India’s Central Bank RBI Confirms Crypto Banking Ban ‘No Longer Valid’ — Asks...
Indian central bank, the Reserve Bank of India (RBI), has officially advised banks that its banking ban circular is no longer valid as it was set aside by the country’s supreme court more than one year ago. Despite the supreme court’s ruling, banks have been citing the RBI circular when dealing with cryptocurrency. RBI Tells Banks to Stop Quoting Its ‘No Longer Valid’ Circular on Cryptocurrency India’s central bank, the Reserve Bank of India (RBI), issued a notice on Monday clarifying its position regarding cryptocurrencies. The notice, entitled....
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India’s largest bank by assets, the State Bank of India (SBI), will be the first in the country to embrace branch-less banking by launching its digital-only bank, SBI Digi Bank. The move by India’s largest bank is significant, in a country that is exhaustingly reliant on banking at physical locations. The digital bank will see a launch sometime in the next 3-6 months, according to a report in Indian daily the Economic Times. The country’s largest lender is initiating its 100% digital banking endeavor within months of an unprecedented demonetization drive enforced by the Indian central....
The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has clarified the central bank’s position regarding cryptocurrency. His statements followed a notice published by the RBI telling banks that its crypto banking restriction is no longer valid and cannot be cited. RBI Still Has Major Concerns About Crypto RBI Governor Shaktikanta Das clarified the central bank’s position on cryptocurrency In a post monetary policy press meeting Friday. Emphasizing that “There is no change in RBI’s position” regarding cryptocurrencies, Das said: With regards to....
In a significant endorsement of blockchain technology, bitcoin’s underlying innovation, the research arm of the Reserve Bank of India (RBI) – India’s central bank – has tested blockchain solutions for core banking processes in the country. More notably, researchers have determined that blockchain technology has “matured enough” to be the core technology to support the digitization of India’s fiat currency, the rupee. Established by the central bank, the Institute for Development & Research in Banking Technology (IDRBT) is the research arm of the RBI and the foremost banking research....
India’s second biggest private bank by assets, ICICI, is showing plenty of interest in the development of blockchain applications, according to the banking institution’s managing director and chief executive, Chanda Kochhar. In an interview with the Huffington Post, Kochhar states that the bank is prepared for a technological revolution bought on by innovations like the blockchain. While the narrative is increasingly seeing Fintech as the banking industry’s biggest threat and disruptor, the chief executive confirms that her bank is ‘constantly looking’ at blockchain technology.....
India’s central bank, the Reserve Bank of India (RBI), says it will soon commence “limited pilot launches” of the country’s digital currency (digital rupee) for specific use cases. The central bank explained that “multiple technological options shall be tested and based on the outcomes, the final architecture shall be decided.”
RBI Prepares to Launch Digital Rupee Pilot
India’s central bank, the Reserve Bank of India (RBI), published a report titled “Concept Note on Central Bank Digital Currency” Friday. The 51-page....