Page 104 - Reserve Bank Of India

Jai Balaji raises Rs 559 cr from Tata Capital FinServ to refinance debt

Jai Balaji was on the RBI's second list of non-performing assets (NPAs) in 2017-18 mandated for resolution under the Insolvency and Bankruptcy Code

RBI board discusses prevailing economic, financial scenario at 605th meet

The Reserve Bank of India's board on Monday reviewed the prevailing economic and financial scenario, including the challenges posed by geopolitical developments. The 605th meeting of the Central Board of Directors of Reserve Bank of India was held today in Ekta Nagar (Kevadia) under the Chairmanship of Governor Shaktikanta Das. "The board reviewed the economic and financial scenario, both domestic and global, including the challenges posed by global geopolitical developments," the central bank said in a statement. It also discussed the activities of select central office departments and the draft report on trend and progress of banking in India, 2022-23. Directors on the central board Satish K Marathe, Revathy Iyer, Anand Gopal Mahindra and Ravindra H Dholakia attended the meeting. RBI Deputy Governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, and Swaminathan J as well as Department of Economic Affairs Secretary Ajay Seth also participated in the meeting, the statem

ICRA revises FY24 GDP growth forecast to 6.5%, still below RBI's estimate

Domestic rating agency Icra on Monday revised its FY24 GDP growth forecast to 6.5 per cent from 6.2 per cent earlier. However, the revised forecast is still much lower than the Reserve Bank of India's (RBI's) 7 per cent real Gross Domestic Product (GDP) growth estimate for the ongoing fiscal. Earlier this month, the RBI had revised upwards its GDP estimate to 7 per cent from 6.5 per cent, calling the revised number a "conservative" one. The rating agency did not specify reasons for the lower growth estimate made in its business activity monitor. The revision is being done because Icra feels the deflation in commodity prices will be sustained and there are expectation of better growth in the October-December period than previous estimates, it said. "The festive-led uptick in volume growth in high frequency non-agri indicators as evinced by ICRA Business Activity Monitor in October-November 2023 (11.3 per cent versus the 9.5 per cent in Q2FY24) leads us to believe that the GDP growt

RBI imposed monetary penalties worth Rs 40 crore on 211 entities in 2022-23

Out of 211, 176 penalties worth Rs 14.04 crore were alone imposed on cooperative banks, Bhagwat Karad told Lok Sabha on Monday

Sovereign Gold Bond scheme 2023-24 tranche III: All your FAQs answered here

Sovereign Gold Bond interest rate: These bonds bear interest at the rate of 2.50% per annum on the amount of initial investment. Interest is credited semi-annually to the bank account of the investor

From India to Australia, Goldman sees banks easing policy earlier after Fed

Still, Goldman expects the rate reductions in the Asia-Pacific to be fewer and shallower than Fed officials' projected easing cycle

Debates on India's progress more important than vishwa guru claims: Rajan

Former RBI governor Raghuram Rajan, who has often been trolled for his frank views, says ideas and opinions of critics should be attacked but not their motives, as for India's progress listening was more important than preaching like a know-all vishwa guru. In an interview with PTI, Rajan defended joining Congress leader Rahul Gandhi's 'Bharat Jodo Yatra' saying he very strongly believed in the ideas of national integration and of love, not hate and thought the 135-day foot march was an attempt to make that point. Rejecting as "just ridiculous" the charge by government backers that he was responsible for some of the mess in the economy that Prime Minister Narendra Modi inherited, he said he had brought down inflation from double digits and had cleaned up the bad debt which the government is taking credit for now. He also stuck to his comment -- 'India will be lucky if it achieves 5 per cent growth in 2023-24 fiscal year', saying the country was indeed lucky to achieve a 6.5 per cent

Expanding RBI's toolkit

Machine learning can improve inflation forecasting

India's exports shrink again in Nov after Oct high; trade deficit narrows

The deficit had widened to a record $31.5 billion in October, as festival demand led to a sharp increase in the import of gold and silver

