Page 118 - Latest Updates on Reserve Bank of India
Nearly 80% Indians depositing Rs 2,000 notes instead of exchanging: Report
Back in May 2023, the central bank said that it would withdraw Rs 2,000 notes from circulation and allowed people to exchange or deposit these notes latest by September 30, 2023
 "Nearly 80% Indians depositing Rs 2,000 notes instead of exchanging: Report")
Tepid response to RBI's two-day VRRR auction; banks park Rs 1,850 crore
The central bank infuses liquidity into the banking system using repos and sucks it out using reverse repos
 "Tepid response to RBI's two-day VRRR auction; banks park Rs 1,850 crore")
RBI Monetary Policy set to be announced today; here's what to expect
RBI Monetary Policy: This will be the third time in 2023 that the MPC will announce its policy decision
 "RBI Monetary Policy set to be announced today; here's what to expect")
RBI expected to pause again with markets watching for shift in stance
India's latest quarterly growth figures exceeded estimates last week, bringing about an expansion of 7.2% for the last fiscal year
 "RBI expected to pause again with markets watching for shift in stance")
Visits to banks, physical presentation of documents can be avoided: Report
The report also suggested that REs may adopt Faceless / Straight Through Processes' (STPs) in order to close accounts, and/or accept, acknowledge, and track the communication by the customer
 "Visits to banks, physical presentation of documents can be avoided: Report")
RBI's MPC starts deliberations on policy rate, decision on Thursday
The Reserve Bank's rate-setting monetary policy panel began deliberations on Tuesday amid expectations that the central bank will keep the benchmark interest rates unchanged at 6.5 per cent
Centre directs banks to ensure nominees for all accounts and lockers
A bank official said that both the government and the RBI have stated that money should not be accumulated in the depositor education and awareness fund
 "Centre directs banks to ensure nominees for all accounts and lockers")
Bring bank charges under supervisory purview: RBI customer service panel
Take a view of "reasonableness of charges" levied by banks, REs: RBI customer service panel
 "Bring bank charges under supervisory purview: RBI customer service panel")
RBI-appointed panel suggests host of customer-centric initiatives for banks
An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders
 "RBI-appointed panel suggests host of customer-centric initiatives for banks")
Rupee set to touch 83-per US dollar mark if RBI remains on hold this week
Thursday's policy review will help shape the rupee's fortunes, with traders expecting little reprieve after the currency fell under the weight of a stronger greenback in May
 "Rupee set to touch 83-per US dollar mark if RBI remains on hold this week")
MPC likely to hit pause again on repo rate: Business Standard Poll
Most economists see FY24 inflation forecast likely being revised downward to 5% but no change in stance
 "MPC likely to hit pause again on repo rate: Business Standard Poll")
Status quo on rate, but will the stance change?
We have come to the end of the rate-hike cycle. The speculation is on the timing of the first rate cut. It won't happen anytime soon
 "Status quo on rate, but will the stance change?")
RBI may maintain pause on interest rate as inflation declines: Experts
RBI will maintain the policy repo rate at 6.5% during its upcoming June 8 announcement indicating the effectiveness of previous policy rate actions, anticipate experts
RBI imposes Rs 2.2 crore penalty on Indian Overseas Bank for non-compliance
Two notices were issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the provisions of the Act and the directions issued by RBI
Shadows on sweet spot: Manufacturing grew the least among sectors in FY23
Some might conclude that manufacturing cannot be a leading sector without subsidies on inputs and cash pay-outs given for agri. But will such a manufacturing sector be viable, wonders T N Ninan
 "Shadows on sweet spot: Manufacturing grew the least among sectors in FY23")
RBI releases draft on cyber resilience, digital payment security controls
According to the RBI's release, the central bank has invited feedback from the shareholders on the same
Cause and effect: Are corporate profits fueling inflation globally
As the Federal Reserve continues with hikes, the linkage between corporate profit margins and inflation is blamed for consumer burden
 "Cause and effect: Are corporate profits fueling inflation globally")
Reserve Bank to conduct 14-day VRRR auction worth Rs 2 trillion today
India's banking system liquidity surplus has received a boost over the last few days and rose to Rs 1.76 trillion
 "Reserve Bank to conduct 14-day VRRR auction worth Rs 2 trillion today")
Liquidity surplus crosses Rs 1.75 trillion-mark on higher govt spending
The process to withdraw the Rs 2,000 note started from May 23
 "Liquidity surplus crosses Rs 1.75 trillion-mark on higher govt spending")
Digital transactions in India highest in world but why is cash still king?
The Reserve Bank of India believes that households in India hold more high-value currency notes at home while substituting lower-value notes with digital transactions
 "Digital transactions in India highest in world but why is cash still king?")