Page 33 - Rbi Policy

MoS Finance urges pvt banks to push govt's financial inclusion programmes

Minister of State for Finance Bhagwat K Karad on Thursday urged private sector banks to push various financial inclusion programmes like Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana. Karad chaired a review meeting on the progress and performance of financial inclusion schemes, including preparedness under the PM Vishwakarma Scheme, with senior management of private sector banks here. During the meeting, he reviewed the progress of various financial inclusion (FI) schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Mudra Yojana (PMMY), Stand Up India and PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi). He also reviewed the progress of opening brick-and-mortar branches of banks in unbanked villages with a population of more than 3,000 people. Appreciating the efforts, he ..

Moderating inflation bolsters macroeconomic fundamentals: RBI article

A moderation in retail inflation in September from its peak in July has bolstered macroeconomic fundamentals even as global growth lost pace from the third quarter, a Reserve Bank of India (RBI) article said Thursday. According to the article on 'State of the Economy' published in the latest RBI Bulletin, in India, a broad-based gaining of momentum is discernible in high frequency indicators. Deleveraging and higher capacity utilisation have enabled capital-heavy industries to gain traction, it added. "The Indian rupee (INR) is exhibiting low volatility. Inflation has moderated from its July peak, bolstering macroeconomic fundamentals," the article said. Retail inflation declined to a three-month low of 5.02 per cent annually in September on account of moderation in vegetables and fuel prices, and back within the Reserve Bank's comfort level. The inflation based on Consumer Price Index (CPI) was 6.83 per cent in August and 7.41 per cent in September 2022. In July, inflation touch

RBI likely selling US dollars to defend rupee from sliding to record low

MUMBAI (Reuters) - The Reserve Bank of India is likely selling U.S. dollars again to defend the rupee and keep it from sliding to a record low, three traders told Reuters on Thursday

RBI likely to complete vetting bidders for IDBI Bank by October-end

The RBI normally takes about 12-18 months to complete the assessment before allowing an entity to run a bank

Banks urge RBI to set up liquidity window for financing of startups

High mortality rates in startups a big worry

RBI slaps Rs 5.39 crore penalty on Paytm PB for violating series of norms

Paytm PB facing ban on customers addition since Mar '22

RBI imposes Rs 5.39 cr penalty on Paytm Payments Bank for non-compliance

The Reserve Bank of India on Thursday said it has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms. The central bank also found non-compliance with certain provisions related to 'RBI Guidelines for Licensing of Payments Banks', 'Cyber security framework in banks' and 'Securing mobile banking applications including UPI ecosystem'. A special scrutiny from KYC/AML (Anti Money Laundering) perspective of the bank was conducted and a comprehensive system audit of the bank was conducted by auditors identified by RBI, according to an official statement. After examination of the reports, RBI in the statement said it found that Paytm Payments Bank failed to identify beneficial owner in respect of entities onboarded for providing payout services. It was also revealed that the bank did not monitor payout transactions and carry out risk profiling of entities availing payout services, RBI ...

RBI's active rupee management stretches valuation to near 2-year peak

The RBI regularly intervenes in the foreign exchange markets and stepped up intervention in September

RBI increases monetary ceiling of gold loans to Rs 400,000 for UCBs

The RBI on Friday announced the increase in the monetary ceiling of gold loans that can be granted under the bullet repayment scheme from Rs 2 lakh to Rs 4 lakh for UCBs

Select unsecured loans up by nearly Rs 7 trillion since 2019, shows data

Value has nearly doubled in the period after the Covid-19 pandemic

RBI MPC meet: How many Rs 2,000 bank notes are still in circulation?

Das said that it will 'actively' manage the liquidity in the economy. The central bank will undertake open market operations to do so

Sensex adds 364 pts, Nifty nears 19650 post RBI policy; Bajaj Finserv up 6%

Closing Bell on October 6, 2023: The broader markets, too, advanced in-line with the benchmarks with the BSE MidCap and SmallCap index up 0.66 per cent and 0.56 per cent, respectively

RBI MPC meeting: Key takeaways from Guv Shaktikanta Das' announcements

RBI MPC has decided to continue with the pause on repo rate at 6.5 per cent for the fourth time in a row

Unchanged repo rate is a festive bonanza for home and car buyers

The Reserve Bank of India kept the repo rate unchanged at 6.5 per cent for the fourth time in a row on Friday, implying stable home loan interest rates for borrowers.

Policy rate unchanged at 6.5%, FY24 inflation forecast retained at 5.4%

RBI policy: Shaktikanta Das said that real GDP forecast for 2023-24 has been retained at 6.5% by MPC

Avoid speculating in long-duration funds, invest with 5-year plus horizon

If you are unsure about where rates are headed over the next year, go for dynamic bond funds

RBI expected to retain 6.5% benchmark rate in monetary policy, say experts

The RBI is expected to retain the benchmark rate of 6.5 per cent in its latest bi-monthly monetary policy review, amid inflation concerns and other global factors, experts said. RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) started its three-day meeting on Wednesday, and the policy review will be announced on Friday morning. I think that between the last MPC meeting in August and this time, inflation has gone up, growth remains strong while global factors have turned a little adverse in the sense that the US Federal Reserve is still aggressive in its stance, which has led to hardening of yields. In this situation, the central bank is expected to maintain a status quo on policy rates in the ensuing policy, Crisil Chief Economist D Joshi told PTI. He said the RBI would focus more on inflation given that growth is strong right now, adding oil price movements need to be watched carefully, too. "We believe that the interest rates will be on the higher side, which .

Bank's liability for locker content is limited, so buy insurance coverage

Do not keep cash in the locker as the agreement with the bank prohibits it

RBI's rate setting body starts deliberations amid expectation of status quo

RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) started its three-day meeting on Wednesday amid expectations of a status quo on the rate front in its bi-monthly monetary policy review. The policy review will be announced on Friday morning. In case of a status quo, interest rates for retail, as well as corporate borrowers, would remain stable. Experts believe that the Reserve Bank will retain the benchmark rate at 6.5 per cent in view of the elevated inflation and global factors. The Reserve Bank started increasing the policy rate in May 2022 in tranches, in the wake of the Russia-Ukraine war and took it to 6.5 per cent in February this year. Since then, it has kept the rate unchanged in the last three successive bi-monthly monetary policy reviews. "The credit policy this time will most likely continue with the existing rate structure as well as policy stance. Hence, the repo rate will be retained at 6.5 per cent with the stance of withdrawal of accommodation," .

Chatroom: DTA units can pay EOU in foreign currency, says expert

TNC Rajagopalan answers to SME queries related to GST, export and import matters