Bank deposits rise 12% in FY21 on higher CASA growth: RBI data
NEW DELHI: Bank deposits grew 11.9 per cent year-on-year during 2020-21 compared to 8.8 per cent in 2019-20 on the back of high growth in current account and savings account (CASA) deposits, RBI data showed. The share of CASA deposits increased to 43.7 per cent in March 2021 compared to 41.7 per cent a year […]
Reserve Bank allows HDFC Bank to sell new credit cards
NEW DELHI: HDFC Bank on Wednesday said RBI has relaxed the restrictions placed on the bank to issue new cards. Reserve Bank of India (RBI) had issued orders in December and February to HDFC Bank on certain incidents of outages in the internet banking /mobile banking / payment utilities of the bank over the past […]
RBI keeps policy rate unchanged for 7th time in a row; repo retained at 4 per cent
NEW DELHI: The Reserve Bank of India (RBI) on Friday decided to keep benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance as the economy is yet to recover from the impact of second COVID-19 wave. This is the seventh time in a row that the Monetary Policy Committee (MPC) headed […]
Forex reserves zoom to record high of $612.73 billion
NEW DELHI: The country’s foreign exchange reserves rose by USD 835 million to touch a record high of USD 612.73 billion in the week ended July 16, 2021, RBI data showed. In the previous week ended July 9, 2021, the reserves had surged by USD 1.883 billion to USD 611.895 billion. In the reporting week […]
Forex reserves near record high, jump $563 million to $590.028 billion
NEW DELHI: India’s foreign exchange reserves rose by USD 563 million to reach USD 590.028 billion in the week ended May 14, RBI data showed on Friday. The reserves had touched a lifetime high of USD 590.185 billion in the week ended January 29, 2021. In the previous week ended May 7, 2021, the reserves […]
Banks given liquidity facility of Rs 50,000 crore to improve access to emergency health services
NEW DELHI: The RBI Governor Shaktikanta Das has announced a series of measures to support the nation’s fight against the second wave of COVID-19 infections. “Alleviating any constraint from the financing side for all stakeholders – government, hospitals and dispensaries, pharmacies, vaccine/medicine manufacturers/importers, medical oxygen manufacturers/suppliers, private operators engaged in the critical healthcare supply chain, […]
Forex reserves surge by USD 4.34 billion to USD 581.21 billion
NEW DELHI: After declining for two consecutive quarters, the country’s foreign exchange (forex) reserves surged by USD 4.34 billion to USD 581.21 billion in the week ended April 9, according to the latest RBI data. In the previous week ended April 2, the reserves had dipped by USD 2.42 billion to USD 576.28 billion. It […]
RBI deputy governor BP Kanungo retires after completing 1-year extension
NEW DELHI: Against expectations of getting a second extension, the senior-most deputy governor BP Kanungo retired from the Reserve Bank of India (RBI) on completion of his one-year extension on Friday. Kanungo joined the RBI in 1982 and was in charge of currency management, external investments, operations, payment, and settlement system, among others, during the […]
Monetary Policy Committee to meet 6 times during 2021-22
NEW DELHI: The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said on Wednesday. The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2021-22 will be held from April 5 […]
RBI keeps policy rate unchanged fourth time in a row
NEW DELHI: Reserve Bank of India (RBI) on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cuts in the future if need arises to support the economy hit by the COVID-19 pandemic. The benchmark repurchase (repo) rate has been left unchanged at 4 per […]
Prioritise spending, boost infrastructure, sell PSUs: Raghuram Rajan on Budget
NEW DELHI: Former Reserve Bank of India (RBI) Governor Raghuram Rajan says the government should take advantage of the peaks in the Indian equity markets right now and sell stakes in PSUs while prioritising spending to get the economy back on track. The upcoming Budget for the fiscal year beginning April 1 should look to […]
Private banks witnessed rise in NPAs in large borrowal accounts in FY20: RBI
NEW DELHI: Private sector banks witnessed a rise in non-performing assets (NPA) in respect of large borrowal accounts with exposure of Rs five crore or above. A recent report by the Reserve Bank of India (RBI), cited that gross NPA ratio as well as the ratio of restructured standard assets to total funded amounts emanating […]
Inflationary woes: RBI retains rates, maintains accommodative stance
NEW DELHI: The Reserve Bank of India (RBI) on Friday retained its key short-term lending rates to subdue the unabatedly high inflation rate. However, the Monetary Policy Committee (MPC) of the central bank maintained the growth-oriented accommodative stance, thus opening up possibilities for more future rate cuts. Resultantly, MPC voted to maintain the repo rate […]
RBI should let rupee appreciate to reduce imported inflation: SBI Ecowrap report
NEW DELHI: The Reserve Bank of India (RBI) should let rupee appreciate to reduce imported inflation, a SBI Ecowrap report said on Wednesday. According to the report, the US dollar is expected to remain weak due to fragile US economic conditions. “It would do no harm for the RBI to lean with the wind and […]
RBI’s MPC may keep rates steady in next policy review: Barclays
NEW DELHI: The Central bank is best served by maintaining the policy approach outlined in the October statement, even as it likely acknowledges some optimistic turn in growth indicators and sticky inflation, investment banker Barclays said on Wednesday ahead of the Monetary Policy Committee (MPC) policy review early next month. “We expect the Reserve Bank […]
RSS body accuses RBI of favouritism, backdoor entry and snubbing due process
NEW DELHI: A week after the Reserve Bank of India (RBI) decided to palm off the 94-year-old Tamil Nadu-based Lakshmi Vilas Bank (LVB) free of cost, the issue has taken a political turn. On November 17, the RBI had proposed a draft scheme of amalgamation of the beleaguered Lakshmi Vilas Bank with DBS Bank India […]