RBI

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...

Indian Rupee and coin showing GDP growth

May 2, 2024 5:48 PM

India to grow at 6.6 per cent over next two years, driven by public sector demand: OECD

India's GDP is expected to grow by 7.8 per cent in the concluded financial year 2023-24, with a projection of 6.6 per cent growth over the next two fiscal years, according to latest Economic Outlook report from OECD. The report cautions that global near-term developments could pose challenges to achieving higher growth. According to the report, India's domestic demand will be driven by gross capital formation, particularly in the public sector, while private consumption growth is expected to re...

April 6, 2024 10:28 AM

Reserve Bank of India leads surge in gold reserves amid global central bank slowdown

The Reserve Bank of India (RBI) stood out with its continued accumulation of gold reserves. Weekly data from the RBI revealed a 6-tonne increase in gold holdings in February alone. This brings the total year-to-date buying by the RBI to over 13 tonnes, with total gold reserves now reaching 817 tonnes. India's consistent efforts to bolster its gold reserves reflect a strategy aimed at diversifying its foreign exchange reserves and mitigating risks associated with currency fluctuations and eco...

April 5, 2024 12:45 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...

April 1, 2024 9:18 AM

PM Modi to address ceremony marking 90 years of RBI in Mumbai today

Prime Minister Narendra Modi will address a ceremony marking 90 years of the Reserve Bank of India in Mumbai today (Monday), the central bank said. The event will also be attended by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das. "Join us for the commemoration of the 90th year of Reserve Bank of India (RBI@90). Address by Hon'ble Prime Minister @narendramodi and by Hon'ble Finance Minister @nsitharaman. Welcome address by RBI Governor @dasshaktikanta," RBI said in a...