RBI needs to buy $80 bn by Mar '16

The Reserve Bank of India (RBI) will have to buy forex reserves to the tune of $80 billion by March 2016 if it were to at least maintain the current eight months' import cover, says the US brokerage Bank of America-Merrill Lynch.

According to the latest RBI data, forex reserves stood at $309.41 billion for the week ended April 18, which can cover about eight months of imports.

As per this report, since March this year, the reserves have risen by $12 billion.

Banknotes of Rs 50 denomination will be issued with similar features as of Rs 100 banknotes. The year of printing '2014' would be printed on the reverse of the banknote, it said. RBI said the design of these banknotes to be issued would be similar in all respects to Rs 100 and Rs 50 banknotes in the Mahatma Gandhi Series-2005 issued earlier. "All the banknotes in the denomination of Rs 100...And Rs 50 issued by the bank in the past will continue to be legal tender," RBI added.

The total revenue for the period under review increased by 94 per cent to Rs 149.44 crore compared to Rs 77.07 crore in the same period last fiscal. The board recommended a dividend of Re 1 per share of Rs 10 each for FY2014.