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RBI, Maldives Monetary Authority sign pact to promote local currency use

The RBI and the Maldives Monetary Authority on Thursday signed an agreement here for establishing a framework to promote the use of local currencies -- the Indian Rupee and the Maldivian Rufiyaa (MVR) for cross-border transactions. The Memorandum of Understanding (MoU) was signed by Governor of Reserve Bank of India Shaktikanta Das and Governor of Maldives Monetary Authority Ahmed Munawar. "The MoU encourages the use of INR and MVR in current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries," the RBI said in a statement. This framework would enable exporters and importers to invoice and settle in their respective domestic currencies, which in turn would enable the development of trading in the INR-MVR pair in foreign exchange market. Use of local currencies would optimise costs and settlement time for transactions, the RBI added. "This collaboration marks a key milestone in strengtheni

ECBs net inflows rise to $7.9 bn in H1FY25 from $6.8 bn in H1FY24: RBI data

Analysis of the end-use of registrations showed that ECBs for import or local sourcing of capital goods were pegged at $1.3 billion in H1FY25, sharply down from $9.4 billion in H1FY24

Foreigners selling Indian govt bonds won't return in a hurry: ANZ India

Given the volatility expected over the short-term horizon, we cannot imagine that we will receive any major inflows over the next two months, they added

Exports not adversely impacted by rupee exchange rate policy: RBI Bulletin

Rupee's 40-currency real effective exchange rate (REER) - a measure of its competitiveness - shows the currency was overvalued by 7.21 per cent at the end of October, close to highest in 6 years

Unchecked inflation can hurt real economy prospects, says RBI report

Inflation pressure, if unchecked, could undermine prospects of real economy

RBI buys a net $8.52 billion in first half of FY25, says bulletin

The RBI had net sold $6.49 billion in the spot market in August. In the current financial and calendar year, the central bank has been a net seller of dollars in three months - April, June, and August

No evidence of exchange rate policy hurting exports: RBI report

Rupee depreciated by 7.8 per cent during FY23 and by 1.4 per cent in FY24. And so far in FY25, it has depreciated by 1.5 per cent

Banks urge RBI for boards' workload mgmt, flag cyber security concerns

Cybersecurity risks, customer centricity issues flagged

Be vigilant for concentrations in biz models: RBI Guv Das to bank boards

Says need to curb unethical practices such as mis-selling of products

RBI to launch cloud services in 2025 to challenge global firm dominance

The burgeoning cloud services market in Asia's third largest economy was estimated at $8.3 billion in 2023 and is expected to grow to $24.2 billion by 2028

BS Poll: Rupee may depreciate to 84.5 against US dollar by end of December

RBI is expected to be active in the currency market, which will cap the losses

India's economy strong, inflation moderating, says RBI Governor Das

Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday said that the Indian economy and financial sector are well placed to handle any kind of spillovers from global events. The country's external sector is also strong and our current account deficit has remained within manageable limits and stood at 1.1 per cent. "Today, the growth of the Indian economy presents a picture of stability and strength," he said, while addressing a programme as part of the launch of the Kochi International Foundation here. Earlier, in 2010 and 2011 it was in the range of six to seven per cent, he pointed out. Das also cited that India has one of the largest foreign exchange reserves in the world at about USD 675 billion. On inflation, the RBI Governor said, "it is expected to be moderate despite periodic humps," India's inflation rose to 6.2 per cent in October from 5.5 per cent in September because of food inflation. He compared inflation to an elephant in the room. "Now the elephant has

RBI likely to draw up road map for ECL adoption at Monday's meeting

The central bank's communication to private banks' board secretariats has not listed the agenda for the meeting, but has only given the event flow

Piyush Goyal wants RBI to cut rates, questions food inflation-driven policy

RBI's Monetary Policy Committee has kept the repo rate at 6.5% since February 2023. Retail inflation hit a 14-month high in October

Economists say MPC's rate cut in February may not be a done deal

Inflation hit a 14-mth high of 6.2% in Oct, breaching MPC's upper tolerance band

India's financial regulatory pillars set for a leadership shake-up

Four key positions will become vacant over the next four months, marking a potential reshuffle by the end of the current financial year

India's outward FDI rises to $3.7 billion in October 2024: RBI data

Equity commitments fell to $655.84 million in October 2024, compared with $993.35 million a year ago and $817.64 million recorded in September 2024

Civic bodies need major reforms to enhance revenue sources: RBI report

Central bank says revenue sources not adequate for meeting revenue expenditure of most of the MCs, which affects their functional and financial autonomy

RBI inflation target credible as expanding supply will curb pressure: S&P

S&P Global Ratings on Wednesday said supply capacity in India is continuing to expand pretty quickly which will help contain inflationary pressure. S&P Senior Economist Asia Pacific Vishrut Rana said the central bank's monetary policy and inflation target remains credible and the Reserve Bank of India (RBI) should be able to anchor inflationary expectations. "That remains a manageable challenge," he said. India's retail inflation soared to a 14-month high of 6.21 per cent in October --above the RBI's tolerance band, mainly on account of rising food prices. It was 5.49 per cent in September. "... As long as economies' supplies capacity continues to expand pretty quickly which is happening in India at the moment with emphasis on manufacturing infrastructure, etc, we expect inflationary pressure should be contained," Rana said at the Asia-Pacific Credit Outlook 2025 conference. The RBI, which is mandated by the government to contain inflation at 4 per cent (+/- 2 per cent) has ...

Nation at forefront of digital revolution, fintech speeding payments: RBI

India is at the forefront of the digital revolution and financial technology is speeding up digital payments, Reserve Bank Deputy Governor Michael Debabrata Patra said on Wednesday. Vibrant e-markets are springing up and expanding their reach. It is estimated that the digital economy currently accounts for a tenth of India's GDP, he said, adding that going by growth rates observed over the past decade, it is poised to constitute a fifth of GDP by 2026. In his inaugural address at the DEPR Conference on 'Digital Technology, Productivity and Economic Growth in India' here, Patra also said India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology sector and a burgeoning youth population, including one of the largest AI talent bases. On digitalisation of Indian finance, Patra said micro-level evidence from surveys of Indian banks shows that while all of them have implemented mobile