The rupee consolidated in a narrow range and settled 9 paise higher at 81.58 (provisional) against the US dollar on Tuesday as the American currency retreated from its elevated levels. At the interbank forex market, the local unit opened at 81.45 against the greenback.
The RBI Governor-headed Monetary Policy Committee (MPC) is scheduled to start its three-day deliberations on Wednesday. The decision of the rate-setting panel would be announced on Friday (September 30).
Shares of Mahindra & Mahindra Financial Services Limited (MMFSL) tanked 10 per cent on Friday following RBI's action. This is the biggest fall in Mahindra Finance share price since March 2020.
Maharashtra's Laxmi Co-operative Bank will cease to carry on banking business, with effect from the close of business on September 22, 2022, a statement from RBI said.
At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.65, registering a gain of 16 paise over its previous close.
Inflation management cannot be singularly left to the monetary policy, which has proved totally ineffective in many countries, Sitharaman said.
RBI monetary policy aims to realize the medium-term target of 4 % for consumer price index (CPI) inflation with a range of plus or minus two percent.
RBi had imposed curbs on American Express Banking Corp for being non-compliant with the directions on Storage of Payment System Data effective May 1, 2021.
Varma, in an interview to PTI, said that inflation and inflationary expectations appear to be moderating and high inflation will certainly not become the 'norm' in the country.
RBI rate hike: In a report, the Germany-based bank said the RBI will respond with a slower pace of rate hikes from here, basing the expectation on the recently released minutes of the last meeting of the Monetary Policy Committee (MPC).
RBI growth forecast: India has a window of opportunity in terms of its demographic advantage, capability to boost manufacturing, increase in exports value as well as internalisation, Patra said while delivering a speech to celebrate 'Azadi Ka Amrit Mohotsav' organised by the Reserve Bank of India.
RBI to borrowing agents: While issuing additional instructions to regulated entities including banks, NBFCs and ARCs, Reserve Bank (RBI) said it has observed that recovery agents are deviating from its instructions with regard to the recovery of loans.
The 30-share BSE Sensex ended 89.13 points or 0.15 percent higher at 58,387.93 after facing volatility during the fag-end of trade. During the day, it climbed 350.39 points or 0.60 percent to 58,649.19. The broader NSE Nifty went up by 15.50 points or 0.09 percent to finish at 17,397.50.
RBI monetary policy: The RBI expects growth in the first quarter of the current fiscal at 16.2 per cent, which will taper to 4 per cent by the fourth quarter.
RBI rate hike: The Reserve Bank of India's rate-setting panel -- the Monetary Policy Committee -- is meeting to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
RBI's composite financial inclusion index (FI-Index) capturing the extent of financial inclusion across the country rose to 56.4 in March 2022, showing growth across all parameters.
Replying to supplementaries, Sitharaman said interventions that are happening from the RBI side are more for containing volatility that is happening between the Indian rupee and the US dollar and so on.
The Reserve Bank's rate-setting panel -- Monetary Policy Committee -- will meet on August 3 for three days to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
The restrictions imposed on the three banks under the Banking Regulation Act, 1949 the Reserve Bank would remain in force for six months and are subject to review.
The newly constituted RBI's digital payment index (RBI-DPI) stood at 349.3 in March 2022 against 304.06 in September 2021 and 270.59 per cent in March 2021.
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