May need more currency as GDP size increasing: RBI
Kolkata, Jan 17: With the country's GDP size increasing in quantitative terms, there could be need for more currency in the economy, a Reserve Bank of India official said Thursday.
Following demonetisation in November 2016, when the government junked high value currency notes of denominations 500 and 1,000, there was a shrinkage in currency in the system. Now, with the growth in Gross Domestic Product (GDP), "there may be a need for more currency in the system," the RBI official said during an interactive session here.
Post-demonetisation, the government re-introduced Rs 500 banknote but the Rs 1,000 currency note was discontinued.
However, the RBI introduced banknotes of denomination 2,000 during the period.
The central bank official said there has been a decline in counterfeit notes and whatever is in circulation at present is "very crude counterfeiting".
"The bank will also be issuing more security features in the currency for which pre-qualification bid notice has been floated," he said.
Regarding Non Banking Finance Companies (NBFC), another official said that the RBI would appoint an ombudsman for deposit-taking NBFCs, with the addition of a digital ombudsman.
The apex bank has been pursuing a national strategy on financial inclusion, he said.
The RBI has also formed an expert committee for the micro, small and medium enterprises (MSMEs) so that they were able to avail bank credit without too many hassles.
The RBI had also started co-origination of loans with banks and NBFCs which would help the customers in getting a better rate as the cost of funds of banks were low, he said.
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4 held for sexually assaulting woman, girl on moving bus after social media alert in UP's Agra
Agra (UP) (PTI): Four people were arrested, after a prompt response by police following a social media alert, for allegedly sexually assaulting a woman and a girl inside a moving bus here, officials said on Tuesday.
According to an official police statement, at 12:27 am on April 27, information was received on the social media platform X about an incident of sexual assault on a bus travelling from Kanpur to Ahmedabad, which was approaching Namner crossing in Agra.
Acting under the direction of Police Commissioner Deepak Kumar, the Agra Police social media team immediately alerted the Rakabganj police station within minutes and coordinated with the victims to confirm the incident and obtain the exact location, it stated.
Police teams launched intensive checking at Namner crossing and intercepted the bus as it reached the spot. The four accused involved in the incident were apprehended on the spot, and legal action was initiated against them, the statement said.
The police said the swift response and coordination between the social media team and field units ensured timely action, bringing relief to the victims and other passengers, who expressed gratitude towards the police, it added.
