The RBI has not elaborated on why it did what it did on PPIs, but it is clear from what it is, that the instrument was used to skirt regulations around the entry of NBFCs into the credit-cards business.
The Financial Stability Report FSR, June 2022, noted that the banking system is exposed to new risks that extend beyond prudential issues and often intersect with other public policy objectives relating to data privacy, cyber security, and consumer protection. Business Standard has always strived to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has made our resolve and commitment stronger. Even during the difficult times arising out of Covid-19, we continue to be committed to keeping you informed and informed with credible news, authoritative views and incisive commentary on topical issues of relevance.
We have a request. We need your support to continue to provide you more quality content as we battle the economic impact of the pandemic. Many of you have subscribed to our online content because of our subscription model. More subscriptions to our online content can help us achieve our goals of giving you more relevant content. We believe in free, fair, and credible journalism.