Bank holiday today: As per the RBI order, Mumbai, Belapur, Kanpur, and the Nagpur region will observe a bank holiday on Wednesday, November 20.
The fall is attributed to a dip in foreign currency assets, which form the largest component of the reserves. These assets saw a reduction in valuation as the dollar strengthened against major global currencies.
India’s foreign exchange reserves declined for the fifth consecutive week, dipping by $2.675 billion to $682.130 billion. This trend may indicate RBI’s market intervention to support the rupee amid currency volatility. Discover how reserve changes impact India’s economy and stability.
In the week ending October 18, India’s foreign exchange reserves witnessed a decrease primarily driven by a significant drop in Foreign Currency Assets (FCA), one of the largest components of the reserves.
Fixed Deposits (FDs) have consistently been a go-to investment for individuals who prioritise stability and low risk, as opposed to market-linked investments like mutual funds and stocks.
The Reserve Bank of India (RBI) has raised the transaction limits for UPI Lite and UPI 123PAY, increasing accessibility to digital payments. The UPI Lite limit has risen from Rs 500 to Rs 1,000, while UPI 123PAY limits have doubled to Rs 10,000.
The Reserve Bank of India Governor as ex-officio chairman of the Monetary Policy Committee commenced the three-day meeting on October 7 which concluded today. It was anticipated that the repo rate would be reduced this time considering the rate cuts by the US Feds.
The Reserve Bank of India (RBI) has kept the benchmark repo rate unchanged at 6.5% for the 10th consecutive time, maintaining its focus on inflation control while balancing economic growth.
The 3-day Monetary Policy Committee (MPC) meeting will conclude on October 9. The outcome of the meeting is eagerly awaited as the RBI has kept the repo rate steady for the last nine consecutive months.
The sharp increase in forex reserves strengthens India's ability to cushion against global economic uncertainties and provides greater stability to its currency in the face of volatile international markets.
The Reserve Bank of India (RBI) is unlikely to announce a rate cut in its upcoming monetary policy meeting, according to a report by the State Bank of India (SBI). With India experiencing robust economic growth that surpasses capacity, the RBI is expected to maintain current interest rates.
So far this year's gains exceed India's cumulative foreign exchange rise in 2023. The rise in foreign exchange reserves, which saw a $71 billion dip in 2022, is significant in preventing the effects of global economic headwinds on the domestic economy.
RBI Grade B Phase 1 Admit Card 2024 has been released by the Reserve Bank of India (RBI). Candidates appearing in the RBI Grade B Recruitment exam 2024 can download their call letters by visiting the official website of RBI, rbi.org.in.
Reserve Bank Governor Shaktikanta Das said India is now a fast-growing economic powerhouse and stressed that financial institutions and fintech must swiftly adopt a robust framework to capitalise on new opportunities and mitigate risks.
RBI has issued a warning about a new type of fraud, which hackers are using to dupe users. In light of this, people have been cautioned to avoid falling into the hackers' trap.
Business news: Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan, Das was recognised for his effective management of inflation, economic growth, currency stability, and interest rates. This accolade highlights his successful monetary policies amidst global economic challenges.
RBI Governor Shaktikanta Das made several significant announcements today. Let's understand how these changes might impact the general public.
This marks the ninth consecutive time the MPC has held the repo rate at 6.5%, maintaining its stance of 'withdrawal of accommodation' to steer inflation towards the desired target. The decision received majority support, with four out of six members in favour.
PhonePe, Google Pay, and three other platforms are set to join the RBI e-rupee pilot. The e-rupee is a form of digital legal tender, which will be accepted as a medium of payment, legal tender, and a safe store of value.
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