The Reserve Bank of India (RBI) on Thursday said it will soon issue Rs 100 denomination bank notes. According to the RBI, the new bank notes will be in the Mahatma Gandhi (New) Series. The new denomination has motif of ‘RANI KI VAV’ on the reverse, depicting the country’s cultural[Read More…]
Tag: Reserve Bank of India
New violet-coloured Rs 100 note to arrive soon
The Reserve Bank of India (RBI) is likely to come up with a new 100 Rupee note by the end of August. The new note is presumed to be violet-coloured, light-weighed, smaller than the previous version, bearing the impression of Gujrat’s historic Rani ki Vav (stepwell). The arrival of the[Read More…]
RBI maintains key rates at 6 per cent, concerned over inflation
In its penultimate monetary policy review of the fiscal, the Reserve Bank of India (RBI) on Wednesday maintained status quo on its key lending rates citing concerns over the rising trajectory of inflation. The central bank said its repurchase rate, or the short-term lending rate for commercial banks, has been[Read More…]
RBI expected to keep key interest rate unchanged at penultimate monetary policy review
The Reserve Bank of India (RBI) is expected to keep its key interest rate unchanged at its penultimate monetary policy review of the fiscal on Wednesday owing to higher inflation in October and a surge in oil prices, even as the reversal in the decline of GDP growth during the[Read More…]
Repo rate remains unchanged at 6%; RBI revises growth projection to 6.7%
The Reserve Bank of India has declared that it will not change key rates in its bi-monthly monetary policy review on Wednesday. The repo rate will remain unchanged at 6 per cent while the reverse repo rate will remain at 5.75 per cent. RBI revised the growth projection down from[Read More…]
RBI adds HDFC in its list of banks ‘too big to fail’
The Reserve Bank of India included HDFC in the list of banks deemed “too big to fail”. The other banks in this list are State Bank of India and ICICI Bank. Banks with assets that surpass 2% of the annual gross domestic product are categorised as this. “In addition to[Read More…]
How PM Modi got demonetisation figures when RBI is still counting?
The Congress party on Wednesday took a jibe at PM Modi over the figures quoted in his Independence Day speech on demonetization asking him how he knew that Rs 3 lakh crore had come into the banking system when the RBI was still counting seized notes. “The Prime Minister said[Read More…]
No more printing of Rs 2000 notes by Reserve Bank of India
It is reported that The Reserve Bank of India stopped printing Rs 2000 notes in March this year. The federal bank is also not likely to print any more Rs 2,000 notes in the current financial year. The RBI, meanwhile, has shifted its focus on printing the newly approved denomination of[Read More…]
RBI to introduce Rs 200 notes; printing order has been placed
In a first such move, the Reserve Bank of India (RBI) will soon introduce Rs 200 notes. Reportedly, the printing order for the new Rs 200 notes has been placed already. Recently, reports surfaced that Reserve Bank of India has cleared a proposal to introduce new lower denomination currency notes[Read More…]
GST to reduce tax burden: Urjit Patel
On Thursday, the Reserve Bank Governor Urjit Patel said that to be implemented goods and services tax (GST) will not only create a national market but will also broaden the tax base which in turn will lower the overall taxes in the long-term. “The prudent point is that GST itself[Read More…]
RBI to issue new ₹5 and ₹10 coins
The Reserve Bank of India is soon to issue new Rs 10 and Rs 5 coins to honor the 125th year of National Archives of India. In order to celebrate the 150th anniversary of Allahabad High Court, the central bank will put new Rs 5 coins into circulation. As per[Read More…]
No proposal to withdraw Rs 2000 currency notes, says Jaitley
Finance Minister Arun Jaitley on Friday said there is no proposal to withdraw the Rs 2,000 notes that were introduced post-demonetisation. The Rs 2,000 banknotes were introduced along with new Rs 500 currency following the withdrawal of old Rs 500 and Rs 1,000 notes from November 9, 2016. “There is[Read More…]
MDR rates on debit card payments slashed by RBI
The Reserve Bank of India on Friday decided to slash Merchant Discount Rate (MDR) charges on payments made through debit cards. For transactions of up to Rs 1,000, MDR will be capped at 0.25% of the transaction value. For transactions above Rs 1000, and up to Rs 2000, MDR will[Read More…]
IAF pulled in for help to quickly deliver newly printed notes
The Indian Air Force has airlifted over 160 tonnes of new currency notes from four printing presses to various parts of the country to cut down the time taken to transport cash from the source to main distribution centres to meet the surge in demand post demonetisation, reports PTI. The[Read More…]
Mamata Banerjee, Arvind Kejriwal set 3-day deadline on notes ban
Arvind Kejriwal and Mamata Banerjee made a scathing attack on the government on Thursday warning that there will be intense protests and unrest if it does not withdraw its ban on ₹500 and ₹1000 rupee notes. They also visited the Reserve Bank of India to check on the progress of[Read More…]
Don’t be anxious, enough cash available: Reserve Bank of India
Assuring the citizens, the Reserve Bank on Sunday said enough cash is available at banks and people need not be anxious and make repeated trips to branches and ATMs to hoard money. “The Reserve Bank assures members of the public that enough cash in small denominations is also available at[Read More…]
India lost at least ₹17 trillion to tax havens in 44 years: Reports
Goods and services worth at least ₹17 trilion were exported by Indians over the past four decades but did not remit an equivalent amount in foreign exchange, an HT analysis of classified central bank data shows. This is probably the first measure of how much the economy bled from tax[Read More…]
Raghuram Rajan resumes academic role at University of Chicago
Former Reserve Bank of India (RBI) governor Raghuram Rajan has resumed his role as “Distinguished Service Professor of Finance” at the University of Chicago Booth School of Business and will teach international corporate finance there in the winter of 2017. Giving details of Rajan’s course schedule for 2016-17, Chicago Booth[Read More…]
CEA Arvind Subramanian is Swamy’s new target
After getting his way with Reserve Bank of India governor Raghuram Rajan, BJP leader Subramanian Swamy is going after chief economic advisor Arvind Subramanian. “Sack him!!!” read his tweet this morning. Who said to US Cong on 13/3/13 the US should act against India to defend US Pharmaceuticals interests? Arvind[Read More…]