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 […]
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 […]
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 […]
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 […]
Round-the-clock RTGS from December 14
NEW DELHI: The Real Time Gross Settlement System (RTGS) for high-value transactions will be available round-the-clock on all days from 00:30 hours of December 14, making India one of the few countries to operate the system 24×7. In October, the RBI had announced that RTGS will be available round-the-clock on all days of the year. […]
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 […]
Inflation likely to remain elevated, Q3 CPI seen at 6.8%
MUMBAI: As India battles to break out of the Covid cloud and the severe setback inflicted by the pandemic on the economy, the Reserve Bank of India’s Monetary Policy Committee (MPC) expects inflation to remain high and the consumer price index (CPI) for the October-December quarter of FY21 is projected at 6.8 per cent. In […]
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 […]
Probe all officials, including of RBI, on Lakshmi Vilas Bank watch: AIBEA
By Venkatachari Jagannathan CHENNAI: India’s Finance Minister Nirmala Sitharaman should intervene in the Lakshmi Vilas Bank (LVB) issue and announce that it would be amalgamated with a public sector bank, the All India Bank Employees’ Association (AIBEA) said on Tuesday. The AIBEA also said that the Reserve Bank of India (RBI) cannot simply wash its […]
Loan moratorium: RBI urges Supreme Court to lift order banning declaration of NPAs
NEW DELHI: The RBI Thursday urged the Supreme Court to lift its interim order, which held that accounts not declared as non-performing assets till August 31 this year are not to be declared NPAs till further orders, saying it is facing difficulty due to the directive. In a relief to stressed borrowers who are facing […]
RBI to commence ‘On Tap TLTRO’ worth Rs 1 lakh crore on Thursday
NEW DELHI:To provide banks with liquidity that can be used to support specific sectors, the Reserve Bank of India (RBI) will conduct ‘On tap Targeted Long-term Repo Operations’ on Thursday. The operations will be conducted for a total amount of up to Rs 1,00,000 crore at a floating rate linked to the policy repo rate […]
How real estate industry leaders react to RBI’s monetary policy
NEW DELHI:Today, maintaining status quo for the second time in a row, Reserve Bank of India (RBI) led by Governor Shaktikanta Das, has decided to keep benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying more rate cuts in the future if the need arises to support the economy hit […]
RBI issues norms for banks to appoint Chief Compliance Officers
NEW DELHI: The Reserve Bank of India (RBI) on Friday came out with guidelines for banks to appoint Chief Compliance Officers (CCO). In a circular, the central bank said that it has come up with the guidelines to bring uniformity in approach followed by banks, as also to align the supervisory expectations on CCOs with […]