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October 10, 2024 10:33 AM

Rate cut with 7% growth unprecedented in India or globally: SBI report

Following the Reserve Bank of India's (RBI) forecast of over 7% GDP growth for the entire financial year 2024-25, a recent State Bank of India (SBI) report has highlighted that such a scenario of rate cuts accompanying high growth rates has rarely, if ever, occurred in India or globally. Despite the strong economic growth momentum, the SBI report raises whether the RBI is setting the stage for a potential rate cut. "Perhaps a 7% growth with a rate cut has never happened in India's history or i...

September 16, 2024 4:28 PM

RBI increases UPI payment limit from Rs 1 lakh to Rs 5 lakh

The Reserve Bank of India (RBI) has provided major relief to UPI consumers. The central bank has increased the limit for making payments through UPI from Rs 1 lakh to Rs 5 lakh. Addressing the media after the three-day bimonthly Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das said that UPI has become the most preferred mode of payment due to its convenient features. He said that the MPC has increased the limit for making payments through UPI to Rs 5 lakh. Currently, the pa...

September 16, 2024 5:04 PM

Repo rate remains unchanged at 6.5% for ninth consecutive time: RBI

The Reserve Bank of India (RBI) announced on Thursday that it will maintain the repo rate at 6.5%, marking the ninth consecutive time the central bank has kept the key interest rate unchanged. The decision reflects the RBI's cautious stance amid ongoing economic uncertainties and persistent inflationary pressures. RBI Governor Shaktikanta Das revealed the decision following a three-day Monetary Policy Committee (MPC) meeting. "After a detailed assessment of the evolving macroeconomic and financ...

April 23, 2024 3:01 PM

Indian economy’s stellar performance to continue with 7% growth: RBI member

India's economy is showing no signs of slowing down, with the Reserve Bank of India's Monetary Policy Committee (MPC) member Shashanka Bhide exuding confidence that the country can sustain a robust 7% growth rate in the current fiscal year and beyond. Bhide says that owing to favorable monsoons, high agricultural productivity, and an improving global trade environment, India can maintain a 7% growth rate in the current fiscal year and beyond. This boost comes on the heels of India's impressive ...

September 16, 2024 3:25 PM

RBI keeps repo rates unchanged at 6.5 percent for seventh consecutive time

The Reserve Bank of India's Monetary Policy Committee (MPC) on Friday kept the key repo rate unchanged at 6.5 per cent for the seventh consecutive meeting, as it focused on reigning in retail inflation that has stayed above its 4 per cent target. The repo rate is the interest rate at which banks borrow funds from the RBI to overcome short-term liquidity mismatches. "It was decided by a majority of 5:1 to keep the interest rate unchanged at 6.50 per cent. Consequently, the Standing Deposit Faci...

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