Tag: Rbi

The latest move comes days after banning the export of wheat in order to control rising inflation and to ensure availability in the domestic market.

Shaktikanta Das said the measures taken by RBI will have a sobering effect on retail prices.

Briefing the Parliamentary Standing Committee on Finance chaired by former minister of state for finance Jayant Sinha, top officials of the RBI, including its governor Shaktikanta Das, clearly expressed their apprehensions about cryptocurrencies and said these pose challenges to the stability of the financial system, sources said.

India's retail inflation accelerated to 7.79 per cent in April, remaining above the tolerance limit of the central bank for a fourth month in a row, data released on Thursday showed.

High-interest rates for vehicle loans due to RBI's move will be an additional blow.

While the news to hike repo rate by 40 basis points (bps) by the Reserve Bank of India (RBI) is likely to impact a variety of sectors, the automotive sector in particular is worried.

The move came just ahead of the Federal Reserve's policy decision, with analysts expecting a similar move by the US central bank as well as the focus shifts to combating runaway price rise, exacerbated by geopolitical tensions.

This is the first-rate hike since August 2018 and the first instance of the MPC making an unscheduled increase in the repo rate (the rate at which banks borrow from the RBI).

As data suggest, its business is largely driven by agent based model (90 per cent plus), hence a larger digital on boarding of its network will be needed to pursue growth ahead.

The directions, which will come into effect from July 1, will cover the general and conduct regulations relating to credit, debit and co-branded cards.

The Reserve Bank of India (RBI) retained its key lending rate during the first monetary policy review of FY23.

It has also slashed its growth forecast for the present fiscal to 7.2 per cent from 7.8 per cent in February.

Recognising the importance of the housing sector and its multiplier effects, it has been decided to extend the applicability of these guidelines till March 31, 2023, he said.

It is proposed to enable customer authorisation through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks, a statement on Developmental and Regulatory Policies said.

RBI Governor Shaktikanta Das said the real GDP growth is projected at 16.2 per cent in Q1FY23, at 6.2 per cent in Q2; at 4.1 per cent in Q3 and Q4 at 4 per cent, assuming that crude oil (Indian basket) price is at $100 per barrel during 2022-23.

The apex bank kept the benchmark interest rate -- repo, at which it lends short-term money to banks -- unchanged at 4 per cent.

MPC has decided to keep benchmark repurchase (repo) rate at 4 per cent, Das said while announcing the bi-monthly monetary policy review.

Earlier this month, CPI inflation came in at an eight-month high of 6.1 per cent YoY in February 2022.

India's foreign exchange reserves rose by $394 million during the week ended March 4. The Reserve Bank of India's forex reserves rose to $631.920 billion from $631.527 billion reported for February 25.

After the three-day meeting of the Monetary Policy Committee (MPC) early this month, RBI decided to keep its key lending rates steady at record low levels for the 10th straight time to support a durable recovery of the economy from the pandemic.

Replying to questions after addressing the RBI's Central Board of Directors here on Monday, Sitharaman said the central bank and the government are on board regarding digital currencies.

MPC has been given the mandate to maintain annual inflation at 4 per cent until March 31, 2026, with an upper tolerance of 6 per cent and a lower tolerance of 2 per cent.

The cyber fraudsters are using innovative techniques via social media, mobile phone calls and SMS to cheat people.

The Reserve Bank of India (RBI) has already been deliberating upon various aspects relating to the central bank digital currency and private crypto currencies.

Fiscal data on a tracking basis has surprised positively, even as spending is tracking above budgeted levels due to the better-than- expected trend in tax collections.

The RBI pointed out that aggregate demand conditions have stayed resilient. "The issuance of E-way bills - an indicator of freight movement - surged to 7.2 crore in December, the second highest in its history.

Retail inflation during December 2021 hardened for the third successive month to 5.6 per cent but was lower than the consensus expectation.

The new status will allow Airtel Payments bank to pitch for government-issued ‘Requests for Proposals' (RFPs) and primary auctions and undertake both Central and state government business besides participating in government-operated welfare schemes.

IMPS, offered by National Payments Corporation of India, empowers customers to transfer money instantly through banks and RBI authorised Prepaid Payment Instrument Issuers (PPI) across India.

Such transactions would not require an Additional Factor of Authentication (AFA). Since the “transactions are offline, alerts (by way of SMS and / or e-mail) will be received by the customer after a time lag,” the RBI notice read.

Private transfer receipts, which mainly represent remittances by Indians employed overseas, increased 3.7 per cent over the year-ago period to USD 21.1 billion.

In May, the RBI had advised the regulated entities not to impose punitive restriction on operations of accounts of customers for their failure to comply with the KYC updation norms till December-end.

The Reserve Bank of India has also appointed its Chief General Manager Yogesh K Dayal as an additional director on the board of RBL Bank.

Earlier, the Bank of India, as the leader of a consortium, had taken over possession of the diamantaire's property for failure to repay loans worth Rs 468 crore in 2018, said Nagarajan, on the issue that was first highlighted by IANS (December 20-21).

The digital payments ecosystem is a long way from consumer-ready solutions and unless regulated entities are compliant, merchants will not be able to successfully process tokenised transactions, they said in the joint letter.

The Reserve Bank of India has decided to develop the UPI platform for feature phones with an aim to increase the penetration of digital payments in the Country.

To further encourage the use of UPI by retail investors, he said it is proposed to enhance the transaction limit for payments through UPI for Retail Direct Scheme and IPO applications from Rs 2 lakh to Rs 5 lakh.

It was widely expected that MPC would hold rates along with the accommodative stance.

Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 17,044 points after closing at 17,176 on Tuesday.

The Reserve Bank of India (RBI) reduced its policy rate 115 basis points over the first half of 2020, and it has remained at four percent since May 2020.