Latest news with #T.RabiSankar
Time of India
16-07-2025
- Business
- Time of India
RBI reviews ULI rollout with lenders amid slow adoption
Mumbai: The Reserve Bank of India ( RBI ) leadership on Wednesday met officials of banks and non-banking finance companies to discuss the way to boost lending under the Unified Lending Interface (ULI), which is positioned as the UPI for loans. M. Nagaraju, secretary, department of financial services, and RBI deputy governor, T. Rabi Sankar, were present at the meeting. The two officials had also met last month in New Delhi to discuss scaling up ULI, which is a digital public infrastructure in the lending space and aims to unlock critical financial, non-financial and alternative data for lenders to enable informed credit decisions. Explore courses from Top Institutes in Select a Course Category Others Project Management MBA Leadership Technology PGDM Data Science Finance Operations Management Digital Marketing Artificial Intelligence Healthcare Design Thinking Data Analytics healthcare CXO Public Policy Data Science Degree Cybersecurity others Management Product Management MCA Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details "The regulator wanted to know whether ULI is facing issues, and how to resolve them," said a person aware of the discussions. "Some lenders told the RBI that they already have the technology stack and tie-ups in place for different loan products and, hence, the integrating ULI has been slow." The person cited above also attributed a slow start to regulatory scrutiny on the type of instruments that would have been at the vanguard of the ULI, developed by the Reserve Bank Innovation Hub. "Adoption also was lower because of the overall caution among lenders, especially in the unsecured segment," said the person aware of the discussions. "Incidentally, the early use case was around small-ticket personal loans , which came under regulatory scrutiny." Live Events More than 600,000 loans amounting to ₹27,000 crore have been disbursed using the ULI platform until early-December 2024, RBI data showed. According to industry executives, the sources of lead for lenders in ULI was mainly surrounding personal loans and unsecured small-business lending, both of which dried out because of cautious lending. "Some lenders also tried supply chain financing via ULI. But that too did not take up. Lending is a growing market, hence ULI will also pick up gradually. However, there needs to be the establishment of a use case," said a senior official with a Mumbai-based NBFC. At least 36 lenders, including various banks and NBCs have been onboarded till December 2024. These lenders are using more than 50 data services including, authentication and verification services, land records data from six states, satellite service, property search, dairy insights and document verification, to gain customer information.
Hans India
23-06-2025
- Business
- Hans India
Like UPI, Unified Lending Interface poised to transform credit delivery: Govt
New Delhi: The Unified Lending Interface (ULI) is envisioned as a Digital Public Infrastructure (DPI) in the lending space, designed to integrate technology, data, and policy into one seamless platform, senior government officials said on Monday. The Department of Financial Services (DFS) at Ministry of Finance convened a high-level meeting, co-chaired by M. Nagaraju, Secretary, DFS and T. Rabi Sankar, Deputy Governor of RBI in New Delhi, on scaling up ULI. The ULI is a technology-based initiative to make frictionless credit available to every Indian and to further the government's broader vision of digital empowerment, financial inclusion, and last-mile service delivery. The participants included senior officials from various ministries/ departments of the government of India, state governments, the Reserve Bank of India and the Reserve Bank Innovation Hub. Nagaraju said as UPI revolutionised the payment ecosystem, the ULI is poised to transform credit delivery — making it inclusive and redefine how credit is accessed and delivered across India. He emphasised that the rich, trusted and high-value datasets available with Central Government Ministries/Departments and State governments, which when leveraged appropriately by lenders, can power data-driven, inclusive, and faster lending, especially for underserved borrowers. He also emphasised that appropriate integration of various separate similar initiatives operating to serve specific purposes with ULI for deriving synergy to build a unified and resilient national lending ecosystem, while preserving their identity. Shankar stated that as part of its mandate to manage the credit system of the country, it wanted to bring innovation to the lending space. While thanking DFS for convening this high-level meeting, he urged various ministries and state governments and to treat the meeting as a collaborative starting point and a two-way engagement, where all stakeholders proactively recognise the value of ULI as a transformative DPI and contribute to its effectiveness by integrating as many relevant datasets as possible to unlock its full potential. He further stated that ULI can surpass the transformative impact of UPI.
