Most Important announcements by RBI in 2022

Reserve Bank of India is the most vital organization for the banking sector. Thus in this article we are sharing important and recent initiatives started by RBI. There links provided to read the initiative in detail as well.

• RBI has released a concept note on Central Bank Digital Currency(CBDC). This note is to promote awareness about CBDC. Central Bank Digital Currency (CBDC) is a digital form of currency notes issued by a central bank. a CBDC in India is referred to as e₹ (digital Rupee). It is substantially not different from banknotes, but being digital it is likely to be easier, faster and cheaper. It also has all the transactional benefits of other forms of digital money. (click here)
• RBI recently released forward looking surveys:
  • Consumer Confidence Survey (CCS) – September 2022
  • Inflation Expectations Survey of Households (IESH) – September 2022
  • OBICUS Survey on manufacturing sector – Q1:2022-23
  • Industrial Outlook Survey of the Manufacturing Sector for Q2:2022-23
  • Survey of Professional Forecasters on Macroeconomic Indicators– Round¹78th
  • Bank Lending Survey for Q2:2022-23
  • Services and Infrastructure Outlook Survey for Q2:2022-23
• The Reserve Bank of India (RBI) has ordered Credit Information Companies to appoint an internal ombudsman (IO) by April 1, 2023, in order to improve the efficacy of its grievance redressal procedures. Apart from regulatory control by the RBI, the operation of the IO mechanism would be overseen by the CIC’s internal audit system.( click here)
• RBI Monetary Policy Rates Changes(click here )
• Reserve Bank of India’s (RBI) new rules, which call for the deactivation of cards that have been inactive for a year, are mostly to blame for the decline in the number of outstanding credit cards, which fell to 77.99 million in August from over 80 million in July.(click here)
• The Reserve Bank of India (RBI) has given public sector lender UCO Bank permission to open a special Vostro account with Russian bank Gazprombank for the settlement of trade in Indian rupees. (click here)
• The Reserve Bank Governor, Shaktikanta Das, introduced a new ‘SupTech’ initiative DAKSH – the bank’s Advanced Supervisory Monitoring System, which is expected to strengthen supervisory operations. Numerous steps are being taken to increase supervision, some of which include adopting the most recent data and analytical tools and utilizing technology to establish automated and efficient work procedures.( click here)
• Payments Vision 2025:A vision document by the Reserve Bank of India with the theme:  ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es). (click here)
• RBI Annual Report (click here)
• Reserve Bank of India (RBI) announced an extension of the deadline for card data storage and tokenisation implementation by another three months to September 30, 2022. (click here)
• RBI governor launches three key digital payment initiatives at Global Fintech Fest 2022: In the presence of Nandan Nilekani, Chairman of Infosys and Advisor to NPCI, Biswamohan Mahapatra, Chairman of NPCI, and Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled three significant initiatives at the Global Fintech Fest 2022 that will advance India’s digital payments development: RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments.(click here)
• In present times, a large number of Fraudsters are defrauding banks as well as customers. To minimize and regulate these activities the Reserve Bank of India(RBI) is set to release a Fraud Registry Blacklist. The Fraud Registry will consist of data such as IP (Internet Protocol) Address and Phone Number that is being used for fraud. A mechanism is being developed through which banks will be able to report the details of the scammers to the Reserve Bank of India(RBI). There is no particular timeline for the development of the Fraud Registry Blacklist. To bring out the best and stop these scammers from doing fraud RBI has been holding internal meetings, particularly with its supervision and payments and settlements departments. The opinion of the other departments and stakeholders are also considered.(click here)
• RBI Allows International Trade Settlement In Indian Rupee This is to facilitate greater trade in Rupee.(click here)
• Highlights of RBI in the Month of January 2022
• Highlights of RBI in the Month of February 2022
• Highlights of RBI Announcements in March 2022
• Highlights of RBI in the Month of April 2022

Other posts

• General Awareness Quiz Series 2022: 7th October
• myScheme Platform’:One-stop search and discovery of Government Schemes.
• IAF inducts indigenously-developed Light Combat Helicopter ‘Prachand’

• GK Questions For GK Questions

Current Affairs