Reserve Bank of India

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...

September 16, 2024 5:54 PM

FICCI forecasts 7% annual GDP growth for India in 2024-25

The Federation of Indian Chambers of Commerce & Industry (FICCI) has forecasted a 7.0% annual median GDP growth for India in the fiscal year 2024-25, according to its latest Economic Outlook Survey. "Despite persisting headwinds, India's economic growth remains resilient, and the nation remains amongst fastest growing economies in the world," the Survey states. The report predicts a 3.7% growth in agriculture and allied activities for 2024-25, a significant improvement from the 1.4% growth...

September 16, 2024 6:06 PM

India’s retail inflation surges past 5% in June, triggered by food prices

India's retail inflation rate has broken its recent trend of moderation, climbing above 5% in June 2024, primarily due to rising food prices. This uptick poses fresh challenges for policymakers who have been working to manage inflationary pressures. According to official data released Friday, the Consumer Price Index (CPI)-based inflation rate for June stood at 5.08% year-on-year. The inflation rates for rural and urban areas were recorded at 5.66% and 4.39% respectively. The surge in food pri...

September 16, 2024 6:03 PM

India doubts credibility of Citigroup report on state of employment

The Indian government has strongly refuted a recent Citigroup report on the state of employment in India, calling into question its credibility and methodology. In a statement released Monday, the Ministry of Labour and Employment criticized the report for failing to consider all official data sources available in the public domain. The Citigroup report, which has been widely cited in media outlets, forecasted that India would struggle to create sufficient employment opportunities even with a 7...

September 16, 2024 6:03 PM

SBI research suggests centre to target 4.9% fiscal deficit in 2024

As the Modi government prepares to present its first full budget of its third term on July 23, SBI Research has recommended a focus on fiscal prudence and continued consolidation. The research arm of India's largest public sector bank suggests the government should aim for a fiscal deficit target of 4.9% for the 2024-25 financial year. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may b...

September 16, 2024 6:38 PM

Market salutes PM Modi’s third term: Sensex-Nifty open at all-time high

Indian stock indices continued their uptrend from the past week and opened at fresh record highs at the opening bell on Monday, a day after Prime Minister Narendra Modi and his Union Council of Ministers took oath to office. A smooth transition in the government formation seemed to have boosted market sentiments. At the opening bell, the Sensex surged to an all-time high of 76,960.96 points, while the Nifty touched a record 23,411.90 points. At the time of reporting, the Sensex was trading at 7...

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 ...

April 15, 2024 4:23 PM

India sees marginal rise in wholesale inflation in March

Wholesale inflation in India, measured by the Wholesale Price Index, ticked upward in March, marking its fifth consecutive month in positive territory. This comes after seven months of residing in the negative zone until October. Official data released on Monday revealed that the annual rate of inflation based on all India Wholesale Price Index (WPI) numbers rose to 0.53% (Provisional) for March 2024 (over March 2023). The uptick in inflation for March 2024 is mainly attributed to the rise in ...

September 16, 2024 5:03 PM

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...