also reduces price
increases.

The flip side is that higher rates can slow economic growth, and that has become
a concern in the US and Europe.

The slightly improved, or at least less disastrous, outlook for growth in the
eurozone is seen as a green light for Lagarde and the ECB to keep their focus
firmly on inflation.

Bank officials say getting tough now prevents inflation from becoming chronic
and requiring even more painful medicine.

The ECB's benchmark rate for lending to banks stands at 2 per cent, and its rate
on deposits left overnight by commercial banks is 1.5 per cent.

Between the July and October meetings, the bank raised both benchmarks by 2
percentage points in just three months, the fastest pace since the founding of
the shared euro currency in 1999 and covering ground that took 18 months in
early rate-raising cycles. (AP) FZH

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EXCLUSIVE


RBI GOVERNOR INTERACTS WITH FINTECHS AND INDUSTRY ASSOCIATIONS

In his introductory remarks, the RBI Governor stated that FinTech initiatives
and start-ups are important segments of aspirational India.

 * ANI

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Reserve Bank of India Governor Shaktikanta Das on Wednesday held a meeting with
select FinTech entities, including the AgriTechs and some of their associations.

The meeting was also attended by RBI Deputy Governor MK Jain along with a few
senior officials of the central bank.
In his introductory remarks, the RBI Governor stated that FinTech initiatives
and start-ups are important segments of aspirational India.

"They are playing a transformative role in the financial system through digital
innovations and innovative means of delivery of financial services," RBI said in
a release quoting the Governor.



He highlighted the proactive and supportive role of the RBI in providing a
"conducive policy environment" for responsible innovation.

He advised FinTechs to pay close attention to governance, business conduct, data
protection, customer centricity, regulatory compliance, and risk mitigation
frameworks.

The Governor reiterated that the RBI will continue to adopt a participative and
consultative approach to facilitating innovations in the financial sector.

At the meeting, the participants also shared their inputs and suggestions to
enhance and deepen the role of FinTechs and the related ecosystem in the
country.


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EXCLUSIVE


RBI TO PROMOTE INNOVATION IN FINANCIAL SECTOR, SAYS GOVERNOR SHAKTIKANTA DAS

Das advised fintechs to pay close attention to governance, business conduct,
data protection, customer centricity, regulatory compliance and risk mitigation
frameworks.

 * PTI

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Reserve Bank Governor Shaktikanta Das on Wednesday assured financial technology
companies (fintech) that the central bank will continue to adopt a participative
and consultative approach to facilitate innovation in the financial sector. The
governor held a meeting with select fintech entities, including AgriTechs, and
some of their associations, the RBI said in a statement.

Das advised fintechs to pay close attention to governance, business conduct,
data protection, customer centricity, regulatory compliance and risk mitigation
frameworks.

"The Governor reiterated that the RBI will continue to adopt a participative and
consultative approach for facilitating innovations in the financial sector," the
RBI said.



In his introductory remarks, Das stated that FinTech initiatives and start-ups
are important segments of aspirational India.

They are playing a transformative role in the financial system through digital
innovations and innovative means of delivery of financial services, he said.

Das highlighted the proactive and supportive role of the RBI in providing
conducive policy environment for responsible innovation.

The meeting was also attended by M K Jain, Deputy Governor, along with a few
senior officials of the RBI.

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