Page 130 - Rbi

Next phase for RBI

Central bank should be empowered further

After three years, RBI returns to multiple price auctions for govt bonds

Since July 2021, the RBI has been conducting auctions for bonds, under uniform pricing, except for ultra-long duration bonds maturing in 30 years and beyond

97.69% of Rs 2000 currency notes returned to banking system, says RBI

The Reserve Bank of India (RBI) on Monday said nearly 97.69 per cent of the Rs 2000 denomination bank notes have returned to the banking system, and only Rs 8,202 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,202 crore at the close of business on March 29, 2024, the Reserve Bank of India said in a statement. "Thus, 97.69 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, has since been returned," it added. The Rs 2,000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 bank notes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issu

RBI reverts to multiple price auctions for govt securities after 3 years

Under the multiple price auctions, buyers are allotted bonds at the price they bid at, while uniform pricing means bonds are sold at the cutoff level

Growth with trust should be RBI's top most priority next decade: PM Modi

The Reserve Bank has to accord "top-most priority" to growth and at the same time focus on trust and stability, Prime Minister Narendra Modi said on Monday. Addressing the inauguration of the event commemorating 90 years of the Reserve Bank of India (RBI) here, Modi said the next decade is as important for attaining the goal of developed India as it is for the RBI, which will complete 100 years of existence in 2035. Modi said as per the "mantra" of the central bank, "The RBI should make fast growth its top-most priority, along with focusing on trust and stability." Since 2016, keeping inflation under check has become the primary goal of the RBI. Often, there are voices who have pitched for additional attention to growth through measures like rate cuts. The comments come days ahead of the first monetary policy review of the new fiscal year. Modi said the "reflection" of double-digit inflation rate was not visible in the financial policies earlier, and claimed credit for giving the

Stability in G-sec yields bolstered financial mkt resilience: FM Sitharaman

Sitharaman lauded the RBI's resilience and leadership among its central bank counterparts, emphasizing its crucial role in maintaining financial stability

RBI has transitioned into being enabler for market economy: Shaktikanta Das

Shaktikanta Das stated that the RBI has evolved from a central bank focused on resource allocation during the planning era to an enabler for the market economy

RBI is evolving with time, in sync with emerging trends

April 1, 2024 marks the 90th year since the Reserve Bank of India commenced its operations.

PM Modi in Mumbai: Check routes to avoid, timings and parking restrictions

Prime Minister Narendra Modi will be visiting Mumbai to join the celebrations of the RBI's 90th anniversary where he will be joined by Union Minister Nirmala Sitharaman, and other guests

Statsguru: Six charts show rising India's foreign exchange reserves

Due to increased capital flows, India accumulated over $100 billion worth of reserves during the pandemic

RBI to set up Digital India Trust Agency to check illegal lending apps

As part of its efforts to curb growing cyber fraud, the Reserve Bank is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps. The proposed agency will enable verification of digital lending apps and maintain a public register of verified apps, sources said. Apps not carrying the 'verified' signature of DIGITA should be considered unauthorised for the purpose of law enforcement, sources said, adding that this will serve as a pivotal checkpoint in the fight against financial crimes in the digital realm. DIGITA, once in place, would be entrusted with the responsibility of vetting digital lending apps, they noted. According to sources, a thorough verification process would help instil greater transparency and accountability within the growing digital lending sector, which has witnessed a surge in fraudulent activities and unscrupulous practices in recent times. Meanwhile, the Reserve Bank of India has shared a list of 442 uniqu

RBI's journey of 90 years: The building of India's financial fortress

Prime Minister Narendra Modi will join the commemoration at the National Centre for Performing Arts in Mumbai

India's forex kitty rises by $139 mn to $642.63 billion: RBI data

Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund

Rupee most stable Asian currency in FY24 after Singapore, Hong Kong

Record inflows keep bond, currency market steady

Credit cards breach the 100 million mark in India, shows RBI data

But overall credit card spending saw a sequential drop in February due to considerable decline in point of sale and e-commerce payments

Retail credit growth moderates to 18.1% in February, shows RBI data

The loan growth in agriculture and allied activities remained robust at 20.1 per cent YoY in February 2024, up from 15 per cent a year ago

India set for strong economic rebound seen in 2000s: RBI Dy Guv Patra

While private consumption remains pivotal, the economic resurgence will be fuelled by investments and exports, said Michael Debabrata Patra

Bank credit to industry grows 8.6% in Feb on increased borrowing: RBI data

Bank credit to industry grew 8.6 per cent year-on-year in February mainly due to accelerated pace of borrowing by sectors, like infrastructure and textiles, Reserve Bank of India (RBI) data released on Thursday revealed. Credit growth to agriculture and allied activities remained robust at 20.1 per cent in February compared to 15 per cent in the year-ago month, said the RBI's data on sectoral deployment of bank credit. Data on sectoral deployment of bank credit for February has been collected from 41 select commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all lenders, the data showed. "Credit to industry grew by 8.6 per cent (year-on-year) in February 2024 as compared with 6.8 per cent in February 2023," the RBI said. Among major industries, the annual growth in credit to "food processing", "infrastructure", and "textiles" accelerated in February as compared with the corresponding month of the previous year, while that to "basic metal and

Facility to exchange, deposit Rs 2,000 notes not available on Apr 1: RBI

The facility to exchange or deposit Rs 2,000 banknotes will not be available on Monday, April 1, 2024 due to operations associated with the annual closing of accounts, the Reserve Bank of India (RBI) said on Friday. The facility will resume on Tuesday (April 2, 2024) at the 19 issue offices of the RBI, it added. "The facility of exchange/deposit of Rs 2,000 banknotes will not be available on Monday, April 1, 2024 at the 19 issue offices of the Reserve Bank of India due to operations associated with the annual closing of accounts," it said. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. Nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system at the close of business on February 29, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank

Central govt to borrow 53% of full-year target in the first half of FY25

The gross borrowing in the first six months of the upcoming financial year stands at Rs 7.50 trillion, out of the total borrowing target of Rs 14.13 trillion for FY25