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NDA 3.0 must use political capital for structural reforms: D Subbarao

The NDA 3.0 government must use its enormous political capital to implement 'politically difficult' structural reforms in the upcoming budget to promote growth and job creation, former RBI Governor D Subbarao said on Thursday. The Union Budget for 2025-26, to be presented by Finance Minister Nirmala Sitharaman on February 1, comes amid global economic uncertainties and moderating domestic growth. "This is the first full budget of the NDA-III government and it must use its enormous political capital to implement politically difficult structural reforms," Subbarao told PTI in an interview. Further, he said that the primary objective of the budget is to put the economy on a sustainable high-growth trajectory. "But mere growth will not do. We need to ensure that the benefits of growth are widely shared which is to say that we need to focus on reducing inequality," Subbarao added. According to him, the huge consumption base of the bottom half of India's population is its biggest growth

Rupee strengthens to 86.33 as dollar index falls, RBI swaps aid gains

The dollar index, which measures the strength of the greenback against a basket of six major currencies, fell by 0.8 per cent to 107.97

RBI's massive dollar sales may net govt bumper dividend once again

IDFC FIRST Bank estimates Rs 2 trillion of payout by the RBI while QuantEco Research pegs the dividend around Rs 1.5 trillion for the fiscal year that ends March

RBI MPC member bats for two inflation rates for better policy making

RBI Monetary Policy Committee member Nagesh Kumar has suggested that there should be two inflation rates - one including food prices and the other without food prices - so that relevant rates could be taken into account for policy making. Chief Economic Advisor V Anantha Nageswaran in the Economic Survey 2023-24 had pitched for excluding food inflation from the rate setting calls, saying that the monetary policy has no bearing on the prices of food items, which are dictated by supply side pressures. "I think there is a healthy debate on what should be the target, whether overall headline inflation rate or inflation rate excluding the food products, which are, you know, very seriously affected by seasonal demand, supply mismatch," Kumar told PTI while responding to a question on suggestions made in the Economic Survey for excluding food inflation while setting benchmark interest rates. The weightage of food in the overall consumer price inflation, which stands at 46 per cent, was don

A year after RBI curbs, Paytm founder Sharma expects to get back into biz

The Reserve Bank of India last year imposed new curbs on unlisted Paytm Payments Bank Ltd. after years-long warnings about data flows between it and Paytm

Banks to ask RBI to delay liquidity rule set to take effect from April 1

The request will be made through the Confederation of Indian Industry, which will meet recently-appointed RBI Governor Sanjay Malhotra in the coming days, the people said

RBI forms new committee for bank license, chaired by former DG Jain

RBI said that, "The secretarial support to the committee would be provided by RBI's Department of Regulation"

RBI eases norms for ARCs, streamlines borrower dues settlement process

The revised norms mandated that the committee should be chaired by an independent director and have a minimum two independent directors, including the chair

RBI may turn to longer buy-sell swaps amid rising $ short positions

More changes likely in liquidity management framework

RBI to 'play it slow' on defending rupee, says Axis Bank CEO Chaudhry

The rupee has gone from being one of Asia's best-performing currencies to one of the region's biggest losers in a matter of weeks

Higher bulk deposit reliance signals structural liquidity risks: RBI dy Guv

Outstanding Certificate of Deposit issuances highest since 2012

New RBI rules mandate stricter oversight on ARC-borrower settlements

As per the new guidelines, every Asset Reconstruction Company must establish a Board-approved policy that governs the settlement of borrower dues

Dealing with recovery agents: Know your rights, study RBI guidelines

Escalate complaint to bank grievance officer, ombudsman, and finally consumer court

RBI Guv's crafted statements boosted confidence during adverse times

The study highlighted that effective communication goes beyond being clear, understandable, and engaging

Forex interventions proven to mitigate capital flow volatility: RBI report

It examined the effectiveness of the RBI's forex interventions and found that the primary driver of exchange rate volatility in India is the fluctuation in portfolio flows caused by global spillovers

Growth set to rebound, food inflation needs monitoring: RBI report

Banks reluctant to lend in money markets amid tight liquidity conditions

RBI sold record $20.2 billion in November to back rupee amid FPI outflows

Forward book dollar deficit ballooned to $58.9 bn

HSBC India gets RBI approval to open 20 new branches in 20 cities

HSBC India's branches in the country will now go up to 46

Flows in NRI deposits up 71% in April-November 2024, shows RBI data

Total outstanding NRI deposits stood at $162.7 billion

Use '1600xx' number series to call customers for transactions: RBI to banks

The RBI on Friday asked banks to use only the 1600xx' phone numbering series to call customers for transactional purposes with a view to preventing financial fraud. It further said that for promotional purposes, banks and other regulated entities (REs) should use only the '140xx' numbering series for the prevention of financial frauds perpetrated using voice calls and SMS. Banks and other regulated entities (REs) have also been asked to monitor and clean their customer database. The proliferation of digital transactions, while offering convenience and efficiency, has also led to a surge in frauds, a pressing concern underscoring the need for concerted action, said a Reserve Bank circular to REs. The mobile number of a customer has emerged as a ubiquitous identifier, instrumental in the account authentication and verification process, receiving sensitive payment communication, such as OTPs, transaction alerts, and account updates. "The mobile number, however, can also be misused by