Page 84 - Rbi

98% of Rs 2,000 notes returned; Rs 6,839 cr worth notes still with public

The Reserve Bank on Monday said 98.08 per cent of the Rs 2,000 banknotes have been returned to the banking system, and only Rs 6,839 crore worth such notes are still with the public. On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 denomination banknotes from circulation. The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 6,839 crore at the close of business on November 29, 2024, RBI said. "Thus, 98.08 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement. The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches till October 7, 2023. However, this facility is still available at the 19 issue offices of the Reserve Bank. From October 9, 2023, the RBI issue offices are also accepting Rs 2,000 banknotes from individuals and entities for deposit into

RBI cancels registration of Zavron Finance over irregular lending practices

The RBI on Monday said it has cancelled the certificate of registration of Nagpur-based Zavron Finance due to irregular lending practices. Zavron Finance has violated RBI guidelines on code of conduct in outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as credit appraisal, loan disbursal, fixing of rate of interest, as well as KYC verification process, the central bank said in a statement. It further said the company not only failed to conduct due diligence on the Lending Service Providers (LSPs) to assess their competence, security and internal controls, ultimate beneficial owners, nationality/shareholding pattern, but also failed to carry out periodic review of security practices/control processes deployed by the LSPs so as to secure confidentiality/security of customer data. "The company has violated RBI guidelines on fair practices code by not providing the copy of loan agreement and sanction letter in ...

Unclear if US law permits Trump's 100% tariff threat on Brics: Ex-RBI Guv

President-elect Donald Trump's warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US law permits such an action, former RBI Governor Duvvuri Subbarao said on Monday. He also said even for BRICS, there are internal differences about bringing out an alternative to the US Dollar. The nine-member group that includes India, Russia, China, and Brazil, moving out of the US currency and having a common one remains a non-starter because of both politics and economics. "Donald Trump has threatened to slap 100 per cent tariffs on imports from countries that try to move out of the dollar. His ire was particularly directed at the BRICS bloc which has been actively talking about developing an alternative to the dollar. Trump is known to bark more than he bites," Subbarao told PTI. BRICS, formed in 2009, is the only major international group of which the

RBI ballooning NDF position suggests more rupee losses, say bankers

The Reserve Bank of India's aggregate short foreign currency in forwards and futures position jumped three-fold to $49.2 billion from September to October, official data showed on Friday

RBI to weigh growth slowdown, inflation at its MPC meeting this December

A survey conducted by Business Standard revealed that majority respondents believed that the RBI might revise its growth and inflation projections for the financial year

RBI likely to hold rates for 11th straight time: Business Standard poll

May cut cash reserve ratio, lower growth and inflation projections

Sharp slowdown: Solutions will need to go beyond interest rate cuts

Some economists believe that a pickup in government capital expenditure will help accelerate growth

Bajaj Fin exits co-branded credit card biz, ends tieup with DBS India, RBL

RBI restricted co-brand partners' role to distribution only

Monetary policy: RBI faces Hobson's choice on policy rate cut decision

This policy comes at a time when growth is slowing, inflation is still pretty high, and the rupee has started losing value against the dollar

Crypto hirings may see boom on regulatory clarity, Trump win: Report

Donald Trump's election win, coupled with his association with crypto advocate Elon Musk, has reignited optimism in the sector

Q2 GDP growth at 5.4%: RBI rate cut in December? Unlikely, say experts

Bond yields fall 6 bps post GDP numbers

Closer coordination among regulators key to NBFC stability: RBI DG

The RBI has implemented a scale-based regulatory framework for the NBFC sector, categorising them based on their scale of operations and potential interconnectedness

Credit card spends rise 14.5% in October on festive season purchases

Net addition in cards in October stood at 786,337

Banks' credit to industry grows by 8% in Oct against 4.8% last yr: RBI data

Banks' credit to industry grew by 8 per cent in October 2024 compared to 4.8 per cent in the year-ago period, according to the RBI data released on Friday. The Reserve Bank data also showed that credit to agriculture and allied activities registered a growth of 15.5 per cent year-on-year (y-o-y) in October 2024, compared to 17.4 per cent seen in the same month of last year. Among major industries, credit to 'chemicals and chemical products', 'petroleum, coal products and nuclear fuels', and 'all engineering' recorded a higher growth in October 2024 as compared to their respective growth rates a year ago. Personal loans growth decelerated to 15.8 per cent (y-o-y) in October as compared to 18 per cent recorded a year ago, largely due to decline in growth in 'other personal loans', 'vehicle loans' and 'credit card outstanding'. However, 'housing' -- the largest constituent of personal loans segment -- recorded an accelerated growth on year. RBI further said credit growth to services

Fiscal deficit at 46.5% of full-year target at Oct-end, shows govt data

The Centre's fiscal deficit at the end of the first seven months of financial year 2024-25 touched 46.5 per cent of the full-year target, government data showed on Friday. In absolute terms, the fiscal deficit -- the gap between government's expenditure and revenue -- was at Rs 7,50,824 crore during April-October period, according to data released by the Controller General of Accounts (CGA). The deficit stood at 45 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24. In the Union Budget, the government projected to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current 2024-25 financial year. The deficit was 5.6 per cent of the GDP in 2023-24. In absolute terms, the government aims to contain the fiscal deficit at Rs 16,13,312 crore during the current fiscal. The revenue-expenditure data of the Union government for the first seven months of 2024-25 showed that the net tax revenue was about Rs 13 lakh crore or 50.5 per

RBI devolves 70% new green bonds at 6.78%-6.84%, cutoff below 10-year note

The RBI sold around 15 billion rupees ($177.53 million) worth of 10-year green bonds to investors at a 6.79% coupon but devolved nearly 35 billion rupees worth of the note, the first such devolvement

Deposit growth slightly outpaces credit growth at 11.21%: RBI data

Credit growth had been exceeding deposit growth since the fortnight ending March 25, 2022, leading to a widening gap that reached as much as 700 basis points (bps) at its peak

Rupee depreciates to a new intraday low of 84.52 against US dollar

The rupee had appreciated to a high of Rs 84.22 per dollar on Wednesday as the dollar index fell by 0.7 per cent after surging for the majority of the month

Rupee declines on FPI outflows, avoids record low on RBI intervention

The rupee closed at 84.4850 against the U.S. dollar, down from its close of 84.4525 in the previous session

Rupee flat amid month-end dollar bids and likely RBI intervention

Dollar bids from foreign banks and importers weighed on the rupee, a trader at a private bank said. Other Asian currencies were mixed, while the dollar index trimmed losses after falling 0.7%