RBI
India's forex reserves fall by $3 bn to $561.046 bn
The fall in the reserves was mainly attributed to fall in foreign currency assets (FCA). FCA fell by $2.571 billion to $498.645 billion during the reporting week. Gold reserves decreased by $271 million to $39.643 billion, the data revealed. The Special Drawing Rights (SDRs) dropped by $155 million to $17.832 billion. The country's reserve position with the IMF also dipped by $10 million to $4.926 billion in the reporting week, the data showed.
Investors will monitor impact of inflation, front-loading of rate hikes by RBI on domestic demand: BoB report
In the coming days, global markets will react to incoming data from the US, Europe and China to assess the impact of consistent rate hikes by major central banks. Energy crisis in Europe and increasing bills of utilities, food, beverages in the UK will affect consumption demand in the area, thus increasing the risk of recession. China's looming property crisis will add to global woes.
As fraudsters get smarter, RBI, banks get busy plugging loopholes
The Finance Ministry and the Reserve Bank of India (RBI) have earmarked measures to safeguard the general public from being defrauded by scamsters posing as bank employees, financial advisors and loan agents. The RBI has also issued Master Directions for classification and reporting of frauds by commercial banks and select financial institutions.
India's forex reserves fell by $6.687 bn to $564.053
In the week prior, during the week ending August 12, the India's foreign exchange reserves had declined by $2.238 to $570.74 billion. The reserve had declined every single week barring the increase in the last week of July. It has fallen for 20 of the 26 weeks since Russia invaded Ukraine in late February.
Credit growth outpaced deposit growth of banks in June: RBI
As credit growth is outpacing deposit growth in the recent period, credit-deposit (C-D) ratio has been on the rise: In June it stood at 73.5 per cent at the all-India level (70.5 per cent a year ago) and 86.2 per cent for metropolitan branches of banks (84.3 per cent a year ago), the RBI said. According to RBI, the credit growth (y-o-y) accelerated further to 14.2 per cent in June from 6 per cent a year ago and 10.8 per cent a quarter ago.
Listed private non-finance companies log 41% sales growth in Q1FY23: RBI
The RBI came out with its report, drawing the data from the abridged quarterly financial results of 2,749 listed private non-financial companies. "Sales growth (yoy) of listed private non-financial companies surged to 41.0 per cent in Q1:2022-23 from 22.3 per cent in the previous quarter," it said. According to the RBI, manufacturing logged sales growth of 41.6 per cent driven by broad based demand expansion across industries aided by both volume and price effects.
RBI lifts business curbs imposed on American Express Banking Corp
"With the Reserve Bank of India circular dated April 6, 2018 on storage of payment system data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect," the release said. The RBI had, by its order dated April 23, 2021, imposed restrictions on American Express from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on storage of payment system data.
Rising interest rates to impact home sales for short term
"Just as in the case of falling number of applicants for new home loans, the number of housing sales too could take a hit over the short term," V. Swaminathan, Executive Chairman, Andromeda Loans and Apnapaisa.com, said.
RBI set to increase interest rates by another 50-60 bps in 2022
From the policy perspective, there is a clear need felt to frontload rate hikes in tandem with global central banks but at the same time, the pace of the residual hike will also depend on the inflation print over the next few months. The rate action is likely to be accompanied by calibrated withdrawal of money market core liquidity surplus.
LIC Housing Finance hike prime lending rate by 50 basis point
The new rates of LIC Housing Finance will be effective from Monday. The move was inline with the central bank, which hiked repo rate by 50 basis points in the recent monetary policy to tame inflation that is hovering above the upper tolerance band for consecutive months.
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