RBI Governor Shaktikanta Das revealed the next set of monetary policies on Friday morning. Earlier, experts anticipated that the RBI will maintain the benchmark interest rate at 6.5%, unchanged since February 2023, due to inflation concerns.
Julio Velarde, Governor of the Central Reserve Bank of Peru calls it a significant step towards strengthening and modernising the Peruvian payments system by expanding access to digital payments.
The RBI reported that 97.82% of Rs 2000 banknotes have returned, with only Rs 7,755 crore still with the public. Withdrawal was announced on May 19, 2023, with significant reduction in circulation since.
In the biggest logistical exercise to move huge quantity of gold since 1991, the Reserve Bank of India transfers 1000 tonnes of gold to its vaults in India. The move is guided by the management of overseas gold reserve considering its rise in recent years.
Bank Holidays in June 2024: All public and private banks in India, including the State Bank of India, will be closed for at least 12 days in June 2024 due to religious festivals, regional holidays, and weekends.
The decision to pay the highest-ever dividend to the government was taken at the 608th meeting of the Central Board of Directors of the Reserve Bank of India held under the chairmanship of Governor Shaktikanta Das.
Following three weeks of successive increase, the Indian foreign exchange reserve registers all time high growth. Earlier in the week ending on April 5, the highest ever forex reserve was achieved with USD 648.562.
This rally followed the Reserve Bank of India's (RBI) approval of a record Rs 2.11 lakh crore dividend to the government, bolstered by strong buying in blue-chip stocks such as Reliance Industries and HDFC Bank.
While formulating its bi-monthly monetary policy, the RBI considers consumer inflation. It notes that uncertainties surrounding food prices continue to exert influence on the inflation trajectory in the foreseeable future.
Forex reserves are assets that are held by a nation's central bank or monetary authority. It's generally held in reserve currencies, usually US Dollar and, to a lesser degree, Euro, Japanese Yen, and Pound Sterling.
With a focus on reducing NPAs, the proposed regulations require banks to provision up to five per cent of the loan amount during the construction phase, with adjustments as the project progresses.
Lok Sabha Elections 2024 Phase 3: As many as 93 Lok Sabha seats across 12 states and Union territories will go to polls in the third phase on May 7.
The total value of Rs 2,000 banknotes dropped drastically from Rs 3.56 lakh crore in May 2023 to just Rs 7,961 crore by April 30, 2024, indicating a substantial decline, according to RBI statements.
Bank holidays May 2024: The Reserve Bank of India shared the list of bank holidays for the upcoming month which includes Sundays, second and fourth Saturdays as well as a list of public holidays.
Despite the closure of banks in some cities due to the Lok Sabha Elecions, customers can still avail themselves of online banking services. They can manage their banking requirements through mobile apps, ATMs for swift transactions, or the banks' websites.
PayU Payments Private Limited, a key player in India's digital financial services sector, backed by Prosus as an investor, manages businesses subject to regulation by the Reserve Bank of India. It provides sophisticated solutions to address the digital payment needs of the Indian market.
The RBI's action follows deficiencies in Kotak Bank's IT risk management and information security governance.
The Reserve Bank, which mainly factors in CPI while arriving at its bi-monthly monetary policy, has kept the key interest rate unchanged at 6.5 per cent since February 2023, citing concerns on the inflation front.
Former Reserve Bank of India (RBI) Governor D Subbarao the public should be made more aware of the cost and benefits of these freebies and that it is the responsibility of the government to educate the population on this.
Ahead of the polls, states like Uttarakhand, Nagaland, and Tamil Nadu have declared special holidays to ensure citizens’ participation. States such as Arunachal Pradesh, Assam, Bihar, Chhattisgarh, and others have also announced bank holidays for April 19, 2024, in line with the elections.
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