Wednesday, December 18

Tag: central bank

RBI Governor Shaktikanta Das: ‘Managed to rein in inflation without losing growth focus’
1Jan By adminNo Comments
Business

RBI Governor Shaktikanta Das: ‘Managed to rein in inflation without losing growth focus’

NEW DELHI: RBI governor Shaktikanta Das has said that the central bank managed to moderate inflation without compromising on its growth focus. In his new year message to the central bank's staff, Das said that the RBI has navigated multiple challenges faced by the economy and exhorted the staff to improve the quality and efficacy of service delivery.While pointing to the challenges posed by macroeconomic and geo-political shocks, the governor also highlighted the threat of climate change. "As Team RBI, we have been able to effectively navigate through the multiple challenges faced by us. We continued our journey with a proactive, pragmatic and prudent approach," Das said in his year-end message to RBI staff."On the monetary policy front, we have managed to moderate inflation, without losi...
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RBI Imposes Fines On 4 Banks, Revokes Urban Cooperative Bank’s Operating License
10Dec By adminNo Comments
Business

RBI Imposes Fines On 4 Banks, Revokes Urban Cooperative Bank’s Operating License

Curated By: Business DeskLast Updated: December 09, 2023, 16:02 ISTRBI recently imposed penalties on four cooperative banks.After the Reserve Bank of India (RBI) revoked the operating license of the Urban Cooperative Bank, the rural Bank had to cease its operations on December 7. The Reserve Bank of India (RBI) has imposed fines on four banks and revoked the license of Urban Cooperative Bank Limited for not abiding by its rules. This bank operates in Sitapur, Uttar Pradesh. The RBI has affirmed that this cooperative bank has insufficient funds for operations, and there is no prospect of future earnings. Therefore, the bank is being shut down. Following RBI’s action, Urban Cooperative Bank had to cease its operations from Thursday, December 7, 2023.Furthermore, the RBI has also direc...
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Euro zone bond yields climb as central banks talk tough on rates
9Nov By adminNo Comments
Business

Euro zone bond yields climb as central banks talk tough on rates

LONDON: Euro zone government bond yields rose on Thursday after falling the two previous sessions, as central bankers pushed back against market bets that interest rates will drop in 2024.Germany's 10-year bond yield, the benchmark for the bloc, was last up 3 basis points (bps) at 2.647%, up from a two-month low of 2.606% hit on Wednesday. Yields move inversely to prices.European bond yields have fallen sharply over the past two weeks, dragged lower by a drop in their US counterparts, after the EuropeanCentral Bank, Federal Reserve and Bank of England left interest rates on hold at their latest meetings. Some weaker-than-expected US and European economic data and a tweak to US Treasury debt issuance plans have also pushed down market rates. Yet ECB vice president Luis De Guindos said on T...
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Argentina fuel pump crisis deepens as government threatens export halt
30Oct By adminNo Comments
Business

Argentina fuel pump crisis deepens as government threatens export halt

BUENOS AIRES: Argentina's fuel crisis deepened on Monday as filling stations around Buenos Aires ran out of petrol and long queues formed elsewhere, while the government said it could halt exports to preserve supplies and oil sector workers threatened a strike. The South American country, a major shale oil and gas producer, has suffered shortages of petrol and diesel since late last week because of domestic refining problems and as a lack of dollars has delayed imports. The crisis is damaging the government ahead of a second-round presidential election run-off next month between the ruling Peronist coalition's economy chief Sergio Massa, seen as the front-runner, and a radical libertarian Javier Milei. Around the capital, Reuters reporters saw empty filling stations with signs saying no m...
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Rbi: India-UAE agree to pursue local currency trade and promote domestic payment networks
15Jul By adminNo Comments
Business

Rbi: India-UAE agree to pursue local currency trade and promote domestic payment networks

MUMBAI: The Reserve Bank of India and the Central Bank of UAE have signed two memoranda of understanding promoting the use of local currencies and domestic payment systems across borders.The Reserve Bank of India governor, Shaktikanta Das, and the Central Bank of UAE governor, H.E Khaled Mohamed Balama, in Abu Dhabi, signed the MoUs on Saturday.The signing took place during Narendra Modi's visit to UAE with prime minister Modi and Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, being present during the exchange of the MoUs. The UAE is among the top three trading partners and is home to many Indian workers, besides being a major destination for Indian tourists.The MoU on establishing a framework for using local currencies is to promote using the Indian rupee (INR) and the UAE Dir...
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