Wednesday, December 18

Tag: Reserve Bank of India

Would like inflation elephant to return to forest, stay there: RBI Guv Das | Economy & Policy News
5Apr By adminNo Comments
Business

Would like inflation elephant to return to forest, stay there: RBI Guv Das | Economy & Policy News

Shaktikanta Das, RBI Governor The Reserve Bank of India’s (RBI’s) six-member Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, has decided to maintain the status quo on both policy rate and stance for the seventh consecutive time. This decision is driven by the central bank’s commitment to ensuring last-mile disinflation, with Das indicating that there is no need to start reducing interest rates until inflation reaches the target of 4 per cent. Highlighting strong momentum in economic activity, Das, in his customary policy statement, said: “Robust growth prospects provide the policy space to remain focused on inflation and ensure its descent to the target of 4.0 per cent.”  “As the uncertainties in food prices continue to pose challenges, the MPC remain...
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Nearly 97.38% Rs 2,000 notes returned to banking system; Rs 9,330 crore still with public: RBI
1Jan By adminNo Comments
Business

Nearly 97.38% Rs 2,000 notes returned to banking system; Rs 9,330 crore still with public: RBI

MUMBAI: The Reserve Bank of India (RBI) on Monday said that nearly 97.38% of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,330 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 bank notes was announced, has declined to Rs 9,330 crore as at the close of business on December 29, 2023," the RBI said in a statement. Thus, 97.38% of the high-value currency in circulation as of May 19, 2023, has since been returned to the banking system, it added. "The Rs 2,000 bank notes continue to be leg...
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Indiabulls HFC may have to provide Rs 1,000 cr for AIF investments impact
31Dec By adminNo Comments
Business

Indiabulls HFC may have to provide Rs 1,000 cr for AIF investments impact

Following the Reserve Bank of India (RBI) tightening norms for alternative investment fund (AIF) investments by regulated entities (REs), Indiabulls Housing Finance (IBHFL), a RE, may have set aside about Rs 1,000 crore as provision for a likely impact of the new rules. IBHFL’s investments in such subordinated units of AIF schemes at a consolidated level are about Rs 1,000 crore. Accordingly, the company’s Tier-1 capital is expected to contract by this amount, according to rating agency ICRA. The capital adequacy ratio (CAR) impact from the RBI directive is estimated at 150-200 basis points. Even after factoring in the impact, the capital position would continue to remain comfortably above the regulatory requirements. This is owing to the adeq...
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India’S Forex Reserves: India’s forex reserves rose by $58 billion cumulatively in 2023
31Dec By adminNo Comments
Business

India’S Forex Reserves: India’s forex reserves rose by $58 billion cumulatively in 2023

NEW DELHI: India's foreign exchange reserves increased by $4.471 billion to $620.441 billion in the week ending December 22, 2023, hitting a 21-month high, the latest data released by the Reserve Bank of India showed. In the calendar year 2023, the RBI added about $58 billion to its foreign exchange kitty.Last week, India's foreign currency assets (FCA), the biggest component of the forex reserves, rose $4.698 billion to $549.747 billion, the central bank's weekly statistical data showed.In 2022, India's forex kitty slumped $71 billion cumulatively.Gold reserves during the week, however, declined by $102 million to $474.74 billion.Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation's central bank or monetary authority.It is generally held in re...
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RBI extends Payments Infrastructure Development Fund scheme till 2025
29Dec By adminNo Comments
Business

RBI extends Payments Infrastructure Development Fund scheme till 2025

The PIDF scheme was launched in 2021 for three years (Photo: Bloomberg) The Reserve Bank of India (RBI) on Friday extended the Payments Infrastructure Development Fund (PIDF) scheme till December 31, 2025. The scheme was first launched in 2021 for three years. Under the scheme, the main focus of the RBI is to increase the number of payment acceptance devices in the country. It was primarily launched to facilitate and subsidise the development of payment acceptance infrastructure in tier-3 to tier-6 cities and the northeastern states of India. It envisaged creating 3 million new touchpoints every year in India. Jammu & Kashmir and Ladakh are also the focus areas. The PIDF scheme provides financial assistance to banks and non-bank financial companies (NBFCs) for the ...
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From Mumbai To Wall Street, How Indian Investors Can Access Tesla, Amazon And More
20Dec By adminNo Comments
Business

From Mumbai To Wall Street, How Indian Investors Can Access Tesla, Amazon And More

Curated By: Business DeskLast Updated: December 18, 2023, 13:15 ISTIndian investors can purchase foreign stocks by investing in ETFs.There are two ways of investing in the foreign stock market for Indian investors – by directly opening a trading account or buying ETFs.As an Indian investor, the allure of investing in major foreign stocks like Tesla, Amazon, Google, Microsoft, Nvidia, or Apple often raises the desire to explore international markets. This article addresses the queries surrounding the possibility of investing in foreign stocks for Indian investors and provides insights into the available options.Primarily, there are two avenues for Indian investors looking to venture into the foreign stock market. The first option involves direct investment by opening an overseas trading a...
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Stable: Retail inflation stable: Finance minister Nirmala Sitharaman
11Dec By adminNo Comments
Business

Stable: Retail inflation stable: Finance minister Nirmala Sitharaman

NEW DELHI: Finance minister Nirmala Sitharaman on Monday said retail inflation is now "stable" and temporary increases in inflation on a few occasions are caused by demand-supply mismatches arising out of global shocks and adverse weather conditions.In a written reply to the Lok Sabha, Sitharaman said India's retail inflation has declined from an average of 7.1% in April-October 2022 to 5.4% in the corresponding period of 2023."The retail inflation is now stable and within the notified tolerance band of 2% to 6%. A steady decline in core inflation, estimated after removing volatile food and fuel items from retail inflation, has been critical in weakening the inflationary pressure in the Indian economy," she said.The core inflation rate has declined from 5.1% in April 2023 to 4.3% in Octob...
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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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Paytm shares plunge 20%; what’s the outlook on One 97 Communications share price?
7Dec By adminNo Comments
Business

Paytm shares plunge 20%; what’s the outlook on One 97 Communications share price?

Paytm, India's digital payments firm, experienced a significant drop of up to 20% in its stock price on Thursday. This decline, the largest since its listing two years ago, comes as a result of the company's decision to reduce the issuance of low-value personal loans following the Reserve Bank of India's (RBI) tightened regulations on consumer lending.Shares of One 97 Communications, the entity behind Paytm, closed the day at Rs 660.70, down Rs 152.35 or 18.74%.The non-bank lender announced on Wednesday that it will be cautious in providing loans below Rs 50,000 but will focus on expanding its portfolio of high-value personal and commercial loans.The move by Paytm reflects a more cautious stance in this lending segment, according to statements from Bhavesh Gupta, the company's president a...
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RBI, Bank of England strengthen ties, ink agreement to end CCIL logjam
1Dec By adminNo Comments
Business

RBI, Bank of England strengthen ties, ink agreement to end CCIL logjam

The Reserve Bank of India (RBI) and the Bank of England have signed a memorandum of understanding (MoU) on Friday, which will end the imbroglio over British banks’ participation in the Indian bonds and derivative market. “The MoU establishes a framework for the Bank of England (BoE) to place reliance on the RBI’s regulatory and supervisory activities while safeguarding UK financial stability,” the RBI said in a statement. The MoU was signed by RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in London today. In October 2022, the European Securities and Market Authority (ESMA) said it would de-recognise six Indian clearing houses, including the Clearing Corporation of India (CCIL), which hosts the trading platform for governmen...
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