Page 4 - Central Bank

State Bank of India, BoB target 1 million user base in retail CBDC

Separately, Balaji Rajagopalan, SBI's Chief Technology Officer, said that the target is to achieve 1,000,000 users by the end of December from the existing 400,000 users

Turkey's central bank hikes rates again to tame eye-watering inflation

Turkey's central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. The bank pushed its policy rate up by 5 percentage points, to 40 per cent, marking its sixth big interest rate hike in a row focused on beating down inflation that hit an eye-watering 61.36 per cent last month. However, the bank said its rate hikes would soon end. The current level of monetary tightness is significantly close to the level required to establish the disinflation course, the bank said. Accordingly, the pace of monetary tightening will slow down and the tightening cycle will be completed in a short period of time. President Recep Tayyip Erdogan has long been a proponent of an unorthodox policy of cutting interest rates to fight inflation and had fired central bank governors who resisted his rate-slashing policies. That runs counter to traditional economic thinking, and many blam

RBI bars Bajaj Finance from lending under eCOM, Insta EMI Card products

Bajaj Finance says no material impact; to review KFS

The stunning resilience of emerging markets

Prudent economic policies and central bank independence have allowed them to defy analysts' expectations of a debt spiral

Govt approves extension of Bank of Maharashtra, Central Bank MDs' tenure

The government has cleared the extension of tenure of managing directors of two public sector lenders -- Bank of Maharashtra (BoM) and Central Bank of India. According to sources, Appointments Committee of the Cabinet (ACC) has approved extension of term of office of A S Rajeev, MD and CEO of BoM, for six months till his superannuation. Besides, sources said, ACC has extended the term of M V Rao, MD and CEO of Central Bank of India, till July 31, 2025. Rajeev was appointed MD and CEO of BoM in 2018 while Rao took charge as MD and CEO of Central Bank of India in 2021.

RBI appoints Manoranjan Mishra as Executive Director effective from Nov 1

As the Executive Director, Mishra's duties will include looking after Enforcement Department, Risk Monitoring Department, Department of External Investments & Operations

More than 97% of Rs 2,000 note returned till October 31, says RBI

The central bank reiterated that the Rs 2,000 banknotes continue to be legal tender

Reserve Bank of India may conduct OMO auction in first week of Nov

According to market participants, the Reserve Bank of India (RBI) will issue a notification on OMO sales by October 31

European Central Bank holds rates after 10 hikes in a row to tame inflation

This sharp policy tightening is leaving a mark on the economy, with data earlier this week showing weak credit creation and economic activity

Rupee stable, forward premia dip on RBI's likely $5 billion forex rollover

The rupee settled at Rs 83.19 per US dollar on Monday, against Rs 83.12 a dollar on Friday

Central Bank of India Q2 results: Net profit rises 90.25% to Rs 605 crore

Its operating profit was down by 12.47 per cent to Rs 1,530 crore for Q2FY24 as against Rs 1,748 crore for Q2FY23

Central Bank of India Q2 results: Net profit jumps 90% to Rs 605 crore

State-owned Central Bank of India on Friday reported a 90 per cent jump in net profit to Rs 605 crore for the September quarter on a healthy growth core income and a fall in bad loans. The bank had posted a net profit of Rs 318 crore in the year-ago period. During the quarter, total income rose to Rs 8,412 crore from Rs 7,065 crore a year ago, Central Bank of India said in a regulatory filing. Interest income during the September quarter grew to Rs 7,351 crore as against Rs 6,155 crore in the year-ago period. Net Interest Income (NII) grew 10.23 per cent to Rs 3,028 crore in the second quarter of the current fiscal as against Rs 2,747 crore a year ago. Gross non-performing assets (NPAs) reduced to 4.62 per cent of gross advances as of September 30. Net NPAs were also brought down to 1.64 per cent as compared to 2.95 per cent in the same period previous fiscal. As a result, provision and contingencies declined to Rs 967 crore as against Rs 1,125 crore in the same period a year ..

Banking liquidity returns to surplus mode after three weeks: RBI data

Banks park Rs 2,760 cr with central bank as RBI hints at open market operations

Govt approves one year extension to RBI Deputy Governor Rajeshwar Rao

The government on Monday extended the term of RBI Deputy Governor M Rajeshwar Rao for a period of one year, according to sources. The Appointments Committee of the Cabinet has approved the re-appointment of M Rajeshwar Rao, Deputy Governor Reserve Bank of India, for a period of one year with effect from October 9, 2023, they said. He was appointed as the RBI Deputy Governor in October 2020 for a period of three years. Rao was elevated as the RBI executive director in November 2016. An economics graduate and a Master of Business Administration from the University of Cochin, Rao joined the central bank in 1984. As a career central banker, he has exposure to various aspects of the RBI's functioning. He has previously held the charge of the Risk Monitoring Department. He has also worked as the Banking Ombudsman in New Delhi and in the Reserve Bank's regional offices in Ahmedabad, Hyderabad, Chennai and the national capital. According to the RBI Act 1934, the central bank needs to ha

US Federal Reserve cutting staff after more than a decade of payroll growth

A Fed spokesperson said the cuts are focused on the staff of the U.S. central bank's 12 regional reserve banks and mainly hit information technology jobs

Euro gains, yen struggles in central bank announcement-packed week

The excess cash dulls the impact of the ECB's rate hikes by reducing competition for deposits and results in hefty interest payments - and ensuing losses - by some central banks

RBI decides to withdraw incremental CRR by Oct 7 in phased manner

RBI had said the I-CRR decision will be reviewed on or before 8 September

German central bank sees economy stagnating again in third quarter

Germany's central bank anticipates that the country's economy, Europe's biggest, will be more or less stagnant again in the current quarter adding to a string of weak performances. German gross domestic product stagnated in the second quarter after declining in both of the two previous quarters as the country struggled with high energy prices, rising borrowing costs and weakness in China, which has been a key trading partner. The International Monetary Fund forecast last month that Germany would be the globe's only major economy to shrink this year, even with feeble economic growth around the world amid rising interest rates and the threat of growing inflation. A monthly report Monday from the Bundesbank, Germany's central bank, indicated that the picture isn't about to improve. In the third quarter of 2023, German economic output will probably remain largely unchanged again, it wrote. The bank said that, while private spending should continue to recover thanks to stable employmen

Will shut central bank, dollarise economy, says Argentina's Milei

In the first interview to foreign media after his unexpected win, Milei detailed his plan to scrap the Argentine peso for the US dollar as a way to bring down inflation that's running at 113 per cent

Russia central bank jacks up key interest rate by 350 basis points to 12%

Russia's central bank on Tuesday made a large interest rate hike of 3.5 percentage points, an emergency move designed to fight inflation and strengthen the ruble after the country's currency reached its lowest value since early in the war with Ukraine. The decision to bring the key rate to 12% was announced after a meeting of the bank's board of directors was called Monday as the ruble declined. The fall comes as Moscow increases military spending and Western sanctions weigh on its energy exports. The Russian currency passed 101 rubles to the dollar on Monday and lingered there Tuesday, losing more than a third of its value since the beginning of the year and hitting the lowest level in almost 17 months. The central bank says demand has exceeded the country's ability to expand economic output, increasing inflation and affecting the ruble's exchange rate dynamics through elevated demand for imports. Consequently, the pass-through of the ruble's depreciation to prices is gaining ...