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.
Diwali Bank Holiday 2024: As per the RBI bank holiday calendar, the banks are closed on Sundays and the second and fourth Saturdays of the month in addition to holidays.
In the previous reporting week, the reserves had dropped by USD 3.709 billion to USD 701.176 billion, as per the RBI data.
India’s retail inflation surged to 5.49% in September 2024, driven by food prices, casting doubt on the RBI’s December rate cut plans.
India's forex reserves dropped $3.709 billion to $701.176 billion for week ended October 4.
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.
As part of the agreement, the MMA is eligible for financing support from the RBI amounting to $400 million under the US Dollar/Euro Swap Window and Rs 30 billion (Rs 3,000 crore) under the INR Swap Window. The RBI added that the agreement would be valid till June 18, 2027.
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.
Despite inflation falling below the apex bank's target of 4 per cent for the past two months, the policy rates will not change in the MPC meeting commencing on October 7, as per BoB report.
Bank holidays: The bank customers must note that the RBI classifies holidays into three categories such as Real-Time Gross Settlement Holiday, Banks’ Closing of Accounts Holiday, and Holidays Under the Negotiable Instruments Act.
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.
Personal loan: Burrowers must take note that the fintech platform should have a well-functioning customer care system. Even as the loans can be accessed digitally via an app, in case, you run into a problem, then somebody should be there to help you out.
Das also stressed on improving female labour force participation in India as it is lower than global average
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.
Bank Holidays September 2024: All public and private sector banks in India will be closed for 15 days in September. However, online banking services will remain operational, allowing customers to conduct transactions through bank websites, mobile apps, or ATMs.
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.
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