BUSINESS
India's forex reserves rise by over $5 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $598.165 billion from $592.894 billion reported for the week ended May 21. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
PNB's Q4FY21 net profit at over Rs 586 cr
The bank had reported a net loss of Rs 697.20 crore for the corresponding quarter of the previous fiscal. "Net profit stood at Rs 2,022 crore during FY21. Operating profit increased Y-o-Y by 28.4 per cent to Rs 22,980 crore during FY21," the company said in the result statement. Besides, net interest income grew YoY by 1.9 per cent to Rs 6,938 crore during Q4FY21 and by 17 per cent to Rs 30,477 crore during FY21.
RBI calls for targeted policy support for export
In his statement post the Monetary Policy Committee's (MPC) bi-monthly meeting, RBI Governor Shaktikanta Das said that with external demand strengthening, a rebound in global trade is taking hold, which should support India's export sector. Global demand conditions are expected to improve further buoyed by fiscal stimulus packages and the fast progress of vaccination in advanced economies, he said.
Tapering Covid: RBI retains rates accommodative stance
Accordingly, the Monetary Policy Committee (MPC) of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Likewise, the reverse repo rate was kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the 'Bank Rate' at 4.25 per cent.
RBI projects retail inflation for FY22 at 5.1%
For the first quarter, April-June, the retail inflation or the consumer price index (CPI) inflation has been estimated at 5.2 per cent, followed by 5.4 per cent, 4.7 per cent, and 5.3 in second, third and the fourth quarter, said the RBI Governor Shaktikanta Das in his statement post the Monetary Policy Committee's bi-monthly meeting.
RBI provides flexibility to RRBs in liquidity mgmt. by issuing CDs
Regional Rural Banks are scheduled commercial banks of India that operate at regional level in different states of India. They were created to serve rural areas with basic banking and financial services. RBI Governor Shaktikanta Das in his statement post the Monetary Policy Committee's bi-monthly meeting said that permission for CDs will facilitate greater flexibility in liquidity management.
RBI announces Rs 16K cr spl liquidity for SIDBI
This comes over and above the Rs 15,000 crore liquidity support announced in April. This facility is expected support the MSMEs amid the current Covid crisis and the lockdowns across states. It noted that the facility would be extended for on-lending and refinancing through novel models and structures including double intermediation, pooled bond, loan issuances among others.
RBI cuts growth forecast for FY22 to 9.5%
Amid the severe second wave of Covid-19 and the lockdowns across states, the RBI has sharply reduced the growth estimate for the April-June quarter to 18.5 per cent. The previous estimate for the period was 26.2 per cent. The growth projections for Q2, W3 and Q4 of FY 22 has now been kept at 7.9 per cent, 7.2 per cent and 6.6 per cent respectively.
World Bank, IMF urge action on vaccine access for developing countries
"The coronavirus pandemic will not end until everyone has access to vaccines, including people in developing countries," World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva said in a joint statement to the Group of Seven (G7) industrialized countries, Xinhua reported.
PLI Scheme has potential to position India in Global Value Chain
Dawra also said that in the pharma sector, bulk drugs have received Rs 5,400 crore, medical devices Rs 870 crore and 3rd PLI for Pharma has received Rs 15,000 crors in investments; the food processing sector has received Rs 34,000 crore in investments and therefore, observed that the PLI scheme is already generating transformation and is expected to generate further benefits over the period of the next five years.
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