RBI asks Religare to submit fresh application for stake transfer of RHDFCL

The Reserve Bank of India has rejected Religare Enterprises' proposal to buy 87.5 per cent stake in Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application. Religare Finvest Limited (RFL) is a wholly owned subsidiary of Religare Enterprises. Religare Enterprises entered into a Share Purchase Agreement on April 5 with Religare Finvest Limited and Religare Housing Development Finance Corporation Limited for acquisition of entire 87.5 per cent equity stake of RHDFCL held by RFL, Religare Enterprises said in a regulatory filing on Thursday. The Reserve Bank of India (RBI) has returned the application made by RHDFCL for prior approval with an advice to submit a fresh one with complete information, it said. In pursuance of the Share Purchase Agreement, RHDFCL would submit the application in due course, it added. RFL was put under the Corrective Action Plan Framework by the RBI in January

OPS to restrict states' capacity to undertake development activities: RBI

Sounding a note of caution, a Reserve Bank report has said that reverting to the DA-linked Old Pension Scheme (OPS) will exert huge pressure on state finances and restrict their capacity to undertake developmental expenditure. The Reserve Bank's report on 'State Finances: A Study of Budgets of 2023-24' also said the provision of non-merit goods and services, subsidies, transfers and guarantees will render their fiscal situation precarious. The governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have informed the central government and Pension Fund Regulatory and Development Authority (PFRDA) about their decision to revert to OPS for their state government employees. These state governments have requested for withdrawal/ refund of contribution, along with return thereon, the finance ministry has recently informed Parliament. The central bank's report said the return to the Old Pension Scheme by a few states, and reports of some other states moving in the

$5 trillion economy goal for 2025 nearly impossible: Raghuram Rajan

Former RBI governor Raghuram Rajan has attributed the sharp uptick in GDP in the first half of the current fiscal to infrastructure spending and good performance by large economies of the world but added India has to do a lot of catching up and the USD 5 trillion economy goal for 2025 is nearly impossible. Rajan further said that even as India's growth rate is strong, private investment and private consumption have not picked up. "So if you look at why we have done so well this year, one of the reasons we are doing so well is also because the world is doing well. "... the other reason for this very strong growth in the first half is tremendous government spending on infrastructure," Rajan told PTI. India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing. At constant (2011-12) prices in April-September 2023-24 (

Automatic payment limit through UPI raised to Rs 1 lakh, says RBI

The Reserve Bank of India on Tuesday increased the limit for automatic payments through UPI to Rs 1 lakh per transaction from the existing Rs 15,000 for certain categories, including subscription to mutual funds. As of now, relaxation in Additional Factor of Authentication (AFA) is permitted while processing e-mandates/standing instructions on cards, prepaid payment instruments and UPI (Unified Payments Interface), for subsequent recurring transactions with values up to Rs 15,000. "...it has been decided to increase the limit from Rs 15,000 to Rs 1,00,000 per transaction for... subscription to mutual funds, payment of insurance premiums, and credit card bill payments," the central bank said in a circular on "processing of e-mandates for recurring transactions". UPI has emerged a preferred mode of payment for a large section of the population with over 11.23 billion transactions recorded in November. An announcement in this regard was made by Reserve Bank Governor Shaktikanta Das, .

CPI inflation rises to 5.55% in November: IIP growth rate at 11.7% in Oct

Retail inflation: In the recent MPC announcement, RBI Governor Shaktikanta Das had said that the inflation figures may show an uptick in November and December owing to food output pressures

RBI Assistant Prelims Result 2023: When, where, and how to check result

RBI is to announce assistant prelims result 2023 soon on its official website at opportunities.rbi.org.in. The exam was held on November 18, 19, 2023. Check when, where and how to check

Central bank and cricket

While the economy seems to be on a firm growth path, the fight against inflation is not over yet. It has not even entered the last round

MPC review: RBI's foreign exchange risk move may not hit rupee for now

Rupee may not see any immediate impact: Market players

Connected lending: Influence of business houses likely to be curbed

According to industry experts, the term 'Regulated Entities' includes not only banks but is also expected to include other lending agencies like NBFCs and Co-operative banks

Encouraging outlook

Inflation is expected to ease in the coming quarters

Esma should follow principle of mutual trust, cooperation: T Rabi Sankar

RBI dy governor says not comfortable extraterritorial jurisdiction regulations