Page 8 - Banking Finance March 2022

RBI CORNER

Reserve Bank News

RBI okays Vinod Rai as tral government on top-level appoint- per cent), payment infrastructure-sup-
ments at public sector banks and ways ply-side factors (15 per cent), payment
Unity SFB's independent to address bad loans. He was also as- performance (45 per cent) and con-

chairman sociated with IDFC Limited, the hold- sumer centricity (5 per cent). These
Vinod Rai, the former comptroller and ing company of IDFC First Bank. Rai parameters have sub-parameters
auditor general of India, has been was the independent director at IDFC which, in turn, consist of various mea-
granted approval by the Reserve Bank for two terms. surable indicators.
of India to be appointed as the inde- The DPI for March 2019 and March
pendent chairman of Unity Small Fi- RBI: Digital payments up 2020 work out to 153.47 and 207.84,
nance Bank (SFB), a joint venture be- 39.6% in Sept 2021 respectively. The RBI said the DPI
tween Centrum group and Bharat Pe. would be based on multiple param-
The RBI's Digital Payment Index, which
Apart from Rai, the SFB has appointed eters and will reflect accurately pen-
shows the deepening of payments
Sandip Ghose, an RBI veteran, Basant through digital modes in India, rose by etration of various digital payment
Seth, the former chairman and man- 39.64 per cent to 304.06 in September modes.
aging director of erstwhile Syndicate
Bank, and Subhash Kutte, former chair- 2021 against 217.74 in the year-ago RBI Guv - headed FSDC
man RBL Bank to its board to guide its month. Sub-committee reviews
journey in becoming a successful digi- Constructed with March 2018 as the
tal bank. base period - DPI score for March 2018 economic situation
is set at 100 - the RBI-DPI was 173.49
Unity SFB started its operations in No- The FSDC sub-committee headed by
vember last year after receiving a fi- in September 2019. Digital payments Reserve Bank Governor Shaktikanta
nal nod from the central bank. The RBI increased after Covid hit the nation in Das reviewed the economic situation
gave this joint venture a small finance March 2020 and the government and in the backdrop of the COVID-19 pan-
bank licence to take over the belea- the Reserve Bank of India (RBI) an- demic and resolved to keep a close
guered Punjab and Maharashtra Coop- nounced several measures to boost watch on the unfolding developments
erative Bank. Unity Bank is in the pro- digital payments. with a view to ensure financial stabil-
cess of acquiring the assets and liabili- The RBI-DPI comprises five broad pa- ity. The meeting of the Financial Sta-
ties of PMC Bank under RBI's resolu- rameters that enable measurement of bility and Development Council (FSDC)
tion for the bank. deepening and penetration of digital Sub-Committee (FSDCSC) was held via
Prior to being appointed as the inde- payments in the country over different video conferencing and attended by all
pendent chairman of Unity SFB, Rai has time periods, viz. payment enablers financial sector regulators including
been the chairman of Banks Board (with 25 per cent weight), payment SEBI, IRDAI, PFRDA and IBBI.
Bureau, a body that advises the cen- infrastructure-demand-side factors (10 "The members resolved to maintain a

8 | 2022 | MARCH | BANKING FINANCE