Page 72 - Latest Updates on Reserve Bank of India
Outward remittances under LRS dips 2% in April, says RBI bulletin
According to the latest Reserve Bank of India (RBI) bulletin, the remittances under the scheme stood at $2.28 billion in April 2024, 1.98 per cent below $2.33 billion in April 2023
 "Outward remittances under LRS dips 2% in April, says RBI bulletin")
RBI invites applications for recognising SROs for NBFCs under its framework
The applicant should achieve a minimum net worth of Rs 2 crore within a period of one year after recognition as an SRO, or before commencement of operations
 "RBI invites applications for recognising SROs for NBFCs under its framework")
Retail inflation steadily easing, food prices still a concern: RBI bulletin
In India, high-frequency indicators suggest the real GDP growth in Q1 FY2024-25 is broadly maintaining the pace it achieved in the preceding quarter
 "Retail inflation steadily easing, food prices still a concern: RBI bulletin")
RBI sold net $3.6 bn in spot forex market in April: Monthly bulletin
The Indian rupee was little changed month-on-month in April but fell to its record low of 83.5750 during the month while its upside was capped at 83.15
 "RBI sold net $3.6 bn in spot forex market in April: Monthly bulletin")
Allow foreign currency transactions in India via RBI: ICT Chairman Kapila
ICT Chairman KK Kapila said currently, even domestic transactions in the US dollar between entities within India necessitate routing through the US banking system
 "Allow foreign currency transactions in India via RBI: ICT Chairman Kapila")
Govt bonds register marginal dip tracking US peers after soft retail sales
US yields eased on Tuesday after data showed retail sales in the world's largest economy was weaker than expected in May
 "Govt bonds register marginal dip tracking US peers after soft retail sales")
Banks struggle with ATM shortage as 'Make in India' policy disrupt supply
The initial cause of low number of ATMS across India is linked to the "Make in India" guidelines introduced in FY20, which required vendors to establish operations in India, leading to a delay
 "Banks struggle with ATM shortage as 'Make in India' policy disrupt supply")
3 entities complete test phase of RBI regulatory sandbox's fourth cohort
Regulatory sandbox refers to live testing of new products or services in controlled regulatory environment for which regulators may permit certain regulatory relaxations for limited purpose of testing
India must avoid 'adventurism', focus on bringing down inflation: RBI chief
The central bank kept the key repo rate unchanged at 6.5% for an eighth straight policy meeting earlier this month saying robust economic growth will give it space to focus on bringing down inflation
 "India must avoid 'adventurism', focus on bringing down inflation: RBI chief")
Fitch raises India's growth estimates for FY25 to 7.2% as investments rise
Fitch's estimates are in line with that of RBI which earlier this month projected Indian economy to expand 7.2% in the current fiscal on the back of improving rural demand and moderating inflation
 "Fitch raises India's growth estimates for FY25 to 7.2% as investments rise")
Budget 2024: Will the govt provide income tax relief to salaried class?
A report by a leading national-daily claim the upcoming Budget for FY25 may emphasise tax reductions for low-income earners rather than increasing welfare expenditures
 "Budget 2024: Will the govt provide income tax relief to salaried class?")
New 160 number series for service calls to reduce spam, says Trai
DCA facility discussed in meeting with RBI, sectoral regulators and 25 plus banks on Friday
 "New 160 number series for service calls to reduce spam, says Trai")
Muthoot Finance diversifying loan book to make customers 'stick': MD
Firm will not sell gold loans to asset reconstruction companies as the RBI is 'not comfortable', says George Alexander Muthoot
 "Muthoot Finance diversifying loan book to make customers 'stick': MD")
Technical glitch halts RBI's liquidity management system: Explained
This is the first glitch experienced by the ASISO system in four years since its installment by the RBI
 "Technical glitch halts RBI's liquidity management system: Explained")
RBI's reserve maintenance system for banks fails on Tuesday, say traders
Indian banks need to park 4.5 per cent of their net deposits with the central bank and must maintain at least 90 per cent of this requirement every day
 "RBI's reserve maintenance system for banks fails on Tuesday, say traders")
RBI likely intervened in NDF to stop rupee from hitting record low: Traders
The rupee was at 83.5525 to the US dollar, only marginally away from the 83.5750 all-time low it hit in April
RBI rejects Raj Kumar Bansal's reappointment as Edelweiss ARC MD, CEO
Edelweiss Group crisis: The development followed days after the RBI cracked down on the Edelweiss group in May, imposing major business restrictions on two of its subsidiary companies
 "RBI rejects Raj Kumar Bansal's reappointment as Edelweiss ARC MD, CEO")
Rising India food costs likely snapped inflation downturn in May: Report
The Reuters poll of 50 economists conducted June 5-10 predicted consumer price inflation (CPI) is expected to have picked up to 4.89 per cent last month from April's 4.83 per cent.
RBI opens gates for investors, companies to invest in overseas funds
The RBI issued a circular on Friday amending the Foreign Exchange Management (Overseas Investment) Directions, 2022, lifting several restrictions
 "RBI opens gates for investors, companies to invest in overseas funds")
Reserve Bank of India to set up platform to curtail payment frauds
Auto replenishment facility for Fastags, NCMCs, UPI Lite wallets