Central Bank

UCO Bank, Central Bank rise up to 9% in trade: here's why PSBs are surging

Among others, UCO Bank and Central Bank gained over 9 per cent and over 7 per cent respectively. Indian Overseas Bank shares were up over 6 per cent

ULI will be for lending what UPI is for payments: RBI Dy Guv at BFSI Summit

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

Reserve Bank of India net sold $6.5 billion in August, shows data

The central bank had recorded a net purchase of $6.93 billion in the spot market in July

ECB at risk of becoming too restrictive, cuts interest rates: Cipollone

"The data so far confirms our direction of travel and I hope that they will allow us to continue to be less restrictive," Cipollone told Le Monde in an interview

Pak to experiment by redesigning currency notes made of polymer plastic

Pakistan's central bank will experiment with a new polymer plastic currency banknote later this year while redesigning all the existing banknotes for enhanced security and hologram features. State Bank of Pakistan Governor Jameel Ahmed told a Senate committee on banking and finance in Islamabad that all the existing paper currency notes are being redesigned with new security features by December this year. Ahmed said the newly redesigned banknotes in the denominations of Rs 10, 50, 100, 500, 1000 and 5000 would be issued in December. The old notes would remain in circulation for five years being eased out of the market by the central bank, a source close to the committee said. The State Bank governor also informed the Senate committee members that a new polymer plastic bank note would be issued in one denomination for the public and if it is received well, plastic currency would follow in other denominations. Presently around 40 countries use polymer plastic banknotes which are ha

'India, Russia central banks renew talks to expand local currency trade'

The discussions between the two central banks involve setting a reference rate between two local currencies for trade instead of determining the value of currencies against the US dollar

RBI deputy Guv cautions against use of CBDC as 'safe havens' during crisis

During crises, CBDCs could be perceived as a safe haven, rendering uninsured bank deposits more prone to withdrawal and increasing risk of bank runs, says Patra

Bangladesh's central bank Governor Abdur Talukder resigns amid protests

Talukder stepped down Friday and cited personal reasons for this departure

CBDC retail pilot customers grow to 5 million till June 2024: RBI report

India is among 36 countries where the CBDC is currently in the pilot stage. RBI started the CBDC pilot during the end of 2022

Russia's Central Bank raises key interest rate to 18% as inflation soars

Russia's Central Bank on Friday raised its key lending rate to its highest level in more than two years to stem soaring inflation in an overheated economy hit by Western sanctions in response to Moscow's military action in Ukraine. The bank raised the rate by 200 basis points to 18.00%, noting that inflation has accelerated and is developing significantly above its forecast. Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services, the bank said in a statement. For inflation to begin decreasing again, monetary policy needs to be tightened further. It noted that inflationary risks have been driven by high inflation expectations and changing trade terms as a result of geopolitical tensions, a reference to Western sanctions against Russia over its action in Ukraine. It said annual inflation grew from 8.6% in June to 9.0% in July, reflecting an increase in utility costs that took effect starting this month. The bank revised the inflat

Banks' loans rise 19.2% in 2 weeks to June 14, deposits up 12.6%: RBI

Outstanding loans fell Rs 716.02 billion ($8.59 billion) to Rs 167.11 trillion in the two weeks to June 14

In first in 3 months, Fed dot plot set to offer glimpse of rate-cut resolve

A 41 per cent plurality of economists expect the US Fed to signal two cuts in the closely watched dot plot, while an equal number expect the forecasts to show just one or no cuts at all

Nifty PSU Bank index zooms 9%; SBI, Central Bank, BOB rally up to 12%

India's banking system continues to ride the good economic growth momentum, well supported by recent structural improvements in the system.

RBI imposes Rs 36.38 lakh penalty on HSBC for violating Fema regulations

The Reserve Bank on Wednesday imposed a fine of Rs 36.38 lakh on foreign lender HSBC for Foreign Exchange Management Act (FEMA) violations. The central bank said reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999 were not followed by HSBC. The RBI had issued a show cause notice to HSBC, in response to which the bank submitted a written reply and also made oral submissions. "After considering the facts of the case and the bank's reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty," it said.

Sri Lanka holds rates to control inflation, foster economic stability

Incoming data suggests that headline inflation is likely to be below the targeted level of 5 per cent in the upcoming months

RBI board approves surplus transfer of Rs 2.11 trillion to govt for FY24

The RBI said the board decided to raise the contingency risk buffer to 6.5% from 6% previously

India's move to buy back bonds runs into RBI's need to keep tight stance

Last week, the monetary authority accepted bids for about a quarter of the 400 billion rupees ($4.8 billion) of bonds the government offered to repurchase

Pakistan keeps key interest rate unchanged at 22% for 7th straight meet

It added that it expected inflation to remain on a downward trajectory, but that recent oil price volatility poses a risk to the outlook. Consumers' inflation expectations also edged up in April

BOJ survey finds less optimistic manufacturers, but happier service sector

A key Japanese central bank report said Monday that sentiment among big manufacturers has sagged but that optimism is at a three-decade high among large business outside the manufacturing sector. The Bank of Japan's tankan report said sentiment among large manufacturers, which include auto and electronics giants, declined in March for the first time in a year, standing at plus 11, down two points from December. The average market forecast by Japanese news service Kyodo was 9. The index for large-scale non-manufacturers, including the service sector, hit a 33-year high at plus 34 points, up two points from the last report in December. The tankan, carried out every three months, surveys about 9,000 Japanese companies and measures corporate sentiment by subtracting the number of companies saying business conditions are negative from those saying they are positive. The optimism among the non-manufacturing businesses reflects the return of tourism, both overseas and domestic, which had

Fed's balancing act could see rate cut in play even with sticky inflation

Others see a slowing economy and weakening job growth on the horizon, pushing the Fed to cut in order to support the labor market