RBI | DD News

December 11, 2024 9:40 PM

Continuity, inclusion, and innovation will be priorities, says RBI Governor Sanjay Malhotra

Sanjay Malhotra, the newly appointed Governor of the Reserve Bank of India (RBI), outlined his vision for the central bank after assuming office on Wednesday. Malhotra emphasized that his tenure would focus on policy continuity, financial inclusion, and innovation while addressing the evolving challenges of the global economy. Reflecting on the RBI’s legacy, Malhotra acknowledged the institution's significant responsibility and the contributions it has made over the years. "It is a huge r...

December 9, 2024 6:45 PM

Revenue Secretary Sanjay Malhotra appointed new RBI Governor

Sanjay Malhotra, the current Revenue Secretary at the Ministry of Finance, has been appointed as the new Governor of the Reserve Bank of India (RBI). His tenure will begin on December 11, 2024, and will last for three years, as confirmed by the Department of Personnel and Training on Monday. A 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, Malhotra is an Engineering graduate in Computer Science from IIT Kanpur and holds a Master's degree in Public Policy from P...

December 4, 2024 10:38 PM

RBI raises UPI lite wallet limit to Rs 5,000

The Reserve Bank of India (RBI) has increased the wallet limit for UPI Lite from ₹2,000 to ₹5,000. The new guidelines, announced on Wednesday, also raised the upper transaction limit under the offline framework from ₹500 to ₹1,000 per transaction. According to the RBI’s circular, the revised limits are effective immediately, enabling users to make higher-value transactions conveniently while maintaining the simplicity and security of UPI Lite. "The enhanced limits for UPI Lite shall b...

December 4, 2024 12:52 PM

RBI MPC meet begins, focus on inflation control

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) began its three-day meeting on Wednesday, chaired by Governor Shaktikanta Das. The discussions will conclude on December 6, with the policy decisions scheduled to be announced on the same day. The committee is expected to maintain the current repo rate at 6.5 percent, which has remained unchanged for the last nine meetings and the status quo may continue for some more time, as an immediate rate cut may not be easy for the MPC to ...

November 24, 2024 3:42 PM

Internationalisation of UPI progressing rapidly: RBI

The internationalisation of the unified payments interface (UPI) is progressing rapidly, as India emerges as a world leader in leveraging digital technologies for transformative change, according to a Reserve Bank of India (RBI) report. The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities, including successful instant debit reversals at 86 per cent, up from 77 per cent in the same month last year. "India’s UPI, an open-ended system...

November 1, 2024 7:09 PM

India’s foreign exchange reserves drop for fourth consecutive week following record highs

India's foreign exchange reserves have declined for the fourth consecutive week, following a remarkable run that saw them reach an all-time high last month. According to data released by the Reserve Bank of India (RBI) on Friday, the forex reserves fell by USD 3.463 billion in the week ending October 25, bringing the total reserves to USD 684.805 billion. In the previous three weeks, reserves decreased by USD 3.7 billion, USD 10.7 billion, and USD 2.16 billion, respectively. Prior to this down...

October 22, 2024 6:09 PM

India’s economy set to grow at 7-7.2% in FY25 despite temporary slowdown: Deloitte report

India's economic growth is projected to reach between 7.0% and 7.2% in the fiscal year 2024-25, according to Deloitte India’s latest Economic Outlook. This positive forecast comes despite a recent slowdown, with GDP expanding by 6.7% year-on-year in the April-June quarter, marking the slowest pace in the last five quarters. The country continues to be among the fastest-growing major economies, driven by favorable domestic conditions. Key factors such as strong manufacturing activity, stable o...

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...

October 9, 2024 10:48 AM

RBI keeps repo rate at 6.5%, shifts stance to neutral for inflation-growth balance

The Reserve Bank of India (RBI) on Wednesday kept the policy repo rate steady at 6.5% for the tenth time in a row. Following the Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das announced that the decision was supported by five out of six MPC members. Other key rates also remained unchanged, with the standing deposit facility (SDF) rate at 6.25% and both the marginal standing facility (MSF) rate and the bank rate at 6.75%. Das also highlighted a shift in the RBI's monetary...

October 4, 2024 9:40 PM

India’s foreign exchange reserves cross USD 700 billion first time

India's foreign exchange reserves have reached an unprecedented milestone, crossing the USD 700 billion mark for the first time. According to data released by the Reserve Bank of India (RBI) on Friday, the reserves surged by USD 12.588 billion in the week ending on September 27, pushing the total to USD 704.885 billion. The previous high stood at USD 692.296 billion just a week earlier, marking a significant boost in India's economic buffer. This substantial foreign exchange reserve is a crucia...