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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Rickelton's ton in vain as SRH beat MI by 6 wickets
Mumbai (PTI): Ryan Rickelton's whirlwind unbeaten ton was overshadowed by Heinrich Klaasen's unbeaten 65 as Sunrisers Hyderabad defeated Mumbai Indians by six wickets in an IPL match here on Wednesday.
Chasing an imposing 244-run target, Travis Head (76 off 30) and Abhishek Sharma (45 off 24) shared 129 runs for the opening wicket to set the platform for SRH.
Klaasen (65 not out off 30 balls) then displayed his all-round hitting abilities to guide SRH home with the help of Nitish Kumar Reddy (21) and Salil Arora (30 not out off 10) in 18.4 overs.
Earlier, Rickelton's knock powered MI to 243 for five.
MI rode on a 93-run stand between Rickelton (123 not out off 55 balls) and Will Jacks (46 off 22) in 7.1 overs for the opening stand to power the side.
MI skipper Hardik Pandya scored a valuable 31 off 15 balls before being dismissed.
Praful Hinge (2/54), Eshan Malinga (1/29), Sakib Hasan (1/39) and Nitish Kumar Reddy (1/31) were the wicket-takers for SRH.
Brief Scores:
Mumbai Indian: 243 for 5 in 20 overs (Ryan Rickelton 123 not out; Praful Hinge 2/54).
Sunrisers Hyderabad: 249 for 4 in 18.4 overs (Travis Head 76, Heinrich Klaasen 65 not out; AM Ghazanfar 2/51).
