RBI
RBI names minority-dominated regions for banks' priority lending schemes
Presently, the Union Minority Affairs Ministry has classified Sikhs, Muslim, Christians, Zoroastrians, Buddhists, and Jains as "minority communities". The RBI has listed 121 districts where the minority population component is at least 25 per cent, plus the states of Punjab, Meghalaya, Mizoram, Nagaland, and the Union Territories of Jammu & Kashmir, Ladakh, and Lakshadweep.
'If rupee continues to be under pressure, RBI may look at alternate measures'
Rahul Singh, Senior Fund Manager � Fixed Income, LIC Mutual Fund Asset Management Ltd, said that if the rupee continues to be under pressure, the RBI may look at alternate measures. The recent fall in 10-year US yield and dollar index may also have provided some respite for the time being.
RBI may hike 25-50 basis points at monetary policy meeting next week
Economist and fund managers are of the mix view on the policy stance. Few are expecting stance will be change to 'Neutral', while some says 'Withdraw of accommodative stance could persist'. "We expect 40-50 bps hike in repo rate in August policy review. Withdraw of accommodative stance could persist," said Vivek Kumar, Economist, QuantEco Research.
'You buy an umbrella to use when it rains': RBI Governor on using forex reserves
Das said in recognition of the fact that there is a genuine shortfall of supply of forex in the market relative to demand because of import and debt servicing requirements and portfolio outflows, the RBI has been supplying US dollars to the market to ensure that there is adequate forex liquidity. "After all, this is the very purpose for which we had accumulated reserves when the capital inflows were strong.
RBI fines Ola Financial Services over Rs 1.67 crore
The penalty has been imposed in exercise of powers vested in the central bank under Section 30 of the Payment and Settlement Systems Act, 2007. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers," the RBI said.
RBI aiming to de-dollarize global trade and the Indian economy
"In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports and imports in INR," the press release issued by the RBI stated.
RBI announces measures for settlement of international trade in rupees
According to the RBI, the authorised dealer banks should get the prior approval from its Foreign Exchange Department. The central bank said the measure is taken to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the Indian rupee.
Inflation to ease in second half of FY23: RBI Governor
Speaking at the Kautilya Economic Conclave, organised by Institute of Economic Growth, New Delhi, Das said, with the supply outlook appearing favourable and several high frequency indicators pointing to resilience of the recovery in the first quarter (April-June) of 2022-23, the inflation may ease gradually in the second half of 2022-23, precluding the chances of a hard landing in India.
RBI's measures to boost forex inflows may not increase inflows, but prevent speculative attacks'
Reacting to RBI's moves on Wednesday, Emkay Global in a report said: "While these measures to boost capital account are helpful, they may not have a material impact on flows. Nonetheless, they will still ease the pressure of the RBI to intervene to some extent."
RBI relaxes regulations to boost forex inflows
The central bank said that it has taken the steps in order to further diversify and expand the sources of forex funding so as to mitigate volatility and dampen global spillovers. India's foreign exchange reserves stood at $593.3 billion as on June 24, 2022, supplemented by a substantial stock of net forward assets, it said. This will be effective from the reporting fortnight beginning July 30, 2022 with reference base date of July 1.
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