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RBI eases business guidelines for white label ATMs

MUMBAI: RBI has eased business guidelines for white label ATMs allowing companies that manage these machines to source cashdirectly from the central bank, offer non bank services like bill payments and advertise even non financial products in their premises, increasing the revenue earning scope for these companies. White label ATM Operators (WLAO), can now source cash directly from RBI offices and currency chests, and will no longer be dependent on sponsor banks for procurement of cash. The RBI has allowed the operators to source cash from any scheduled bank including rural and cooperative banks, it…

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Clear signs of investment recovery, upturn may last to up to 2022-23: RBI paper

There is growing evidence suggesting a definite upturn in investment activity in India since 2016-17, a latest RBI paper has said. The upturn in the current investment cycle is estimated to last up to 2022-23 when the investment rate is estimated to increase up to 33 percent of GDP from the current level of 31 percent. However, this will require policy efforts on multiple fronts such as further improving ease of doing business, expediting resolution of stressed assets, addressing the NPA problem and speeding up implementation of stalled projects, said…

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Raghuram Rajan: Demonetisation put new interest burden on RBI as people found ways to convert black money

The failure to stop dodgy cash coming back into the banking system after demonetisation has likely burdened the Reserve Bank of India with additional interest payments running into tens of thousands of crores, former governor of the central bank Raghuram Rajan said Thursday. Latest Reserve Bank of India data shows that all but 1% of the high-value bank notes demonetised on November 8 last year have returned to the banking system, meaning black money hoarders found ways to legitimise their cash that now earns interest. Rajan estimates this burden could be as…

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India Inc sees room for more rate cuts by RBI as inflation rises

India Inc said on Monday there is room for further rate cut by the Reserve Bank of India to boost investments from private sector and revive industrial growth, as wholesale inflation rose to 1.88% in July. “Given the trend and outlook for inflation, we see clear space for a more accommodative stance in the monetary policy. This is all the more important given the state of industrial sector where growth is anaemic. “Private sector investments continue to remain weak which is key concern for now. We look forward to a…

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