Page 39 - Rbi Policy

Credit card spend hits new high in July at Rs 1.44 trillion: RBI data

The data showed that e-commerce payments cornered 65.71 per cent of the total credit card spend in July, with PoS (point-of-sale) transactions accounting for 34.28 per cent

Rupee appreciates 7 paise to 82.73 against US dollar in early trade

The rupee rose by 7 paise to 82.73 against the US dollar on Wednesday amid a positive sentiment in equity markets. Rising crude oil prices and strengthening dollar, however, weighed on the Indian currency, according to forex traders. At the interbank foreign exchange, the domestic unit opened stronger at 82.67 and hit the level of 82.74 against the greenback. Later, the rupee was trading at 82.73 against the dollar, registering a gain of 7 paise from its previous close. On Tuesday, the rupee closed at 82.80 against the US dollar. "Yesterday, in the latter part of the day, dollar fell sharply and that led to gains not only in major crosses but also in commodities," Gaurang Somaiya, Forex and Bullion Analyst at Motilal Oswal Financial Services, said. On the domestic front, GDP numbers will be important to watch and better-than-expected numbers could support the rupee, he said. GDP numbers are scheduled to be released on Thursday. Meanwhile, the dollar index, which gauges the green

Rate cuts possible when real interest rate becomes excessive: Jayant Varma

'Cooling commodity prices augers well for inflation in the medium term'

Analysts turn cautious on Asian markets; India remains an outlier

Indian markets, analysts believe, are an outlier and can still justify expensive valuations amid a likely recovery in corporate earnings going ahead

Lenders need to make software tweaks, borrower engagement for RBI Rules

Mere communication of rules for reset and choice fixed rates via channels including email would not be enough

'No further interest on penal charges': RBI issues new guidelines for loans

RBI's new instructions on penal charges on loans shall come into effect from January 1, 2024

Participation of non-bank entities in govt debt mkt rose during pandemic

The report also found that non-bank investors are more sensitive to changes in government securities yields compared to their banking counterparts

Rupee slumps to 10-month low as dollar index rises; breaches 83/$ intraday

Breaches 83/$ intraday; RBI intervention cap losses

I-Day eve address: Prez says inflation successfully contained by govt, RBI

President Murmu says people cushioned from ill-effects of price rise; applauds India's economic resilience

9 states raise Rs 13,500 crore via auction of bonds, Punjab tops list

Data from the Reserve Bank of India (RBI) revealed that Punjab raised the highest amount of Rs 4,000 crore through three bonds

RBI selects McKinsey, Accenture to use AI to improve regulatory supervision

The Reserve Bank has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions. The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts. In September last year, the RBI invited expressions of interest (EoI) for engaging consultants for the use of advanced analytics, artificial intelligence and machine learning for generating supervisory inputs. Based on the scrutiny/evaluation set out in the EOI document, the central bank had shortlisted seven applicants to participate in the request for proposal process (RFP) for the selection of consultant(s). The seven firms were Accenture Solutions Private Limited; Boston Consulting Group (India) Pvt Ltd; .

Monetary policy review: RBI holds rates steady as inflation looms large

Repo rate remains at 6.5%; FY24 inflation forecast up at 5.4%; surprise incremental CRR move to drain out over Rs 1 trillion

Staying the course: What could prompt the RBI to change its approach?

Even though monetary policy cannot directly counter supply-led shocks to food prices, authorities can still demonstrate their commitment to controlling inflation

Status quo policy with hawkish undertone

Any chance of a rate cut has moved further away - to the second half of FY25, for now

Benchmarks fall on inflation concerns; bank, consumer stocks underperform

Analysts termed the RBI's move a sign of higher diligence towards rising prices and said banks would end up parking more funds with the RBI for which they won't be earning interest

RBI move focused on taming inflation, supporting growth: Industry groups

RBI has kept the policy rate unchanged at 6.5 per cent

RBI deputy Guv asks banks to double down on recovery efforts, limit losses

Reserve Bank Deputy Governor Swaminathan J on Thursday asked banks to double down on recovery efforts to limit the losses from the write-off of loans, saying it will help them post higher profits. The career commercial banker who recently joined the regulator also added that a bank's ability to recover or a borrower's liability to repay does not diminish with a loan write-off and recoveries can help a lender post higher profits. Earlier this week, the government informed Parliament that over Rs 14.56 lakh crore of advances were written-off by banks since FY15. "We would like the banks to redouble their efforts because these are accounts that are parked in a special account and we would like to see more and more recoveries," Swaminathan told reporters at the central bank headquarters here. Stating that there is a need to get the "context right" in this matter, he offered some nuances and stressed that there is a need to be "guarded" in "passing judgements". The DG said an NPA accou

Sensex ends 308 pts lower post RBI policy, Nifty near 19,550; Zee zooms 20%

CLOSING BELL ON AUGUST 10, 2023: Private bank and select auto stocks ended with notable losses after the RBI on Thursday asked banks to maintain Incremental Cash Reserve Ratio (ICRR) at 10 per cent.

May need to go beyond keeping Arjuna's eye to tame inflation: RBI governor

"We have to stand in readiness to go beyond keeping Arjuna's eye to deploying policy instruments, if necessary" to contain inflation, said Reserve Bank Governor Shaktikanta Das on Thursday. Headline consumer price index-based inflation projection for the second quarter of 2023-24 has been revised up substantially, primarily due to the price shock from vegetables, at 6.2 per cent by the RBI form 5.2 per cent estimated in June. Unveiling the bi-monthly monetary policy, Governor Das said the moderation in headline inflation to 4.6 per cent in the first quarter of 2023-24 was in line with the projections set out in the June MPC meeting. There was a pick-up in headline inflation to 4.8 per cent in June due to an upturn in food inflation. "Going by the past trends, vegetable prices may see a significant correction after a few months. The prospects of kharif crops have brightened, thanks to improvement in the progress of the monsoon," he said. Uncertainties, however, remain on domestic f

Mixed trend on charts in rate-sensitive stocks post RBI policy outcome

Trend in rate-sensitive stocks remains mixed, with stocks like Manappuram Finance, M&M and Union Bank of India showing resilient up move, while a few others display fragile outlook