The Hindu
07-06-2025
- Politics
- The Hindu
Top news of the day: ECI says defaming poll panel after unfavourable verdict absurd; Jaishankar says Partners should understand India's zero tolerance for terror policy, not put India and Pakistan on
Election Commission of India says defaming poll panel after unfavourable verdict absurd Election Commission of India (ECI) sources on Saturday (June 7, 2025) rejected claims of rigging in the Maharashtra Assembly polls held last year and said defaming it after receiving an unfavourable verdict from the voters is absolutely absurd. The ECI sources were responding to an article by former Congress chief and the Leader of the Opposition in the Lok Sabha, Rahul Gandhi, alleging 'match-fixing' in the Maharashtra state polls. Partners should understand India's zero tolerance for terror policy, not put India and Pakistan on par, says Jaishankar India expects its partners to understand its 'policy of zero tolerance' on terrorism, External Affairs Minister S. Jaishankar told visiting British Foreign Secretary David Lammy, adding that the country cannot 'countenance' equating 'perpetrators of evil' with their victims. Government appoints RBI Deputy Governor T. Rabi Sankar as 16th Finance Commission member RBI Deputy Governor T. Rabi Sankar has been appointed as a part-time member of the 16th Finance Commission, the finance ministry said on Saturday (June 7, 2025). The appointment, the ministry said, 'is consequent to the resignation of one of the full-time members, former Finance Secretary Ajay Narayan Jha, on personal grounds'. Helicopter on way to Kedarnath crashlands on highway, all safe A helicopter on its way to Kedarnath made an emergency landing on the highway in Rudraprayag district on Saturday (June 7, 2025) after developing a technical snag during take-off, officials said. However, all pilgrims on board and the pilot are safe, the officials said. U.S. with India in fight against terrorism: Deputy Secretary of State tells Indian delegation The U.S. stands strong with India in the fight against terrorism, U.S. Deputy Secretary of State Christopher Landau told Congress MP Shashi Tharoor-led all-party delegation in Washington to convey India's stance on the Pahalgam terror attack and Operation Sindoor. Five Maoists gunned down in encounters in Chhattisgarh's Bijapur district Five Maoists were killed in two encounters with security forces in an ongoing operation in the Indravati National Park area of Chhattisgarh's Bijapur district, police said on Saturday (June 7, 2025). With the latest casualties, seven Maoists, including top leaders Sudhakar and Bhaskar, were neutralised in the operation in the last three days, they said. No rainfall sends mercury soaring across Telangana; Thunderstorm alert in 20 districts on June 8 With no rainfall in the past week, temperatures across Telangana continue to rise steadily. Several districts recorded extreme heat conditions. According to data from the Telangana State Development Planning Society (TSDPS), Suryapet topped the temperature charts on Friday (June 6, 2025) with a maximum of 41.7°C. BJP nominates Kanad Purkayastha for Rajya Sabha seat from Assam The Bharatiya Janata Party (BJP) has nominated Kanad Purkayastha, son of former Union Minister Kabindra Purkayastha, for one of the two Rajya Sabha seats from Assam that will fall vacant on June 14. Mr. Kanad Purkayastha, a secretary of the BJP's Assam unit, is the son of Kabindra Purkayastha, a founding leader of the party in the State during the 1990s who served as Minister of State in the Atal Bihari Vajpayee-led National Democratic Alliance government. Kidnapping, extortion case against Kerala actor-politician G. Krishnakumar, his family The Museum Police in Thiruvananthapuram on Saturday (June 7, 2025) registered a case against actor-cum-politician G. Krishnakumar and his family on charges of kidnapping and extortion based on a complaint filed by a woman employee of his daughter Diya's firm. Plotting the contours of the Alcaraz-Sinner rivalry - Men's tennis' new main-event Men's tennis was expected to be chaotic after the 'Big Three' era ended. But Carlos Alcaraz and Jannik Sinner have established a firm duopoly, claiming seven of the 10 most recent Majors, including a clean sweep of the last five. Given how even and mesmerising their battles have proven to be, fans have plenty to look forward to as the two young guns compete for the sport's biggest titles Deepika Padukone, eight-hour shifts in Bollywood, and speculation media — a guide In India, in the entertainment sphere, this has been a Deepika Padukone news week. The Bollywood actor on Saturday (June 7, 2025) officially boarded the cast of Telugu star Allu Arjun's sci-fi magnum opus with director Atlee. The announcement, while delighting fans, arrived in a charged context: Deepika, currently on a maternity break, has waded into a controversy after her alleged fallout with the makers of Spirit, leading to her departure from the film.
