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Govt to release second advance estimate of GDP for 2022-23 today

Ministry of Statistics and Programme Implementation will release the second advance estimate of the Gross Domestic Product for 2022-23 along with December quarter data on Tuesday evening. The ministry will also release the revised estimate of economic growth for 2021-22 which was estimated at 8.7 per cent in May last year. As per the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. The data assumes significance since in December 2022, the Reserve Bank of India lowered the country's GDP growth forecast to 6.8 per cent for the current fiscal. It was cut from the earlier projection of 7 per cent. RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter and fourth quarter growth at 4.4 per cent and 4.2 per cent, respectively. It had trimmed the growth projection for 2022-23 for the third time in December last year. The Asian Development Bank has projected the Indian economy to expand 7 per cent while the

Top headlines: Apple creates new jobs, India's derivate bond trade at risk

Business Standard brings you the top headlines at this hour

Core inflation must ease towards 4%, says RBI MPC's Shashanka Bhide

"High core inflation also points to the cost-price nexus in the economy more sharply," Bhide said, adding that stabilizing core prices was necessary for manufacturing firms to expand their capacities

$19 bn derivative bond trade in India at risk from Modi's new tax

Analysts say a New Delhi plan to tax high-value insurance policies will reduce demand, leading the industry to cut back on bond investments

Adani Group fallout? NBFC loans against shares under RBI scanner

The central bank's Department of Supervision sought this information over the past week, and the deadline for submission of large exposure was on Monday, informed a source

Graded KYC for online gaming platforms likely to receive MeitY approval

Platforms must follow verification procedure as prescribed under RBI's directions for entities regulated by it

Rupee pulls back from 82.95 on likely heavy US dollar selling by RBI

10-year bond yield rises above 7.45% for first time since November 7

Explained: How RBI ensured payment system stayed Covid-proof

200 staff, bio bubble, three data centres among over 100 measures taken to preserve financial stability

Reserve Bank of India lost 46 employees to Covid, related complications

The Reserve Bank of India (RBI) on Monday said it lost 46 employees to Covid and related complications. The central bank mentioned about the deaths in the compendium on business continuity measures taken during the coronavirus pandemic. According to RBI, it introduced a Special Ex-gratia Package and a Special Scheme of Compassionate Appointment for dependents of employees dying in harness due to Covid or due to post-Covid complications happening within six months of last such infection since March 1, 2020. "As on December 31, 2022, dependents of 46 deceased employees were paid the ex-gratia amount and dependents of 32 deceased employees accepted compassionate appointment in addition to the ex-gratia package," it said. Under the scheme, ex-gratia was extended to the dependents of regular full time/ part-time employees. In addition, the offer of compassionate appointment was also extended to either the spouse or any one eligible dependent child of full-time regular employees on ...

Credit growth of banks accelerates 16.8% in December quarter: RBI

Indian banks' credit growth doubled to 16.8% in the October-December quarter from a year earlier, data released by the Reserve Bank of India (RBI) on Monday showed

L'affaire Adani and the colonial mindset in our approach to governance

All regulatory institutions should be made constitutional authorities, suggests T C A Srinivasa Raghavan

Central banks, including RBI, may raise interest rates to combat inflation

ECB President Christine Lagarde has already said the bank till hike rates, if needed

G20: India walks tightrope to form consensus amongst competing interests

At the media briefing on Saturday, a visibly pleased Reserve Bank of India Governor Shaktikanta Das said that most of the G-20 partners agreed that cryptocurrencies should be regulated

ARC industry will need to reinvent itself

The RBI unveiled new regulations in October 2022, which enhanced governance standards and permitted ARCs to act as resolution applicants under the IBC's ambit

It's a high-volume, low-margin game: PAs eye the online payments boom

Of the 28 new players, 19 have been granted in-principle authorisation by the central bank; the applications for the rest are under consideration

India's foreign exchange reserves at 11-week low, down for third week

In the week gone by, the rupee depreciated 0.4 per cent against the US dollar, settling at 82.83 per US dollar on February 17

RBI imposes Rs 5k withdrawal cap on Shankarrao Mohite Patil Sahakari Bank

The Reserve Bank of India on Friday put several restrictions on Shankarrao Mohite Patil Sahakari Bank, Akluj in Maharashtra, including a Rs 5,000 cap on withdrawal per customer, in wake of its deteriorating financial position. The restrictions or Direction under Section 35 A of the Banking Regulation Act, 1949 effective close of the banking business hour on Friday. With restrictions imposed, the bank, without prior approval of RBI, cannot grant loans, make any investment, incur any liability, and transfer or otherwise dispose of any of its properties. "In particular, a sum not exceeding Rs 5,000 of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn...," the Reserve Bank of India (RBI) said in a statement. The restrictions, RBI said, will remain in force for six months from the close of business on February 24, 2023 and are subject to review. The issue of the Directions should not per se be construed as

Further tightening could push growth down to 5%: MPC member Ashima Goyal

Continuing to raise nominal repo rates until core inflation falls could imply an overshooting or excess tightening of real rates, says the MPC member in an interview with Business Standard

Growth is fragile, real interest rates too high: MPC member Jayanth Varma

In an interview with Business Standard, MPC member Jayanth Varma says the committee should not tie its hands by adopting the withdrawal of accommodation stance

Pass-through of fall in commodity prices not clear: RBI MPC's Bhide

'In the past two meetings, the size of the rate increases have come down'