First pilot for digital Rupee commences on December 1, 2022
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…
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Outward remittances under LRS surged to 50% over the previous year
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…
Read article RBI Governor cautions banks to remain watchful of the evolving macroeconomic situation and minimise risks
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…
Read article RBI report on Municipal Finances proposes ‘Alternative Sources of Financing’
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…
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RBI fixes premature redemption date and price for SGB 2017-18 Series I – Issue date May 12, 2017
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…
MPC meeting today to discuss RBI’s failure to curb inflation
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…
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