RBI | DD News

September 28, 2024 5:23 PM

Fossil fuel dominance in electricity generation to end by 2030, renewable to cross 50% share: RBI

The Reserve Bank of India (RBI) has projected that the dominance of fossil fuels in electricity generation will conclude by the end of the decade, according to its latest report. The central bank forecasts that renewable energy is set to account for more than 50% of global electricity generation as part of a significant energy transition. The report highlights an acceleration in the transition to clean energy, noting a surge in the deployment of clean technologies and capital investment to unpr...

September 20, 2024 12:20 PM

Sensex breaches 84,000 mark for the first time; rises 1,000 points in just eight days

The BSE Sensex crossed the 84,000 mark for the first time on Friday, gaining 1,000 points in just eight days after touching 83,000 on September 12. Market experts attribute this strong rally in Indian markets to heightened investor optimism, spurred by expectations of a potential rate cut by the Reserve Bank of India (RBI) in response to the U.S. Federal Reserve’s larger-than-expected rate cut. Analysts suggest the Fed’s decision has increased liquidity flowing into emerging markets like I...

August 30, 2024 10:21 PM

Indian economy records 6.7% growth in April-June quarter, below RBI forecast

The Indian economy expanded by 6.7% in real terms during the April-June quarter of the financial year 2024-25, as reported by the Ministry of Statistics and Programme Implementation on Friday. This growth rate is lower than the 7.1% forecast made by the Reserve Bank of India (RBI). For the same period last year, India had recorded an 8.2% growth rate. In terms of nominal GDP, the growth rate for the April-June quarter of 2024-25 was 9.7%, compared to 8.5% in the corresponding quarter of the pre...

August 23, 2024 11:39 AM

RBI to focus on disinflation, food inflation sticky to core, says RBI’s MPC minutes

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting, held from August 6 to 8, was marked by careful deliberation on inflation and growth challenges. The committee decided to keep the policy repo rate unchanged at 6.5%, maintaining its stance on the withdrawal of accommodation. RBI Governor Shaktikanta Das highlighted the ongoing challenges in controlling inflation. He noted that while inflation is gradually decreasing, the process is slow and uneven. Persistent food inflat...

August 21, 2024 3:31 PM

RBI Governor Shaktikanta Das ranked top central banker for second year in a row

Reserve Bank of India (RBI) Governor Shaktikanta Das has received an "A+" rating in the Global Finance Central Banker Report Cards for the second consecutive year. Prime Minister Narendra Modi congratulated Governor Das for achieving the highest rating among central bank chiefs. The annual assessment, conducted by Global Finance magazine, evaluates the performance of central bank governors from nearly 100 key economic regions worldwide. Das shares the top honor with only two other central bank...

September 16, 2024 4:22 PM

Independence Day 2024: Road to Reform is Blueprint for Growth, says PM Modi

In his address marking the 78th Independence Day, Prime Minister Narendra Modi praised the reforms in India's banking sector from the ramparts of the Red Fort. He emphasized that these reforms have significantly strengthened the country's banking system, placing Indian banks among the strongest in the world. "The banks were in trouble, we made several reforms and today our banks are counted among the strongest banks in the world. This increases the strength of the formal economy," PM Modi said....

September 16, 2024 5:58 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...

September 16, 2024 6:39 PM

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...