RBI
Consumer complaints need to be resolved quickly, says RBI Governor
Adressing the Annual Conference of RBI Ombudsmen in Jodhpur, he said that the RBI ombudsmen and regulated entities (REs) must identify the root causes of persisting customer complaints and take necessary systemic measures to correct them. The central bank governor said he was concerned about rising customer grievances, despite the RBI's efforts to resolve them.
RBI's monetary policy committee to meet on Nov 3 over inflationary concerns
The MPC's off-cycle meeting has been convened as the central bank has failed to curb inflation, which has remained beyond its tolerance limit of 2 to 6 per cent for the past nine months. Consumer Price Index (CPI) based retail inflation rose to 7.41 percent in September. Retail inflation has remained beyond RBI's tolerance limit for the last three quarters.
Rupee to trade in Rs 82.25-82.75 band against dollar: Bank of Baroda
"Even so, intervention by the RBI is likely to keep INR (Indian Rupee) in the range of 82.25-82.75/$ in the near-term. Fed minutes and US Q3CY22 GDP (gross domestic product) scheduled to be released later in the month will determine the course of the forex market," the report said.
Inflation set to ease, though stubbornly: RBI bulletin
These observations have been made in the central bank's monthly bulletin for the month of October. In the article on the state of economy published in the bulletin, the central bank said that "these factors will entrench India's prospects as one of the fastest growing economies of the world".
RBI's digital currency platform data may help enforce black money laws
Finance Minister Nirmala Sitharaman had announced in her budget speech in February that the RBI would come up with a CBDC during the current fiscal. "After factoring in the concerns related to anonymity, appropriate analytics of Big Data generated from CBDC can assist in evidence-based policy making. It may also become a rich data source for service providers for financial product insights," the note said.
Retail inflation up at 7.41%, IIP down by 0.8%
Price pressure on import of crude oil shall have a cascading impact on other items of the basket too. Additionally, factors such as transmission of input costs and pick-up in consumer demand supported by service sector recovery would further add to inflationary risk in the coming months, Rathi added.
RBI revises rules on foreign currency exposure of banks
As per the changes initiated by the central bank, lenders will have to assess the unhedged foreign currency exposures of all counterparties to whom they have an exposure in any currency, going ahead. Foreign currency exposure of all entities would have to be ensured by banks at least once a year, the RBI said. The revised rules will come into force from January 1, 2023 onwards.
RBI looking at phased implementation strategy to launch digital currency
"RBI has been exploring the pros and cons of introduction of the CBDCs for some time. As there are multiple compelling motivations for the introduction of CBDCs, RBI is currently engaged in working towards a phased implementation strategy, going step by step through various stages of pilots followed by the final launch, and simultaneously examining use cases that could be implemented with minimal or no disruption," the note said.
World Bank cuts India's GDP growth outlook
In June 2022, it had projected that Indian economy will grow at a rate of 7.5 per cent. In April also, the World Bank had cut India's GDP forecast from 8.7 per cent to 8 per cent. At the same time though, it noted that India's economic recovery is faster than the rest of the world.
RBI directs credit information companies to appoint internal ombudsman
The RBI, in its Statement of Developmental and Regulatory Policies, on August 5, 2022, had called for bringing credit information companies under the internal ombudsman framework to strengthen and improve the efficiency of the internal grievance redressal mechanisms.
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