RBI
IREDA gets 'Infrastructure Finance Company' status from RBI
The IREDA was earlier classified as 'Investment and Credit Company (ICC)'. With the IFC status, it will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising.
Interest rates to be at higher levels in FY24 as long as inflation is up
"The interest rates will remain at higher levels as it looks unlikely that the Reserve Bank of India (RBI) will cut rates. There is a possibility of another rate hike based on how inflation turns out in the coming month," Madan Sabnavis, Chief Economist, Bank of Baroda told IANS. Sabnavis also said with the US Federal Reserve going for two hikes, the world will be through a phase of higher rates.
Hoping for a High: India's FY24 GDP growth rate predicted in 6-6.5% range
The 4.4 per cent growth (down from 6.3 per cent in the previous quarter) logged during the third quarter of FY23 was predicted by the Reserve Bank of India (RBI) couple of months back while the markets had estimated it at a slightly higher level -- again difference only in the decimal point. In December 2022 announcing the RBI's Monetary Policy Committee's (MPC) decision to hike the repo rate by 35 basis points to 6.25 per cent, Governor Shaktikanta Das said the real GDP growth for FY23 is projected at 6.8 per cent, with Q3 at 4.4 per cent and Q4 at 4.2 per cent.
India's forex reserves fall to 3 month low of $560.94 billion
According to RBI's weekly forex data released on Friday, this was the fourth straight week when the country's foreign exchange reserves fell. The reserves fell by $330 million during the period under review. The RBI normally intervenes to prevent fluctuations in rupee's exchange rate against the dollar in the spot and forwards markets.
RBI imposes monetary penalty of Rs 3.06cr on Amazon Pay (India)
In a statement on Friday, the RBI said: "The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 3,06,66,000 on Amazon Pay (India) Private Limited for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) and the Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016."
CEAI urges RBI to stop routing domestic foreign currency deals via US banking system
"Currently the transaction fee is levied on US Dollars transactions within the country. Say a payment in US$ from Delhi to Hyderabad from one entity to the other in the current dispensation is required to be undertaken through the US banking system. This should be undertaken directly through the Reserve Bank of India and there should be no requirement of routing them through the American Banking system.
Bill Gates visits RBI office in Mumbai, holds discussions with Shaktikanta Das
In a tweet, RBI said that Gates went its office during his visit to India, where he is exploring business opportunities in sectors like health and education. Gates had recently indicated that he wants to do business-related activities in India. "Like every other country on the planet, India has limited resources. But it has shown us how the world can still make progress in spite of that constraint," Gates had tweeted on Monday.
Global growth to decelerate in 2023: RBI monetary policy committee
The six-member panel decided to hike the repo rate by a mandate of four in favour (including RBI Governor Shaktikanta Das) while two were against it. According to the minutes of the MPC meeting, it was felt that the outlook on global growth has improved in recent months, despite the persistence of geopolitical hostilities and the impact of monetary policy tightening by central banks across the world.
RBI-MPC may go for 25bps policy rate hike in April: Acuite Ratings
In a report, Acuite Ratings expects the RBI to persist with monetary tightening to guard against generalisation of core inflation pressures into a wage-price spiral. "After a hike of 25 bps in Apr-23, MPC (Monetary Policy Committee) could opt for a pause for impact assessment. The stance may change to 'neutral' only after core inflation witnesses a sustained decline to below 5 per cent," Acuite Ratings said.
PM Modi describes UPI-Pay Now link as gift for India, Singapore
The facility was launched through token transactions by Reserve Bank of India (RBI) Governor Shaktikanta Das and managing director of the Monetary Authority of Singapore, Ravi Menon, using the UPI-PayNow linkage. "With this facility, a cheap and real-time option of remittance transfer between the two countries will be possible. This will especially benefit our overseas brothers and sisters, professionals, students and their families," Modi further said.
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