The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday (December, 7) hiked the repo rate by 35 basis points (bps) to 6.25 percent with immediate effect, RBI Governor Shaktikanta Das announced. The RBI governor further announced that the MPC decided to remain focused on the withdrawal of accommodation and added that the…
RBI on Thursday revised the regulatory framework for catogorisation of Urban Co-operative Banks (UCBs) based on net worth, CRAR, and reserve ratios and also a prescription for the declaration of Urban Cooperative Banks as Financially Sound and Well Managed (FSWM) category banks. Based on the recommendations of the Expert Committee on Urban Co-operative Banks, the…
The Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan on Wednesday exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation. The exchange of letters takes place pursuant to the European and the UK regulators having derecognised various Indian clearing houses, including…
Today, the Reserve Bank announced the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022. The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued. It would be distributed…
The Reserve Bank of India on Friday, November 18, 2022, released the November 2022 issue of its monthly Bulletin. The bulletin includes the details of outward remittances under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India. Remittances under the RBI’s scheme hit a record high in the previous financial year of $19.6…
The Reserve Bank of India, Mr.Shaktikanta Das held meetings on Wednesday (November 16, 2022) with the MD & CEOs of Public Sector Banks and certain Private Sector Banks. RBI Deputy Governor M. K. Jain and some senior officials of the central bank also attended the meeting. In the meeting, the Governor asked the Chiefs of…
On Thursday, the Reserve Bank of India (RBI) released the Report on Municipal Finances, which is the first-ever comprehensive analysis of Municipal finances. The rapid growth of urbanisation in India has not been accompanied by a corresponding increase in urban infrastructure, which is reflected in the performance of the urban local bodies, especially MCs, the…
The Reserve Bank of India (RBI) announced today the premature redemption date and price for SGB 2017–18 Series I. According to the RBI notification, the second due date of premature redemption under the above tranch of the Sovereign Gold Bond (SGB) Scheme shall be November 11, 2022 (November 12, 2022, being a second Saturday). The…
India’s retail inflation surged to a five-month high of 7.4 percent in September, taking down the third straight quarter where the inflation rate remained above the RBI’s tolerance ceiling of 6 percent and it has breached the medium-term target of 4 percent for three years. Today, the central bank is widely expected to take stock…
RBI on Tuesday amended its circular dated November 19, 2015, for extending internet banking services with transactional facilities by the Regional Rural Banks (RRBs) to promote and spread digital banking for customers in rural areas. ‘Keeping in view the need to promote the spread of digital banking for customers in rural areas, the eligibility criteria…