The Reserve Bank of India (RBI) on Thursday pegged the country’s Gross Domestic Product (GDP) growth for the financial year 2022-23 at 7.8 percent, which is lower than 8 to 8.5 per cent expansion projected in the Economic Survey tabled in parliament 10 days back. “Overall, there is some loss […]
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RBI’s Digital Rupee will help curb black money menace
The proposed digital rupee to be issued by the Reserve Bank of India (RBI) starting from the next financial year will not only give a boost to the digital economy but also help curb the menace of black money, a senior finance ministry official said. The official said the RBI will have […]
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RBI to issue digital rupee using blockchain in FY 22-23: Sitharaman
To boost the Indian economy, the Reserved Bank of India (RBI) will be issuing a digital rupee using blockchain and other technologies in the Financial Year 2022-23, Finance Minister Nirmala Sitharaman told the Parliament on Tuesday. “Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy,” […]
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RBI continues to mitigate Covid-19 impact on economy, ensure inflation remains within target
Reserve Bank of India (RBI) Deputy Governor Michael D Patra on Friday informed that RBI remains committed to reviving and sustaining growth on a durable basis and continues to mitigate COVID-19 impact on the economy while ensuring that inflation remains within the target. “We are on course to becoming among the fastest-growing economies of the world, but there is far […]
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RBI cautions against frauds in the name of KYC updation
Banking regulator Reserve Bank of India (RBI) on Monday cautioned people not to share account login details, personal information, copies of KYC documents, card information, PIN, password and OTP with unidentified persons or agencies. “Such details should not be shared through unverified/unauthorised websites or applications. In case they receive any such requests, customers […]
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RBI imposes penalties on SBI, 13 banks for violation of rules
The Reserve Bank of India (RBI) on Tuesday imposed a monetary penalty on fourteen banks, including the State Bank of India (SBI) and Bank of Baroda (BOB) for violation of various rules. As per an official release, the violence includes non-compliance with certain provisions of directions issued by RBI on ‘Lending to Non-Banking Financial Companies (NBFCs)’, […]
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Inflation persistence vis-a-vis low growth, RBI has limited choice: SBI
Driven by several global and domestic factors, inflation may remain elevated in the coming months, State Bank of India’s research division said on Wednesday. Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI, said that faster-than-anticipated and robust recovery in some advanced countries is likely to exert upward pressure on international commodity […]
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RBI keeps interest rates on hold as Covid-19 cases surge, GDP growth forecast at 10.5 pc
The Reserve Bank of India (RBI) on Wednesday kept key interest rates on hold and maintained an accommodative policy stance to nurture a fragile economic recovery amid a sharp new wave of Covid-19 cases. “The recent surge in Covid-19 infections has created uncertainty over economic growth recovery. The central bank will remain accommodative as long as […]
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Manufacturing, MSMEs spearheading economic growth: RBI Governor Das
The manufacturing sector and micro, small and medium enterprises (MSME) are spearheading economic growth in the country after the outbreak of Covid-19 while many contact-intensive services sub-sectors remain severely affected by the crisis, RBI Governor Shaktikanta Das said on Thursday. However, the recent government initiatives under AatmaNirbhar Bharat Abhiyaan and Union Budget 2021-22 towards developing a vibrant manufacturing sector and infrastructure acknowledges strong linkages […]
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Equities spurt as RBI keeps rates unchanged, SBI up 12 pc
The rally at bourses continued during early hours on Friday as the Reserve Bank of India (RBI) kept key interest rates unchanged. At 10:15 am, the BSE S&P Sensex was up by 372 points or 0.74 percent at 50,986 while the Nifty 50 edged higher by 84 points or 0.57 percent to 14,980. Sectoral indices […]
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RBI Grade B Recruitment 2021: 322 vacancies on offer, here’s direct link
The Reserve Bank of India (RBI) on Thursday invited online applications for the recruitment of Officers in Grade B- DR (General), DEPR/DSIM-2021 on its official website. Interested and eligible candidates can apply for the positions online at rbi.gov.in on or before February 15, 2021. The recruitment drive is being conducted […]
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RBI likely to propose stricter rules for shadow banks
The Reserve Bank of India is likely to propose stricter regulatory norms for shadow banks in a bid to strengthen solvency and sustainability of a sector that has been showing signs of stress in recent years, two sources said. RBI began trying to move towards tighter norms for the sector […]
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Banks weigh on shares after RBI warns of bad loan spike
Indian shares inched lower on Tuesday as gains in metals and energy stocks were outweighed by losses in banks after the central bank said domestic lenders might see bad loans double. The blue-chip NSE Nifty 50 index slipped 0.1% to 14,473 and the benchmark S&P BSE Sensex eased 0.25% to […]
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RBI squeezes money markets to spur selloff in shorter bonds
India’s key money-market rates and yields on short-term debt rose after the central bank took its first small step toward unwinding emergency pandemic measures. The interbank call rate rose to as much as 3.50% as against Friday’s weighted average of 3.18% while the yield on a five-year bond was up […]
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RBI keeps repo rate unchanged, keeps ‘accommodative’ stance
The Reserve Bank of India (RBI) on Friday kept its key lending rate unchanged for the third time in a row as widely expected amid high inflation and said it will maintain an accommodative stance, implying there could be more rate cuts in the future if need arises to support […]