New Delhi: Taking a dig at the RBI-government rift that came out in the open, CPI-M General Secretary Sitaram Yechury on Wednesday said the Modi government could not even handle its “own appointees” besides other crucial matters. “As even routine governance falters and slips, the economy slumps further. This government[Read More…]
Tag: RBI
Rupee falls after reports of RBI governor Urijit Patel’s possible resignation
Reserve Bank of India Governor Urijit Patel may resign following the tussle between the RBI and the Central government, reported TV channels on Wednesday. Working adversely on the economy, the news has led to a fall in Rupee and bonds. However, the government has confirmed having extensive consultations with the[Read More…]
What is stretching the rift between RBI and government?
Brewing for over a year, now the rift between RBI and government seems to have reached to the boiling point with an almost complete breakdown in communication. The recent speech by the Deputy Governor of the Reserve Bank of India, Viral Acharya drove further tension in the already strained relationship[Read More…]
Housing prices in Delhi fall over last 8 years: RBI data
Mumbai: Housing prices in Delhi have fallen marginally for the first time over the last eight years even as all-India house prices went up by an average of 5.3 per cent in the quarter ended June 2018, according to RBI data. “Except Delhi, all other cities recorded a rise in[Read More…]
RBI directs Yes Bank to appoint CEO Rana Kapoor’s successor by February 1
Reserve Bank of India has reaffirmed Yes Bank to appoint a new Chief Executive Officer for the company by February 01, 2019. The RBI on Wednesday directed the private sector lender bank to look for a successor and get the appointment procedure done by February next year. The private sector[Read More…]
RBI unlikely to hike rates in rest of FY19: SBI report
Mumbai: The Reserve Bank of India (RBI) is not expected to hike key lending rates in the current fiscal, a SBI Ecowrap report said on Saturday. “CPI inflation marginally increased to 3.77 per cent in September 2018. Interestingly, on a m-o-m basis, rural food inflation has registered a decline, even[Read More…]
Fund exodus, equities sell-off plunge rupee; touches new low of 74.48/$
Mumbai: Exodus of foreign funds, along with an expected rise in the US interest rates and global equities sell-off plunged the Indian rupee to a fresh record low of 74.48 to a US dollar on Thursday. However, heavy intervention by the Reserve Bank of India (RBI) and lower crude oil[Read More…]
RBI withdraws permission to open new branches of Bandhan Bank
Kolkata: Private-lender Bandhan Bank on Friday said the Reserve Bank of India (RBI) has withdrawn its general permission to open new branches and frozen the remuneration of the lender’s MD and CEO Chandra Shekhar Ghosh till further notice as it failed to comply with a licensing condition. “RBI has communicated[Read More…]
RBI can sell USD 25 bn more to arrest rupee fall: SBI report
The Reserve Bank of India (RBI) should intervene in both spot and forward markets to arrest Indian rupee’s depreciation, suggested a State Bank of India (SBI) Ecowrap report on Tuesday. As per the report, during the June 2008 to May 2009 period, when rupee depreciated by 13 per cent, the[Read More…]
RBI new rules for defective notes refund
Reserve Bank of India has introduced new rules for the mutilated notes refund. On Friday RBI issued an advisory to all its branches for the exchange of mutilated/defective notes. As per the new amendments to the Reserve Bank of India (note refund) rules 2009, the public can exchange mutilated notes in Mahatma[Read More…]
Raghuram Rajan responsible for India’s declining economy: Niti Aayog VC Rajiv Kumar
Niti Aayog Vice Chairman blamed former RBI governor Raghuram Rajan for the drastic slowdown of Indian economy. Rajiv Kumar said that “his policies led to industries not receiving credits from banks.” Days after the GDP growth rate for the first quarter of 2018-19 was pegged at the highest in three[Read More…]
Who is new RBI director Swaminathan Gurumurthy?
Chartered Accountant and RSS idealogue Swaminathan Gurumurthy has been appointed as the new part-time, non-official directors on the central board of Reserve Bank of India. Gurumurthy, who is the co-convenor of RSS affiliate Swadeshi Jagaran Manch had gained recognition from his views on Swadeshi economics. Apart from CA, he is[Read More…]
Currency war hovers as threat to India’s growth, says RBI governor Urijit Patel
Mumbai: The Reserve Bank of India on Wednesday said that the possibility of global protectionist measures culminating into currency wars can hamper India’s growth prospects. We already had a few months of turbulence behind us and it looks like that this is likely to continue for how long I don’t know.[Read More…]
RBI hikes repo rate making home loan woeful
Reserve Bank of India (RBI) raised the repo rate that is directly going to affect the home loan costs. The RBI announces this during its bi-monthly monetary policy review. This makes the present repo rate of India to be 6.50 per cent. The Central Bank of India has lifted the[Read More…]
Regulate cryptocurrency to curb illegal transaction: RBI to SC
New Delhi: The Reserve Bank of India (RBI) on Friday told the Supreme Court that it is necessary to regulate the Bitcoin and other cryptocurrencies to check illegal transactions which will impact the international flow of funds. The RBI told the bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar[Read More…]
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…]
Urjit Patel grilled by Parliamentary panel, seeks more powers for RBI
New Delhi: RBI Governor Urjit Patel, who was on Tuesday grilled by parliamentarians over challenges being faced by the banking sector including the huge number and size of bad loans and frauds like the one in Punjab National Bank, sought more powers for the central bank to oversee Public Sector[Read More…]
RBI survey exposes Modi government: Congress
New Delhi: Quoting RBI figures, the Congress on Sunday said the Modi government has been exposed as 72.8 per cent people said income increased by zero per cent and 79.2 per cent said inflation has crushed them. RBI (Reserve Bank of India) survey exposes Modi government’s ‘Dhol Ki Poll’, Congress[Read More…]
RBI must ensure safety of proposed cryptocurrency: Assocham
New Delhi: Welcoming the RBI’s move to explore the introduction of an official virtual currency in India, industry chamber Assocham on Sunday cautioned that extreme care is taken to ensure the safety of the data trail that cryptocurrency transactions can leave behind. Placing a ban on all regulated entities, including banks,[Read More…]
RBI did risk-based supervision of bank every year: PNB
New Delhi: The Rs 12,600 crore fraud-hit Punjab National Bank on Thursday clarified that the Reserve Bank of India (RBI) had done risk-based supervision of the bank on an annual basis. “There have been reports in a section of media that Reserve Bank of India has not conducted any audit[Read More…]
Bombay HC to hear PIL on missing notes between printing press and RBI
Mumbai: A public interest litigation — probably holding the key to the historic demonetisation of November 8, 2016 — filed by RTI activist Manoranjan Roy will finally come up for hearing at Bombay High Court here on February 12. The PIL was filed in 2015, on the basis of RTI replies[Read More…]
RBI to issue new Rs 10 notes with Konark Sun Temple motif
The country will shortly have new Rs 10 denomination notes in circulation, the Reserve Bank of India (RBI) announced on Friday. The new Rs 10 note in the Mahatma Gandhi series is designed in the base colour of chocolate brown and has the motif of the Konark Sun Temple in[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…]