Former RBI Governor Raghuram Rajan joins Congress-led Bharat Jodo Yatra in Rajasthan
JAIPUR: Reserve Bank of India’s former governor Raghuram Rajan on Wednesday joined Rahul Gandhi during the Congress-led Bharat Jodo Yatra in Rajasthan. The Bharat Jodo Yatra, which started from Kanyakumari in Tamil Nadu on September 7, is passing through Rajasthan. The yatra will complete 100 days on Friday. The yatra resumed from the Bhadoti area […]
Assocham asks RBI to moderate rate hikes to avoid impact on recovery
NEW DELHI: Industry body Assocham on Friday asked the Reserve Bank, which has hiked the key policy rate by 190 basis points since May, to moderate the interest rate hikes so that it does not have adverse impact on nascent economic recovery. Reserve Bank of India (RBI) Governor Shaktikanta Das headed six-member rate setting panel […]
Delhi High Court dismisses challenge to restrictions on withdrawal from PMC Bank
NEW DELHI: The Delhi High Court has dismissed a petition by depositors of the PMC Bank challenging the restrictions imposed by the Reserve Bank of India (RBI) on withdrawals from their bank accounts. Justice Prateek Jalan said despite sympathising with the petitioners, he was unable to grant relief to them. Despite sympathising with the position […]
Demonetisation enforced after extensive talks with RBI: Modi government tells Supreme Court
NEW DELHI: The 2016 demonetisation was a “well-considered” decision and part of a larger strategy to combat the menace of fake money, terror financing, black money and tax evasion, the Union government has told the Supreme Court. Defending its decision to demonetise currency notes of Rs 500 and Rs 1,000 denominations, the Centre told the […]
West Bengal breached borrowing limit by seeking loan of Rs 10, 000 crore from RBI: BJP
KOLKATA: 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 (RBI). Taking to Twitter, the BJP MLA from Nandigram urged the union finance ministry […]
RBI cancels licence of The Seva Vikas Co-op Bank amid inadequate capital
NEW DELHI: The Reserve Bank of India (RBI) on Monday said it has cancelled the licence of Pune-based The Seva Vikas Co-operative Bank Ltd as the lender does not have adequate capital and earning prospects. The bank ceases to carry on banking business, with effect from the close of business on October 10, the RBI […]
Share of industrial loans in bank credit on decline, personal loans up: RBI
NEW DELHI: The share of industrial loans in total credit has been gradually declining over the last decade while that of personal loans is on the rise, the Reserve Bank of India (RBI) said on Wednesday. Both industrial and personal loans had nearly 27 per cent credit share each in March 2022, as per the […]
ADB explains why RBI may slow down on rate cuts till next year
NEW DELHI: With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year […]
RBI hikes interest rate by 50 bps to pre-pandemic level
NEW DELHI: The Reserve Bank of India (RBI) on Friday raised the key interest rate by 50 basis points, the third straight increase since May in an effort to cool stubbornly high inflation and defend the rupee. The repurchase rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. […]
RBI retains inflation projection for FY23 at 6.7 per cent
NEW DELHI: The RBI on Friday retained inflation forecast for FY23 at 6.7 per cent amid uncertain price trajectory on “geopolitical shocks” and on hope that inflationary pressures would ease with pick-up in kharif sowing and supply chain improvements. In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at […]
RBI lifts restrictions on Mastercard
NEW DELHI: The Reserve Bank of India (RBI) on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms. The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms. “In view of […]
RBI hikes interest rate by 40 bps to 4.40%
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday increased the benchmark lending rate by 40 basis points (bps) to 4.40 per cent in a bid to contain inflation, which has remained stubbornly above the target zone of 6 per cent for the last three months. The decision follows an unscheduled meeting of the […]
Forex reserves rise to USD 631.953 billion
NEW DELHI: The country’s foreign exchange reserves increased by USD 2.198 billion to USD 631.953 billion in the week ended February 4, RBI data showed. In the previous week ended January 28, the reserves had declined by USD 4.531 billion to USD 629.755 billion. It touched a lifetime high of USD 642.453 billion in the […]
Former RBI Governor Urjit Patel appointed Vice President of AIIB
NEW DELHI: Former RBI Governor Urjit Patel has been appointed as a Vice President of the Beijing-based multilateral funding institution AIIB, according to sources in the bank on Sunday. India is a founding member of the Asian Infrastructure Investment Bank (AIIB) with the second highest voting share after China. It is headed by former Chinese […]
India’s forex kitty increases by $289 million to $640.40 billion
NEW DELHI: India’s forex exchange reserves increased by USD 289 million to USD 640.401 billion for the week ended November 19, the Reserve Bank said on Friday. The overall reserves had declined by USD 763 million to USD 640.112 billion in the previous reporting week. They had touched a life time high of USD 642.453 […]
India’s foreign exchange reserves increase $1.9 billion to $642 billion: RBI
NEW DELHI: India’s forex reserves have increased by USD 1.919 billion to USD 642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold, the Reserve Bank said on Friday. The overall reserves had declined by USD 908 million to USD 640.1 billion at the end […]