RBI governor Sanjay Malhotra Sanjay Malhotra, who took over as RBI’s 26th governor on Wednesday, said stability, trust and growth will remain the central bank’s core values. “India’s growth trajectory must continue, and RBI will play a key role in fostering it. Financial inclusion is central to this effort,” he said in Mumbai.The ex-revenue secretary…
MUMBAI: Outgoing RBI governor Shaktikanta Das said that restoring the inflation-growth balance is the most important task ahead for his successor Sanjay Malhotra.In his last press conference as governor, Das highlighted the importance of coordination between RBI and govt in curbing inflation. “Govt undertook a lot of supply-side measures which helped RBI check inflation. The…
ATMs are equipped with a mechanism that automatically retrieves unattended currency notes. (AI image) ATM cash retraction new rules: The Reserve Bank of India has now partly reversed its January 2012 directive that had mandated disabling of cash retraction in ATMs. The original decision was taken to prevent fraudulent activities at ATMs.ATMs are equipped with…
India’s economy grew at its slowest pace in seven quarters, with gross domestic product (GDP) expanding just 5.4% year-on-year in the July-September quarter, well below the 6.5% expected by analysts. The slowdown, driven by weaker manufacturing and private consumption, marks a sharp decline from the 6.7% growth recorded in the April-June period.Manufacturing, a key driver…
NEW DELHI: Reserve Bank of India governor Shaktikanta Das has been admitted to a corporate hospital in Chennai, a source told news agency PTI on Tuesday.A spokesperson for the central bank told news agency Reuters that Das was admitted due to ‘acidity’ and there is no ’cause for concern’. He was being monitored, the source…
MUMBAI: Foreign exchange reserves fell by nearly $18 billion in the week ending Nov 15-the sharpest fall on record-as global investors continued pulling out funds from Indian stock markets.According to RBI data, forex reserves declined by $17.8 billion to $657.9 billion during that week. The decline was largely due to a $15.5 billion drop in…
Currently, gold loan providers offer bullet repayment options. (AI image) Gold Loan EMIs: Following RBI‘s identification of gaps in gold loan disbursements by banks and lending institutions, the sector is looking to start monthly amortisation schemes. The regulated bodies may require borrowers to start interest and principal payments through EMIs immediately upon loan approval. Additionally,…
MUMBAI: The rupee ended near an all-time low against the dollar on Thursday amid outflows from equities and anxiety over the outcome of the US election, but RBI‘s intervention kept the local currency in a narrow range through Oct.The rupee closed at 84.08 against the US dollar, nearly unchanged from its close on Wednesday. Indian…
NEW DELHI: It is not just Indian households which look to bring gold into their lockers. On Dhanteras, the Reserve Bank of India disclosed that it has shipped another 102 tonnes of gold from Bank of England’s vaults in London to secure locations within the country.At the end of September, of the 855 tonnes of…
MUMBAI: The central bank’s projections indicate that inflation will moderate after remaining high in October, RBI governor Shaktikanta Das has said, while cautioning that geopolitical risks and weather events pose potential threats.“Sept inflation crossed 5%, and we expect October inflation to be high as well. However, our projections indicate that inflation will begin to moderate…
