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India's foreign exchange reserves hit new record high of $657 billion

Economists said that reserves rose due to a combination of revaluation and inflows. Forex reserves fell by $1.71 billion to $652 billion during the week ended June 28

Forex reserves jump $5.16 bn to $657.16 bn as of July 5: RBI data

India's forex reserves jumped USD 5.158 billion to USD 657.155 billion during the week ended July 5, the Reserve Bank of India (RBI) said on Friday. The forex kitty had declined for the previous two consecutive weeks, dropping USD 1.713 billion to USD 651.997 billion for the week ended June 28. The reserves had touched an all-time high of USD 655.817 billion as on June 7 this year. For the week ended July 5, foreign currency assets, a major component of the reserves, increased USD 4.228 billion to USD 577.11 billion, as per the the data released on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased USD 904 million to USD 57.432 billion during the week, the RBI said. The Special Drawing Rights were up USD 21 million to USD 18.036 billion, the apex bank said. India's reserve position with the IMF was up USD 4 mil

India's credit ratings upgrade is long overdue: RBI Guv Shaktikanta Das

Governor of the Reserve Bank of India Shaktikanta Das said that India is capable of meeting its external payment obligations and a credit ratings upgrade should happen soon

Banks' deposit growth dips to 10.6%; credit growth at 13.9% as on June 28

Credit up by 13.9% Y-o-Y as on Jun 28

Sending money abroad now easy: Open foreign currency accounts in GIFT City

New LRS rules allow Indian residents to open FCAs in GIFT City for sending gifts, buying property abroad, education loans, travel, and more. Enjoy greater control over your foreign currency!

RBI permit banks to use ratings of Brickwork for loans up to Rs 250 cr

The Reserve Bank of India on Wednesday permitted banks to use ratings by Brickwork Ratings India Private Limited for loans of up to Rs 250 crore. The RBI, in October 2022, asked banks and other regulated entities not to obtain any fresh ratings from Brickwork Ratings India. The Certificate of Registration granted to Brickwork Ratings India as a Credit Rating Agency (CRA) was cancelled by market regulator Sebi in October 2022. After a review of the October 2022 circular, the RBI on Wednesday permitted banks to use the ratings of the CRA for risk weighting their claims for capital adequacy purposes, subject to certain conditions. "In respect of fresh rating mandates, the rating may be obtained from the CRA for bank loans not exceeding Rs 250 crore. In respect of existing ratings, the CRA may undertake rating surveillance irrespective of the rated amount till the residual tenure of such loans," it said. The Reserve Bank has also issued another circular, tweaking norms related to ...

Sensex tumbles over 900 pts intraday: Why are stock markets falling today?

The NSE Nifty50 fell 1.19 per cent or 291 points, reaching a low of 24,141.80 levels

RBI red flags 'lakhs' of accounts used for fraud and evergreening

Says nudging NBFCs to enhance disclosure quality

Financial inclusion index rises with growth across all segments, says RBI

The Reserve Bank's FI-Index, capturing the extent of financial inclusion across the country, rose to 64.2 in March 2024, showing growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. "The value of the index for March 2024 stands at 64.2 vis--vis 60.1 in March 2023, with growth witnessed across all sub-indices," the Reserve Bank of India (RBI) said in a statement on Tuesday. Improvement in FI-Index is mainly contributed by usage dimension, reflecting deepening of financial inclusion, it added. The FI-Index comprises three broad parameters -- access (35 per cent), usage (45 per cent), and quality (20 per cent) -- with each of these consisting of various dimensions, which are computed based on a number of indicators. In August 2021, the central bank said FI-Index has been conceptualised as a comprehen

Chatroom: Remittances below $25,000 also need Form A2 now

The RBI has only put up the draft directions on exports and imports of goods and services for public response. The directions would be finalised only after receiving feedback from stakeholders

168 million workforce added since FY18, 46.6 million in FY24: RBI data

RBI data shows services sector absorbing those moving out of agriculture

News updates: PM Modi reaches Presidential Palace for private meeting and dinner with Prez Putin

