Page 127 - Reserve Bank Of India

Growth of bank credit to industry decelerates in April to 7%: RBI

Growth of bank credit to industry decelerated to 7 per cent in April 2023 as compared to the corresponding month in the previous year, according to Reserve Bank data. The Sectoral Deployment of Bank Credit April 2023 of the RBI also said personal loans growth registered a growth of 19.4 per cent (y-o-y) in April 2023 as against 14.4 per cent a year ago, mainly driven by housing and vehicle loans. Loan to agriculture and allied activities improved to 16.7 per cent (y-o-y) in April 2023 from 10.6 per cent a year ago. "Credit to industry registered a growth of 7 per cent (y-o-y) in April 2023 as compared with 8 per cent in April 2022," it said. Size-wise, credit to large industry rose by 5.3 per cent as compared with 1.3 per cent a year ago. Credit growth of medium industries was 19.1 per cent as against 53.7 per cent last year. Credit to micro and small industries registered a growth of 9.7 per cent in April 2023 (29.8 per cent a year ago). RBI further said among major industries,

High staff attrition a significant operational risk to banks: RBI Dy Guv

Outsourcing, lack of succession planning and staff skilling also areas of concern, Jain says

Top headlines: 41% of FAME II target met, cut in Byju's valuation and more

Business Standard brings you top news at this hour

India's fiscal deficit target of 5.9% for FY24 at risk, warns Nomura

A notable increase in RBI's income, which was driven by profits from foreign exchange sales amounting to Rs 1 trillion, reflects active intervention in the foreign exchange market

RBI working on portable payment system for transactions during tragic times

Reserve Bank of India is working on a light weight and portable payment system, a "bunker equivalent in payment systems", that can be used for critical transactions during catastrophic events like natural calamities and war. The proposed Light weight and Portable Payment System (LPSS) will be independent of conventional technologies and can be operated from anywhere by a bare minimum staff, according to the central bank. Existing conventional payment systems like RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer) and UPI (Unified Payments Interface) are designed to handle large volumes while ensuring sustained availability. These systems are dependent on complex wired networks backed by advanced IT infrastructure. However, catastrophic events like natural calamities and war have the potential to render these payment systems temporarily unavailable by disrupting the underlying information and communication infrastructure, RBI said in its latest annual report

RBI's balance sheet grows 2.5% to Rs 63.45 trn in FY23 on higher income

The size of the Reserve Bank's balance sheet increased by 2.5 per cent for the year ended on March 31 to about Rs 63.45 lakh crore on higher income, as per the central bank's annual report released on Tuesday. The balance sheet of the RBI plays a critical role in the functioning of the country's economy, largely reflecting the activities carried out in pursuance of its currency issue function as well as monetary policy and reserve management objectives. "The size of the balance sheet increased by Rs 1,54,453.97 crore, i.e., 2.50 per cent from Rs 61,90,302.27 crore as on March 31, 2022 to Rs 63,44,756.24 crore as on March 31, 2023," the report said. While income for the year increased by 47.06 per cent, the expenditure increased by 14.05 per cent. The year ended with an overall surplus of Rs 87,416.22 crore as against Rs 30,307.45 crore in the previous year, resulting in an increase of 188.43 per cent. The RBI transfers the surplus as dividend to the central government. "The incre

Domestic financial markets remained orderly in 2022-23: RBI report

Reserve Bank of India (RBI) has said that in 2022-23 the domestic financial market movements remained orderly, notwithstanding persisting impact of global spillovers during the year

Growth momentum to hold amid easing inflation, says RBI annual report

Government capex increase in recent years expected to spur higher private investment in 2023-24, it says

Despite challenges, India will be in advantageous position in 2023-24: RBI

Reserve Bank of India (RBI) has said that domestic economic activity does face challenges from an uninspiring global outlook going forward

A note on India's commemorative coins, what's in demand and how to buy

India has issued more than 150 sets of commemorative coins since 1964 that are sold by govt mints; the Rs 75 coin is the latest

India's growth momentum likely to be sustained in 2023-24: RBI report

On the back of sound macroeconomic policies and softer commodity prices, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, said the Reserve Bank's annual report released on Tuesday. It, however, added that slowing global growth, protracted geopolitical tensions and a possible upsurge in financial market volatility following new stress events in the global financial system could pose downside risks to growth. "On the back of sound macroeconomic policies, softer commodity prices, a robust financial sector, a healthy corporate sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures," it said. The RBI's Annual Report for 2022-23, a statutory report of its Central Board of Directors, further said its monetary policy ..

Cosmos Coop Bank eyes more M&As in UCB space after Maratha Sahakari deal

Strategy forms part of lender's aim to expand its network to 200 branches

ICICI to move ahead with its plan to increase 4% stake in Lombard business

In a similar move, The RBI had given the HDFC Bank the permission to increase its take in HDFC Life Insurance and HDFC Ergo General Insurance beyond 50 per cent

Centre to launch Rs 75 coin to mark the opening of new Parliament building

Rs 75 coin: The face of the coin will bear the Lion Capitol of Ashoka Pillar in the centre with 'Satyameva Jayate' inscribed below it

RBI deputy governor's post: Five bankers to face interview on June 1

RBI Deputy Governor M K Jain's term will end on June 21, 2023 after a five-year tenure

Restore transaction fee on RuPay cards: Banks request finance ministry

MDR is a fee charged to a merchant for the payment processing of debit and credit card transactions. It is also referred to as the transaction discount rate (TDR)

Public sector banks' total dividend payout 58% higher than in FY22: Report

Three out of 12 PSBs namely SBI, Bank of Baroda, and Canara Bank, declared a three-digit dividend during the year

RBI may need to buy $18 bn of bonds to replenish banking liquidity: ICICI

India's central bank may buy as much as 1.5 trillion rupees ($18 billion) of government bonds to replenish banking liquidity that's expected to tighten later in the year, according to a top banker.

FDI inflows decline 16% to $71 billion for first time in a decade: RBI data

The net FDI also witnessed a decline of nearly 27 per cent to $28 billion in 2022-23 as against $38.6 billion a year ago

Don’t miss | Rs 2000 was not the highest denomination note in India

If you think 2000 rupee note was the highest denomination of Indian currency, time to get your facts checked! Watch the video to know more