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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Purported sleazy videos case: Action on suspended DGP after dept inquiry, says Home Minister
Bengaluru (PTI): Karnataka Home Minister G Parameshwara on Sunday said that the government will decide on further action against the now-suspended DGP K Ramachandra Rao based on recommendations following a departmental inquiry into a case concerning videos purportedly showing him behaving obscenely with women in his office.
The minister's comments followed reports that the special probe committee has ruled out Rao's claims that the clips were fake and AI-generated.
"After further departmental inquiry, whatever they recommend, the government will decide based on that. The department has to give a report to the government, and based on the recommendation made, we will take a decision," Parameshwara told reporters here in response to a question.
Since Rao claimed the circulating videos were fake AI creations, they were sent to the Forensic Science Laboratory (FSL), the minister said in response to a question.
"A team was formed in the department to find the truth. They have submitted a report to the department. The department will have to inform the government about the same, based on which further action will be taken," he added.
The state government had formed a team of four IPS officers, led by R Hitendra, Additional Director-General of Police (Law and Order), to conduct a preliminary inquiry in the case.
The government in January suspended Rao, the 1993-batch IPS officer serving as the DGP, Directorate of Civil Rights Enforcement (DCRE), after viral videos purportedly showing him acting in an obscene manner surfaced.
The videos purportedly show the 59-year-old hugging and kissing women while in office. He was wearing a police uniform in a few videos. Rao had, however, called the videos "fabricated" and vowed to take legal action.
There were even reports that the videos were shot in 2016-17 inside the office of the Inspector General of Police - Belagavi range.
