MUMBAI: RBI has deferred the implementation of its rules on exchange-traded currency derivatives by a month, resulting in traders scrambling to square off their positions.RBI’s circular, which was scheduled to come into effect on April 5, said that only traders with an underlying forex exposure can trade in currency derivatives. Exchange-traded currency derivatives, like futures…
Services PMI grows, employment increases at the fastest rate in seven months! India’s services industry showed faster growth in March, driven by strong demand, as per a private survey. The HSBC India Services Purchasing Managers’ Index, compiled by S&P Global, increased to 61.2 last month, surpassing expectations. This marks the 32nd consecutive month of growth.Job…
NEW DELHI: The Reserve Bank of India (RBI) announced on Monday that as of March 29, 2024, the total value of Rs 2000 notes in circulation has declined to 8,202 crore. RBI provided this information through a press release.RBI had declared the withdrawal of 2000 denomination banknotes from circulation in May 2023, in pursuance of…
MUMBAI: RBI deputy governor M Rajeshwar Rao said Saturday that technology and innovations can expand product offerings and financial services to underserved segments at lower costs, but the entry of new players, especially fintech firms, can alter the financial service provider landscape.This can bring new challenges by influencing market concentration and competition dynamics, he said.“RBI…
MUMBAI: RBI said non-banks can issue prepaid payment instruments to commuters of transit services after its approval. Under the amended regulation, both banks and non-banks can issue rupee-denominated prepaid instruments that have a built-in automated fare collection application related to transit services, toll and parking. Sources said the norms apply mainly to National Common Mobility…
NEW DELHI: From an economy that was on the road to nowhere and faced a crisis in 2014, the Modi govt rescued it from a state of despair and paralysis, containing prices to provide relief to households and repairing public finances through prudent fiscal policies, said the white paper on the economy unveiled in Parliament…
NEW DELHI: Foreign direct investment jumped 64% in October to $8.4 billion — the highest in 18 months — as the bleak global economic environment shows some signs of improvement amid moderating inflation and a pause in interest rate hikes by central banks.Latest data released by RBI showed that on a gross basis, inflows increased…
Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom.Barclays Plc and Citigroup Inc predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively. Several other analysts also bumped…
Reserve Bank of India’s stance to keep the policy rate unchanged in the midst of the festive season will give a boost to the jewellery but increasing limits for gold loans from Rs 2 lakh to Rs 4 lakh in respect of urban cooperative banks could lead to a temporary decrease in the supply of…
