RBI

July 12, 2024 9:07 PM

India’s foreign exchange reserves hit record high of $657.2 billion

The Reserve Bank of India (RBI) reported on Friday that for the week ending July 5, the nation's forex reserves surged by $5.158 billion, touching an unprecedented $657.155 billion. This figure surpasses the previous record of $655.817 billion set just last month. The steady climb of India's forex reserves has been a consistent trend in 2024, with a cumulative increase of approximately $35 billion since the year's start. Breaking down the components, India's foreign currency assets (FCA), the ...

June 15, 2024 10:45 AM

India’s foreign exchange reserves touch fresh highs at USD 655.8 billion

India's foreign exchange reserves jumped USD 4.307 billion to touch a new lifetime high of USD 655.817 billion during the week that ended June 7, official data from the Reserve Bank of India (RBI) showed. The reserves have been rising on and off for a long time now. So far in 2024, they have risen over USD 30 billion, on a cumulative basis. According to the latest data released by the Reserve Bank of India (RBI), India's foreign currency assets (FCA), the biggest component of the forex reserve...

June 7, 2024 11:20 AM

RBI keeps repo rate unchanged at 6.5%, ups FY25 GDP forecast to 7.2%

The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 percent for the eighth consecutive time on Friday, aiming to bring inflation down to its medium-term target of 4%. The Monetary Policy Committee (MPC), in a majority decision with four out of six members agreeing, opted to hold the repo rate steady. Consequently, the standing deposit facility (SDF) rate remains at 6.25 percent, while the marginal standing facility (MSF) rate and the bank rate remain at 6.75 percent. RBI Govern...

May 29, 2024 11:47 AM

RBI unveils PRAVAAH portal, retail direct app, and fintech repository for enhanced public access

The Reserve Bank of India has launched three major initiatives - the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository - aimed at enhancing public access to the central bank and facilitating regulatory approvals and transactions. The PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) portal is a secure and centralized web-based platform for individuals and entities to apply online for various regulatory approvals from the RBI. The portal streamlines...

People stand in front of a Reserve Bank of India (RBI) logo at the Global Fintech Fest in Mumbai, India, 05 September, 2023. (Photo by Niharika Kulkarni/NurPhoto via Getty Images)

May 23, 2024 12:03 PM

RBI approves dividend of Rs 2.11 lakh crore to government for FY24

The Reserve Bank of India (RBI) board approved the transfer of Rs 2,10,874 crore as surplus to the Central Government for the accounting year 2023-24. The decision was taken at Apex Bank's 608th meeting of the Central Board of Directors. Presided over by RBI Governor Shaktikanta Das, the board reviewed the global and domestic economic scenario, including risks to the outlook. The workings of Apex Bank during the year April 2023 - March 2024 were also discussed during the meeting. The tra...

May 22, 2024 3:51 PM

Citing lack of stability, RBI cautions retail investors against investing in cryptocurrencies

The Reserve Bank of India (RBI) has urged retail investors to exercise caution while investing in cryptocurrencies, warning that the crypto ecosystem lacks accountability and stability and is marked by regulatory ambiguity. In its monthly bulletin released Tuesday, the RBI said that the interest in cryptocurrencies is driven by speculative motives rather than as a mode of financial transactions. The RBI assessment aligns with a survey by the UK Financial Conduct Authority (FCA) revealing that ...

May 16, 2024 4:57 PM

RBI’s red flag on non-bank lenders raises volatility, Fitch says

Fitch Ratings feels that the Reserve Bank of India's (RBI) latest efforts to strengthen corporate governance and risk management in the non-bank financial institutions (NBFIs) may reduce industry risks over the longer term, if successful, but it would raise near-term business volatility for those affected non-bank entities. The rating agency noted that the advisories being put out by the RBI concerning non-bank financial institutions (NBFIs) in the recent past have highlighted the compliance ga...

May 14, 2024 6:03 PM

MHA warns against cyber criminals impersonating government officials

The Ministry of Home Affairs (MHA) has issued a cautionary advisory regarding cyber criminals who are adopting deceptive tactics such as 'blackmail' and 'digital arrest', posing as officers from various government agencies. These fraudulent individuals are reported to be impersonating officials from agencies like the NCB, CBI, RBI, as well as state and Union Territory Police, among others. According to the MHA, numerous complaints have been lodged on the National Cyber Crime Reporting Portal (N...

May 11, 2024 5:20 PM

India’s forex reserves rise USD 3.7 billion in latest week

India's foreign exchange reserves witnessed a significant rebound, rising by $3.668 billion to $641.590 billion in the week ended May 3, according to data released by the Reserve Bank of India (RBI). This increase comes after three consecutive weeks of decline. Prior to the reporting period, the country's forex reserves had declined for three straight weeks, following a seven-week streak of growth that propelled them to an all-time high of $648.562 billion. The latest RBI data reveals that Ind...

May 3, 2024 9:52 AM

RBI says 97.76% of Rs 2000 currency notes returned to banking system

The Reserve Bank of India (RBI) has issued an update regarding the withdrawal of Rs 2000 denomination banknotes from circulation. According to the RBI press release, the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore as of May 19, 2023, has significantly decreased to Rs 7961 crore by April 30, 2024. This indicates that 97.76 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have been returned. The withdrawal process was initially announced throu...