Page 196 - Latest Updates on Reserve Bank of India
India's foreign exchange reserves drop by $1.7 billion; hit 1-year low
In the previous reporting week, the overall reserves had declined by $2.695 billion to $597.728 billion, falling below the $600 billion mark
 "India's foreign exchange reserves drop by $1.7 billion; hit 1-year low")
RBI's gold reserves up over 100 tonnes in the last two years, shows data
As at end-March 2022, the Reserve Bank held 760.42 tonnes of gold, including gold deposits of 11.08 tonnes
 "RBI's gold reserves up over 100 tonnes in the last two years, shows data")
Odds in favour of more near-term correction in Indian stocks: Chris Wood
Chris Wood believes the best way to play Indian markets is the upswing in the Indian property/real estate sector despite the rate hikes by the Reserve Bank of India (RBI)
 "Odds in favour of more near-term correction in Indian stocks: Chris Wood")
Stick to shorter-term FDs to gain from rising-rate scenario: Experts
Avoid auto-renewal facility so you can select best tenure and slab rate
 "Stick to shorter-term FDs to gain from rising-rate scenario: Experts")
Rupee hits a fresh intra-day low, cuts losses as RBI intervenes
Gold reserves increase by over 100 tonnes in two years
 "Rupee hits a fresh intra-day low, cuts losses as RBI intervenes")
Inflation getting broad-based, RBI set to hike repo by 100 bps: CRISIL
The RBI hiked its key rate by 0.40 per cent in a surprise move last week while keeping an accommodative stance
No RBI directive that goes against Supreme Court ruling on cryptos
In a circular issued last May, RBI asked banks and other regulated entities to not cite its April 2018 circular that imposed restrictions in dealing with virtual currencies
 "No RBI directive that goes against Supreme Court ruling on cryptos")
Bond yields drop as RBI seen reversing Covid period rate cut
The yield on the 10-year benchmark government bond fell almost 9 bps to end the day at 7.21 per cent
 "Bond yields drop as RBI seen reversing Covid period rate cut")
Morgan Stanley cuts India's FY23 growth forecast to 7.6%
The Reserve Bank of India (RBI) has revised downwards its growth projection for FY23 to 7.2 per cent from 7.8 per cent earlier
 "Morgan Stanley cuts India's FY23 growth forecast to 7.6%")
Coinbase admits RBI's use of informal pressure prompted halting of trade
The comments by Coinbase's Armstrong bring forth the challenges that the crypto industry is facing
 "Coinbase admits RBI's use of informal pressure prompted halting of trade")
Why pruning general debt to 66% of GDP over next 5 years looks unachievable
An RBI report says even in the best case scenario, general govt debt may not dip below 75% of GDPl and if there are events, it may in fact rise to 90% of GDP by 2026-27
 "Why pruning general debt to 66% of GDP over next 5 years looks unachievable")
RBI steps in to stem rupee fall, defends 77.50 per dollar level
Sources said the RBI aims to maintain foreign exchange reserves of $600 billion in such uncertain times
 "RBI steps in to stem rupee fall, defends 77.50 per dollar level")
Canara Bank probes fraud in unit after whistleblower complaint: Report
The whistleblower letter, sent at the end of December and also addressed to Reserve Bank of India and the National Housing Bank, said there were irregularities at one of the branches
 "Canara Bank probes fraud in unit after whistleblower complaint: Report")
Central Bank of India back in black, logs Rs 310-crore profit in Q4
It had posted a net loss of Rs 1,349 crore in the quarter ended March 2021
 "Central Bank of India back in black, logs Rs 310-crore profit in Q4")
IDBI Bank board approves appointment of T N Manoharan as part-time chairman
The bank also announced that M R Kumar has ceased to be the non-executive non-whole time chairman of the bank with effect from May 8, 2022, after completion of the RBI approved term of three years
 "IDBI Bank board approves appointment of T N Manoharan as part-time chairman")
RBI could have been more circumspect in timing: Alphaniti Fintech's UR Bhat
In conversation with Sundar Sethuraman, Bhat says policymakers should usher in changes gradually, so that markets get a fair idea of what to expect
 "RBI could have been more circumspect in timing: Alphaniti Fintech's UR Bhat")
Central Bank of India yet to take decision on closing 600 branches
The number of branches stood at 4,528 at the end of December 2021
 "Central Bank of India yet to take decision on closing 600 branches")
When it comes to politics, inflation is no longer what it used to be
There is near total political silence around inflation with neither politicians nor their parties caring to take it up
Govt bond auction for Rs 32,000 crore sails through as RBI accepts bids
The auction was scheduled for four securities - 5.74% GS 2026 (Rs 9,000 crore), GOI Floating Rate Bond 2028 (Rs 4,000 crore), 6.67% GS 2035 (Rs 10,000 crore), and 6.99% GS 2051 (Rs 9,000 crore)
What explains RBI's 'near-unanimous' inaction even as inflation was rising?
For the RBI, a correct reading of its mandate would have been that the inflation target is 4%, not 6%. And action to raise interest rates should have begun last year, writes T N Ninan