Page 49 - Reserve Bank Of India

RBI MPC minutes: Members see need to support growth on benign inflation

The MPC decided to cut the policy repo rate by 25 basis points earlier this month, after reducing the rate by a similar magnitude in the February meeting

Coming soon: A new system to integrate netbanking, payment aggregators

This new switch being developed by NPCI subsidiary NPCI Bharat BillPay Limited (NBBL) will not leverage any existing payments system tech but will focus on creating a new system altogether

RBI provides export relaxations through warehouses in Bharat Mart in UAE

The Reserve Bank on Wednesday relaxed norms to facilitate export through warehouses in 'Bharat Mart', a multimodal logistics network-based marketplace in the United Arab Emirates, that will provide Indian traders, exporters, and manufacturers access to the markets around the world. In a circular, the RBI said banks may allow exporters to realise and repatriate full export value of goods exported to 'Bharat Mart' within nine months from the date of sale of the goods from the warehouse. Further, banks have been asked to allow opening/hiring of a warehouse in 'Bharat Mart' by an Indian exporter with a valid importer exporter code without any pre-conditions, after verifying the reasonableness of the same. It also apply on remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.

India to remain fastest growing even as FY26 GDP forecast cut to 6.2-6.7%

Amid the ongoing tariff war and uncertainty over the US trade policy, international agencies have cut India's growth projections by up to 0.5 per cent for the current fiscal, though the country will continue to be the fastest growing major economy. India is expected to grow in the range of 6.2-6.7 per cent in the current fiscal, despite the possibility of the US economy slipping into recession, China's growth taking a heavy beating and globally, countries seeing slowing economic activity. The International Monetary Fund (IMF) and the World Bank have slashed India's growth projections for 2025-26 to 6.2 per cent and 6.3 per cent, respectively, citing uncertain global environment and high trade tensions. In January, the IMF and the World Bank had projected India to grow at 6.5 per cent and 6.7, respectively, in the current fiscal. The Indian economy is estimated to have grown 6.5 per cent in the last fiscal. As per the projections by the Reserve Bank of India, the country's economy

Govt extends tenure of RBI Deputy Governor T Rabi Sankar by one year

The government has extended the term of RBI Deputy Governor T Rabi Sankar for another one year till May 2026, according to sources. This is the second one-year extension granted to him. The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Rao for a period of one year with effect from May 3, 2025, or until further orders, sources said quoting a government order dated April 21. The ACC is headed by Prime Minister Narendra Modi. He was appointed as RBI Deputy Governor in May 2021 for an initial period of three years. In his previous role as Executive Director, Sankar was looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department in RBI. Sankar has also in the past served as an IMF Consultant (2005-11) towards developing government bond markets and debt management. Outside his career at the RBI, Sankar holds the role of Chairman at Indian Financial Technology and A

RBI's new liquidity norm to free up $35 bn, likely boosting credit growth

India's banking system, which has an estimated HQLA of almost ₹45 trillion to ₹50 trillion, could have an additional ₹2.7 trillion to ₹3 trillion in lendable resources

Brokerages pick bank stocks that will benefit from RBI LCR guidelines

RBI LCR norms: The guidelines, as per analysts at CLSA, could potentially infuse liquidity worth ₹2.5 trillion in the system, which is "modest but sentimentally positive"

RIL buys up to ₹10,000 crore govt bonds as market expects softer yields

According to market participants, RIL may have bought between Rs 7,000 crore and Rs 10,000 crore worth of government bonds during the second week of April

RBI allows minors above 10 years to open bank accounts independently

Minors of any age can open and operate savings and term deposit accounts through their natural or legal guardian

RBI mandates 2.5% additional run-off factor on digital retail deposits

Final norms will come into effect from April 1, 2026

BluSmart users' wallet woes: 'Closed loop' model may pose refund issues

Closed loop prepaid payment instruments (PPIs), such as the BluSmart wallet, enable users to only purchase services from the ride-hailing entity alone

RBI directs banks to increase run-off rates for digital deposits

The net impact of these measures will improve banks' liquidity coverage ratio as on December-end by around 6 percentage points, the Reserve Bank of India said in a release

RBI's draft gold loan norms: Compliance cost may rise for lenders

Banks, NBFCs need to adopt standardised documentation across all branches

CD ratio cut won't be as steep in FY26: HDFC Bank MD & CEO Jagdishan

CD ratio of HDFC Bank to return to pre-merger levels (85-90 per cent) in FY27

RBI draft directions for exports envisage more powers to authorised dealers

In a significant departure from the practice of giving detailed guidelines, the draft direction merely provides a list of RBI regulations that authorised dealers (ADs) must follow

Ensure liquidity measures transmitted to broader market: RBI Guv to banks

RBI Governor also called banks and primary dealers for their active roles to improve liquidity and pricing for participants like cooperative banks, pension and provident funds with smaller deal sizes

India's forex reserves climb for sixth straight week, now at $677.83 bn

India's forex reserves increased by USD 1.567 billion to USD 677.835 billion for the week ended April 11, the Reserve Bank said on Friday. This is the sixth consecutive week of a rise in the kitty. The overall reserves jumped by USD 10.872 billion to USD 676.268 billion in the previous reporting week ended April 4. The forex reserves touched an all-time high of USD 704.885 billion in September 2024. For the week ended April 11, foreign currency assets, a major component of the reserves, rose by USD 892 million to USD 574.98 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves surged by USD 638 million to USD 79.997 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down USD 6 million at USD 18.356 billion, the apex bank said. India's reserve position with the

RBI's 43-day VRR auction sees tepid demand, gets bids worth ₹25,431 cr

Additionally, the central bank also purchased ₹40,000 crore worth of government securities via the Open Market Operations (OMO) auction

Borrowers may gain from lower rates under RBI draft co-lending norms: ICRA

RBI has proposed that the blended rate of interest is to be calculated as an average rate of interest derived from the interest rates charged by respective funding regulated entities

Good Friday Bank Holiday 2025: Banks to remain closed on April 18?

This year, April 18, will be Good Friday in 2025. The RBI schedule indicates that several banks in numerous states will not be open on that day. However, nationwide, it is not a public holiday