Indian Banking News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Ten years into its centenary year, RBI is at its historic 90 years of existence with its professionalism and commitment towards the Indian Banking System.

Modi emphasizes RBI's role in globalizing the rupee, enhancing India's economic growth. Efforts include digitizing payments, improving banking sector, exploring AI, ML, and supporting emerging sectors like tourism and space projects for future economic development.

Modi emphasizes RBI's role in globalizing the rupee, enhancing India's economic growth. Efforts include digitizing payments, improving banking sector, exploring AI, ML, and supporting emerging sectors like tourism and space projects for future economic development.

Many laws governing the banking industry have also evolved to accommodate rapid changes that are driving innovation at breakneck speed. However, some attitudes among bankers and regulators have lagged behind, and don't reflect the digital age. One such laggard is the 'wilful defaulter' label. This classification is unique to India among all big economies, and it defies logic in the era of data analytics and AI. A wilful defaulter is a borrower with enough money but isn't repaying banks. The dubious category also includes those that siphoned funds and left businesses high and dry.

The paper states that the UPA Government failed miserably to facilitate economic activities and created hurdles that held back the economy.