Page 153 - Reserve Bank Of India

RBI starts pilot of its digital currency, allows 9 banks to use it

The e-rupee is set to be test launched within a month for retail use in select locations and users, the Reserve Bank of India had said in a statement Monday

Onset of festive season pushes credit growth across sectors in September

Housing and vehicle loans lead surge in retail credit, which was up 19.6% YoY

Growth of core sector output recovers to 3-month high in September

The Reserve Bank of India last month also revised its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier

Centre's fiscal deficit in H1 touches 37.3% of full-year target

The Centre is hopeful of keeping the fiscal deficit at 6.4 per cent of nominal GDP in FY23

India's inflation numbers may be lower than official data suggests: Report

India's inflation numbers might be better than official data suggests once the massive impact of a government food program is factored in, according to a report released Monday

RBI's central board discusses prevailing economic situation, challenges

The Central Board of Directors of Reserve Bank of India on Monday reviewed the current economic situation and challenges being faced by the country due to global geopolitical crises. The 598th meeting of the central board was held under the chairmanship of Governor Shaktikanta Das, the RBI said in a statement. "The Board in its meeting reviewed the current economic situation, global and domestic challenges including the overall impact of current global geopolitical crises," it said. The board also discussed the functioning of various sub-committees of the central board, ombudsman scheme and activities of select central office departments Directors of the Central Board -- Satish K Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia -- attended the meeting. RBI Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, Rajeshwar Rao, and T Rabi Sankar, and Ajay Seth, Secretary, Department of Economic Affairs also

Pilot for digital rupee for wholesale segment to commence on November 1

Use case to be settlement of secondary market transactions in g-secs; RBI says digital rupee is expected to make inter-bank market more efficient, as settlement will reduce transaction costs

A healthy debate: The case for and against interest rate hike

Having raised policy rates to about 6 per cent, does India's Monetary Policy Committee need to do more? And, if so, is more front-loading warranted?

Key role for banks in offering best intermediation services: RBI's Patra

Calls for world-class financial intermediation services with Indian economy poised to surpass Germany and Japan a few years and nation's population set to become world's largest and youngest

US markets set for a year-end rally despite recession concerns: Chris Wood

A rally in the US markets amid hope of a softer central bank (US Fed) action going ahead, analysts believe, has the potential to fuel a rally in other global equity markets, including India

On high inflation, here is what RBI needs to tell govt: It is your fault

All the research since 1980 shows that loose fiscal policy causes inflation, and the RBI MPC needs to tell the govt just that

Remove withdrawal restrictions on digital BSBD accounts payment: Report

The Reserve Bank needs to keep digital payments outside the purview of withdrawal restrictions on zero-balance basic savings bank deposit (BSBD) accounts and let the government allow a uniform fee of 0.3 per cent, in lieu of the Merchant Discount Rate (MDR), on e-commerce transactions, as per a report. The IIT Bombay report further said as much as Rs 5,000 crore can be raised per annum through a 0.3 per cent fee on payments through all electronic modes at e-commerce platforms, which could be used to maintain and strengthen the UPI infrastructure. Such a fee imposed on e-commerce merchants and institutions who cannot transact in currency notes would be more in line with 'digital payment facilitation fee'. On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit." Some banks have .

Top Headlines: CBIC seeks details on digital assets, govt to form GACs

Business Standard brings you the top headlines at this hour

Foreign exchange reserves fall to $525 billion, lowest since July 2020

So far in 2022, the Indian currency has weakened 9.9 per cent against the US dollar

RBI steps up fund infusion as system liquidity 'almost neutral'

Rates on CPs, CDs surge; pressure mounts on banks to raise deposits

Bengal breached borrowing limit by seeking loan of Rs 10K cr from RBI: BJP

Leader of Opposition Suvendu Adhikari on Friday claimed that West Bengal has "breached its borrowing limit" under the Fiscal Responsibility & Budget Management (FRBM) Act by making a loan request of Rs 10,000 crore to the Reserve Bank of India. Taking to Twitter, the BJP MLA from Nandigram urged the union finance ministry to advise the state to generate internal revenues by modifying its land policy. Slamming Adhikari, state minister Chandrima Bhattacharya said that the "worried" legislators should take steps to ensure that the BJP-led Centre cleared the dues it owed to Bengal. Adhikari, in a tweet, wrote, "Govt of WB has raised a loan request to RBI for an amount of Rs 10,000 crore. Unfortunately, WB has already breached its borrowing limit under the Fiscal Responsibility & Budget Management (FRBM) Act. It's also alarming that Bengal's debt burden's approximately Rs 6 lakh crore." "Instead @FinMinIndia should advise the State of WB to increase internal revenues by modifying .

RBI release suggests Nov MPC meet only to discuss inflation target failure

MPC may decide RBI's response to govt on the matter; Unlike earlier off-cycle meetings in which interest rate action was taken outside schedule without prior notice, this one was announced in advance

India's forex reserves touch $524.5 bn, lowest level since July 2020

The primary reason for the decline is foreign currency assets, which recorded a dip of $3.5 billion to $465 billion

RBI reviewing regulation for governing non-core business of banks

The modifications in relation to banks' non-core business could be made by amending the Banking Regulation Act

Infibeam Avenues gets RBI in-principle nod for payment aggregator licence

The RBI allowed another window to PAs existing as of March 2020 to apply to the central bank for a license