Page 7 - Rbi

Nifty 50 index heads for technical correction amid global turmoil

Rising interest rates, coupled with this year's rout in the Adani conglomerate's stocks, have also weighed on the local market

RBI Governor Das gets the 'Governor of the Year' award for 2023

Reserve Bank Governor Shaktikanta Das on Wednesday awarded the 'Governor of the Year' award for 2023 by the international publication Central Banking for captaining the financial markets through the turbulent periods of the pandemic and the crippling impact of the Ukraine war. Former governor Raghuram Rajan was the first to be conferred the title back in 2015 from the country. Awarding the 66-year-old Das, who is into his second term at the Mint Road, the publication said the governor helped manoeuvre the ship as it faced multiple obstacles since his appointment in December 2019, the Covid-19 pandemic and the Russia-Ukraine war being the two major tests. An economy as complex as India's will likely never be free from challenges but, as Das faces up to the remainder of his second term, he can take pride in major achievements so far," the award citation said. Das has captained critical reforms, overseen world-leading payments innovation and steered the country through difficult times

RBI, UAE central bank signs pact to enhance cooperation in various areas

The RBI and the UAE central bank on Wednesday signed an agreement to enhance cooperation in various areas, including exploring interoperability of Central Bank Digital Currencies (CBDC). Under the MoU (memorandum of understanding), the two central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI, the Indian central bank said in a statement. According to the statement, the CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of the bilateral CBDC bridge to facilitate cross-border transactions of remittances and trade. This bilateral engagement of testing cross-border use cases of CBDCs is expected to reduce costs, increase the efficiency of cross-border transactions and further the economic ties between India and UAE, it added.

Former RBI dy governor says pricing power of 'Big 5' driving core inflation

Viral Acharya says the Big5--Reliance, Tata, Aditya Birla, Adani and Bharti--are growing less at the expense of the small fries than at that of the next five big firms

RBI rejects Bajaj Fin's plan for Philippines operations over FATF concerns

Philippines has been increasingly coming under the lens of the Financial Action Task Force, and has already been designated as an FATF grey list country

RBI, UAE central bank sign MoU on interoperability of their CBDCs

Move is expected to reduce costs, boost efficiency of cross-border dealings and strengthen economic ties between India and UAE

Central Banking publication names Shaktikanta Das governor of the year

It says Das faced many challenges; he was a 'voice of calm' amid Covid-19 crisis

Banks from 18 countries get RBI's nod to trade in rupee: Centre in RS

Speaking in Rajya Sabha, Union Minister of State for Finance Bhagwat Kishanrao Karad said that 60 such approvals have been given by the RBI

Banks may hike MCLR by 150 bps in FY24 amid tight liquidity: Report

RBI has raised policy repo rate by 250 basis points in stages to 6.5% in February 2023

Policy dilemma

Central banks must focus on inflation

Loan disbursals by digital lenders double in Q3 amid new RBI norms: Report

Data for quarter shows customers' trust and preference for fintech lending, says association

India to continue with rate hikes despite global cenbank rethink: Analysts

India's headline and core inflation has been unrelenting, with data post market close showing annual retail inflation remained above the Reserve Bank of India's (RBI) upper limit, easing only slightly

Top headlines: Russia still India's main arms supplier, SVB fallout

Business Standard brings you the top headlines at this hour

Silicon Valley Bank collapse: RBI weighs up impact on banks, NBFCs

Seeks details of Indian banks', non-banks' exposure in SVB

Beyond the Big Bank Theory: SVB collapse shows need for regulatory scrutiny

SVB now threatens the start-up ecosystem, which is already in the throes of a funding winter due to raising interest rates

State-owned IREDA gets Infrastructure Finance Company status from RBI

State-owned Indian Renewable Energy Development Agency (IREDA) on Monday said it has received Infrastructure Finance Company status from the Reserve Bank of India. The Reserve Bank of India (RBI) granted an 'Infrastructure Finance Company (IFC)' status to Indian Renewable Energy Development Agency (IREDA) on Monday, a company statement said. It was earlier classified as an 'Investment and Credit Company (ICC)'. With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising. The recognition of IREDA as an IFC will increase the investors' confidence, enhance the brand value and generate a positive outlook in the market. The grant of IFC status is a recognition of IREDA's 36 years of infrastructure financing and development with focused development of renewable energy. With IFC status, IREDA will keep contributing towards

RBI may hike lending rates by 25 bps in April policy: DBS Research

The Reserve Bank is likely to hike benchmark lending rates by 25 basis points in its bi-monthly policy next month to bring down inflation within the central bank's comfort zone, DBS Group Research said on Monday. To contain the rising prices, the RBI has hiked interest rates by 250 basis points since May last year. The latest rate hike of 25 basis points in February took the benchmark policy rate to 6.50 per cent. In an online session on 'Growth resilience and sticky inflation', DBS Group Research Executive Director & Senior Economist Radhika Rao said the RBI may hike interest rates by 25 basis points in April and maintain a hawkish bias as retail inflation is still high. Retail inflation in January spiked to 6.52 per cent against 5.72 per cent in December last year. Rao, however, said inflation caused by supply-side constraints cannot be dealt with by monetary policy alone and is not enough to tackle inflation. "Weather conditions are important for farm output. The local weather .

Inflation expected to come down over the year: RBI MPC member Ashima Goyal

Inflation is expected to come down over the year, RBI Monetary Policy Committee (MPC) member Ashima Goyal said on Sunday, asserting that the government's supply-side action coordinated with a flexible inflation-targeting regime has kept the rate of price rise lower than that in other countries. Goyal said that India has successfully dealt with 'pluri-shocks' over the past three years, showing considerable resilience. "Inflation rates are expected to come down over the year. "Government supply-side action coordinated with a flexible inflation targeting regime has kept Indian inflation rates lower than other countries and our own past averages even in this period of major adverse external supply shocks," she told PTI in a telephonic interview. She was asked whether high inflation become the norm in India. "Since nominal policy rates rise with inflation to maintain an expected real positive rate under inflation targeting this prevents demand over-heating and anchors inflation ...

A good night's sleep for both banks and Reserve Bank

Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the "distance to default" as a measure of a particular bank's fragility

Self-regulation useful tool for setting rules for fintechs: RBI's M K Jain

The central bank's deputy governor says RBI has endeavoured to find a middle ground trying to balance between the innovation brought by fintechs and the unique risk they introduce