Page 30 - Rbi

Acting prematurely would have hurt economy, says RBI Governor Das

Shaktikanta Das defends timing of rate hikes amid failure to meet inflation target

Maharashtra appoints liquidator to wind up Rupee Cooperative Bank

Over 200 employees risk losing their jobs

Not in a hurry to launch CBDC; have to proceed carefully: RBI Guv Das

Central bank to consider findings of pilot projects before decision, he says

Retail e-rupee trials will start this month itself, says RBI governor Das

The RBI will follow up on the wholesale e-rupee pilot with a similar trial on the retail side this month itself, governor Shaktikanta Das said on Wednesday. He termed the launch of the central bank digital currency (CBDC), which started on the wholesale front between a limited set of banks on Tuesday, as a landmark moment in the history of currencies in the country, and added that it will majorly transform the way of doing business. "The retail part of the CBDC trial will be launched later during this month. We will announce the date separately," he said, speaking at the annual FIBAC conference of bankers here. The broader wish of the RBI is to execute a full-fledged launch of the CBDC "in the near future", Das said, choosing not to share a timeline for the same. "I don't want to give a target date by which time the CBDC will be launched in a full-scale manner because this is something where we have to proceed very carefully. This is the first time the world is doing it. We don't w

Missed inflation target, but acting early would have exerted costs: RBI Guv

RBI Governor Shaktikanta Das on Wednesday defended the Reserve Bank's handling of the price situation, saying acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Acknowledging that the inflation target has been missed, Das said the RBI decided to support the economy by not introducing a rate hike in face of a spike in inflation. "We prevented a 'complete collapse of the economy' by keeping rates lower and stayed away from premature tightening," Das said speaking at the annual FIBAC conference of bankers here. Acting early would have exerted costs to the economy and the people, Das said. He said the rate-setting Monetary Policy Committee (MPC) is meeting on Thursday to formulate a response to the government, but defended the RBI's move to not make the letter, to be written to the government, public. Not making the letter public does not compromise transparency, Das said, adding that nothing in the law gives him the authority, privilege and .

Manufacturing PMI recovers to 55.3 in Oct amid contained price pressures

Manufacturing employment increases at 'marked rate' as factories report rise in orders, says survey

RBI's e-rupee pilot takes off; Day 1 bond trade deals hit Rs 275 crore

SBI, BoB hammer out first gilt deal using digital rupee; 48 transactions carried out

RBI has been prudent in its exchange rate management: Deepak Parekh

Currency's depreciation not a reflection of the economy, says HDFC Ltd chairman

RBI's MPC to meet on Nov 3 to discuss first inflation target miss

The special MPC meeting is being held for the first time since the MPC was set up in 2016 because the committee failed to keep retail inflation within the 2-6% target band for 3 consecutive quarters

RBI starts pilot of its digital currency, allows 9 banks to use it

The e-rupee is set to be test launched within a month for retail use in select locations and users, the Reserve Bank of India had said in a statement Monday

Onset of festive season pushes credit growth across sectors in September

Housing and vehicle loans lead surge in retail credit, which was up 19.6% YoY

India's inflation numbers may be lower than official data suggests: Report

India's inflation numbers might be better than official data suggests once the massive impact of a government food program is factored in, according to a report released Monday

RBI's central board discusses prevailing economic situation, challenges

The Central Board of Directors of Reserve Bank of India on Monday reviewed the current economic situation and challenges being faced by the country due to global geopolitical crises. The 598th meeting of the central board was held under the chairmanship of Governor Shaktikanta Das, the RBI said in a statement. "The Board in its meeting reviewed the current economic situation, global and domestic challenges including the overall impact of current global geopolitical crises," it said. The board also discussed the functioning of various sub-committees of the central board, ombudsman scheme and activities of select central office departments Directors of the Central Board -- Satish K Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia -- attended the meeting. RBI Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, Rajeshwar Rao, and T Rabi Sankar, and Ajay Seth, Secretary, Department of Economic Affairs also

Pilot for digital rupee for wholesale segment to commence on November 1

Use case to be settlement of secondary market transactions in g-secs; RBI says digital rupee is expected to make inter-bank market more efficient, as settlement will reduce transaction costs

RBI fines Vakrangee Rs 1.76 cr for violating order on ATM deployment goals

Central bank had first issued show-cause; latest action follows company's response to the notice

RBI imposes fines on Vakrangee, LIC Housing Finance for violating norms

The Reserve Bank on Monday said it has imposed penalties on various financial entities, including Rs 1.76 crore on Vakrangee, for violating various norms. The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1,76,00,000 on Vakrangee Ltd for non-compliance with certain provisions of the White Label ATM (WLA) directions, the central bank said in a release. Among others, the regulator has imposed a Rs 30 lakh penalty on The Jammu and Kashmir State Co-operative Bank Ltd; a fine of Rs 6 lakh on Mumbai-based The Pratap Co-operative Ltd and Rs 5 lakh each on LIC Housing Finance and The Mysore Merchants Co-operative Bank Ltd. The Nagar Sahakari Bank Ltd, Maharajganj, Uttar Pradesh has been levied a fine of Rs 4 lakh; while Karnataka-based The City Co-operative Bank Ltd and Uttar Pradesh-based Banda Urban Co-operative Bank Ltd were penalised with fines of Rs 2 lakh each. The RBI said these actions are based on the deficiencies in regulatory compliance and are not intended to

Key role for banks in offering best intermediation services: RBI's Patra

Calls for world-class financial intermediation services with Indian economy poised to surpass Germany and Japan a few years and nation's population set to become world's largest and youngest

Credit card base of major issuers erodes in Q2 over RBI's norms

SBI Card was exception as gains card base, market share

The battle for deposits will intensify

The challenge before the banking system is how to keep the net interest margin healthy in a rising interest rate cycle

Foreign exchange reserves fall to $525 billion, lowest since July 2020

So far in 2022, the Indian currency has weakened 9.9 per cent against the US dollar