The Hindu
07-06-2025
- Business
- The Hindu
Govt appoints RBI DG T. Rabi Sankar as 16th FinComm member
RBI Deputy Governor T. Rabi Sankar has been appointed as a part-time member of the 16th Finance Commission, the finance ministry said on Saturday (June 7, 2025). The appointment, the ministry said, 'is consequent to the resignation of one of the full-time members, former Finance Secretary Ajay Narayan Jha, on personal grounds'. "The President has appointed T. Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI), as a part-time Member of the 16th Finance Commission (XVIFC)," the ministry said in a statement. 'Mr. Sankar will hold office from the date of assuming charge until the submission of the Commission's Report or October 31, 2025, whichever is earlier,' it added. The commission, chaired by former Vice-Chairman of Niti Aayog Arvind Panagariya, has four members and is assisted by Secretary Ritvik Pandey, two joint secretaries and one economic advisor. Retired bureaucrat Annie George Mathew and economist Manoj Panda are full-time members of the commission, while SBI Group Chief Economic Advisor Soumya Kanti Ghosh is a part-time member. The government constituted the 16th Finance Commission under the chairmanship of Panagariya on December 31, 2023. The panel would submit its report to the President by October 31, 2025. The report would be for five years commencing on April 1, 2026. Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the commission will review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005. The Finance Commission is a constitutional body to provide suggestions on centre-state financial relations. The erstwhile 15th Finance Commission under N.K. Singh had recommended that states be given 41% of the divisible tax pool of the Centre during the five-year period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission under Y.V. Reddy.
The Hindu
06-06-2025
- The Hindu
Hyderabad man duped of ₹1.4 lakh in ‘digital arrest' scam
A 57-year-old private employee from Hyderabad was conned out of ₹1.4 lakh in a 'digital arrest' scam with fraudsters posing as government officials and threatening him with arrest in a fictitious money laundering case. The case unfolded on May 12, when the victim received a phone call claiming that a bank account had been fraudulently opened using his Aadhaar details, and that a money laundering case had been registered against him in Bengaluru. The caller warned the man that unless he cooperated, he would be arrested and jailed. In an attempt to make the ploy convincing, the fraudster initiated a two-hour video call over WhatsApp, posing as an investigator. The victim, rattled by the threats, was asked to pay ₹50,000 as a 'processing fee'. Trusting the caller, he transferred the amount to a bank account provided during the call. The scam escalated when the victim was told that his case was being forwarded to a Central Bureau of Investigation (CBI) officer. He was asked to disclose sensitive information, including the bank balances of both himself and his wife. The fraudster cautioned that the entire matter was confidential and insisted that any disclosure would endanger his family. The victim was warned of a possible prison sentence of 2-3 years and told he might need to appear before the Supreme Court. In the days that followed, the victim was kept under sustained psychological pressure, with the fraudster continuing video calls lasting 2-3 hours each day. He was made to report every 30 minutes, share his residential address, and comply with the caller's instructions. Gradually, he ended up paying a total of ₹1,40,000. To further convince him, the fraudsters sent forged documents, including a fake acknowledgement letter from the 'Income Tax Department' for the ₹50,000 payment, a counterfeit letter purportedly from the Supreme Court bearing the forged signature of T. Rabi Sankar, Deputy Governor of the Reserve Bank of India, and a second 'tax department' letter confirming receipt of funds. The victim was told that the Supreme Court would soon approve a refund of the entire amount to his bank account. Realising he had been duped, the victim lodged a complaint with the Cybercrime Wing of the Hyderabad Police. Further investigation into the case is underway.
