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Retail payments transactions grow by 7% in 2020-21: RBI Annual Report
2 hours ago
With the country undergoing state-wide lockdowns for the second year in a row due to the spread of the COVID-19 virus, one can expect that a larger chunk of the population will increasingly use digital payments platforms and small-medium businesses will turn to similar modes of payment for their daily operations.
While the Unified Payments Interface (UPI) has grown by 92% in terms of the value of transactions to Rs 41 lakh crore in 2020-21, compared to the previous year, the value of retail payments transactions grew by 7% to Rs 41 lakh crore in 2020-21, the Reserve Bank of India (RBI) said in its annual report. Overall, however, the value of digital payment transactions decreased by 12% to Rs 1,410 lakh crore in 2020-2021 compared to the same period of the previous year.
RBI intervenes to stem surging forwards premiums
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The central bank is said to have intervened through some state-run banks that brought down the cost of covering currency exposure across maturities, traders said.
Agencies
The premium on one-day forwards contract, known as Cash Tom in market parlance, settled at 7.41% Tuesday, compared with 28.95% earlier in the morning trade
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MUMBAI: The Reserve Bank of India (RBI) Tuesday had to fire-fight in the currency markets with forward premium soaring up to 28.95% in short-term onshore contracts, indicating that varying estimates of fund flows could cause wild swings in the local currency.
April 06, 2021
It will be based of debt fund AUM as of March-end
Capital market regulator SEBI has modified the contribution norm of asset management companies (AMCs) for setting up of Limited Purpose Clearing Corporation. The contribution of AMCs will now be based on their debt fund AUM as of FY2021 instead of 2019-20.
SEBI had set up a working group consisting of representatives from various mutual funds, Clearing Corporation of India and AMFI for developing a corporate bond market for mutual funds.
In February, SEBI had prescribed that the contribution from AMCs for the share capital of LPCC shall be in proportion to the average AUM of open-ended, debt-oriented MF schemes (excluding overnight, gilt fund and gilt fund with 10-year constant duration, but including conservative hybrid schemes) managed by them for financial year (FY) 2019-20.
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