BUSINESS
FEMA authority approves India's biggest seizure order of 5,551.21 cr against Xiaomi
The authority, while confirming the seizure order, held that foreign exchange equivalent to Rs 5,551.27 crore has been transferred out of India by Xiaomi India in an unauthorised manner, which is held outside India on behalf of the group entity in contravention of Section 4 of the Foreign Exchange Management Act, and the same is liable to be seized in terms of the provisions of Section 37A of FEMA.
App fraud: Fresh seizure of Rs 47.64 lakh by ED
With this fresh seizure, the total seized amount by both the ED and the Kolkata Police stands at little less than Rs 75.18 crore. The seizure process started on September 10, when ED sleuths seized cash worth Rs 17.32 crore from the residence of Naser Khan, the father of prime accused in the matter Amir Khan, at Shahi Astabal Lane in the city's Garden Reach area.
Eight core industries' growth slows to 9-month low of 3.3% in Aug
The previous low growth of 3.2 per cent was recorded in November 2021. Meanwhile the production growth of eight infrastructure sectors namely coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity was 9.8 per cent during April-August period of this fiscal, compared to 19.4 per cent in the year ago period, according to official data released on Friday.
RBI looks at securitisation of NPAs, provisioning on expected loss basis for banks
He also said new guidelines on the regional rural banks (RRB) allowing internet banking facilities to their customers will be issued soon. According to Das, the proposed guidelines for securitisation will be in addition to the ones that are in vogue. In September 2021, the RBI had issued the revised framework for securitisation of standard assets.
Card tokenisation to kick in, laggards are there: RBI
According to RBI Deputy Governor T. Rabi Shankar, a total of 35 crore tokens have been created and the system is ready to be rolled out. He also said in September, 40 per cent of the online card transactions valued at about Rs 63 crore has been tokenised.
Disciplined Confidence: RBI Policy September 2022
Before we turn to the important takeaways, here is one observation: if what one looks for is assured navigation in central bankers, then Das is amongst the best we have ever had. Thus there is a clear recognition of our strengths and a sense of confidence in the face of global challenges. However, the resolute normalisation of policy nevertheless continues without taking the eye off the ball.
Hike in repo rate likely to impact affordable housing
"The current 50 BPS repo rate hike by RBI now makes it higher than the pre-pandemic levels. At one level it reflects the confidence in the economy and future growth outlook, at another level it was necessitated by the recent global developments such as the Russia-Ukraine conflict, including aggressive monetary policies pursued by global central banks.
RBI rate hike expected, terminal rate hike to be 6.5%: Experts
They also said the MPC's future rate actions will be determined by the domestic inflation situation. For a third consecutive time, the MPC has hiked the policy rate by 50 bps, taking the cumulative hike to 190 bps. "The frontloading of the repo rate hike was expected, particularly in the light of a sharper rate hike path stated by the United States Fed and continued rate hikes by other major central banks," said credit rating agency Crisil Ltd.
Banks will increase interest rates on deposits
Queried about banks passing on the interest rate hikes to their borrowers while not increasing their deposit rates, he said that the bank credit is picking up and they will be needing funds. There is adequate liquidity available in the system, about Rs 5 lakh crore, he said.
RBI to write to government on inflation after MPC meet
Queried about the letter that the central bank would write to the government, he said that the MPC will have to meet before penning a letter to the government. However, he said it is a privileged communication between the RBI and the government, and the RBI will not make the letter public, he said.
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