From SC hearing on NEET-UG exam to Mumbai rains, and from PM Modi's Russia visit to RBI's data on employment, catch all the latest news from across the globe here

RBI approves Govind Singh's re-appointment as MD & CEO of Utkarsh SFB

The present term of Govind Singh is up to September 20, 2024. The board of the SFB had approved his re-appointment in the meeting held on January 27, 2024

RBI cancels registration for 2 NBFCs, cites irregular lending practices

The Reserve Bank on Monday said it has cancelled the certificates of registration of two NBFCs -- Star Finserv India and Polytex India -- due to irregular lending practices. Hyderabad-based Star Finserv India was offering the service under 'Progcap' (owned and operated by Desiderata Impact Ventures Private Limited). Polytex India, headquartered in Mumbai, was providing services under the 'Z2P' mobile application (owned and operated by Zaitech Technologies Private Limited). Giving reasons for cancelling the Certificate of Registration (CoR) of Star Finserv, RBI said the company has violated guidelines on the code of conduct in outsourcing financial services in its digital lending operations by outsourcing its core decision-making functions, such as credit appraisal, loan sanctioning as well as KYC verification process to the service provider. Star Finserv has violated RBI guidelines on data confidentiality and security of customer information by providing complete access to customer

RBI cancels licence of K'taka-based Shimsha Sahakara Bank Niyamitha

The RBI has cancelled the licence of Shimsha Sahakara Bank Niyamitha, Maddur (Karnataka) in the wake of its worsening financial position. Consequently, the bank ceases to carry on banking business, with effect from the close of business on Friday (July 05, 2024), the Reserve Bank said in a statement. The Registrar of Cooperative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC). As per the data submitted by the bank, RBI said about 99.96 per cent of the depositors are entitled to receive the full amount of their deposits from the DICGC. Giving details, RBI further said the bank does not have adequate capital and earning prospects, and its continuance is prejudicial to the interests of its depositors. "The bank with i

RBI imposes a monetary penalty of Rs 1.32 crore on Punjab National Bank

The charges have been imposed after considering the oral submissions made in response to the show-cause notice sent by RBI to the bank

RBI imposes penalty on YES Bank for not exchanging mutilated notes

RBI imposed a monetary penalty of Rs 10,000

India's forex reserves decline $1.71 bn to $651.99 bn, shows RBI data

India's forex reserves dropped USD 1.713 billion to USD 651.997 billion for the week ended June 28, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall kitty had dropped USD 2.922 billion to USD 652.895 billion. The reserves had touched an all-time high of USD 655.817 billion as on June 7 this year. For the week ended June 28, foreign currency assets, a major component of the reserves, decreased USD 1.252 billion to USD 572.881 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves were down USD 427 million to USD 56.528 billion during the week, the RBI said. The special drawing rights (SDRs) declined USD 35 million to USD 18.014 billion, the central bank said. India's reserve position with the IMF was up USD 1 million to USD 4.573 billion in the ..

RBI launches quarterly survey on order books of manufacturing sector

The Reserve Bank of India (RBI) on Friday announced the launch of quarterly "order books, inventories and capacity utilisation" survey of companies in the manufacturing sector -- a key input it uses to formulate the monetary policy. The RBI has been conducting the order books, inventories and capacity utilisation survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008. The information collected in the survey includes quantitative data on new orders received during the reference quarter (April-June 2024), backlog of orders at the beginning of the quarter, pending orders at the end of the quarter, total inventories with a breakup between ?nished goods, work-in-progress and raw material inventories at the end of the quarter. Item-wise production in terms of quantity and value during the quarter vis--vis the installed capacity from the targeted group and the reasons for changes in production/installed capacity during the quarter is also collected. The level of capac

RBI has cancelled licence of 7 co-operative banks since Jan: Here's why

Co-operative banking involves small financial institutions established by a group to meet the capital needs of their specific community