Wednesday, December 18

Tag: Reserve Bank of India

Ganesh Chaturthi 2023: Is it a bank holiday, stock market trading holiday? Details here
18Sep By adminNo Comments
Business

Ganesh Chaturthi 2023: Is it a bank holiday, stock market trading holiday? Details here

Ganesh Chaturthi bank & stock market holiday 2023: In observance of Ganesh Chaturthi (2023), several states will see banks closing their doors this week. Depending on the state, banks will remain shut on the 18th, 19th, and 20th of September in celebration of the Ganesh Chaturthi festival. The Reserve Bank of India (RBI) ensures consumers are well-prepared for these closures by publishing a monthly list of bank holidays.Here are the specifics:September 17, 2023 (Sunday): Banks across the country will remain closed.September 18, 2023 (Monday): Banks will be closed in Karnataka and Telangana for Vinayak Chaturthi.September 19, 2023 (Tuesday): Banks in Gujarat, Maharashtra, Orissa, Tamil Nadu, and Goa will be closed for Ganesh Chaturthi.September 20, 2023 (Wednesday): Orissa and Goa will...
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Cryptocurrencies: No big crypto call for now, India to talk on regulation
11Sep By adminNo Comments
Business

Cryptocurrencies: No big crypto call for now, India to talk on regulation

NEW DELHI: The government does not appear to be in a hurry to decide on the way forward for cryptocurrency assets. A senior official said on Sunday that India will hold extensive consultation with other countries before coming to any decision.While a joint paper prepared by the International Monetary Fund and the Financial Stability Board had suggested that a ban won't work, it had proposed a detailed roadmap for regulating cryptocurrency.But regulation may also mean that crypto issuers and exchanges will have to rework the model that they have operated in. For instance, the officer said a structure like the stock markets may have to be adopted to split the activities of a crypto exchange and align them with how a stock market works with a clearing house, depositories and other intermedia...
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RBI governor Shaktikanta Das ranked top central banker globally
1Sep By adminNo Comments
Business

RBI governor Shaktikanta Das ranked top central banker globally

MUMBAI: Reserve Bank of India Governor Shaktikanta Das has been ranked as the top central banker globally by US-based Global Finance magazine.Das has been rated 'A+' in the Global Finance Central Banker Report Cards 2023.Das has been placed at the top of the list of three central bank governors who have been rated A+.Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management, according to a statement by Global Finance magazine.An 'A' represents an excellent performance down through an 'F' for outright failure.Das is followed by Switzerland Governor Thomas J Jordan and central bank chief of Vietnam Nguyen Thi Hong."Fighting inflation, which has been fueled by pent-up demand and disrupted supply chains, ha...
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RBI raises small value payment transaction limit in offline mode to Rs 500
24Aug By adminNo Comments
Business

RBI raises small value payment transaction limit in offline mode to Rs 500

The Reserve Bank of India (RBI) on Thursday raised the upper limit of an offline payment transaction to Rs 500 from the existing Rs 200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or not available. The total limit for offline transactions on a payment instrument, however, remains Rs 2,000. In a circular titled "Enhancing transaction limits for Small Value Digital Payments in Offline Mode", the central bank said, "The upper limit of an offline payment transaction is increased to Rs 500." "Replenishment of used limit shall be allowed only in online mode with AFA," it added. AFA stands for Additional Factor of Authentication. It also said that offline payments should only be made face-to-face. Moreover, these transacti...
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State Bank of India Q1 profit nearly triples to all-time high
4Aug By adminNo Comments
Business

State Bank of India Q1 profit nearly triples to all-time high

MUMBAI/BENGALURU: State Bank of India , the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions.Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier, the lender said in an exchange filing.Net interest income, the difference between interest earned and paid out, rose 24.7% to 389.05 billion rupees.Net interest margin, a key indicator of a bank's profitability, rose to 3.47% from 3.23% a year ago.Larger rivals HDFC Bank and ICICI Bank have reported double-digit net interest income growth for the fiscal first quarter, spurred by consistent demand for loans.Indian banks have been re...
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India’s services growth at 13-year high in July on strong demand
3Aug By adminNo Comments
Business

India’s services growth at 13-year high in July on strong demand

BENGALURU: India's dominant services sector expanded at its fastest pace in 13 years last month as demand increased significantly despite elevated inflationary pressures, a business survey showed on Thursday.S&P Global's India services purchasing managers' index rose to 62.3 in July from June's 58.5, confounding expectations in a Reuters poll for a dip to 58.0. It was the highest index reading since June 2010 and has remained above the 50-mark that separates growth from expansion for two years."The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter," noted Pollyanna De Lima, economics associate director at S&P Gl...
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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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RBI, Central Bank of UAE sign two MoUs for trade in local currencies
15Jul By adminNo Comments
Business

RBI, Central Bank of UAE sign two MoUs for trade in local currencies

The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memoranda of Understandings (MoUs) in Abu Dhabi on Saturday to establish a framework to promote settle bilateral trade in respective local currencies, that Indian Rupee and UAE Dirham (AED) and interlinking payments and messaging system. The first MoU, which on establishing a framework for the use of local currencies for transactions between India and UAE, aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally. “This will boost the trade between the two countries, it will be cost effective and the settlement will be much faster,” RBI governor said in an interview to state-run television channel Doordarshan. The MoU covers all curr...
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WPI inflation negative for 3rd straight month in June
15Jul By adminNo Comments
Business

WPI inflation negative for 3rd straight month in June

NEW DELHI: Wholesale price-based inflation contracted for the third straight month in June on the back of easing food, fuel and manufactured product prices. The gap between retail and wholesale inflation widened.Data released by the commerce and industry ministry on Friday showed inflation, based on the wholesale price index (WPI), fell 4. 1% in June, sharper than the 3. 5% in May. The contraction in the rate of inflation in June, 2023 is primarily due to fall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles, according to the government statement.Earlier this week, data released by the National Statistical Office (NSO) showed retail inflation rose to a threemonth high of 4. 8% in June, higher than the 4. 3% in May. The food index rose ...
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Rupee: Modi govt’s push to take Indian rupee global gets off to a slow start
7Jul By adminNo Comments
Business

Rupee: Modi govt’s push to take Indian rupee global gets off to a slow start

NEW DELHI: India’s year-old campaign to boost the rupee’s role in cross-border payments has made little headway, according to people familiar with the matter, underscoring the challenges for countries trying to reduce their dependence on the dollar.The Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with 18 countries since last year and is encouraging big oil exporters such as the UAE and Saudi Arabia to South Asian nations to accept the Indian currency for trade settlements. But success has been elusive so far with total local currency trade volumes negligible at around 10 billion rupees ($120 million) since the project started, according to people familiar with the matter, who didn’t want to be named as the figures aren’t public. That compares with I...
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