InterServer Web Hosting and VPS
ADVERTISEMENT
Daily Expert News
No Result
View All Result
Tuesday, November 28, 2023
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
Daily Expert News
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
No Result
View All Result
Daily Expert News
No Result
View All Result
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
ADVERTISEMENT
Home Business

Banks disburse Rs 1,400 cr of loans under frictionless credit platform: RBI ED – DailyExpertNews

by Nick Erickson
October 19, 2023
in Business
Reading Time: 3 mins read
126 7
0
Banks disburse Rs 1,400 cr of loans under frictionless credit platform: RBI ED - Times of India
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT



ADVERTISEMENT
ADVERTISEMENT
MUMBAI: Banks have disbursed over Rs 1,400 crore in loans under the ‘frictionless credit’ platform, a senior Reserve Bank an official said Thursday. Speaking on the sidelines of an Assocham event: Ajay Kumar Choudharyan executive director at the central bank, said that there are currently about 20,000 central bank digital currency transactions taking place every day.
The RBI launched the new approach earlier this year where lenders can disburse retail loans such as those made to farmers in minutes, using an analytics engine that aggregates borrower data from multiple sources, including banking and land data, to request a loan proposal.
“70,000 loans and over Rs 1,400 crore of loans have been disbursed since August 17,” Choudhary said, adding that the volumes are not important at this point when the project is being tested.
However, he said there are strong prospects for the scheme in the future, adding that it will also reduce operational costs for a lender, giving a bank an opportunity to re-examine the interest it will charge.
On the central bank’s digital currencies, Choudhary said transactions currently average around 18-20,000 per day but expressed confidence that they will grow in the coming months to reach the target of 10 lakh per day by December reach.
He said the upcoming festivities will also help increase the number of transactions, adding that the process of putting the building blocks in place and learning from them is the bigger purpose right now.
Choudhary said the RBI is also looking at testing the central bank’s use of digital currencies in the bell money market on the wholesale CBDC front, adding that the testing process is underway.
Meanwhile, he said that because the statute makes it clear that cash is not part of the cash reserve ratio, CBDC units will not attract the CRR for banks but will be accounted for the statutory liquidity ratio (SLR).



Tags: ajay kumar choudharybanksChoudharyCreditDailyExpertNewsdisbursefrictionlessloansPlatformRBIReserve Bank

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Related Posts

Disney CEO Bob Iger tells employees he wants to start building again during town hall
Business

Disney CEO Bob Iger tells employees he wants to start building again during town hall

November 28, 2023
Thanksgiving TV broadcasts drew record-breaking ratings, even as industry grapples with cord-cutting
Business

Thanksgiving TV broadcasts drew record-breaking ratings, even as industry grapples with cord-cutting

November 28, 2023
Family offices move money out of stocks and into private markets
Business

Family offices move money out of stocks and into private markets

November 28, 2023
Black Friday weekend shopping turnout soars to a record, as consumers seek bargains
Business

Black Friday weekend shopping turnout soars to a record, as consumers seek bargains

November 28, 2023
Fox News founder Rupert Murdoch deposed in Smartmatic election lawsuit
Business

Fox News founder Rupert Murdoch deposed in Smartmatic election lawsuit

November 28, 2023
Home prices kept rising even as mortgage rates surged, S&P Case-Shiller says
Business

Home prices kept rising even as mortgage rates surged, S&P Case-Shiller says

November 28, 2023
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
This optical illusion has a revelation about your brain and eyes

This optical illusion has a revelation about your brain and eyes

June 6, 2022
NDTV Coronavirus

Viral video: Chinese woman pinned down, Covid test carried out by force

May 5, 2022
NDTV News

TGIF Mood: Video of Bear Cub Dancing in the Forest Melts 2.5 Million Hearts

June 3, 2022
Hundreds In Sarees At UK

Hundreds of sarees at Britain’s Royal Ascot Horse Race to help Indian weavers

June 16, 2022
The shock of chopping up a Chanel bag

The shock of chopping up a Chanel bag

1
NDTV News

Watch: Researchers Discover the World’s Largest Factory in Australia

1
Skyrocketing global fuel prices threaten livelihoods and social stability

Skyrocketing global fuel prices threaten livelihoods and social stability

1
No Guns, No Dragons: Her Video Games Capture Private Moments

No Guns, No Dragons: Her Video Games Capture Private Moments

1
Lahore High Court Orders Businesses To Shut By 10 pm Amid High Pollution: Report

Lahore High Court orders businesses to close before 10pm due to high pollution: report

November 28, 2023
Noise ColorFit Pro 5 Max, ColorFit Pro 5 With SOS Support Launched in India: Price, Specifications

Noise ColorFit Pro 5 series with SOS support debuts in India at this price

November 28, 2023
Disney CEO Bob Iger tells employees he wants to start building again during town hall

Disney CEO Bob Iger tells employees he wants to start building again during town hall

November 28, 2023
“No tunnel is…”: Anand Mahindra as 41 workers rescued from Uttarakhand tunnel

“No tunnel is…”: Anand Mahindra as 41 workers rescued from Uttarakhand tunnel

November 28, 2023
ADVERTISEMENT

Recent News

Lahore High Court Orders Businesses To Shut By 10 pm Amid High Pollution: Report

Lahore High Court orders businesses to close before 10pm due to high pollution: report

November 28, 2023
Noise ColorFit Pro 5 Max, ColorFit Pro 5 With SOS Support Launched in India: Price, Specifications

Noise ColorFit Pro 5 series with SOS support debuts in India at this price

November 28, 2023

Categories

  • Africa
  • Americas
  • art-design
  • Arts
  • Arts & Culture
  • Asia Pacific
  • Astrology News
  • books
  • Books News
  • Business
  • Cricket
  • Cryptocurrency
  • Dance
  • Dining and Wine
  • Economy
  • Education & Career
  • Entertainment
  • Europe
  • Fashion
  • Food
  • Football
  • Gadget
  • Gaming
  • Golf
  • Health
  • Hot News
  • India
  • Indians Abroad
  • Lifestyle
  • Markets
  • Middle East
  • Most Shared
  • Motorsport
  • Movie
  • Music
  • New York
  • Opinion
  • Politics
  • press release
  • Real Estate
  • Review
  • Science & Space
  • Sports
  • Sunday Book Review
  • Tax News
  • Technology
  • Television
  • Tennis
  • Theater
  • Top Movie Reviews
  • Top Stories
  • Travel
  • Uncategorized
  • Web Series
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy

We bring you the Breaking News,Latest Stories,World News, Business News, Political News, Technology News, Science News, Entertainment News, Sports News, Opinion News and much more from all over the world

©Copyright DailyExpertNews 2023

No Result
View All Result
  • Contact Us
  • Home
  • Top Stories
  • World
  • Economy
  • Business
  • Opinion
  • Markets
  • India
  • Education & Career
  • Arts
  • Advertisement
  • Tax News
  • Markets

©Copyright DailyExpertNews 2023

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?